Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 21, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HASI | ||
Entity Registrant Name | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | ||
Entity Central Index Key | 1,561,894 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 47,912,517 | ||
Entity Public Float | $ 883 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Financing receivables | $ 1,042,237 | $ 783,967 |
Financing receivables held-for-sale | 60,376 | |
Investments available-for-sale | 58,058 | 29,017 |
Real estate | 172,257 | 155,699 |
Equity method investments | 363,297 | 318,769 |
Cash and cash equivalents | 29,428 | 42,645 |
Other assets | 80,610 | 79,148 |
Total Assets | 1,745,887 | 1,469,621 |
Liabilities: | ||
Accounts payable, accrued expenses and other | 25,219 | 17,875 |
Deferred funding obligations | 170,892 | 108,499 |
Credit facility | 283,346 | 247,350 |
Nonrecourse debt (secured by assets of $864 million and $815 million, respectively) | 692,091 | 663,791 |
Total Liabilities | 1,171,548 | 1,037,515 |
Stockholders' Equity: | ||
Preferred stock, par value $0.01 per share, 50,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, par value $0.01 per share, 450,000,000 shares authorized, 46,493,155 and 37,010,603 shares issued and outstanding, respectively | 465 | 370 |
Additional paid in capital | 663,744 | 482,431 |
Retained deficit | (92,213) | (52,701) |
Accumulated other comprehensive income (loss) | (1,388) | (1,905) |
Non-controlling interest | 3,731 | 3,911 |
Total Stockholders' Equity | 574,339 | 432,106 |
Total Liabilities and Stockholders' Equity | $ 1,745,887 | $ 1,469,621 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Nonrecourse notes, secured by assets | $ 864 | $ 815 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 46,493,155 | 37,010,603 |
Common stock, shares outstanding | 46,493,155 | 37,010,603 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue: | |||
Interest income, financing receivables | $ 48,202 | $ 37,404 | $ 23,178 |
Interest income, investments | 1,822 | 1,493 | 3,772 |
Rental income | 11,933 | 9,107 | 3,175 |
Gain on sale of receivables and investments | 17,425 | 9,224 | 13,250 |
Fee income | 1,816 | 1,451 | 1,900 |
Total Revenue | 81,198 | 58,679 | 45,275 |
Expenses: | |||
Interest expense | 45,241 | 26,385 | 16,655 |
Compensation and benefits | 18,877 | 16,788 | 10,518 |
General and administrative | 8,293 | 7,256 | 5,850 |
Acquisition costs | 2,456 | ||
Total Expenses | 72,411 | 50,429 | 35,479 |
Income before equity method investments | 8,787 | 8,250 | 9,796 |
Income (loss) from equity method investments | 6,110 | (98) | |
Income before income taxes | 14,897 | 8,152 | 9,796 |
Income tax (expense) benefit | (141) | (118) | (26) |
Net Income (Loss) | 14,756 | 8,034 | 9,770 |
Net income (loss) attributable to non-controlling interest holders | 104 | 76 | 163 |
Net Income (Loss) attributable to Controlling Shareholders | $ 14,652 | $ 7,958 | $ 9,607 |
Basic earnings per common share | $ 0.32 | $ 0.21 | $ 0.43 |
Diluted earnings per common share | $ 0.32 | $ 0.21 | $ 0.43 |
Weighted average common shares outstanding-basic | 40,290,717 | 30,761,151 | 20,656,826 |
Weighted average common shares outstanding-diluted | 40,290,717 | 30,761,151 | 20,656,826 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 14,756 | $ 8,034 | $ 9,770 |
Unrealized gain (loss) on available-for-sale securities, net of tax provision (benefit) of $0.0 million and $(0.2) million in 2016 and 2015, respectively | (828) | (1,712) | 300 |
Unrealized gain (loss) on interest rate swaps, net of tax provision of $0.0 million in 2016 and 2015 | 1,348 | (621) | |
Comprehensive income (loss) | 15,276 | 5,701 | 10,070 |
Less: Comprehensive income (loss) attributable to non-controlling interests holders | 107 | 54 | 167 |
Comprehensive income (loss) attributable to Controlling Shareholders | $ 15,169 | $ 5,647 | $ 9,903 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gain (loss) on available-for-sale securities, provision (benefit) | $ 0 | $ (0.2) |
Unrealized gain (loss) on interest rate swaps, tax provision | $ 0 | $ 0 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non-Controlling Interest Holders [Member] |
Beginning Balance at Dec. 31, 2013 | $ 150,624 | $ 159 | $ 160,120 | $ (13,864) | $ 110 | $ 4,099 |
Beginning Balance, Shares at Dec. 31, 2013 | 15,893 | |||||
Net income | 9,770 | 9,607 | 163 | |||
Unrealized gain/(loss) on securities | 300 | 296 | 4 | |||
Issue shares of common stock | 129,351 | $ 104 | 129,247 | |||
Issue shares of common stock, Shares | 10,350 | |||||
Equity-based compensation | 5,187 | 5,106 | 81 | |||
Issuance (repurchase) of vested equity-based compensation shares, Amount | (205) | $ 1 | (206) | |||
Issuance (repurchase) of vested equity-based compensation shares | 134 | |||||
Redemption of OP units | (1,782) | (618) | (1,164) | |||
Redemption value change for non-controlling interest redeemable for cash | (1,833) | 1,833 | ||||
Tax basis difference on contributed asset | 1,858 | 1,819 | 39 | |||
Dividends and distributions | (21,061) | (20,749) | (312) | |||
Ending Balance at Dec. 31, 2014 | 274,042 | $ 264 | 293,635 | (25,006) | 406 | 4,743 |
Ending Balance, Shares at Dec. 31, 2014 | 26,377 | |||||
Net income | 8,034 | 7,958 | 76 | |||
Unrealized gain/(loss) on securities | (1,712) | (1,696) | (16) | |||
Unrealized gain/(loss) on derivatives | (621) | (615) | (6) | |||
Issue shares of common stock | 181,363 | $ 104 | 181,259 | |||
Issue shares of common stock, Shares | 10,350 | |||||
Equity-based compensation | 8,763 | 8,680 | 83 | |||
Issuance (repurchase) of vested equity-based compensation shares, Amount | (927) | $ 2 | (929) | |||
Issuance (repurchase) of vested equity-based compensation shares | 238 | |||||
Redemption of OP units | (876) | (214) | (662) | |||
Redemption of OP units, Shares | 46 | |||||
Dividends and distributions | (35,960) | (35,653) | (307) | |||
Ending Balance at Dec. 31, 2015 | 432,106 | $ 370 | 482,431 | (52,701) | (1,905) | 3,911 |
Ending Balance, Shares at Dec. 31, 2015 | 37,011 | |||||
Net income | 14,756 | 14,652 | 104 | |||
Unrealized gain/(loss) on securities | (828) | (822) | (6) | |||
Unrealized gain/(loss) on derivatives | 1,348 | 1,339 | 9 | |||
Issue shares of common stock | 176,239 | $ 91 | 176,148 | |||
Issue shares of common stock, Shares | 9,096 | |||||
Equity-based compensation | 10,958 | 11,644 | (750) | 64 | ||
Issuance (repurchase) of vested equity-based compensation shares, Amount | (6,475) | $ 4 | (6,479) | |||
Issuance (repurchase) of vested equity-based compensation shares | 386 | |||||
Dividends and distributions | (53,765) | (53,414) | (351) | |||
Ending Balance at Dec. 31, 2016 | $ 574,339 | $ 465 | $ 663,744 | $ (92,213) | $ (1,388) | $ 3,731 |
Ending Balance, Shares at Dec. 31, 2016 | 46,493 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net income | $ 14,756 | $ 8,034 | $ 9,770 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 7,658 | 3,950 | 2,631 |
Equity-based compensation | 10,054 | 10,641 | 5,187 |
Equity method investments | 781 | 98 | |
Gain on sale of financing receivables and investments | (12,927) | (6,993) | (6,796) |
Changes in financing receivables held-for-sale | 46,204 | 11,002 | 25 |
Changes in accounts payable and accrued expenses | 3,312 | (1,029) | (3,201) |
Other | (12,983) | (7,184) | (2,493) |
Net cash provided by operating activities | 56,855 | 18,519 | 5,123 |
Cash flows from investing activities | |||
Purchases of financing receivables | (300,511) | (289,906) | (227,075) |
Principal collections from financing receivables | 116,432 | 70,093 | 67,815 |
Proceeds from sales of financing receivables | 39,978 | 92,456 | 30,433 |
Purchases of investments | (31,335) | (33,648) | (7,753) |
Principal collections from investments | 1,768 | 8,919 | 1,784 |
Proceeds from sales of investments | 13,914 | 21,995 | 75,179 |
Acquisition of businesses, net of cash | (125,925) | ||
Purchases of real estate | (17,693) | (42,913) | (27,624) |
Equity method investments, net | (60,774) | (200,271) | (144,770) |
Equity method distributions received | 48,870 | 25,307 | 867 |
Other | (1,280) | (1,078) | (134) |
Net cash used in investing activities | (190,631) | (349,046) | (357,203) |
Cash flows from financing activities | |||
Proceeds from credit facilities | 307,900 | 308,086 | 310,501 |
Principal payments on credit facilities | (271,968) | (376,455) | (72,100) |
Proceeds from nonrecourse debt | 97,660 | 405,765 | 115,316 |
Principal payments on nonrecourse debt | (69,097) | (46,602) | (55,570) |
Payments on deferred funding obligations | (65,741) | (82,838) | (67,354) |
Net proceeds of common stock issuances | 177,294 | 180,486 | 129,351 |
Payments of dividends and distributions | (49,481) | (31,591) | (13,864) |
Other | (12,863) | (17,250) | (5,769) |
Net cash provided by financing activities | 113,704 | 339,601 | 340,511 |
(Decrease) increase in cash, cash equivalents, and restricted cash | (20,072) | 9,074 | (11,569) |
Cash, cash equivalents, and restricted cash at beginning of period | 79,216 | 70,142 | 81,711 |
Cash, cash equivalents, and restricted cash at end of period | 59,144 | 79,216 | 70,142 |
Interest paid | 37,858 | 24,111 | 13,213 |
Non-cash changes in deferred funding obligations | 127,630 | 103,049 | 80,852 |
Non-cash changes in financing receivables and investments | $ (142,551) | $ (85,457) | $ (33,949) |
The Company
The Company | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | 1. The Company Hannon Armstrong Sustainable Infrastructure Capital, Inc. (“the Company”) makes debt and equity investments in sustainable infrastructure, including energy efficiency and renewable energy. The Company and its subsidiaries are hereafter referred to as “we,” “us,” or “our.” We refer to the financings that we hold on our balance sheet as our “Portfolio.” Our Portfolio may include: • Financing Receivables, such as project loans, receivables and direct financing leases, • Investments, such as debt and equity securities, • Real Estate, such as land or other physical assets and related intangible assets used in renewable energy projects, and • Equity Investments in unconsolidated entities, such as projects where we hold a non-consolidated We finance our business through cash on hand, borrowings under credit facilities and debt transactions, and various asset-backed securitization transactions and equity issuances. We also generate fee income through securitizations and syndications, by providing broker/dealer services and by servicing assets owned by third parties. Some of our subsidiaries are special purpose entities that are formed for specific operations associated with financing sustainable infrastructure receivables for specific long term contracts. Our common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “HASI.” We have qualified as a REIT and also intend to operate our business in a manner that will continue to permit us to maintain our exception from registration as an investment company under the Investment Company Act of 1940, as amended. We operate our business through, and serve as the sole general partner of, our operating partnership subsidiary, Hannon Armstrong Sustainable Infrastructure, L.P, (the “Operating Partnership”), which was formed to acquire and directly or indirectly own our assets. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and such differences could be material. Certain amounts in the prior years have been reclassified to conform to the current year presentation. These reclassifications include changes to the presentation of the Consolidated Statements of Cash Flows related to the adoption of ASU 2016-18 Statement of Cash Flows (Topic 230). The consolidated financial statements include the accounts of the Company and its controlled subsidiaries, including the Operating Partnership. All significant intercompany transactions and balances have been eliminated in consolidation. Following the guidance for non-controlling Consolidation, non-controlling Financing Receivables Financing receivables include financing energy efficiency and renewable energy project loans, receivables and direct financing leases. Unless otherwise noted, we generally have the ability and intent to hold our financing receivables for the foreseeable future and thus they are classified as held for investment. Our ability and intent to hold certain financing receivables may change from time to time depending on a number of factors, including economic, liquidity and capital market conditions. The carrying value of financing receivables held for investment represents the present value of the note, lease or other payments, net of any unearned fee income, which is recognized as income over the term of the note or lease using the effective interest method. Financing receivables that are held for investment are carried, unless deemed impaired, at cost, net of any unamortized acquisition premiums or discounts and include origination and acquisition costs, as applicable. Financing receivables that we intend to sell in the short-term are classified as held-for-sale held-for-sale We evaluate our financing receivables for potential delinquency or impairment on at least a quarterly basis and more frequently when economic or other conditions warrant such an evaluation. When a financing receivable becomes 90 days or more past due, and if we otherwise do not expect the debtor to be able to service all of its debt or other obligations, we will generally consider the financing receivable delinquent or impaired and place the financing receivable on non-accrual non-accrual A financing receivable is also considered impaired as of the date when, based on current information and events, it is determined that it is probable that we will be unable to collect all amounts due in accordance with the original contracted terms. Many of our financing receivables are secured by energy efficiency and renewable energy infrastructure projects. Accordingly, we regularly evaluate the extent and impact of any credit deterioration associated with the performance and value of the underlying project, as well as the financial and operating capability of the borrower, its sponsors or the obligor as well as any guarantors. We consider a number of qualitative and quantitative factors in our assessment, including, as appropriate, a project’s operating results, loan-to-value If a financing receivable is considered to be impaired, we record an allowance to reduce the carrying value of the financing receivable to the present value of expected future cash flows discounted at the financing receivable’s contractual effective rate or the amount realizable from other contractual terms such as the currently estimated fair market value of the collateral less estimated selling costs, if repayment is expected solely from the collateral. We charge off financing receivables against the allowance when we determine the unpaid principal balance is uncollectible, net of recovered amounts. Investments Investments include debt securities that meet the criteria of ASC 320, Investments—Debt and Equity Securities available-for-sale available-for-sale We evaluate our investments for OTTI on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Our OTTI assessment is a subjective process requiring the use of judgments and assumptions. Accordingly, we regularly evaluate the extent and impact of any credit deterioration associated with the financial and operating performance and value of the underlying project. We consider a number of qualitative and quantitative factors in our assessment. We first consider the current fair value of the security and the duration of any unrealized loss. Other factors considered include changes in the credit rating, performance of the underlying project, key terms of the transaction, the value of any collateral and any support provided by the sponsor or guarantor. To the extent that we have identified an OTTI for a security and intend to hold the investment to maturity and we do not expect that we will be required to sell the security prior to recovery of the amortized cost basis, we recognize only the credit component of OTTI in earnings. We determine the credit component using the difference between the securities’ amortized cost basis and the present value of its expected future cash flows, discounted using the effective interest method or its estimated collateral value. Any remaining unrealized loss due to factors other than credit, or the non-credit To the extent we hold investments with an OTTI and if we have made the decision to sell the security or it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis, we recognize the entire portion of the impairment in earnings. Premiums or discounts on investment securities are amortized or accreted into investment interest income using the effective interest method. Real Estate Real estate reflects land or other real estate held on our balance sheet. Real estate intangibles reflect the value of associated lease intangibles, net of any amortization. Our real estate is generally leased to tenants on a net lease basis, whereby the tenant is responsible for all operating expenses relating to the property, generally including property taxes, insurance, maintenance, repairs and capital expenditures. Scheduled rental revenue typically varies during the lease term and thus rental income is recognized on a straight-line basis, unless there is considerable risk as to collectability, so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis and is recorded in other assets. Rental expenses (if any) are charged to operations as incurred. We record our real estate purchases as asset acquisitions that are recorded at cost, including acquisition and closing costs, unless they meet the definition of a business combination in accordance with ASC 805, Business Combinations. in-place The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” as-if-vacant In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place in-place in-place in-place Securitization of Receivables We have established various special purpose entities or securitization trusts for the purpose of securitizing certain financing receivables or other debt investments. We determined that the trusts used in securitizations are variable interest entities, as defined in ASC 810, Consolidation We account for transfers of financing receivables to these securitization trusts as sales pursuant to ASC 860, Transfers and Servicing true-sale-at-law non-consolidation Gain or loss on the sale of receivables is calculated based on the excess of the proceeds received from the securitization (less any transaction costs) plus any retained interests obtained over the cost basis of the receivables sold. For retained interests, we generally estimate fair value based on the present value of future expected cash flows using our best estimates of the key assumptions of anticipated losses, prepayment rates, and current market discount rates commensurate with the risks involved. We initially account for all separately recognized servicing assets and servicing liabilities at fair value and subsequently measure such servicing assets and liabilities using the amortization method. Servicing assets and liabilities are amortized in proportion to, and over the period of, estimated net servicing income with servicing income recognized as earned. We assess servicing assets for impairment at each reporting date. If the amortized cost of servicing assets is greater than the estimated fair value, we will recognize an impairment in net income. Our other retained interest in securitized assets, the residual assets, are classified as available-for-sale Cash and Cash Equivalents Cash and cash equivalents include short-term government securities, certificates of deposit and money market funds, all of which had an original maturity of three months or less at the date of purchase. These securities are carried at their purchase price, which approximates fair value. Restricted Cash Restricted cash includes cash and cash equivalents set aside with certain lenders primarily to support deferred funding and other obligations outstanding as of the balance sheet dates. Restricted cash is reported as part of Other Assets in the consolidated balance sheets. Refer to Note 3 for disclosure of the balances of Restricted cash included in Other Assets. Consolidation and Equity Method Investments We account for our investment in entities that are considered voting or variable interest entities under ASC 810, Consolidation Securitization of Receivables Substantially all of the activities of the special purpose entities that are formed for the purpose of holding our financing receivables and investments on our balance sheet are closely associated with our activities. Based on our assessment, we determined that we have power over and receive the benefits of these special purpose entities; hence, we are the primary beneficiary and should consolidate these entities under the provisions of ASC 810. We have made equity investments in various renewable energy projects. We share in the cash flows, income, and tax attributes according to a negotiated schedule (which typically do not correspond with our ownership percentages) and are not considered the primary beneficiary of the projects. Our renewable energy projects are typically owned in partnerships structures (using limited liability companies, or LLCs taxed as partnerships) where we, along with other large institutional investors, if any, receive a stated preferred return consisting of a priority distribution of all or a portion of the project’s cash flows, and in some cases, tax attributes. Once this preferred return is achieved, the partnership “flips” and the company which operates the project, receives a larger portion of the cash flows through its interest in the holding company and we, along with the other institutional investors, will have an on-going We made several new equity investments in renewable energy projects in 2016 that, along with our existing investments, are accounted for under the equity method of accounting. Certain of our equity method investments were determined to be VIEs. Our maximum exposure to loss associated with our equity method investments is limited to our recorded value of our investments. Under the equity method of accounting, the carrying value of our equity method investments is determined based on amounts we invested, adjusted for the equity in earnings or losses of investee allocated based on the limited liability entity agreement, less distributions received. Because the limited liability entity and holding company agreements contain preferences with regard to cash flows from operations, capital events and liquidation, we reflect our share of profits and losses by determining the difference between our “claim on the investee’s book value” at the end and the beginning of the period. This claim is calculated as the amount we would receive (or be obligated to pay) if the investee were to liquidate all of its assets at recorded amounts determined in accordance with U.S. GAAP and distribute the resulting cash to creditors and investors in accordance with their respective priorities. This method is commonly referred to as the hypothetical liquidation at book value method or (“HLBV”). Intra-company gains and losses are eliminated for an amount equal to our interest and are reflected in the share in income or loss from equity method investments in the consolidated statements of operations. Cash distributions received from our equity method investments are classified as operating cash flows to the extent of cumulative HLBV earnings. Any additional cash flows are deemed to be returns of the investment and are classified as investing cash flows. We have elected to recognize earnings from these investments one quarter in arrears to allow for the receipt of financial information. We evaluate the realization of our investment accounted for using the equity method if circumstances indicate that our investment is OTTI. OTTI impairment occurs when the estimated fair value of an investment is below the carrying value and the difference is determined to not be recoverable. This evaluation requires significant judgment regarding, but not limited to, the severity and duration of the impairment; the ability and intent to hold the securities until recovery; financial condition, liquidity, and near-term prospects of the issuer; specific events; and other factors. Derivative Financial Instruments We utilize derivative financial instruments, primarily interest rate swaps, to manage, or hedge, our interest rate risk exposures associated with new debt issuances, to manage our exposure to fluctuations in interest rates on variable rate debt, and to optimize the mix of our fixed and floating-rate debt. In addition, we use forward-starting interest rate swap contracts to manage a portion of our interest rate exposure for anticipated refinancing of our long-term debts. Our objective is to manage the impact of interest rates on the results of operations and cash flows and the market value of our debt. The interest rate swaps we use are designated as cash flow hedges and are considered highly effective in reducing our exposure to the interest rate risk that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract. Derivatives are recorded on the consolidated balance sheet at fair value. If a derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in AOCI, net of associated deferred income tax effects, in our Consolidated Statements of Stockholders’ Equity and Comprehensive Income (Loss) and are recognized in the Consolidated Statements of Operations when the hedged item affects earnings, including as a result of an interest payment. Changes in fair value of the ineffective portions of these hedges are recognized in general and administrative expenses in our Consolidated Statements of Operations. For any derivative instruments not designated as hedging instruments, changes in fair value would be recognized in our Consolidated Statements of Operations in the period that the change occurs. We assess, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. We do not hold derivatives for trading purposes. Interest rate swap contracts contain a credit risk that counterparties may be unable to fulfill the terms of the agreement. We attempt to minimize that risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and do not anticipate nonperformance by the counterparties. Income Taxes We elected and qualified to be taxed as a REIT for U.S. federal income tax purposes, commencing with our taxable year ended December 31, 2013. To qualify as a REIT, we must meet on an ongoing basis a number of organizational and operational requirements, including a requirement that we currently distribute at least 90% of our net taxable income, excluding capital gains, to our shareholders. We intend to continue to meet the requirements for qualification as a REIT. As a REIT, we are not subject to U.S. federal corporate income tax on that portion of net income that is currently distributed to our owners. However, our taxable REIT subsidiaries (“TRSs”) will generally be subject to U.S. federal, state, and local income taxes as well as taxes of foreign jurisdictions, if any. We account for income taxes of our TRSs using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. We evaluate any deferred tax assets for valuation allowances based on an assessment of available evidence including sources of taxable income, prior years taxable income, any existing taxable temporary differences and our future investment and business plans that may give rise to taxable income. We apply accounting guidance with respect to how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. This guidance requires the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. We are required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes U.S. federal and certain states. Equity-Based Compensation At the time of completion of our initial public offering (“IPO”), we adopted our 2013 Equity Incentive Plan (the “2013 Plan”), which provides for grants of stock options, stock appreciation rights, restricted stock units, shares of restricted common stock, phantom shares, dividend equivalent rights, long-term incentive-plan units (“LTIP units”) and other restricted limited partnership units issued by our Operating Partnership and other equity-based awards. From time to time, we may award unvested restricted stock as compensation to members of our senior management team, our independent directors, employees, advisors, consultants and other personnel under our 2013 Plan. We record compensation expense for stock awards in accordance with ASC 718, Compensation—Stock Compensation Earnings Per Share We compute earnings per share of common stock in accordance with ASC 260, Earnings Per Share Segment Reporting We provide and arrange debt and equity investments for sustainable infrastructure projects and report all of our activities as one business segment. Recently Issued Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) 10-Q. 2014-09 Consolidation In February 2015, the FASB issued ASU No. 2015-02 Consolidation (Topic 810) Amendments to the Consolidation Analysis No. 2015-02 Income Taxes In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740)—Balance Sheet Classification of Deferred Taxes. 2015-17 2015-17 Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) right-of-use No. 2014-09, Revenue from Contracts with Customers 2016-02 Share-Based Payments In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting Equity Method Investments In March 2016, the FASB issued ASU No. 2016-07, Simplifying the Transition to the Equity Method of Accounting Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses—Measurement of Credit Losses on Financial Instruments (Topic 326) 2016-13 2016-13 available-for-sale 2016-13 2016-13 Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230)—Classification of Certain Cash Receipts and Cash Payments 2016-15 2016-15 Restricted Cash In August 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230)—Restricted Cash 2016-18 2016-18 Year ended December 31, 2015 Year ended December 31, 2014 (in thousands) As previously Effect of As adjusted As previously Effect of As adjusted Net cash used in investing activities $ (361,081 ) $ 12,035 $ (349,046 ) $ (319,281 ) $ (37,922 ) $ (357,203 ) Net cash provided by financing activities 327,008 12,593 339,601 340,511 — 340,511 (Decrease) increase in cash, cash equivalents and restricted cash (15,554 ) 24,628 9,074 26,353 (37,922 ) (11,569 ) Cash, cash equivalents and restricted cash at beginning of period 58,199 11,943 70,142 31,846 49,865 81,711 Cash, cash equivalents and restricted cash at end of period $ 42,645 $ 36,571 $ 79,216 $ 58,199 $ 11,943 $ 70,142 Business Combinations In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805)—Clarifying the Definition of a Business 2017-01 2017-01 in-place in-place Other accounting standards updates issued before Feb. 24, 2017 and effective after December 31, 2016, are not expected to have a material effect on our consolidated balance sheets, consolidated statements of operations and/or cash flows. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Fair value is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The fair value accounting guidance provides a three-level hierarchy for classifying financial instruments. The levels of inputs used to determine the fair value of our financial assets and liabilities carried on the balance sheet at fair value and for those which only disclosure of fair value is required are characterized in accordance with the fair value hierarchy established by ASC 820, Fair Value Measurements held-for-sale, available-for-sale, • Level 1—Quoted prices (unadjusted) in active markets that are accessible at the measurement date. • Level 2—Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. • Level 3—Unobservable inputs are used when little or no market data is available. Unless otherwise discussed below, fair value is measured using a discounted cash flow model, contractual terms and Level 3 unobservable inputs which consist of base interest rates and spreads over base rates which are based upon market observation and recent comparable transactions. An increase in these unobservable inputs would result in a lower fair value and a decline would result in a higher fair value. The financing receivables held for sale are carried at the lower of cost or market. As of December 31, 2016 Fair Carrying Level (dollars in millions) Assets Financing receivables $ 1,017 $ 1,042 Level 3 Investments available-for-sale 58 58 Level 3 Derivative assets 1 1 Level 2 Liabilities Credit Facility $ 283 $ 283 Level 3 Nonrecourse notes (2) 718 709 Level 3 (1) The amortized cost of our investments available-for-sale (2) Fair value and carrying value of nonrecourse notes excludes unamortized debt issuance costs. As of December 31, 2015 Fair Carrying Level (dollars in millions) Assets Financing receivables $ 806 $ 784 Level 3 Financing receivables held-for-sale 61 60 Level 3 Investments available-for-sale 29 29 Level 3 Liabilities Credit facility $ 247 $ 247 Level 3 Nonrecourse notes (2) 690 680 Level 3 Derivative liabilities 1 1 Level 2 (1) The amortized cost of our investments available-for-sale (2) Fair value and carrying value of nonrecourse notes excludes unamortized debt issuance costs. Investments We carry our investments at fair value on our balance sheet as investments available-for-sale. For the year ended 2016 2015 (dollars in millions) Balance, beginning of period $ 29 $ 27 Purchases of investments available-for-sale 45 33 Payments on investments available-for-sale (1 ) (8 ) Sale of investments available-for-sale (14 ) (22 ) Gains on investments available-for-sale 1 1 (Losses) gains on investments available-for-sale (2 ) (2 ) Balance, end of Period $ 58 $ 29 (1) As of December 31, 2016, approximately $10 million of investment grade rated debt that we held for more than 12 months was in an unrealized loss position of approximately $1 million due to interest rate movements. We have the intent and ability to hold this investment until a recovery of fair value. For investments held at fair value, we used a range of interest rate spreads of approximately 1% to 5% based upon comparable transactions. Interest Rate Swap Agreements The fair values of the derivative financial instruments are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. We have determined that the significant inputs, such as interest yield curves and discount rates, used to value our derivatives fall within Level 2 of the fair value hierarchy and that the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of our or our counterparties default. As of December 31, 2016, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The fair values of the derivative financial instruments are included in the other assets or accounts payable, accrued expenses and other line items in the consolidated balance sheets. Non-recurring Our financial statements may include non-recurring non-monetary Concentration of Credit Risk Financing receivables, investments and leases consist primarily of U.S. federal government-backed receivables, investment grade state and local government receivables and receivables from various sustainable infrastructure projects and do not, in our view, represent a significant concentration of credit risk. See Note 6 for an analysis by type of obligor. As described above, we do not believe we have a significant credit exposure to our interest rate swap providers. We had cash deposits that are subject to credit risk as shown below: December 31, 2016 2015 (dollars in millions) Cash Deposits $ 29 $ 43 Restricted Cash Deposits (included in Other assets) 30 36 Total Cash Deposits 59 79 Amount of Cash Deposits in excess of amounts federally insured $ 57 $ 75 |
Non-Controlling Interest
Non-Controlling Interest | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interest | 4. Non-Controlling Interest Units of limited partnership interests in the Operating Partnership (“OP units”) that are owned by limited partners other than the Company are included in non-controlling interest on our consolidated balance sheets. The outstanding OP units held by outside limited partners represents less than 1% of our outstanding OP units and are redeemable for cash, or at our option, for a like number of shares of our common stock. No OP units were exchanged for shares of common stock or redeemed for cash during the year ended December 31, 2016. We exchanged 46,290 OP units held by our non-controlling interest holders for the same number of shares of our common stock during the year ended December 31, 2015. For the year ended December 31, 2014, we redeemed 131,093 OP units held by our non-controlling interest holders for cash of $1.8 million. The non-controlling interest holders are generally allocated their pro rata share of income, other comprehensive income and equity transactions. |
Securitization of Receivables
Securitization of Receivables | 12 Months Ended |
Dec. 31, 2016 | |
Transfers and Servicing [Abstract] | |
Securitization of Receivables | 5. Securitization of Receivables The following summarizes certain transactions with our securitization trusts: Year ended December 31, 2016 2015 2014 (dollars in millions) Gains on securitizations $ 17 $ 8 $ 9 Purchase of receivables securitized $ 532 $ 286 $ 248 Proceeds from securitizations $ 549 $ 294 $ 257 Residual and servicing assets included in Other Assets $ 19 $ 9 $ 6 Cash received from residual and servicing assets $ 2 $ 2 $ 2 In connection with securitization transactions, we typically retain servicing responsibilities and residual assets. In certain instances, we receive annual servicing fees of up to 0.20% of the outstanding balance. We may periodically make servicer advances, which are subject to credit risk. Included in other assets in our consolidated balance sheets are our servicing assets at amortized cost, our residual assets at fair value, and our servicing advances at cost, if any. Our residual assets are subordinate to investors’ interests, and their values are subject to credit, prepayment and interest rate risks on the transferred financial assets. The investors and the securitization trusts have no recourse to our other assets for failure of debtors to pay when due. In computing gains and losses on securitizations, we use the same discount rates we use for the fair value calculation of residual assets, which are determined based on a review of comparable market transactions including Level 3 unobservable inputs which consist of base interest rates and spreads over base rates. Depending on the nature of the transaction risks, the discount rate ranged from 4% to 7%. As of December 31, 2016 and 2015, our managed assets totaled $3.9 billion and $3.2 billion, of which $2.3 billion and $1.8 billion were securitized assets held in unconsolidated securitization trusts. There were no securitization credit losses in 2016, 2015 or 2014, and no material securitization delinquencies as of December 31, 2016 and 2015. The securitized assets consist of financing receivables from contracts for the installation of energy efficiency and other technologies in facilities owned by, or operated for or by, the federal government where the ultimate obligor is the U.S. federal government. The contracts may have guarantees of energy savings from third party service providers, the majority of which are entities rated investment grade by an independent rating agency. Based on the nature of the receivables and experience-to-date, |
Our Portfolio
Our Portfolio | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Our Portfolio | 6. Our Portfolio As of December 31, 2016, our Portfolio included approximately $1.6 billion of financing receivables, investments, real estate and equity method investments on our balance sheet. The financing receivables and investments are typically collateralized by contractually committed debt obligations of government entities or private high credit quality obligors and are often supported by additional forms of credit enhancement, including security interests and supplier guaranties. The real estate is typically land and related lease intangibles for long-term leases to wind and solar projects with high credit quality obligors. The equity method investments represent our minority equity investments in renewable energy projects. The following is an analysis of our Portfolio by type of obligor and credit quality as of December 31, 2016: Investment Grade Government (1) Commercial Commercial Non-Investment Subtotal, Equity Total (dollars in millions) Financing receivables $ 526 $ 494 $ 22 $ 1,042 $ — $ 1,042 Investments 38 20 — 58 — 58 Real estate (5) — 172 — 172 — 172 Equity method investments — — — — 363 363 Total $ 564 $ 686 $ 22 $ 1,272 $ 363 $ 1,635 % of Debt and Real Estate Portfolio 44 % 54 % 2 % 100 % N/A N/A Average Remaining Balance (6) $ 12 $ 10 $ 11 $ 11 $ 19 $ 12 (1) Transactions where the ultimate obligor is the U.S. federal government or state or local governments where the obligors are rated investment grade (either by an independent rating agency or based upon our internal credit analysis). This amount includes $337 million of U.S. federal government transactions and $227 million of transactions where the ultimate obligors are state or local governments. Transactions may have guaranties of energy savings from third party service providers, the majority of which are entities rated investment grade by an independent rating agency. (2) Transactions where the projects or the ultimate obligors are commercial entities, including institutions such as hospitals or universities, that have been rated investment grade (either by an independent rating agency or based on our internal credit analysis). Of this total, $10 million of the transactions have been rated investment grade by an independent rating agency. Commercial investment grade financing receivables include $289 million of internally rated residential solar loans made on a nonrecourse basis to special purpose subsidiaries of SunPower Corporation, for which we rely on certain limited indemnities, warranties and other obligations of SunPower Corporation or its other subsidiaries. (3) Transactions where the projects or the ultimate obligors are commercial entities, including institutions such as hospitals or universities, that have ratings below investment grade (either by an independent rating agency or using our internal credit analysis). (4) Consists of ownership interests in operating renewable energy projects. (5) Includes the real estate and the lease intangible assets through which we receive scheduled lease payments, typically under long-term triple net lease agreements. (6) Excludes 88 transactions each with outstanding balances that are less than $1 million and that in the aggregate total $31 million. Financing Receivables and Investments In accordance with the terms of certain purchase agreements relating to financing receivables or transactions, payments of the purchase price are scheduled to be made over time, generally within twelve months of entering into the transaction, and as a result, we have recorded deferred funding obligations of $171 million and $108 million as of December 31, 2016 and 2015, respectively. Approximately $41 million of those investments were pledged as collateral against these obligations as of December 31, 2016. We had no financing receivables, investments or leases that were impaired or on nonaccrual status as of December 31, 2016 or 2015. There was no provision for credit losses or troubled debt restructurings as of December 31, 2016 or 2015. The components of financing receivables of December 31, 2016 and 2015 were as follows: December 31, 2016 2015 (dollars in millions) Financing receivables Financing or minimum lease payments (1) $ 1,395 $ 1,025 Unearned interest income (351 ) (238 ) Unearned fee income, net of initial direct costs (2 ) (3 ) Financing receivables (1) $ 1,042 $ 784 (1) Excludes $60 million in financing receivables held-for-sale The following table provides a summary of our anticipated maturity dates of our financing receivables and investments and the weighted average yield for each range of maturities as of December 31, 2016: Total Less than 1 year 1-5 years 5-10 years More than 10 years (dollars in millions) Financing Receivables Maturities by period $ 1,042 $ 1 $ 39 $ 88 $ 914 Weighted average yield by period 5 % 5 % 7 % 5 % 5 % Investments Maturities by period $ 58 $ — $ — $ 1 $ 57 Weighted average yield by period 4 % — % — % 5 % 4 % Real Estate Our real estate is leased to renewable energy projects, typically under long-term triple net leases with expiration dates that range between the years 2033 and 2051 under the initial terms and 2047 and 2080 if all extensions are exercised. The components of our real estate portfolio as of December 31, 2016 and 2015 were as follows: December 31, 2016 2015 (dollars in million) Real Estate Land $ 145 $ 129 Real estate related intangibles 29 28 Accumulated amortization of real estate intangibles (2 ) (1 ) Real Estate $ 172 $ 156 There are conservation easement agreements covering several of our properties that limit the use of the property upon expiration of the respective leases. The real estate related intangible assets are amortized on a straight-line basis over the contracted base lease term. As of December 31, 2016, the future amortization expense of these intangible assets and the future minimum rental income payments under our land lease agreements are as follows: Year Ending December 31, Future Minimum (dollars in millions) 2017 $ 1 $ 10 2018 1 11 2019 1 11 2020 1 11 2021 1 11 Thereafter 22 324 Total $ 27 $ 378 In May 2014, we acquired all of the outstanding member interests in American Wind Capital Company, LLC (“AWCC”) from Northwharf Nominees Limited, DBD AWCC LLC, NGP Energy Technology Partners II, L.P. and C.C. Hinckley Company, LLC in exchange for approximately $107 million (the “Purchase Price”), which we funded with our cash on hand and availability under our credit facilities. We did not assume any indebtedness in connection with these transactions and incurred approximately $2.5 million of acquisition related costs which we expensed as acquisition costs in 2014. The unaudited pro forma summary below presents the consolidated results of operations as if the acquisition was completed on January 1, 2013. The pro forma information is not necessarily indicative of what our actual results of operations would have been for the period, nor does it purport to represent our estimate of future results of operations. For the year ended (dollars in millions, unaudited) Pro forma total revenue $ 32 Pro forma net income (loss) $ 12 The purchase price allocation for this business combination, which reflects our estimates of the fair value of the assets acquired with the assistance of a qualified appraiser, along with $19 million of other separately acquired transactions is as follows (dollars in millions, unaudited): Financing receivables $ 37 Real estate 67 Real estate related intangibles 20 Goodwill 2 Purchase Price $ 126 As a result of these acquisitions, we recorded rental income of $3.2 million and interest income of $1.5 million for the year ended December 31, 2014 in our consolidated statement of operations. Equity Investments We have made non-controlling Acquisition Date Transaction Investment Partner (dollars in millions) October 2014 Strong Upwind Holdings I, LLC $ 97 JPMorgan April 2015 Strong Upwind Holdings II, LLC $ 30 JPMorgan December 2015 Strong Upwind Holdings III, LLC $ 66 JPMorgan December 2015 Buckeye Wind Energy Class B Holdings LLC $ 70 Invenergy June 2016 MM Solar Holdings LLC $ 26 AES October 2016 Invenergy Gunsight Mountain Holdings, LLC $ 40 Invenergy Various Other transactions $ 34 Various Total Equity Method Investments $ 363 Based on an evaluation of our equity method investments, we determined that no impairment had occurred for the years ended 2016, 2015 or 2014. |
Credit Facility
Credit Facility | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Credit Facility | 7. Credit Facility Revolver We have a senior secured revolving credit facility with an outstanding balance of $283 million. The facility provides for total maximum advances of $1.5 billion with the aggregate amount outstanding at any point in time of $500 million and which consists of two components, the G&I Facility and the PF Facility. The “G&I Facility” can be used to leverage certain qualifying government and institutional financings entered into by us and the “PF Facility” can be used to leverage certain qualifying project financings entered into by us. The facility was originally entered into in 2013 and has been amended a number of times, including in January 2016. The effect of the various amendments has been to increase the size, flexibility and allocation of the facility and extend the maturity date to July 19, 2019. Our borrowing limits and the total maximum advances available to us under the facility is summarized below: Limit of Borrowing at any Maximum Total Advances As of G&I Facility PF Facility G&I Facility PF Facility (dollars in millions) December 2014 $ 125 $ 325 $ 375 $ 975 December 2015 $ 150 $ 350 $ 450 $ 1,050 January 2016 $ 250 $ 250 $ 600 $ 900 Loans under the G&I Facility bear interest at a rate equal to the London Interbank Offered Rate (“LIBOR”) plus 1.5% or, under certain circumstances, 1.5% plus the Base Rate. Loans under the PF Facility bear interest at a rate equal to LIBOR plus 2.5% or, under certain circumstances, 2.5% plus the Base Rate. The Base Rate is defined as the highest of (i) the Federal Funds Rate plus 0.5%, (ii) the rate of interest publicly announced by Bank of America from time to time as its “prime rate,” (iii) LIBOR plus 1.0%, and (iv) zero. Under the PF Facility, we also have the option to borrow at a fixed rate of interest until the expiration of the credit facility in July 2019. The fixed rate is determined by agreement with the Administrative Agent and is based on the prevailing US SWAP rate of an equivalent term to the average-life of the fixed rate portion of the borrowing plus an agreed upon margin. The loans are made through wholly-owned special purpose subsidiaries (the “Borrowers”) and we have guaranteed the obligations of the Borrowers under the credit facility pursuant to (x) a Continuing Guaranty, dated July 19, 2013, and (y) a Limited Guaranty, dated July 19, 2013, both as amended and restated. Any financing we propose to be included in the borrowing base as collateral under the facility is subject to the approval of the administrative agent in its sole discretion and the payment of a placement fee. We may, with the consent of the administrative agent, borrow against new projects before such projects become Approved Financings (as defined in the PF Facility loan agreement) but after they have been pledged as collateral. The amount eligible to be drawn under the facility for purposes of financing such investments will be based on a discount to the value of each investment or an applicable valuation percentage. Under the G&I Facility, the applicable valuation percentage for non-delinquent The following table provides additional detail on our credit facility as of December 31, 2016 and 2015: December 31, 2016 2015 (dollars in millions) Outstanding balance $ 283 $ 247 Value of collateral pledged to credit facility $ 471 $ 356 Weighted average short-term borrowing rate 2.3 % 2.3 % We have approximately $6 million of unamortized costs associated with the credit facility that have been capitalized (included in other assets on the consolidated balance sheets) and are being amortized on a straight-line basis over the term of the Loan Agreements. On each monthly payment date, the Borrowers shall also pay to the administrative agent, for the benefit of the lenders, certain availability fees for each Loan Agreement equal to 0.50%, divided by 360, multiplied by the excess of the available borrowing capacity under each component of the credit facility over the actual amount borrowed under such component. The credit facility contains terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature, including various affirmative and negative covenants, and limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, use of proceeds and stock repurchases. The credit facility also includes customary events of default, including the existence of a default in more than 50% of underlying financings. The occurrence of an event of default may result in termination of the credit facility, acceleration of amounts due under the credit facility, and accrual of default interest at a rate of LIBOR plus 2.50% in the case of the G&I Facility and at a rate of LIBOR plus 5.00% in the case of the PF Facility. We were in compliance with the required financial covenants described below at each quarterly reporting date that such covenants were applicable: Covenant Covenant Minimum Liquidity (defined as available borrowings under the Loan Agreements plus unrestricted cash divided by actual borrowings) of greater than: 5 % 12 month rolling Net Interest Margin of greater than: zero Maximum Debt to Equity Ratio of less than: (1) 4 to 1 (1) Debt is defined as Total Indebtedness excluding accounts payable and accrued expenses and nonrecourse debt. Term Loan In September 2016, we borrowed $50 million from a financial institution that was repaid in November 2016. |
Nonrecourse Debt
Nonrecourse Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Nonrecourse Debt | 8. Nonrecourse Debt We have outstanding the following asset-backed nonrecourse debt and bank loans (dollars in millions): Outstanding Interest Maturity Date Anticipated Book Value of as of Description of 2016 2015 2016 2015 HASI Sustainable Yield Bond 2013-1 $ 75 $ 83 2.79 % December 2019 $ 57 $ 93 $ 99 Financing receivables ABS Loan Agreement $ 90 $ 102 5.74 % September 2021 $ 17 $ 97 $ 117 Equity interest in Strong Upwind Holdings I, LLC HASI Sustainable Yield Bond 2015-1 $ 97 $ 100 4.28 % October 2034 $ — $ 138 $ 139 Financing receivables, real estate and real estate intangibles HASI SYB Loan Agreement 2015-1 $ 74 $ 90 4.50 % (1) December 2021 $ — $ 96 $ 117 Equity interest in Strong Upwind Holdings II and III, LLC, related interest rate swap HASI SYB Loan Agreement 2015-2 $ 41 $ 42 5.08 % (1) December 2023 $ — $ 70 $ 71 Equity interest in Buckeye Wind Energy Class B Holdings LLC, related interest rate swap HASI SYB Loan Agreement 2015-3 $ 150 $ 162 4.92 % December 2020 $ 132 $ 175 $ 175 Residential Solar Financing receivables, related interest rate swap HASI SYB Loan Agreement 2016-1 $ 98 $ — 3.95 % (1) November 2021 $ 83 $ 114 $ — Residential Solar Financing receivables, related interest rate swap Other nonrecourse debt (2) $ 84 $ 101 2.26 7.45 %- % 2017 to 2032 $ — $ 81 $ 97 Financing receivables Debt issuance costs $ (17 ) $ (16 ) Nonrecourse debt $ 692 $ 664 (1) Interest rate represents the current period’s LIBOR based rate plus the spread. Also see the interest rate swap contracts shown in the table below, the value of which are not included in the book value of assets pledged. (2) Other nonrecourse debt consists of various debt agreements used to finance certain of our financing receivables for the term of the financing receivables. Debt service payment requirements, in a majority of cases, are equal to or less than the cash flows received from the underlying financing receivables We have pledged the financed assets, and typically our interests in one or more parents or subsidiaries of the borrower that are legally separate bankruptcy remote special purpose entities as security for the nonrecourse debt. There is no recourse for repayment of these obligations other than to the applicable borrower and any collateral pledged as security for the obligations. The assets and credit of these entities are not available to satisfy any of our other debts and obligations, except as not prohibited by the debt agreements. The creditors can only look to the borrower, the cash flows of the pledged assets and any other collateral pledged, to satisfy the debt and we are not otherwise liable for nonpayment of such cash flows. The debt agreements contain terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature, including limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, use of proceeds and stock repurchases. The agreements also include customary events of default, the occurrence of which may result in termination of the agreements, acceleration of amounts due, and accrual of default interest. We typically act as servicer for the debt transactions. We have guaranteed the performance of the representations and warranties and other obligations of our subsidiaries under certain of the debt agreements and provided an indemnity against certain losses from “bad acts” of such subsidiaries including fraud, failure to disclose a material fact, theft, misappropriation, voluntary bankruptcy or unauthorized transfers. In the case of the debt secured by certain of our renewable energy equity interests, we have also guaranteed the compliance of our subsidiaries with certain tax matters and certain obligations if our joint venture partners exercise their right to withdraw from our partnerships. The HASI Sustainable Yield Bond (“HASI SYB”) 2015-1 2015-1A, 2015-1B, co-lender. In connection with several of our nonrecourse debt borrowings, we have entered into the following interest rate swaps which are designated as cash flow hedges (dollars in millions): Notional Value as of December 31, Fair Value as of December 31, Base Rate Hedged Rate 2016 2015 2016 2015 Term HASI SYB Loan Agreement 2015-1 3 month Libor 1.55 % $ 67 $ 81 $ — $ (0.3 ) September 2021 HASI SYB Loan Agreement 2015-2 3 month Libor 1.52 % $ 37 $ 38 $ — $ (0.1 ) December 2015 to December 2018 HASI SYB Loan Agreement 2015-2 3 month Libor 2.55 % $ 29 $ 29 $ (0.2 ) $ (0.2 ) December 2018 to December 2024 HASI SYB Loan Agreement 2015-3 1 month Libor 2.34 % $ 119 $ — $ 1.0 $ — November 2020 to August 2028 HASI SYB Loan Agreement 2016-1 3 month Libor 1.88 % $ 72 $ — $ 0.2 $ — November 2016 to November 2021 HASI SYB Loan Agreement 2016-1 3 month Libor 2.73 % $ 107 $ — $ — $ — November 2021 to Total $ 431 $ 148 $ 1.0 $ (0.6 ) The total fair value of our hedges relating to interest rate hedges that are effective in offsetting variable cash flows is reflected as unrealized losses in accumulated other comprehensive income and in Other assets and or Accounts payable, accrued expenses and other in the accompanying consolidated balance sheet. As of December 31, 2016 and 2015, all of our derivatives were designated as hedging instruments and there was no ineffectiveness recorded on our designated hedges and no portion of the Accumulated other comprehensive income, net of associated deferred income tax effects related to our interest rate hedges was reclassified into interest expense. As of December 31, 2014, we did not hold any derivatives. The stated minimum maturities of nonrecourse debt as of December 31, 2016, were as follows: As of December 31, (dollars in millions) 2017 $ 52 2018 41 2019 98 2020 43 2021 313 Thereafter 162 Total minimum maturities 709 Deferred Financing Costs, net (17 ) $ 692 The stated minimum maturities of nonrecourse debt above include only the mandatory minimum principal payments. To the extent there are additional cash flows received from Strong Upwind Holdings II, LLC, Strong Upwind Holdings III, LLC or Buckeye Wind Energy Class B Holdings LLC, these additional cash flows are required to be used to make additional principal payments against the respective HASI SYB Loan Agreement 2015-1 2015-2 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Leases We lease office space at our headquarters in Annapolis, Maryland under an operating lease entered into in July 2011 and amended in October 2013 to add additional space. The lease provides for operating expense reimbursements and annual escalations that are amortized over the respective lease terms on a straight-line basis. Lease payments under this lease commenced in March 2012 and incremental payments related to the amendment commenced in March 2014. The lease expires in 2022. Rent expense was less than $1 million for each of the years ended December 31, 2016, 2015, and 2014, respectively. Future gross minimum lease payments are less than $1 million per year during the remaining term of the lease. Litigation The nature of our operations exposes us to the risk of claims and litigation in the normal course of our business. Other than non-material litigation arising out of the ordinary course of business, we are not currently subject to any legal proceedings that are probable of having a material adverse effect on our financial position, results of operations or cash flows. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 10. Income Tax We recorded a tax expense of $0 million for the years ended December 31, 2016, 2015 and 2014, respectively, related to the activities of our TRS. The income tax expense and benefits recorded were determined using a federal rate of 35% and a combined state rate, net of federal benefit, of 5%. Below is a reconciliation between the statutory rates and our effective tax rates for the years ended December 31: 2016 2015 2014 U.S Federal & State combined statutory income tax rate 40 % 40 % 40 % Reduction in rate resulting from: Share Based Compensation (427 )% — — Equity Method Investments (968 )% 5 % — Other 11 % — — Valuation Allowance 1,344 % (46 )% (40 )% HASI Effective Tax Rate 0 % (1) % 0 % During 2014, we transferred an asset to our TRS that had a tax basis in excess of its book basis. We recognized a deferred tax asset for the amount we expect to be realizable. Because the transfer was done amongst entities under common control, we recorded the $1.9 million impact of the transaction to additional paid in capital. We recorded a deferred tax liability of $0 million as of December 31, 2016 and 2015, respectively, related to the activities of our TRS. Our deferred tax liability is included in Accounts payable, accrued expenses and other on our consolidated balance sheet. Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of assets and liabilities, and for equity-based compensation it represents the impact of the vesting of restricted stock. Deferred tax assets (liabilities) include the following as of December 31: 2016 2015 (dollars in millions) Financing receivable basis difference $ (11 ) $ (6 ) Equity method investments (14 ) (2 ) Gross deferred tax liabilities (25 ) (8 ) Net operating loss (NOL) and tax credit carryforwards 29 9 Equity-based compensation 3 2 Valuation allowance (7 ) (3 ) Gross deferred tax assets 25 8 Net deferred tax liabilities $ — $ — We have unused NOLs and tax credits of approximately $70 million that will begin to expire in 2034 for federal and state tax purposes if not utilized. If our TRS entities were to experience a change in control as defined in Section 382 of the Internal Revenue Code, the TRS’s ability to utilize NOL in the years after the change in control would be limited. Similar rules and limitation may apply for state tax purposes as well. We have no examinations in progress, none are expected at this time, and years 2013 through 2015 are open. As of December 2016 and 2015, we had no uncertain tax positions. Our policy is to recognize interest expense and penalties related to income tax matters as a component of general and administrative expense. There were no accrued interest and penalties as of December 31, 2016 and 2015, and no interest and penalties were recognized during the years ended December 31, 2016, 2015, or 2014. For federal income tax purposes, the cash dividends paid for the years ended December 31, 2016 and 2015 are characterized as follows: 2016 2015 Common distributions Ordinary income 0 % 23 % Return of capital 100 % 77 % 100 % 100 % |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity | 11. Equity Dividends and Distributions Our board of directors declared the following dividends in 2015 and 2016: Announced Date Record Date Pay Date Amount per share 3/17/15 3/30/15 4/9/15 $ 0.26 6/16/15 6/30/15 7/9/15 $ 0.26 9/16/15 9/30/15 10/8/15 $ 0.26 12/15/15 12/30/15 * 1/7/16 $ 0.30 3/15/16 3/30/16 4/7/16 $ 0.30 6/07/16 7/06/16 7/14/16 $ 0.30 9/15/16 10/05/16 10/13/16 $ 0.30 12/13/16 12/29/16 * 1/12/17 $ 0.33 * These dividends will be treated as distributions in the following year for tax purposes. We have an effective universal shelf registration statement registering the potential offer and sale, from time to time and in one or more offerings, of any combination of our common stock, preferred stock, depositary shares and warrants and rights (collectively referred to as the “securities”). We may offer the securities directly, through agents, or to or through underwriters by means of ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale or at negotiated prices and may include “at the market” (“ATM”) offerings or sales “at the market,” to or through a market maker or into an existing trading market on an exchange or otherwise. We completed the following public offerings and ATM offerings of our common stock in 2015 and 2016: Closing Date Common Stock Shares Price Per Share Net (amounts in millions, except per share amounts) 5/4/15 Public Offering 4.600 $ 18.50 3 $ 82 10/19/15 Public Offering 5.750 $ 18.00 3 $ 99 6/21/16 Public Offering 4.600 $ 19.78 4 $ 91 5/9/16 to 6/30/16 ATM 0.065 $ 20.31 5 $ 1 11/09/16 Public Offering 4.025 $ 19.28 4 $ 77 12/13/16 to 12/29/16 ATM 0.407 $ 19.47 5 $ 8 1 Includes shares issued in connection with the exercise of the underwriters’ option to purchase additional shares. 2 Net proceeds from the offerings is shown after deducting underwriting discounts, commissions and other offering costs. 3 Represents the public offering price per share. 4 Represents the price per share at which the underwriters in our public offerings purchased shares from our company. 5 Represents the average price per share at which investors in our ATM offerings purchased shares from our company. Awards of Shares of Restricted Common Stock under our 2013 Plan We have issued both awards with service conditions and awards with both service and performance conditions. During the year ended December 31, 2016, our board of directors awarded employees and directors 368,513 shares of restricted common stock that vest in 2016 to 2019 and 292,542 shares of restricted common stock to certain employees that vest upon the achievement of certain performance targets. As of December 31, 2016, we have concluded that it is probable that the performance conditions will be met. A summary of equity-based compensation expense and the fair value of shares vested on the vesting date for the years ended December 31, 2016, 2015, and 2014 is as follows: 2016 2015 2014 (in millions) Equity-based compensation expense $ 10 $ 11 $ 5 Fair value of awards vested on vesting date $ 14 $ 6 $ 2 The total unrecognized compensation expense related to awards of shares of restricted common stock was approximately $10 million as of December 31, 2016, that is expected to be recognized over a weighted-average term of approximately two years. As part of the implementation of ASU No. 2016-09 Compensation—Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting A summary of the unvested shares of restricted common stock that have been issued is as follows: Restricted Shares of Common Stock Weighted Average Share Price Value (in millions) Balance—December 31, 2013 598,815 $ 12.50 $ 7.5 Granted 529,100 14.18 7.5 Vested (149,709 ) 12.50 (1.9 ) Forfeited (13,386 ) 12.99 (0.2 ) Balance—December 31, 2014 964,820 $ 13.41 $ 12.9 Granted 586,648 17.29 10.2 Vested (285,289 ) 13.61 (3.9 ) Forfeited (18,110 ) 15.54 (0.3 ) Ending Balance—December 31, 2015 1,248,069 $ 15.16 $ 18.9 Granted 661,055 18.62 12.3 Vested (716,264 ) 14.03 (10.0 ) Forfeited (11,188 ) 17.25 (0.2 ) Ending Balance—December 31, 2016 1,181,672 $ 17.76 $ 21.0 |
Earnings per Share of Common St
Earnings per Share of Common Stock | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share of Common Stock | 12. Earnings per Share of Common Stock Both the net income or loss attributable to the non-controlling non-controlling Unvested share-based payment awards that contain non-forfeitable two-class The computation of basic and diluted earnings per common share is as follows: Year ended December 31, Numerator: 2016 2015 2014 (in millions, except share and per share data) Net income attributable to controlling shareholders and participating securities $ 14.7 $ 8.0 $ 9.6 Less: Dividends paid on participating securities (1.8 ) (1.4 ) (0.8 ) Undistributed earnings attributable to participating securities — — — Net income attributable to controlling shareholders $ 12.9 $ 6.6 $ 8.8 Denominator: Weighted-average number of common shares—basic 40,290,717 30,761,151 20,656,826 Weighted-average number of common shares—diluted 40,290,717 30,761,151 20,656,826 Basic earnings per common share $ 0.32 $ 0.21 $ 0.43 Diluted earnings per common share $ 0.32 $ 0.21 $ 0.43 Other Information: Weighted-average number of OP units 284,992 294,884 342,648 Unvested restricted common stock outstanding 1,181,672 1,248,069 964,820 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | 13. Equity Method Investments We have noncontrolling unconsolidated equity investments in entities that own minority interests in renewable energy projects. During the years ended December 31, 2016 and 2015, we recognized income of $6.1 million and a loss of $0.1 million, respectively, from our equity method investments. We did not have any income or loss from our equity method investments in 2014. We describe our accounting for the noncontrolling equity investments in Note 2. The following is a summary of the consolidated financial position and results of operations of the significant holding companies, accounted for using the equity method: As of September 30, As of December 31, (in millions, unaudited) Current Assets $ 62 $ 72 Total Assets $ 1,716 $ 1,724 Current Liabilities $ 25 $ 18 Total Liabilities $ 110 $ 68 Members’ Equity $ 1,606 $ 1,656 For the nine months For the year ended For the year ended Revenue $ 121 $ 152 $ 154 Income from Continuing Operations $ (3 ) $ 24 44 Net Income $ (3 ) $ 24 44 Because we have elected to record our equity method investments one quarter in arrears, the last calendar quarter presented above is reflected in our financial statements in the following year. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Contribution Plan | 14. Defined Contribution Plan We administer a 401(k) savings plan, a defined contribution plan covering substantially all of our employees. Employees in the plan may contribute up to the maximum annual IRS limit before taxes via payroll deduction. Under the plan, we provide a dollar for dollar match for the first 4% of the employee’s contributions and a $0.50 per dollar match for the next 2% of employee contributions. We contributed less than $1 million under the plan for the years ended December 31, 2016, 2015, and 2014, respectively. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | 15. Selected Quarterly Financial Data (Unaudited) The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations (Amounts for the individual quarters when aggregated may not agree to the full year due to rounding, in thousands, except for per share data): For the Three-Months Ended March 31, 2016 June 30, 2016 Sept. 30, 2016 Dec. 31, 2016 Total Revenue $ 20,483 $ 21,845 $ 19,008 $ 19,862 Total Expenses 17,509 19,110 16,951 18,840 Income before equity method investments 2,974 2,735 2,057 1,022 Income (loss) from equity method investments 270 1,076 1,331 3,433 Income before income taxes $ 3,244 $ 3,811 $ 3,388 $ 4,455 Income tax benefit (expense) (47 ) (36 ) (41 ) (18 ) Net Income $ 3,197 $ 3,775 $ 3,347 $ 4,437 Net Income attributable to controlling shareholders $ 3,169 $ 3,747 $ 3,329 $ 4,408 Basic and diluted earnings per common share $ 0.07 $ 0.09 $ 0.07 $ 0.09 For the Three-Months Ended March 31, 2015 June 30, 2015 Sept. 30, 2015 Dec. 31, 2015 Total Revenue $ 13,908 $ 13,531 $ 15,043 $ 16,196 Total Expenses 11,731 11,676 13,064 13,957 Income before equity method investments 2,177 1,855 1,979 2,239 Income (loss) from equity method investments (53 ) (295 ) 187 63 Income before income taxes $ 2,124 $ 1,560 $ 2,166 $ 2,302 Income tax benefit (expense) 23 (76 ) (24 ) (41 ) Net Income $ 2,147 $ 1,484 $ 2,142 $ 2,261 Net Income attributable to controlling shareholders $ 2,122 $ 1,470 $ 2,119 $ 2,247 Basic and diluted earnings per common share $ 0.07 $ 0.04 $ 0.06 $ 0.05 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and such differences could be material. Certain amounts in the prior years have been reclassified to conform to the current year presentation. These reclassifications include changes to the presentation of the Consolidated Statements of Cash Flows related to the adoption of ASU 2016-18 Statement of Cash Flows (Topic 230). The consolidated financial statements include the accounts of the Company and its controlled subsidiaries, including the Operating Partnership. All significant intercompany transactions and balances have been eliminated in consolidation. Following the guidance for non-controlling Consolidation, non-controlling |
Financing Receivables | Financing Receivables Financing receivables include financing energy efficiency and renewable energy project loans, receivables and direct financing leases. Unless otherwise noted, we generally have the ability and intent to hold our financing receivables for the foreseeable future and thus they are classified as held for investment. Our ability and intent to hold certain financing receivables may change from time to time depending on a number of factors, including economic, liquidity and capital market conditions. The carrying value of financing receivables held for investment represents the present value of the note, lease or other payments, net of any unearned fee income, which is recognized as income over the term of the note or lease using the effective interest method. Financing receivables that are held for investment are carried, unless deemed impaired, at cost, net of any unamortized acquisition premiums or discounts and include origination and acquisition costs, as applicable. Financing receivables that we intend to sell in the short-term are classified as held-for-sale held-for-sale We evaluate our financing receivables for potential delinquency or impairment on at least a quarterly basis and more frequently when economic or other conditions warrant such an evaluation. When a financing receivable becomes 90 days or more past due, and if we otherwise do not expect the debtor to be able to service all of its debt or other obligations, we will generally consider the financing receivable delinquent or impaired and place the financing receivable on non-accrual non-accrual A financing receivable is also considered impaired as of the date when, based on current information and events, it is determined that it is probable that we will be unable to collect all amounts due in accordance with the original contracted terms. Many of our financing receivables are secured by energy efficiency and renewable energy infrastructure projects. Accordingly, we regularly evaluate the extent and impact of any credit deterioration associated with the performance and value of the underlying project, as well as the financial and operating capability of the borrower, its sponsors or the obligor as well as any guarantors. We consider a number of qualitative and quantitative factors in our assessment, including, as appropriate, a project’s operating results, loan-to-value If a financing receivable is considered to be impaired, we record an allowance to reduce the carrying value of the financing receivable to the present value of expected future cash flows discounted at the financing receivable’s contractual effective rate or the amount realizable from other contractual terms such as the currently estimated fair market value of the collateral less estimated selling costs, if repayment is expected solely from the collateral. We charge off financing receivables against the allowance when we determine the unpaid principal balance is uncollectible, net of recovered amounts. |
Investments | Investments Investments include debt securities that meet the criteria of ASC 320, Investments—Debt and Equity Securities available-for-sale available-for-sale We evaluate our investments for OTTI on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Our OTTI assessment is a subjective process requiring the use of judgments and assumptions. Accordingly, we regularly evaluate the extent and impact of any credit deterioration associated with the financial and operating performance and value of the underlying project. We consider a number of qualitative and quantitative factors in our assessment. We first consider the current fair value of the security and the duration of any unrealized loss. Other factors considered include changes in the credit rating, performance of the underlying project, key terms of the transaction, the value of any collateral and any support provided by the sponsor or guarantor. To the extent that we have identified an OTTI for a security and intend to hold the investment to maturity and we do not expect that we will be required to sell the security prior to recovery of the amortized cost basis, we recognize only the credit component of OTTI in earnings. We determine the credit component using the difference between the securities’ amortized cost basis and the present value of its expected future cash flows, discounted using the effective interest method or its estimated collateral value. Any remaining unrealized loss due to factors other than credit, or the non-credit To the extent we hold investments with an OTTI and if we have made the decision to sell the security or it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis, we recognize the entire portion of the impairment in earnings. Premiums or discounts on investment securities are amortized or accreted into investment interest income using the effective interest method. |
Real Estate | Real Estate Real estate reflects land or other real estate held on our balance sheet. Real estate intangibles reflect the value of associated lease intangibles, net of any amortization. Our real estate is generally leased to tenants on a net lease basis, whereby the tenant is responsible for all operating expenses relating to the property, generally including property taxes, insurance, maintenance, repairs and capital expenditures. Scheduled rental revenue typically varies during the lease term and thus rental income is recognized on a straight-line basis, unless there is considerable risk as to collectability, so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis and is recorded in other assets. Rental expenses (if any) are charged to operations as incurred. We record our real estate purchases as asset acquisitions that are recorded at cost, including acquisition and closing costs, unless they meet the definition of a business combination in accordance with ASC 805, Business Combinations. in-place The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” as-if-vacant In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place in-place in-place in-place |
Securitization of Receivables | Securitization of Receivables We have established various special purpose entities or securitization trusts for the purpose of securitizing certain financing receivables or other debt investments. We determined that the trusts used in securitizations are variable interest entities, as defined in ASC 810, Consolidation We account for transfers of financing receivables to these securitization trusts as sales pursuant to ASC 860, Transfers and Servicing Gain or loss on the sale of receivables is calculated based on the excess of the proceeds received from the securitization (less any transaction costs) plus any retained interests obtained over the cost basis of the receivables sold. For retained interests, we generally estimate fair value based on the present value of future expected cash flows using our best estimates of the key assumptions of anticipated losses, prepayment rates, and current market discount rates commensurate with the risks involved. We initially account for all separately recognized servicing assets and servicing liabilities at fair value and subsequently measure such servicing assets and liabilities using the amortization method. Servicing assets and liabilities are amortized in proportion to, and over the period of, estimated net servicing income with servicing income recognized as earned. We assess servicing assets for impairment at each reporting date. If the amortized cost of servicing assets is greater than the estimated fair value, we will recognize an impairment in net income. Our other retained interest in securitized assets, the residual assets, are classified as available-for-sale securities and carried at fair value on the consolidated balance sheets in Other Assets. We generally do not sell our residual assets. Our residual assets are evaluated for impairment on a quarterly basis. Interest income related to the residual assets is recognized using the effective interest rate method. If there is a change in expected cash flows related to the residual assets, we calculate a new yield based on the current amortized cost of the residual assets and the revised expected cash flows. This yield is used prospectively to recognize interest income. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include short-term government securities, certificates of deposit and money market funds, all of which had an original maturity of three months or less at the date of purchase. These securities are carried at their purchase price, which approximates fair value. |
Restricted Cash | Restricted Cash Restricted cash includes cash and cash equivalents set aside with certain lenders primarily to support deferred funding and other obligations outstanding as of the balance sheet dates. Restricted cash is reported as part of Other Assets in the consolidated balance sheets. Refer to Note 3 for disclosure of the balances of Restricted cash included in Other Assets. |
Consolidation and Equity Method Investments | Consolidation and Equity Method Investments We account for our investment in entities that are considered voting or variable interest entities under ASC 810, Consolidation Securitization of Receivables Substantially all of the activities of the special purpose entities that are formed for the purpose of holding our financing receivables and investments on our balance sheet are closely associated with our activities. Based on our assessment, we determined that we have power over and receive the benefits of these special purpose entities; hence, we are the primary beneficiary and should consolidate these entities under the provisions of ASC 810. We have made equity investments in various renewable energy projects. We share in the cash flows, income, and tax attributes according to a negotiated schedule (which typically do not correspond with our ownership percentages) and are not considered the primary beneficiary of the projects. Our renewable energy projects are typically owned in partnerships structures (using limited liability companies, or LLCs taxed as partnerships) where we, along with other large institutional investors, if any, receive a stated preferred return consisting of a priority distribution of all or a portion of the project’s cash flows, and in some cases, tax attributes. Once this preferred return is achieved, the partnership “flips” and the company which operates the project, receives a larger portion of the cash flows through its interest in the holding company and we, along with the other institutional investors, will have an on-going We made several new equity investments in renewable energy projects in 2016 that, along with our existing investments, are accounted for under the equity method of accounting. Certain of our equity method investments were determined to be VIEs. Our maximum exposure to loss associated with our equity method investments is limited to our recorded value of our investments. Under the equity method of accounting, the carrying value of our equity method investments is determined based on amounts we invested, adjusted for the equity in earnings or losses of investee allocated based on the limited liability entity agreement, less distributions received. Because the limited liability entity and holding company agreements contain preferences with regard to cash flows from operations, capital events and liquidation, we reflect our share of profits and losses by determining the difference between our “claim on the investee’s book value” at the end and the beginning of the period. This claim is calculated as the amount we would receive (or be obligated to pay) if the investee were to liquidate all of its assets at recorded amounts determined in accordance with U.S. GAAP and distribute the resulting cash to creditors and investors in accordance with their respective priorities. This method is commonly referred to as the hypothetical liquidation at book value method or (“HLBV”). Intra-company gains and losses are eliminated for an amount equal to our interest and are reflected in the share in income or loss from equity method investments in the consolidated statements of operations. Cash distributions received from our equity method investments are classified as operating cash flows to the extent of cumulative HLBV earnings. Any additional cash flows are deemed to be returns of the investment and are classified as investing cash flows. We have elected to recognize earnings from these investments one quarter in arrears to allow for the receipt of financial information. We evaluate the realization of our investment accounted for using the equity method if circumstances indicate that our investment is OTTI. OTTI impairment occurs when the estimated fair value of an investment is below the carrying value and the difference is determined to not be recoverable. This evaluation requires significant judgment regarding, but not limited to, the severity and duration of the impairment; the ability and intent to hold the securities until recovery; financial condition, liquidity, and near-term prospects of the issuer; specific events; and other factors. |
Derivative Financial Instruments | Derivative Financial Instruments We utilize derivative financial instruments, primarily interest rate swaps, to manage, or hedge, our interest rate risk exposures associated with new debt issuances, to manage our exposure to fluctuations in interest rates on variable rate debt, and to optimize the mix of our fixed and floating-rate debt. In addition, we use forward-starting interest rate swap contracts to manage a portion of our interest rate exposure for anticipated refinancing of our long-term debts. Our objective is to manage the impact of interest rates on the results of operations and cash flows and the market value of our debt. The interest rate swaps we use are designated as cash flow hedges and are considered highly effective in reducing our exposure to the interest rate risk that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract. Derivatives are recorded on the consolidated balance sheet at fair value. If a derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in AOCI, net of associated deferred income tax effects, in our Consolidated Statements of Stockholders’ Equity and Comprehensive Income (Loss) and are recognized in the Consolidated Statements of Operations when the hedged item affects earnings, including as a result of an interest payment. Changes in fair value of the ineffective portions of these hedges are recognized in general and administrative expenses in our Consolidated Statements of Operations. For any derivative instruments not designated as hedging instruments, changes in fair value would be recognized in our Consolidated Statements of Operations in the period that the change occurs. We assess, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. We do not hold derivatives for trading purposes. Interest rate swap contracts contain a credit risk that counterparties may be unable to fulfill the terms of the agreement. We attempt to minimize that risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and do not anticipate nonperformance by the counterparties. |
Income Taxes | Income Taxes We elected and qualified to be taxed as a REIT for U.S. federal income tax purposes, commencing with our taxable year ended December 31, 2013. To qualify as a REIT, we must meet on an ongoing basis a number of organizational and operational requirements, including a requirement that we currently distribute at least 90% of our net taxable income, excluding capital gains, to our shareholders. We intend to continue to meet the requirements for qualification as a REIT. As a REIT, we are not subject to U.S. federal corporate income tax on that portion of net income that is currently distributed to our owners. However, our taxable REIT subsidiaries (“TRSs”) will generally be subject to U.S. federal, state, and local income taxes as well as taxes of foreign jurisdictions, if any. We account for income taxes of our TRSs using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. We evaluate any deferred tax assets for valuation allowances based on an assessment of available evidence including sources of taxable income, prior years taxable income, any existing taxable temporary differences and our future investment and business plans that may give rise to taxable income. We apply accounting guidance with respect to how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. This guidance requires the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. We are required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes U.S. federal and certain states. |
Equity-Based Compensation | Equity-Based Compensation At the time of completion of our initial public offering (“IPO”), we adopted our 2013 Equity Incentive Plan (the “2013 Plan”), which provides for grants of stock options, stock appreciation rights, restricted stock units, shares of restricted common stock, phantom shares, dividend equivalent rights, long-term incentive-plan units (“LTIP units”) and other restricted limited partnership units issued by our Operating Partnership and other equity-based awards. From time to time, we may award unvested restricted stock as compensation to members of our senior management team, our independent directors, employees, advisors, consultants and other personnel under our 2013 Plan. We record compensation expense for stock awards in accordance with ASC 718, Compensation—Stock Compensation |
Earnings Per Share | Earnings Per Share We compute earnings per share of common stock in accordance with ASC 260, Earnings Per Share |
Segment Reporting | Segment Reporting We provide and arrange debt and equity investments for sustainable infrastructure projects and report all of our activities as one business segment. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) 10-Q. 2014-09 Consolidation In February 2015, the FASB issued ASU No. 2015-02 Consolidation (Topic 810) Amendments to the Consolidation Analysis No. 2015-02 Income Taxes In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740)—Balance Sheet Classification of Deferred Taxes. 2015-17 2015-17 Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) right-of-use No. 2014-09, Revenue from Contracts with Customers 2016-02 Share-Based Payments In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting Equity Method Investments In March 2016, the FASB issued ASU No. 2016-07, Simplifying the Transition to the Equity Method of Accounting Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses—Measurement of Credit Losses on Financial Instruments (Topic 326) 2016-13 2016-13 available-for-sale 2016-13 2016-13 Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230)—Classification of Certain Cash Receipts and Cash Payments 2016-15 2016-15 Restricted Cash In August 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230)—Restricted Cash 2016-18 2016-18 Year ended December 31, 2015 Year ended December 31, 2014 (in thousands) As previously Effect of As adjusted As previously Effect of As adjusted Net cash used in investing activities $ (361,081 ) $ 12,035 $ (349,046 ) $ (319,281 ) $ (37,922 ) $ (357,203 ) Net cash provided by financing activities 327,008 12,593 339,601 340,511 — 340,511 (Decrease) increase in cash, cash equivalents and restricted cash (15,554 ) 24,628 9,074 26,353 (37,922 ) (11,569 ) Cash, cash equivalents and restricted cash at beginning of period 58,199 11,943 70,142 31,846 49,865 81,711 Cash, cash equivalents and restricted cash at end of period $ 42,645 $ 36,571 $ 79,216 $ 58,199 $ 11,943 $ 70,142 Business Combinations In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805)—Clarifying the Definition of a Business 2017-01 2017-01 in-place in-place Other accounting standards updates issued before Feb. 24, 2017 and effective after December 31, 2016, are not expected to have a material effect on our consolidated balance sheets, consolidated statements of operations and/or cash flows. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Impact of Early Adoption of ASU 2016-18 | The table below highlights the impact of adoption of this ASU. Year ended December 31, 2015 Year ended December 31, 2014 (in thousands) As previously Effect of As adjusted As previously Effect of As adjusted Net cash used in investing activities $ (361,081 ) $ 12,035 $ (349,046 ) $ (319,281 ) $ (37,922 ) $ (357,203 ) Net cash provided by financing activities 327,008 12,593 339,601 340,511 — 340,511 (Decrease) increase in cash, cash equivalents and restricted cash (15,554 ) 24,628 9,074 26,353 (37,922 ) (11,569 ) Cash, cash equivalents and restricted cash at beginning of period 58,199 11,943 70,142 31,846 49,865 81,711 Cash, cash equivalents and restricted cash at end of period $ 42,645 $ 36,571 $ 79,216 $ 58,199 $ 11,943 $ 70,142 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value and Carrying Value of Financial Assets and Liabilities | As of December 31, 2016 Fair Carrying Level (dollars in millions) Assets Financing receivables $ 1,017 $ 1,042 Level 3 Investments available-for-sale 58 58 Level 3 Derivative assets 1 1 Level 2 Liabilities Credit Facility $ 283 $ 283 Level 3 Nonrecourse notes (2) 718 709 Level 3 (1) The amortized cost of our investments available-for-sale (2) Fair value and carrying value of nonrecourse notes excludes unamortized debt issuance costs. As of December 31, 2015 Fair Carrying Level (dollars in millions) Assets Financing receivables $ 806 $ 784 Level 3 Financing receivables held-for-sale 61 60 Level 3 Investments available-for-sale 29 29 Level 3 Liabilities Credit facility $ 247 $ 247 Level 3 Nonrecourse notes (2) 690 680 Level 3 Derivative liabilities 1 1 Level 2 (1) The amortized cost of our investments available-for-sale (2) Fair value and carrying value of nonrecourse notes excludes unamortized debt issuance costs. |
Schedule of Reconciliation of Level 3 Investments Available-for-Sale Securities | The following table reconciles the beginning and ending balances for our Level 3 investments that are carried at fair value on a recurring basis: For the year ended 2016 2015 (dollars in millions) Balance, beginning of period $ 29 $ 27 Purchases of investments available-for-sale 45 33 Payments on investments available-for-sale (1 ) (8 ) Sale of investments available-for-sale (14 ) (22 ) Gains on investments available-for-sale 1 1 (Losses) gains on investments available-for-sale (2 ) (2 ) Balance, end of Period $ 58 $ 29 (1) As of December 31, 2016, approximately $10 million of investment grade rated debt that we held for more than 12 months was in an unrealized loss position of approximately $1 million due to interest rate movements. We have the intent and ability to hold this investment until a recovery of fair value. |
Schedule of Cash Deposits Subject to Credit Risk | We had cash deposits that are subject to credit risk as shown below: December 31, 2016 2015 (dollars in millions) Cash Deposits $ 29 $ 43 Restricted Cash Deposits (included in Other assets) 30 36 Total Cash Deposits 59 79 Amount of Cash Deposits in excess of amounts federally insured $ 57 $ 75 |
Securitization of Receivables (
Securitization of Receivables (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Transfers and Servicing [Abstract] | |
Summary of Certain Transactions with Securitization Trusts | The following summarizes certain transactions with our securitization trusts: Year ended December 31, 2016 2015 2014 (dollars in millions) Gains on securitizations $ 17 $ 8 $ 9 Purchase of receivables securitized $ 532 $ 286 $ 248 Proceeds from securitizations $ 549 $ 294 $ 257 Residual and servicing assets included in Other Assets $ 19 $ 9 $ 6 Cash received from residual and servicing assets $ 2 $ 2 $ 2 |
Our Portfolio (Tables)
Our Portfolio (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Analysis of Portfolio by Type of Obligor and Credit Quality | The following is an analysis of our Portfolio by type of obligor and credit quality as of December 31, 2016: Investment Grade Government (1) Commercial Commercial Non-Investment Subtotal, Equity Total (dollars in millions) Financing receivables $ 526 $ 494 $ 22 $ 1,042 $ — $ 1,042 Investments 38 20 — 58 — 58 Real estate (5) — 172 — 172 — 172 Equity method investments — — — — 363 363 Total $ 564 $ 686 $ 22 $ 1,272 $ 363 $ 1,635 % of Debt and Real Estate Portfolio 44 % 54 % 2 % 100 % N/A N/A Average Remaining Balance (6) $ 12 $ 10 $ 11 $ 11 $ 19 $ 12 (1) Transactions where the ultimate obligor is the U.S. federal government or state or local governments where the obligors are rated investment grade (either by an independent rating agency or based upon our internal credit analysis). This amount includes $337 million of U.S. federal government transactions and $227 million of transactions where the ultimate obligors are state or local governments. Transactions may have guaranties of energy savings from third party service providers, the majority of which are entities rated investment grade by an independent rating agency. (2) Transactions where the projects or the ultimate obligors are commercial entities, including institutions such as hospitals or universities, that have been rated investment grade (either by an independent rating agency or based on our internal credit analysis). Of this total, $10 million of the transactions have been rated investment grade by an independent rating agency. Commercial investment grade financing receivables include $289 million of internally rated residential solar loans made on a nonrecourse basis to special purpose subsidiaries of SunPower Corporation, for which we rely on certain limited indemnities, warranties and other obligations of SunPower Corporation or its other subsidiaries. (3) Transactions where the projects or the ultimate obligors are commercial entities, including institutions such as hospitals or universities, that have ratings below investment grade (either by an independent rating agency or using our internal credit analysis). (4) Consists of ownership interests in operating renewable energy projects. (5) Includes the real estate and the lease intangible assets through which we receive scheduled lease payments, typically under long-term triple net lease agreements. (6) Excludes 88 transactions each with outstanding balances that are less than $1 million and that in the aggregate total $31 million. |
Components of Financing Receivables | The components of financing receivables of December 31, 2016 and 2015 were as follows: December 31, 2016 2015 (dollars in millions) Financing receivables Financing or minimum lease payments (1) $ 1,395 $ 1,025 Unearned interest income (351 ) (238 ) Unearned fee income, net of initial direct costs (2 ) (3 ) Financing receivables (1) $ 1,042 $ 784 (1) Excludes $60 million in financing receivables held-for-sale |
Summary of Anticipated Maturity Dates of Financing Receivables and Investments and Weighted Average Yield | The following table provides a summary of our anticipated maturity dates of our financing receivables and investments and the weighted average yield for each range of maturities as of December 31, 2016: Total Less than 1 year 1-5 years 5-10 years More than 10 years (dollars in millions) Financing Receivables Maturities by period $ 1,042 $ 1 $ 39 $ 88 $ 914 Weighted average yield by period 5 % 5 % 7 % 5 % 5 % Investments Maturities by period $ 58 $ — $ — $ 1 $ 57 Weighted average yield by period 4 % — % — % 5 % 4 % |
Components of Real Estate Portfolio | The components of our real estate portfolio as of December 31, 2016 and 2015 were as follows: December 31, 2016 2015 (dollars in million) Real Estate Land $ 145 $ 129 Real estate related intangibles 29 28 Accumulated amortization of real estate intangibles (2 ) (1 ) Real Estate $ 172 $ 156 |
Schedule of Future Amortization Expenses Related to Intangible Assets and Future Minimum Rental Income Payments under Land Lease Agreements | As of December 31, 2016, the future amortization expense of these intangible assets and the future minimum rental income payments under our land lease agreements are as follows: Year Ending December 31, Future Minimum (dollars in millions) 2017 $ 1 $ 10 2018 1 11 2019 1 11 2020 1 11 2021 1 11 Thereafter 22 324 Total $ 27 $ 378 |
Summary of Unaudited Pro Forma Information | The unaudited pro forma summary below presents the consolidated results of operations as if the acquisition was completed on January 1, 2013. The pro forma information is not necessarily indicative of what our actual results of operations would have been for the period, nor does it purport to represent our estimate of future results of operations. For the year ended (dollars in millions, unaudited) Pro forma total revenue $ 32 Pro forma net income (loss) $ 12 |
Schedule of Purchase Price Allocation | The purchase price allocation for this business combination, which reflects our estimates of the fair value of the assets acquired with the assistance of a qualified appraiser, along with $19 million of other separately acquired transactions is as follows (dollars in millions, unaudited): Financing receivables $ 37 Real estate 67 Real estate related intangibles 20 Goodwill 2 Purchase Price $ 126 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Renewable Energy Projects [Member] | |
Schedule of Equity Method Investments | As of December 31, 2016, we held equity method investments in the following renewable energy projects. Acquisition Date Transaction Investment Partner (dollars in millions) October 2014 Strong Upwind Holdings I, LLC $ 97 JPMorgan April 2015 Strong Upwind Holdings II, LLC $ 30 JPMorgan December 2015 Strong Upwind Holdings III, LLC $ 66 JPMorgan December 2015 Buckeye Wind Energy Class B Holdings LLC $ 70 Invenergy June 2016 MM Solar Holdings LLC $ 26 AES October 2016 Invenergy Gunsight Mountain Holdings, LLC $ 40 Invenergy Various Other transactions $ 34 Various Total Equity Method Investments $ 363 |
Strong Upwind Holdings LLC [Member] | |
Schedule of Equity Method Investments | The following is a summary of the consolidated financial position and results of operations of the significant holding companies, accounted for using the equity method: As of September 30, As of December 31, (in millions, unaudited) Current Assets $ 62 $ 72 Total Assets $ 1,716 $ 1,724 Current Liabilities $ 25 $ 18 Total Liabilities $ 110 $ 68 Members’ Equity $ 1,606 $ 1,656 For the nine months For the year ended For the year ended Revenue $ 121 $ 152 $ 154 Income from Continuing Operations $ (3 ) $ 24 44 Net Income $ (3 ) $ 24 44 |
Credit Facility (Tables)
Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Schedule of Limit of Borrowing at Any Point in Time and Total Maximum Advances | Our borrowing limits and the total maximum advances available to us under the facility is summarized below: Limit of Borrowing at any Maximum Total Advances As of G&I Facility PF Facility G&I Facility PF Facility (dollars in millions) December 2014 $ 125 $ 325 $ 375 $ 975 December 2015 $ 150 $ 350 $ 450 $ 1,050 January 2016 $ 250 $ 250 $ 600 $ 900 |
Schedule of Additional Detail on Credit Facility | The following table provides additional detail on our credit facility as of December 31, 2016 and 2015: December 31, 2016 2015 (dollars in millions) Outstanding balance $ 283 $ 247 Value of collateral pledged to credit facility $ 471 $ 356 Weighted average short-term borrowing rate 2.3 % 2.3 % |
Summary of Required Covenant Included in Loan Agreements | We were in compliance with the required financial covenants described below at each quarterly reporting date that such covenants were applicable: Covenant Covenant Minimum Liquidity (defined as available borrowings under the Loan Agreements plus unrestricted cash divided by actual borrowings) of greater than: 5 % 12 month rolling Net Interest Margin of greater than: zero Maximum Debt to Equity Ratio of less than: (1) 4 to 1 (1) Debt is defined as Total Indebtedness excluding accounts payable and accrued expenses and nonrecourse debt. |
Nonrecourse Debt (Tables)
Nonrecourse Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Nonrecourse Asset-Backed Debt and Bank Loans | We have outstanding the following asset-backed nonrecourse debt and bank loans (dollars in millions): Outstanding Interest Maturity Date Anticipated Book Value of as of Description of 2016 2015 2016 2015 HASI Sustainable Yield Bond 2013-1 $ 75 $ 83 2.79 % December 2019 $ 57 $ 93 $ 99 Financing receivables ABS Loan Agreement $ 90 $ 102 5.74 % September 2021 $ 17 $ 97 $ 117 Equity interest in Strong Upwind Holdings I, LLC HASI Sustainable Yield Bond 2015-1 $ 97 $ 100 4.28 % October 2034 $ — $ 138 $ 139 Financing receivables, real estate and real estate intangibles HASI SYB Loan Agreement 2015-1 $ 74 $ 90 4.50 % (1) December 2021 $ — $ 96 $ 117 Equity interest in Strong Upwind Holdings II and III, LLC, related interest rate swap HASI SYB Loan Agreement 2015-2 $ 41 $ 42 5.08 % (1) December 2023 $ — $ 70 $ 71 Equity interest in Buckeye Wind Energy Class B Holdings LLC, related interest rate swap HASI SYB Loan Agreement 2015-3 $ 150 $ 162 4.92 % December 2020 $ 132 $ 175 $ 175 Residential Solar Financing receivables, related interest rate swap HASI SYB Loan Agreement 2016-1 $ 98 $ — 3.95 % (1) November 2021 $ 83 $ 114 $ — Residential Solar Financing receivables, related interest rate swap Other nonrecourse debt (2) $ 84 $ 101 2.26 7.45 %- % 2017 to 2032 $ — $ 81 $ 97 Financing receivables Debt issuance costs $ (17 ) $ (16 ) Nonrecourse debt $ 692 $ 664 (1) Interest rate represents the current period’s LIBOR based rate plus the spread. Also see the interest rate swap contracts shown in the table below, the value of which are not included in the book value of assets pledged. (2) Other nonrecourse debt consists of various debt agreements used to finance certain of our financing receivables for the term of the financing receivables. Debt service payment requirements, in a majority of cases, are equal to or less than the cash flows received from the underlying financing receivables |
Schedule of Interest Rate Swaps which are Designated as Cash Flow Hedges | In connection with several of our nonrecourse debt borrowings, we have entered into the following interest rate swaps which are designated as cash flow hedges (dollars in millions): Notional Value as of December 31, Fair Value as of December 31, Base Rate Hedged Rate 2016 2015 2016 2015 Term HASI SYB Loan Agreement 2015-1 3 month Libor 1.55 % $ 67 $ 81 $ — $ (0.3 ) September 2021 HASI SYB Loan Agreement 2015-2 3 month Libor 1.52 % $ 37 $ 38 $ — $ (0.1 ) December 2015 to December 2018 HASI SYB Loan Agreement 2015-2 3 month Libor 2.55 % $ 29 $ 29 $ (0.2 ) $ (0.2 ) December 2018 to December 2024 HASI SYB Loan Agreement 2015-3 1 month Libor 2.34 % $ 119 $ — $ 1.0 $ — November 2020 to August 2028 HASI SYB Loan Agreement 2016-1 3 month Libor 1.88 % $ 72 $ — $ 0.2 $ — November 2016 to November 2021 HASI SYB Loan Agreement 2016-1 3 month Libor 2.73 % $ 107 $ — $ — $ — November 2021 to Total $ 431 $ 148 $ 1.0 $ (0.6 ) |
Schedule of Minimum Maturities of Nonrecourse Debt | The stated minimum maturities of nonrecourse debt as of December 31, 2016, were as follows: As of December 31, (dollars in millions) 2017 $ 52 2018 41 2019 98 2020 43 2021 313 Thereafter 162 Total minimum maturities 709 Deferred Financing Costs, net (17 ) $ 692 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Reconciliation between Statutory Rates and Effective Tax Rates | Below is a reconciliation between the statutory rates and our effective tax rates for the years ended December 31: 2016 2015 2014 U.S Federal & State combined statutory income tax rate 40 % 40 % 40 % Reduction in rate resulting from: Share Based Compensation (427 )% — — Equity Method Investments (968 )% 5 % — Other 11 % — — Valuation Allowance 1,344 % (46 )% (40 )% HASI Effective Tax Rate 0 % (1) % 0 % |
Summary of Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) include the following as of December 31: 2016 2015 (dollars in millions) Financing receivable basis difference $ (11 ) $ (6 ) Equity method investments (14 ) (2 ) Gross deferred tax liabilities (25 ) (8 ) Net operating loss (NOL) and tax credit carryforwards 29 9 Equity-based compensation 3 2 Valuation allowance (7 ) (3 ) Gross deferred tax assets 25 8 Net deferred tax liabilities $ — $ — |
Cash Dividends Paid for Federal Income Tax Purposes | For federal income tax purposes, the cash dividends paid for the years ended December 31, 2016 and 2015 are characterized as follows: 2016 2015 Common distributions Ordinary income 0 % 23 % Return of capital 100 % 77 % 100 % 100 % |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Summary of Dividends Declared by Board of Directors | Our board of directors declared the following dividends in 2015 and 2016: Announced Date Record Date Pay Date Amount per share 3/17/15 3/30/15 4/9/15 $ 0.26 6/16/15 6/30/15 7/9/15 $ 0.26 9/16/15 9/30/15 10/8/15 $ 0.26 12/15/15 12/30/15 * 1/7/16 $ 0.30 3/15/16 3/30/16 4/7/16 $ 0.30 6/07/16 7/06/16 7/14/16 $ 0.30 9/15/16 10/05/16 10/13/16 $ 0.30 12/13/16 12/29/16 * 1/12/17 $ 0.33 * These dividends will be treated as distributions in the following year for tax purposes. |
Schedule of Common Stock Public Offerings and ATM | We completed the following public offerings and ATM offerings of our common stock in 2015 and 2016: Closing Date Common Stock Shares Price Per Share Net (amounts in millions, except per share amounts) 5/4/15 Public Offering 4.600 $ 18.50 3 $ 82 10/19/15 Public Offering 5.750 $ 18.00 3 $ 99 6/21/16 Public Offering 4.600 $ 19.78 4 $ 91 5/9/16 to 6/30/16 ATM 0.065 $ 20.31 5 $ 1 11/09/16 Public Offering 4.025 $ 19.28 4 $ 77 12/13/16 to 12/29/16 ATM 0.407 $ 19.47 5 $ 8 1 Includes shares issued in connection with the exercise of the underwriters’ option to purchase additional shares. 2 Net proceeds from the offerings is shown after deducting underwriting discounts, commissions and other offering costs. 3 Represents the public offering price per share. 4 Represents the price per share at which the underwriters in our public offerings purchased shares from our company. 5 Represents the average price per share at which investors in our ATM offerings purchased shares from our company. |
Summary of Equity-based Compensation Expense and Fair Value of Shares Vested on Vesting Date | A summary of equity-based compensation expense and the fair value of shares vested on the vesting date for the years ended December 31, 2016, 2015, and 2014 is as follows: 2016 2015 2014 (in millions) Equity-based compensation expense $ 10 $ 11 $ 5 Fair value of awards vested on vesting date $ 14 $ 6 $ 2 |
Summary of Unvested Shares of Restricted Common Stock | A summary of the unvested shares of restricted common stock that have been issued is as follows: Restricted Shares of Common Stock Weighted Average Share Price Value (in millions) Balance—December 31, 2013 598,815 $ 12.50 $ 7.5 Granted 529,100 14.18 7.5 Vested (149,709 ) 12.50 (1.9 ) Forfeited (13,386 ) 12.99 (0.2 ) Balance—December 31, 2014 964,820 $ 13.41 $ 12.9 Granted 586,648 17.29 10.2 Vested (285,289 ) 13.61 (3.9 ) Forfeited (18,110 ) 15.54 (0.3 ) Ending Balance—December 31, 2015 1,248,069 $ 15.16 $ 18.9 Granted 661,055 18.62 12.3 Vested (716,264 ) 14.03 (10.0 ) Forfeited (11,188 ) 17.25 (0.2 ) Ending Balance—December 31, 2016 1,181,672 $ 17.76 $ 21.0 |
Earnings per Share of Common 34
Earnings per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Common Share | The computation of basic and diluted earnings per common share is as follows: Year ended December 31, Numerator: 2016 2015 2014 (in millions, except share and per share data) Net income attributable to controlling shareholders and participating securities $ 14.7 $ 8.0 $ 9.6 Less: Dividends paid on participating securities (1.8 ) (1.4 ) (0.8 ) Undistributed earnings attributable to participating securities — — — Net income attributable to controlling shareholders $ 12.9 $ 6.6 $ 8.8 Denominator: Weighted-average number of common shares—basic 40,290,717 30,761,151 20,656,826 Weighted-average number of common shares—diluted 40,290,717 30,761,151 20,656,826 Basic earnings per common share $ 0.32 $ 0.21 $ 0.43 Diluted earnings per common share $ 0.32 $ 0.21 $ 0.43 Other Information: Weighted-average number of OP units 284,992 294,884 342,648 Unvested restricted common stock outstanding 1,181,672 1,248,069 964,820 |
Selected Quarterly Financial 35
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Data | The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations (Amounts for the individual quarters when aggregated may not agree to the full year due to rounding, in thousands, except for per share data): For the Three-Months Ended March 31, 2016 June 30, 2016 Sept. 30, 2016 Dec. 31, 2016 Total Revenue $ 20,483 $ 21,845 $ 19,008 $ 19,862 Total Expenses 17,509 19,110 16,951 18,840 Income before equity method investments 2,974 2,735 2,057 1,022 Income (loss) from equity method investments 270 1,076 1,331 3,433 Income before income taxes $ 3,244 $ 3,811 $ 3,388 $ 4,455 Income tax benefit (expense) (47 ) (36 ) (41 ) (18 ) Net Income $ 3,197 $ 3,775 $ 3,347 $ 4,437 Net Income attributable to controlling shareholders $ 3,169 $ 3,747 $ 3,329 $ 4,408 Basic and diluted earnings per common share $ 0.07 $ 0.09 $ 0.07 $ 0.09 For the Three-Months Ended March 31, 2015 June 30, 2015 Sept. 30, 2015 Dec. 31, 2015 Total Revenue $ 13,908 $ 13,531 $ 15,043 $ 16,196 Total Expenses 11,731 11,676 13,064 13,957 Income before equity method investments 2,177 1,855 1,979 2,239 Income (loss) from equity method investments (53 ) (295 ) 187 63 Income before income taxes $ 2,124 $ 1,560 $ 2,166 $ 2,302 Income tax benefit (expense) 23 (76 ) (24 ) (41 ) Net Income $ 2,147 $ 1,484 $ 2,142 $ 2,261 Net Income attributable to controlling shareholders $ 2,122 $ 1,470 $ 2,119 $ 2,247 Basic and diluted earnings per common share $ 0.07 $ 0.04 $ 0.06 $ 0.05 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016Segment | |
Summary of Significant Accounting Policies [Line Items] | |
Financing receivable, past due | 90 days |
Cash and cash equivalents original maturity period | 3 months |
Real estate investment description | To qualify as a REIT, we must meet on an ongoing basis a number of organizational and operational requirements, including a requirement that we currently distribute at least 90% of our net taxable income, excluding capital gains, to our shareholders. |
Number of segment reported | 1 |
2013 Plan [Member] | Performance Based Restricted Stock Award [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Stock-based award vesting minimum percentage | 0.00% |
Stock-based award vesting maximum percentage | 150.00% |
Stock-based award, range of vesting percentage description | The award earned is generally between 0% and 150% of the initial target, depending on the extent to which the performance target is met. |
Minimum [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Percentage of taxable income distributed to stockholders | 90.00% |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Impact of Early Adoption of ASU 2016-18 (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Net cash used in investing activities | $ (190,631) | $ (349,046) | $ (357,203) |
Net cash provided by financing activities | 113,704 | 339,601 | 340,511 |
(Decrease) increase in cash, cash equivalents and restricted cash | (20,072) | 9,074 | (11,569) |
Cash, cash equivalents, and restricted cash at beginning of period | 79,216 | 70,142 | 81,711 |
Cash, cash equivalents, and restricted cash at end of period | 59,144 | 79,216 | 70,142 |
Accounting Standards Update 2016-18 [Member] | |||
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Net cash used in investing activities | (349,046) | (357,203) | |
Net cash provided by financing activities | 339,601 | 340,511 | |
(Decrease) increase in cash, cash equivalents and restricted cash | 9,074 | (11,569) | |
Cash, cash equivalents, and restricted cash at beginning of period | 79,216 | 70,142 | 81,711 |
Cash, cash equivalents, and restricted cash at end of period | 79,216 | 70,142 | |
As Previously Reported [Member] | Accounting Standards Update 2016-18 [Member] | |||
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Net cash used in investing activities | (361,081) | (319,281) | |
Net cash provided by financing activities | 327,008 | 340,511 | |
(Decrease) increase in cash, cash equivalents and restricted cash | (15,554) | 26,353 | |
Cash, cash equivalents, and restricted cash at beginning of period | 42,645 | 58,199 | 31,846 |
Cash, cash equivalents, and restricted cash at end of period | 42,645 | 58,199 | |
Effect of Accounting Change [Member] | Accounting Standards Update 2016-18 [Member] | |||
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Net cash used in investing activities | 12,035 | (37,922) | |
Net cash provided by financing activities | 12,593 | ||
(Decrease) increase in cash, cash equivalents and restricted cash | 24,628 | (37,922) | |
Cash, cash equivalents, and restricted cash at beginning of period | $ 36,571 | 11,943 | 49,865 |
Cash, cash equivalents, and restricted cash at end of period | $ 36,571 | $ 11,943 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value and Carrying Value of Financial Assets and Liabilities (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value [Member] | Level 3 [Member] | Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | $ 283 | $ 247 |
Fair Value [Member] | Level 3 [Member] | Non Recourse Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 718 | 690 |
Fair Value [Member] | Level 3 [Member] | Financing Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,017 | 806 |
Fair Value [Member] | Level 3 [Member] | Financing Receivables Held-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 58 | 61 |
Fair Value [Member] | Level 3 [Member] | Investments Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 29 | |
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 1 | |
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1 | |
Carrying Value [Member] | Level 3 [Member] | Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 283 | 247 |
Carrying Value [Member] | Level 3 [Member] | Non Recourse Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 709 | 680 |
Carrying Value [Member] | Level 3 [Member] | Financing Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,042 | 784 |
Carrying Value [Member] | Level 3 [Member] | Financing Receivables Held-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 58 | 60 |
Carrying Value [Member] | Level 3 [Member] | Investments Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 29 | |
Carrying Value [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | $ 1 | |
Carrying Value [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 1 |
Fair Value Measurements - Sum39
Fair Value Measurements - Summary of Fair Value and Carrying Value of Financial Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Amortized cost | $ 61 | $ 31 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Reconciliation of Level 3 Investments Available-for-Sale Securities (Detail) - Investments Available-for-Sale [Member] - Debt Securities [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | $ 29 | $ 27 |
Purchases of investments available-for-sale | 45 | 33 |
Payments on investments available-for-sale | (1) | (8) |
Sale of investments available-for-sale | (14) | (22) |
Gains on investments available-for-sale recorded in earnings | 1 | 1 |
(Losses) gains on investments available-for-sale recorded in OCI | (2) | (2) |
Balance, end of Period | $ 58 | $ 29 |
Fair Value Measurements - Sch41
Fair Value Measurements - Schedule of Reconciliation of Level 3 Investments Available-for-Sale Securities (Parenthetical) (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Fair Value Disclosures [Abstract] | |
Investment grade rated debt held for more than 12 months | $ 10 |
Securities in unrealized loss position | $ 1 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Level 3 [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |
Fair value interest rate spreads, minimum | 1.00% |
Fair value interest rate spreads, maximum | 5.00% |
Fair Value Measurements - Sch43
Fair Value Measurements - Schedule of Cash Deposits Subject to Credit Risk (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Cash Deposits | $ 29,428 | $ 42,645 |
Restricted Cash Deposits (included in Other assets) | 30,000 | 36,000 |
Total Cash Deposits | 59,000 | 79,000 |
Amount of Cash Deposits in excess of amounts federally insured | $ 57,000 | $ 75,000 |
Non-Controlling Interest - Addi
Non-Controlling Interest - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | |||
Exchange of operating partnership units to common stock | 0 | 46,290 | |
Redemption of Operating Partnership units outstanding | 131,093 | ||
Payment in cash for redemption of operating partnership units | $ 0 | $ 1,800,000 | |
Maximum [Member] | |||
Noncontrolling Interest [Line Items] | |||
Outstanding OP units held by outside limited partners | 1.00% |
Securitization of Receivables -
Securitization of Receivables - Summary of Certain Transactions with Securitization Trusts (Detail) - Securitization Trust [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items] | |||
Gains on securitizations | $ 17 | $ 8 | $ 9 |
Purchase of receivables securitized | 532 | 286 | 248 |
Proceeds from securitizations | 549 | 294 | 257 |
Cash received from residual and servicing assets | 2 | 2 | 2 |
Residual Assets [Member] | |||
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items] | |||
Residual and servicing assets included in Other Assets | $ 19 | $ 9 | $ 6 |
Securitization of Receivables46
Securitization of Receivables - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Managed receivables | $ 3,900,000,000 | $ 3,200,000,000 | |
Securitization credit losses | 0 | 0 | $ 0 |
Asset-backed Securities, Securitized Loans and Receivables [Member] | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Managed receivables | $ 2,300,000,000 | $ 1,800,000,000 | |
Minimum [Member] | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Discount rates to determine fair market value of underlying assets | 4.00% | ||
Maximum [Member] | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Annual servicing fees | 0.20% | ||
Discount rates to determine fair market value of underlying assets | 7.00% |
Our Portfolio - Additional Info
Our Portfolio - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
May 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivables, investments, real estate and equity method investments | $ 1,635,000,000 | |||
Deferred funding obligations | 170,892,000 | $ 108,499,000 | ||
Investment securities pledged as collateral | 41,000,000 | |||
Financing receivables on non accrual status | 0 | 0 | ||
Loan modifications that qualify as trouble debt restructurings | 0 | 0 | ||
Provision for credit losses | $ 0 | 0 | ||
Acquisition related costs | $ 2,500,000 | |||
Acquisition completed date | Jan. 1, 2013 | |||
Rental income | $ 11,933,000 | 9,107,000 | $ 3,175,000 | |
Interest income, financing receivables | 48,202,000 | 37,404,000 | 23,178,000 | |
Impairment of equity method investments | $ 0 | $ 0 | 0 | |
American Wind Capital Company, LLC ("AWCC") [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Acquisition date | May 28, 2014 | |||
Business combination consideration paid | $ 107,000,000 | |||
Amount of separately acquired transactions assets recognized | 19,000,000 | |||
Rental income | 3,200,000 | |||
Interest income, financing receivables | $ 1,500,000 | |||
Minimum [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Long-term triple net leases expiration dates range | 2,033 | |||
Long-term triple net leases extended expiration dates range | 2,047 | |||
Maximum [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Long-term triple net leases expiration dates range | 2,051 | |||
Long-term triple net leases extended expiration dates range | 2,080 |
Our Portfolio - Analysis of Por
Our Portfolio - Analysis of Portfolio by Type of Obligor and Credit Quality (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | $ 1,042,000 | |
Investments | 58,058 | $ 29,017 |
Real estate | 172,000 | |
Equity method investments | 363,297 | $ 318,769 |
Total | 1,635,000 | |
Average Remaining Balance | 12,000 | |
Commercial Investment Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 494,000 | |
Investments | 20,000 | |
Real estate | 172,000 | |
Total | 686,000 | |
Average Remaining Balance | 10,000 | |
Commercial Non-Investment Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 22,000 | |
Total | 22,000 | |
Average Remaining Balance | $ 11,000 | |
Credit Concentration Risk [Member] | Commercial Investment Grade [Member] | Debt and Real Estate Portfolio [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Debt and Real Estate Portfolio | 54.00% | |
Credit Concentration Risk [Member] | Commercial Non-Investment Grade [Member] | Debt and Real Estate Portfolio [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Debt and Real Estate Portfolio | 2.00% | |
Government [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | $ 526,000 | |
Investments | 38,000 | |
Total | 564,000 | |
Average Remaining Balance | $ 12,000 | |
Government [Member] | Credit Concentration Risk [Member] | Debt and Real Estate Portfolio [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Debt and Real Estate Portfolio | 44.00% | |
Subtotal, Debt and Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | $ 1,042,000 | |
Investments | 58,000 | |
Real estate | 172,000 | |
Total | 1,272,000 | |
Average Remaining Balance | $ 11,000 | |
Subtotal, Debt and Real Estate [Member] | Credit Concentration Risk [Member] | Debt and Real Estate Portfolio [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Debt and Real Estate Portfolio | 100.00% | |
Equity Method Investments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Equity method investments | $ 363,000 | |
Total | 363,000 | |
Average Remaining Balance | $ 19,000 |
Our Portfolio - Analysis of P49
Our Portfolio - Analysis of Portfolio by Type of Obligor and Credit Quality (Parenthetical) (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)Transactions | Dec. 31, 2015USD ($) | |
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivable | $ 1,042,237 | $ 783,967 |
Number of transactions | Transactions | 88 | |
Financial receivable outstanding, Average Remaining Balance | $ 12,000 | |
Total aggregate remaining balance | 31,000 | |
Investment Grade By Independent Rating Agency [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivable | 10,000 | |
U.S. Federal Government [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivable | 337,000 | |
State, Local, Institutions [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivable | 227,000 | |
Maximum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financial receivable outstanding, Average Remaining Balance | 1,000 | |
Commercial Investment Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financial receivable outstanding, Average Remaining Balance | 10,000 | |
Commercial Investment Grade [Member] | Residential Solar Loan [Member] | Subsidiaries Of SunPower Corporation [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivable | $ 289,000 |
Our Portfolio - Components of F
Our Portfolio - Components of Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing receivables | ||
Unearned interest income | $ (351,000) | $ (238,000) |
Unearned fee income, net of initial direct costs | (2,000) | (3,000) |
Financing receivables | 1,042,237 | 783,967 |
Commercial Portfolio Segment [Member] | ||
Financing receivables | ||
Financing or minimum lease payments | $ 1,395,000 | $ 1,025,000 |
Our Portfolio - Components of51
Our Portfolio - Components of Financing Receivables (Parenthetical) (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Receivables [Abstract] | |
Financing receivables held-for-sale | $ 60 |
Our Portfolio - Summary of Anti
Our Portfolio - Summary of Anticipated Maturity Dates of Financing Receivables and Investments and Weighted Average Yield (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Receivables [Abstract] | |
Financing Receivables, maturities total | $ 1,042 |
Financing Receivables, maturities in less than 1 year | 1 |
Financing Receivables, maturities in 1-5 years | 39 |
Financing Receivables, maturities in 5-10 years | 88 |
Financing Receivables,maturities in more than 10 years | $ 914 |
Financing Receivables, weighted average yield total | 5.00% |
Financing Receivables, weighted average yield in less than 1 year | 5.00% |
Financing Receivables, weighted average yield in 1-5 years | 7.00% |
Financing Receivables, weighted average yield in 5-10 years | 5.00% |
Financing Receivables, weighted average yield in more than 10 years | 5.00% |
Investments, maturities total | $ 58 |
Investments, maturities in less than 1 year | 0 |
Investments, maturities in 1-5 years | 0 |
Investments, maturities in 5-10 years | 1 |
Investments, maturities in more than 10 years | $ 57 |
Investments, weighted average yield total | 4.00% |
Investments, weighted average yield in less than 1 year | 0.00% |
Investments, weighted average yield in 1-5 years | 0.00% |
Investments, weighted average yield in 5-10 years | 5.00% |
Investments, weighted average yield in more than 10 years | 4.00% |
Our Portfolio - Components of R
Our Portfolio - Components of Real Estate Portfolio (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate Properties [Line Items] | ||
Accumulated amortization of real estate intangibles | $ (2) | $ (1) |
Real Estate | 172 | 156 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Real Estate | 145 | 129 |
Real Estate Related Intangibles [Member] | ||
Real Estate Properties [Line Items] | ||
Real Estate | $ 29 | $ 28 |
Our Portfolio - Schedule of Fut
Our Portfolio - Schedule of Future Amortization Expenses Related to Intangible Assets and Future Minimum Rental Income Payments under Land Lease Agreements (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Intangible Liability Disclosure [Abstract] | |
2,017 | $ 1 |
2,018 | 1 |
2,019 | 1 |
2,020 | 1 |
2,021 | 1 |
Thereafter | 22 |
Net intangible assets | 27 |
2,017 | 10 |
2,018 | 11 |
2,019 | 11 |
2,020 | 11 |
2,021 | 11 |
Thereafter | 324 |
Total | $ 378 |
Our Portfolio - Summary of Unau
Our Portfolio - Summary of Unaudited Pro Forma Information (Detail) - American Wind Capital Company, LLC ("AWCC") [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Pro forma total revenue | $ 32 |
Pro forma net income (loss) | $ 12 |
Our Portfolio - Schedule of Pur
Our Portfolio - Schedule of Purchase Price Allocation (Detail) - American Wind Capital Company, LLC ("AWCC") [Member] $ in Millions | May 20, 2014USD ($) |
Business Acquisition [Line Items] | |
Financing receivables | $ 37 |
Real estate | 67 |
Real estate related intangibles | 20 |
Goodwill | 2 |
Purchase Price | $ 126 |
Our Portfolio - Schedule of Equ
Our Portfolio - Schedule of Equity Method Investments (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Oct. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Apr. 30, 2015 | Oct. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||||||
Project investment amount | $ 363 | |||||
Strong Upwind Holdings One LLC [Member] | JP Morgan [Member] | Renewable Energy Projects [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Project investment amount | $ 97 | |||||
Strong Upwind Holdings Two LLC [Member] | JP Morgan [Member] | Renewable Energy Projects [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Project investment amount | $ 30 | |||||
Strong Upwind Holdings Three LLC [Member] | JP Morgan [Member] | Renewable Energy Projects [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Project investment amount | $ 66 | |||||
Buckeye Wind Energy Class B Holdings LLC [Member] | Invenergy [Member] | Renewable Energy Projects [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Project investment amount | $ 70 | |||||
MM Solar Holdings LLC [Member] | AES [Member] | Renewable Energy Projects [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Project investment amount | $ 26 | |||||
Invenergy Gunsight Mountain Holdings LLC [Member] | Invenergy [Member] | Renewable Energy Projects [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Project investment amount | $ 40 | |||||
Other Transactions [Member] | Various [Member] | Renewable Energy Projects [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Project investment amount | $ 34 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2016 | Sep. 30, 2016 | Jan. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||||
Credit facility outstanding | $ 283,346,000 | $ 247,350,000 | |||
Termination of credit facility | Jul. 19, 2019 | ||||
Unamortized issuance costs | $ 6,000,000 | ||||
Fees for loan agreement description | Fees for each Loan Agreement equal to 0.50%, divided by 360, multiplied by the excess of the available borrowing capacity under each component of the credit facility over the actual amount borrowed under such component. | ||||
Default underlying financings | 50.00% | ||||
Qualifying Government and Institutional Loans (G&I Facility) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum advances on credit facilities | $ 600,000,000 | 450,000,000 | $ 375,000,000 | ||
Qualifying Project Finance Loans (PF Facility) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum advances on credit facilities | $ 900,000,000 | $ 1,050,000,000 | $ 975,000,000 | ||
London Interbank Offered Rate | LIBOR plus 2.5% | ||||
Floating interest rate | 2.50% | ||||
Applicable valuation percentages | 67.00% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Qualifying Government and Institutional Loans (G&I Facility) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
London Interbank Offered Rate | ("LIBOR") plus 1.5% | ||||
Floating interest rate | 1.50% | ||||
Fixed interest rate | 1.50% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Qualifying Government and Institutional Loans (G&I Facility) [Member] | 1.5% [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Floating interest rate | 1.00% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Qualifying Project Finance Loans (PF Facility) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Fixed interest rate | 2.50% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Qualifying Project Finance Loans (PF Facility) [Member] | 1.5% [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Floating interest rate | 1.00% | ||||
Federal Funds Effective Swap Rate [Member] | Qualifying Government and Institutional Loans (G&I Facility) [Member] | 1.5% [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Floating interest rate | 0.50% | ||||
Federal Funds Effective Swap Rate [Member] | Qualifying Project Finance Loans (PF Facility) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
London Interbank Offered Rate | Federal Funds Rate plus 0.5% | ||||
Federal Funds Effective Swap Rate [Member] | Qualifying Project Finance Loans (PF Facility) [Member] | 1.5% [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Floating interest rate | 0.50% | ||||
Base Rate [Member] | Qualifying Project Finance Loans (PF Facility) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Floating interest rate | 0.00% | ||||
Credit Default Option [Member] | Qualifying Government and Institutional Loans (G&I Facility) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
London Interbank Offered Rate | LIBOR plus 2.50% | ||||
Floating interest rate | 2.50% | ||||
Credit Default Option [Member] | Qualifying Project Finance Loans (PF Facility) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
London Interbank Offered Rate | LIBOR plus 5.00% | ||||
Floating interest rate | 5.00% | ||||
Loans Payable [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Short-term loans borrowed | $ 50,000,000 | ||||
U.S. Federal Government [Member] | Qualifying Government and Institutional Loans (G&I Facility) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Applicable valuation percentages | 85.00% | ||||
Institutional [Member] | Qualifying Government and Institutional Loans (G&I Facility) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Applicable valuation percentages | 80.00% | ||||
Senior Secured Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum advances on credit facilities | $ 1,500,000,000 | ||||
Credit facility outstanding | $ 500,000,000 |
Credit Facility - Schedule of L
Credit Facility - Schedule of Limit of Borrowing at Any Point in Time and Total Maximum Advances (Detail) - USD ($) | Jan. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Qualifying Government and Institutional Loans (G&I Facility) [Member] | |||
Line of Credit Facility [Line Items] | |||
Limit of Borrowing at any point in time | $ 250,000,000 | $ 150,000,000 | $ 125,000,000 |
Maximum Total Advances | 600,000,000 | 450,000,000 | 375,000,000 |
Qualifying Project Finance Loans (PF Facility) [Member] | |||
Line of Credit Facility [Line Items] | |||
Limit of Borrowing at any point in time | 250,000,000 | 350,000,000 | 325,000,000 |
Maximum Total Advances | $ 900,000,000 | $ 1,050,000,000 | $ 975,000,000 |
Credit Facility - Schedule of A
Credit Facility - Schedule of Additional Detail on Credit Facility (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Outstanding balance | $ 283,346 | $ 247,350 |
Value of collateral pledged to credit facility | $ 471,000 | $ 356,000 |
Weighted average short-term borrowing rate | 2.30% | 2.30% |
Credit Facility - Summary of Re
Credit Facility - Summary of Required Covenant Included in Loan Agreements (Detail) - Covenants Threshold [Member] | Dec. 31, 2016USD ($) |
Line of Credit Facility [Line Items] | |
Minimum Liquidity (defined as available borrowings under the Loan Agreements plus unrestricted cash divided by actual borrowings) of greater than: | 5.00% |
12 month rolling Net Interest Margin of greater than: | $ 0 |
Maximum Debt to Equity Ratio of less than: | 4 |
Nonrecourse Debt - Schedule of
Nonrecourse Debt - Schedule of Outstanding Nonrecourse Asset-Backed Debt and Bank Loans (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Debt issuance costs | $ (17) | |
Book Value of Assets Pledged, Equity interest | $ 41 | |
Minimum [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Nonrecourse Asset-Backed Debt, Interest Rate | 2.26% | |
Nonrecourse Asset-Backed Debt, Maturity Date | 2017-12 | |
Maximum [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Nonrecourse Asset-Backed Debt, Interest Rate | 7.45% | |
Nonrecourse Asset-Backed Debt, Maturity Date | 2032-12 | |
HASI Sustainable Yield Bond 2013-1 [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Nonrecourse Asset-Backed Debt, Interest Rate | 2.79% | |
Nonrecourse Asset-Backed Debt, Maturity Date | 2019-12 | |
Nonrecourse Asset-Backed Debt, Anticipated Balance at Maturity | $ 57 | |
ABS Loan Agreement [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Nonrecourse Asset-Backed Debt, Interest Rate | 5.74% | |
Nonrecourse Asset-Backed Debt, Maturity Date | 2021-09 | |
Nonrecourse Asset-Backed Debt, Anticipated Balance at Maturity | $ 17 | |
HASI Sustainable Yield Bond 2015-1 [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Nonrecourse Asset-Backed Debt, Interest Rate | 4.28% | |
Nonrecourse Asset-Backed Debt, Maturity Date | 2034-10 | |
HASI SYB Loan Agreement 2015-1 [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Nonrecourse Asset-Backed Debt, Interest Rate | 4.50% | |
Nonrecourse Asset-Backed Debt, Maturity Date | 2021-12 | |
HASI SYB Loan Agreement 2015-2 [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Nonrecourse Asset-Backed Debt, Interest Rate | 5.08% | |
Nonrecourse Asset-Backed Debt, Maturity Date | 2023-12 | |
HASI SYB Loan Agreement 2015-3 [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Nonrecourse Asset-Backed Debt, Interest Rate | 4.92% | |
Nonrecourse Asset-Backed Debt, Maturity Date | 2020-12 | |
Nonrecourse Asset-Backed Debt, Anticipated Balance at Maturity | $ 132 | |
HASI SYB Loan Agreement 2016-1 [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Nonrecourse Asset-Backed Debt, Interest Rate | 3.95% | |
Nonrecourse Asset-Backed Debt, Maturity Date | 2021-11 | |
Nonrecourse Asset-Backed Debt, Anticipated Balance at Maturity | $ 83 | |
Asset-Backed Nonrecourse Debt Agreement [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Other nonrecourse debt | 84 | $ 101 |
Debt issuance costs | (17) | (16) |
Outstanding Balance | 692 | 664 |
Book Value of Assets Pledged, Equity interest | $ 81 | 97 |
Description of Assets Pledged | Financing receivables | |
Asset-Backed Nonrecourse Debt Agreement [Member] | HASI Sustainable Yield Bond 2013-1 [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Outstanding Balance | $ 75 | 83 |
Book Value of Assets Pledged, Equity interest | $ 93 | 99 |
Description of Assets Pledged | Financing receivables | |
Asset-Backed Nonrecourse Debt Agreement [Member] | ABS Loan Agreement [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Outstanding Balance | $ 90 | 102 |
Book Value of Assets Pledged, Equity interest | $ 97 | 117 |
Description of Assets Pledged | Equity interest in Strong Upwind Holdings I, LLC | |
Asset-Backed Nonrecourse Debt Agreement [Member] | HASI Sustainable Yield Bond 2015-1 [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Outstanding Balance | $ 97 | 100 |
Book Value of Assets Pledged, Equity interest | $ 138 | 139 |
Description of Assets Pledged | Financing receivables, real estate and real estate intangibles | |
Asset-Backed Nonrecourse Debt Agreement [Member] | HASI SYB Loan Agreement 2015-1 [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Outstanding Balance | $ 74 | 90 |
Book Value of Assets Pledged, Equity interest | $ 96 | 117 |
Description of Assets Pledged | Equity interest in Strong Upwind Holdings II and III, LLC, related interest rate swap | |
Asset-Backed Nonrecourse Debt Agreement [Member] | HASI SYB Loan Agreement 2015-2 [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Outstanding Balance | $ 41 | 42 |
Book Value of Assets Pledged, Equity interest | $ 70 | 71 |
Description of Assets Pledged | Equity interest in Buckeye Wind Energy Class B Holdings LLC, related interest rate swap | |
Asset-Backed Nonrecourse Debt Agreement [Member] | HASI SYB Loan Agreement 2015-3 [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Outstanding Balance | $ 150 | 162 |
Book Value of Assets Pledged, Equity interest | $ 175 | $ 175 |
Description of Assets Pledged | Residential Solar Financing receivables, related interest rate swap | |
Asset-Backed Nonrecourse Debt Agreement [Member] | HASI SYB Loan Agreement 2016-1 [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Outstanding Balance | $ 98 | |
Book Value of Assets Pledged, Equity interest | $ 114 | |
Description of Assets Pledged | Residential Solar Financing receivables, related interest rate swap |
Nonrecourse Debt - Additional I
Nonrecourse Debt - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||||
Nonrecourse Asset-Backed Debt, Aggregate Principal Amount | $ 692,091,000 | $ 663,791,000 | $ 692,091,000 | $ 663,791,000 | |
Ineffectiveness recorded on designated hedges | 0 | 0 | |||
Interest expense | 45,241,000 | $ 26,385,000 | $ 16,655,000 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest expense | 0 | $ 0 | |||
Asset-Backed Nonrecourse Debt Agreement [Member] | HASI Sustainable Yield Bond 2015-1A ("HASI SYB") [Member] | |||||
Debt Instrument [Line Items] | |||||
Nonrecourse Asset-Backed Debt, Aggregate Principal Amount | $ 101,000,000 | $ 101,000,000 | |||
Nonrecourse Asset-Backed Debt, Interest Rate | 4.28% | 4.28% | |||
Nonrecourse Asset-Backed Debt, Maturity Date | 2034-10 | ||||
Asset-Backed Nonrecourse Debt Agreement [Member] | HASI Sustainable Yield Bond 2015-1B [Member] | |||||
Debt Instrument [Line Items] | |||||
Nonrecourse Asset-Backed Debt, Aggregate Principal Amount | $ 18,000,000 | $ 18,000,000 | |||
Nonrecourse Asset-Backed Debt, Interest Rate | 5.00% | 5.00% | |||
Nonrecourse Asset-Backed Debt, Maturity Date | 2034-10 |
Nonrecourse Debt - Schedule o64
Nonrecourse Debt - Schedule of Interest Rate Swaps which are Designated as Cash Flow Hedges (Detail) - Cash Flow Hedging [Member] - Interest Rate Swap [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | ||
Notional Value | $ 431,000,000 | $ 148,000,000 |
Fair Value | $ 1,000,000 | (600,000) |
HASI SYB Loan Agreement 2015-1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Rate | 1.55% | |
Notional Value | $ 67,000,000 | 81,000,000 |
Fair Value | (300,000) | |
Maturity | 2021-09 | |
HASI SYB Loan Agreement 2015-1 [Member] | Base Rate [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Base Rate | 3 month Libor | |
HASI SYB Loan Agreement 2015-2 A [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Rate | 1.52% | |
Notional Value | $ 37,000,000 | 38,000,000 |
Fair Value | (100,000) | |
HASI SYB Loan Agreement 2015-2 A [Member] | Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Maturity | 2015-12 | |
HASI SYB Loan Agreement 2015-2 A [Member] | Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Maturity | 2018-12 | |
HASI SYB Loan Agreement 2015-2 A [Member] | Base Rate [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Base Rate | 3 month Libor | |
HASI SYB Loan Agreement 2015-2 B [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Rate | 2.55% | |
Notional Value | $ 29,000,000 | 29,000,000 |
Fair Value | $ (200,000) | $ (200,000) |
HASI SYB Loan Agreement 2015-2 B [Member] | Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Maturity | 2018-12 | |
HASI SYB Loan Agreement 2015-2 B [Member] | Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Maturity | 2024-12 | |
HASI SYB Loan Agreement 2015-2 B [Member] | Base Rate [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Base Rate | 3 month Libor | |
HASI SYB Loan Agreement 2015-3 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Rate | 2.34% | |
Notional Value | $ 119,000,000 | |
Fair Value | $ 1,000,000 | |
HASI SYB Loan Agreement 2015-3 [Member] | Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Maturity | 2020-11 | |
HASI SYB Loan Agreement 2015-3 [Member] | Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Maturity | 2028-08 | |
HASI SYB Loan Agreement 2015-3 [Member] | Base Rate [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Base Rate | 1 month Libor | |
HASI SYB Loan Agreement 2016-1 A [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Rate | 1.88% | |
Notional Value | $ 72,000,000 | |
Fair Value | $ 200,000 | |
HASI SYB Loan Agreement 2016-1 A [Member] | Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Maturity | 2016-11 | |
HASI SYB Loan Agreement 2016-1 A [Member] | Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Maturity | 2021-11 | |
HASI SYB Loan Agreement 2016-1 A [Member] | Base Rate [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Base Rate | 3 month Libor | |
HASI SYB Loan Agreement 2016-1 B [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Hedged Rate | 2.73% | |
Notional Value | $ 107,000,000 | |
HASI SYB Loan Agreement 2016-1 B [Member] | Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Maturity | 2021-11 | |
HASI SYB Loan Agreement 2016-1 B [Member] | Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Maturity | 2032-10 | |
HASI SYB Loan Agreement 2016-1 B [Member] | Base Rate [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Base Rate | 3 month Libor |
Nonrecourse Debt - Schedule o65
Nonrecourse Debt - Schedule of Minimum Maturities of Nonrecourse Debt (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
Maturity of Nonrecourse debt, 2017 | $ 52 |
Maturity of Nonrecourse debt, 2018 | 41 |
Maturity of Nonrecourse debt, 2019 | 98 |
Maturity of Nonrecourse debt, 2020 | 43 |
Maturity of Nonrecourse debt, 2021 | 313 |
Maturity of Nonrecourse debt, Thereafter | 162 |
Total minimum maturities | 709 |
Deferred financing costs, net | (17) |
Total nonrecourse debt | $ 692 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leased Assets [Line Items] | |||
Lease expiration period | 2,022 | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Rent expense | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 |
Future gross minimum lease payments | $ 1,000,000 | ||
Lease One [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease commenced date | 2011-07 | ||
Lease amended date | 2013-10 | ||
Lease Two [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease commenced date | 2012-03 | ||
Lease amendment commenced date | 2014-03 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Holiday [Line Items] | |||||||||||
Income tax (expense) benefit | $ (18,000) | $ (41,000) | $ (36,000) | $ (47,000) | $ (41,000) | $ (24,000) | $ (76,000) | $ 23,000 | $ (141,000) | $ (118,000) | $ (26,000) |
Net deferred tax liabilities | 0 | 0 | 0 | 0 | |||||||
Deferred tax assets, operating loss carryforwards, subject to expiration | 70,000,000 | $ 70,000,000 | |||||||||
State net operating loss carryforward expiration period | 2,034 | ||||||||||
Federal net operating loss carryforward expiration period | 2,034 | ||||||||||
Income tax examination, description | We have no examinations in progress, none are expected at this time, and years 2013 through 2015 are open. | ||||||||||
Uncertain tax positions | 0 | 0 | $ 0 | 0 | |||||||
Accrued interest and penalties | 0 | 0 | 0 | 0 | |||||||
Interest and penalties recognized during the period | 0 | 0 | 0 | ||||||||
TRS [Member] | |||||||||||
Income Tax Holiday [Line Items] | |||||||||||
Income tax (expense) benefit | $ 0 | 0 | 0 | ||||||||
Effective income tax rate reconciliation, at federal statutory income tax rate, Percent | 35.00% | ||||||||||
Effective income tax rate reconciliation, State and local income taxes, Percent | 5.00% | ||||||||||
Net deferred tax liabilities | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Additional Paid-in Capital [Member] | TRS [Member] | |||||||||||
Income Tax Holiday [Line Items] | |||||||||||
Tax impact on additional paid in capital | $ 1,900,000 |
Income Tax - Reconciliation bet
Income Tax - Reconciliation between Statutory Rates and Effective Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S Federal & State combined statutory income tax rate | 40.00% | 40.00% | 40.00% |
Share Based Compensation | (427.00%) | ||
Equity Method Investments | (968.00%) | 5.00% | |
Other | 11.00% | ||
Valuation Allowance | 1344.00% | (46.00%) | (40.00%) |
HASI Effective Tax Rate | 0.00% | (1.00%) | 0.00% |
Income Tax - Summary of Deferre
Income Tax - Summary of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Financing receivable basis difference | $ (11) | $ (6) |
Equity method investments | (14) | (2) |
Gross deferred tax liabilities | (25) | (8) |
Deferred tax assets, Net operating loss (NOL) and tax credit carryforwards | 29 | 9 |
Deferred tax assets, Equity-based compensation | 3 | 2 |
Valuation allowance | (7) | (3) |
Gross deferred tax assets | 25 | 8 |
Net deferred tax liabilities | $ 0 | $ 0 |
Income Tax - Cash Dividends Pai
Income Tax - Cash Dividends Paid for Federal Income Tax Purposes (Detail) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Common distributions | ||
Total | 100.00% | 100.00% |
Ordinary Income [Member] | ||
Common distributions | ||
Cash dividend paid, Percent | 0.00% | 23.00% |
Return Of Capital [Member] | ||
Common distributions | ||
Cash dividend paid, Percent | 100.00% | 77.00% |
Equity - Summary of Dividends D
Equity - Summary of Dividends Declared by Board of Directors (Detail) - $ / shares | Jan. 12, 2017 | Oct. 13, 2016 | Jul. 14, 2016 | Apr. 07, 2016 | Jan. 07, 2016 | Oct. 08, 2015 | Jul. 09, 2015 | Apr. 09, 2015 | Dec. 31, 2016 | |
3/30/15 Record Date [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Announced Date | Mar. 17, 2015 | |||||||||
Record Date | Mar. 30, 2015 | |||||||||
Pay Date | Apr. 9, 2015 | |||||||||
Amount per share | $ 0.26 | |||||||||
6/30/15 Record Date [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Announced Date | Jun. 16, 2015 | |||||||||
Record Date | Jun. 30, 2015 | |||||||||
Pay Date | Jul. 9, 2015 | |||||||||
Amount per share | $ 0.26 | |||||||||
09/30/15 Record Date [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Announced Date | Sep. 16, 2015 | |||||||||
Record Date | Sep. 30, 2015 | |||||||||
Pay Date | Oct. 8, 2015 | |||||||||
Amount per share | $ 0.26 | |||||||||
12/30/15 Record Date [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Announced Date | Dec. 15, 2015 | |||||||||
Record Date | [1] | Dec. 30, 2015 | ||||||||
Pay Date | Jan. 7, 2016 | |||||||||
Amount per share | $ 0.30 | |||||||||
3/30/2016 Record Date [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Announced Date | Mar. 15, 2016 | |||||||||
Record Date | Mar. 30, 2016 | |||||||||
Pay Date | Apr. 7, 2016 | |||||||||
Amount per share | $ 0.30 | |||||||||
07/06/16 Record Date [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Announced Date | Jun. 7, 2016 | |||||||||
Record Date | Jul. 6, 2016 | |||||||||
Pay Date | Jul. 14, 2016 | |||||||||
Amount per share | $ 0.30 | |||||||||
10/05/16 Record Date [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Announced Date | Sep. 15, 2016 | |||||||||
Record Date | Oct. 5, 2016 | |||||||||
Pay Date | Oct. 13, 2016 | |||||||||
Amount per share | $ 0.30 | |||||||||
29/12/16 Record Date [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Announced Date | Dec. 13, 2016 | |||||||||
Record Date | [1] | Dec. 29, 2016 | ||||||||
Pay Date | Jan. 12, 2017 | |||||||||
Subsequent Event [Member] | 29/12/16 Record Date [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Amount per share | $ 0.33 | |||||||||
[1] | These dividends will be treated as distributions in the following year for tax purposes. |
Equity - Schedule of Common Sto
Equity - Schedule of Common Stock Public Offerings and ATM (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Net proceeds from follow-on from public offering | $ 177,294 | $ 180,486 | $ 129,351 |
5/4/2015 Closing Date [Member] | Public Offering [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Public offerings and ATM offerings of common stock, Closing Date | May 4, 2015 | ||
Public offerings of common stock, Shares Issued | 4,600 | ||
Public offerings of common stock, Price Per Share | $ 18.50 | ||
Net proceeds from follow-on from public offering | $ 82,000 | ||
10/19/2015 Closing Date [Member] | Public Offering [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Public offerings and ATM offerings of common stock, Closing Date | Oct. 19, 2015 | ||
Public offerings of common stock, Shares Issued | 5,750 | ||
Public offerings of common stock, Price Per Share | $ 18 | ||
Net proceeds from follow-on from public offering | $ 99,000 | ||
6/21/2016 Closing Date [Member] | Public Offering [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Public offerings and ATM offerings of common stock, Closing Date | Jun. 21, 2016 | ||
Public offerings of common stock, Shares Issued | 4,600 | ||
Public offerings of common stock, Price Per Share | $ 19.78 | ||
Net proceeds from follow-on from public offering | $ 91,000 | ||
5/09/2016 to 6/30/2016 Closing Date [Member] | At the Market Offering [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Public offerings of common stock, Shares Issued | 65 | ||
Public offerings of common stock, Price Per Share | $ 20.31 | ||
Net proceeds from follow-on from public offering | $ 1,000 | ||
5/09/2016 to 6/30/2016 Closing Date [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Public offerings and ATM offerings of common stock, Closing Date | May 9, 2016 | ||
5/09/2016 to 6/30/2016 Closing Date [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Public offerings and ATM offerings of common stock, Closing Date | Jun. 30, 2016 | ||
11/09/2016 Closing Date [Member] | Public Offering [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Public offerings and ATM offerings of common stock, Closing Date | Nov. 9, 2016 | ||
Public offerings of common stock, Shares Issued | 4,025 | ||
Public offerings of common stock, Price Per Share | $ 19.28 | ||
Net proceeds from follow-on from public offering | $ 77,000 | ||
13/12/2016 to 29/12/2016 Closing Date [Member] | At the Market Offering [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Public offerings of common stock, Shares Issued | 407 | ||
Public offerings of common stock, Price Per Share | $ 19.47 | ||
Net proceeds from follow-on from public offering | $ 8,000 | ||
13/12/2016 to 29/12/2016 Closing Date [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Public offerings and ATM offerings of common stock, Closing Date | Dec. 13, 2016 | ||
13/12/2016 to 29/12/2016 Closing Date [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Public offerings and ATM offerings of common stock, Closing Date | Dec. 29, 2016 |
Equity - Additional Information
Equity - Additional Information (Detail) - 2013 Plan [Member] | 12 Months Ended |
Dec. 31, 2016USD ($)shares | |
Restricted Common Stock [Member] | Employees and Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares awarded | shares | 368,513 |
Restricted Common Stock [Member] | Employees and Directors [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted common shares vesting years | 2,019 |
Restricted Common Stock [Member] | Employees and Directors [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted common shares vesting years | 2,016 |
Restricted Common Stock [Member] | Certain Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares awarded | shares | 292,542 |
Restricted Incentive [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ | $ 10,000,000 |
Weighted-average term in which unrecognized compensation expense is expected to be recognized | 2 years |
Assumed forfeiture rate for calculation of equity-based compensation expense | 5.00% |
Restricted Incentive [Member] | Maximum [Member] | Accounting Standards Update 2016-09 [Member] | Retained Deficit [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Adjustment to retained earnings for the equity based compensation expense | $ | $ 1,000,000 |
Equity - Summary of Equity-base
Equity - Summary of Equity-based Compensation Expense and Fair Value of Shares Vested on Vesting Date (Detail) - Restricted Incentive [Member] - 2013 Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | $ 10 | $ 11 | $ 5 |
Fair value of awards vested on vesting date | $ 14 | $ 6 | $ 2 |
Equity - Summary of Unvested Sh
Equity - Summary of Unvested Shares of Restricted Common Stock (Detail) - Restricted Incentive [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance, Restricted Shares of Common Stock | 1,248,069 | 964,820 | 598,815 |
Granted, Restricted Shares of Common Stock | 661,055 | 586,648 | 529,100 |
Vested, Restricted Shares of Common Stock | (716,264) | (285,289) | (149,709) |
Forfeited, Restricted Shares of Common Stock | (11,188) | (18,110) | (13,386) |
Ending Balance, Restricted Shares of Common Stock | 1,181,672 | 1,248,069 | 964,820 |
Beginning Balance, Weighted Average Share Price | $ 15.16 | $ 13.41 | $ 12.50 |
Granted, Weighted Average Share Price | 18.62 | 17.29 | 14.18 |
Vested, Weighted Average Share Price | 14.03 | 13.61 | 12.50 |
Forfeited, Weighted Average Share Price | 17.25 | 15.54 | 12.99 |
Ending Balance, Weighted Average Share Price | $ 17.76 | $ 15.16 | $ 13.41 |
Beginning Balance, Fair Value of Restricted Shares of Common Stock | $ 18.9 | $ 12.9 | $ 7.5 |
Granted, Fair Value of Restricted Shares of Common Stock | 12.3 | 10.2 | 7.5 |
Vested, Fair Value of Restricted Shares of Common Stock | (10) | (3.9) | (1.9) |
Forfeited, Fair Value of Restricted Shares of Common Stock | (0.2) | (0.3) | (0.2) |
Ending Balance, Fair Value of Restricted Shares of Common Stock | $ 21 | $ 18.9 | $ 12.9 |
Earnings per Share of Common 76
Earnings per Share of Common Stock - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||||||||||
Net income attributable to controlling shareholders and participating securities | $ 4,408 | $ 3,329 | $ 3,747 | $ 3,169 | $ 2,247 | $ 2,119 | $ 1,470 | $ 2,122 | $ 14,652 | $ 7,958 | $ 9,607 |
Less: Dividends paid on participating securities | (1,800) | (1,400) | (800) | ||||||||
Undistributed earnings attributable to participating securities | 0 | 0 | 0 | ||||||||
Net income attributable to controlling shareholders | $ 12,900 | $ 6,600 | $ 8,800 | ||||||||
Denominator: | |||||||||||
Weighted-average number of common shares-basic | 40,290,717 | 30,761,151 | 20,656,826 | ||||||||
Weighted-average number of common shares-diluted | 40,290,717 | 30,761,151 | 20,656,826 | ||||||||
Basic earnings per common share | $ 0.32 | $ 0.21 | $ 0.43 | ||||||||
Diluted earnings per common share | $ 0.32 | $ 0.21 | $ 0.43 | ||||||||
Other Information: | |||||||||||
Weighted-average number of OP units | 284,992 | 294,884 | 342,648 | ||||||||
Unvested restricted common stock outstanding | 1,181,672 | 1,248,069 | 964,820 |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Income (loss) from equity method investments | $ 3,433,000 | $ 1,331,000 | $ 1,076,000 | $ 270,000 | $ 63,000 | $ 187,000 | $ (295,000) | $ (53,000) | $ 6,110,000 | $ (98,000) | |
Strong Upwind Holdings LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Income (loss) from equity method investments | $ 6,100,000 | $ (100,000) | $ 0 |
Equity Method Investments - Sum
Equity Method Investments - Summary of Consolidated Financial Position and Results of Operations of Significant Holding Companies, Accounted for Using Equity Method (Detail) - Strong Upwind Holdings LLC [Member] - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | |||
Current Assets | $ 62 | $ 72 | |
Total Assets | 1,716 | 1,724 | |
Current Liabilities | 25 | 18 | |
Total Liabilities | 110 | 68 | |
Members' Equity | 1,606 | 1,656 | |
Revenue | 121 | 152 | $ 154 |
Income from Continuing Operations | (3) | 24 | 44 |
Net Income | $ (3) | $ 24 | $ 44 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Benefit Plans [Line Items] | |||
Defined contribution plan matching contribution, Description | Under the plan, we provide a dollar for dollar match for the first 4% of the employee's contributions and a $0.50 per dollar match for the next 2% of employee contributions. | ||
First 3% of Employee's Contribution [Member] | |||
Defined Contribution Benefit Plans [Line Items] | |||
Defined contribution plan employer's matching contribution, Percentage of match | 100.00% | ||
Next 2% of Employee's Contribution [Member] | |||
Defined Contribution Benefit Plans [Line Items] | |||
Defined contribution plan employer's matching contribution, Percentage of match | 50.00% | ||
Maximum [Member] | |||
Defined Contribution Benefit Plans [Line Items] | |||
Contribution plan cost | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 |
Selected Quarterly Financial 80
Selected Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total Revenue | $ 19,862 | $ 19,008 | $ 21,845 | $ 20,483 | $ 16,196 | $ 15,043 | $ 13,531 | $ 13,908 | $ 81,198 | $ 58,679 | $ 45,275 |
Total Expenses | 18,840 | 16,951 | 19,110 | 17,509 | 13,957 | 13,064 | 11,676 | 11,731 | 72,411 | 50,429 | 35,479 |
Income before equity method investments | 1,022 | 2,057 | 2,735 | 2,974 | 2,239 | 1,979 | 1,855 | 2,177 | 8,787 | 8,250 | 9,796 |
Income (loss) from equity method investments | 3,433 | 1,331 | 1,076 | 270 | 63 | 187 | (295) | (53) | 6,110 | (98) | |
Income before income taxes | 4,455 | 3,388 | 3,811 | 3,244 | 2,302 | 2,166 | 1,560 | 2,124 | 14,897 | 8,152 | 9,796 |
Income tax benefit (expense) | (18) | (41) | (36) | (47) | (41) | (24) | (76) | 23 | (141) | (118) | (26) |
Net income | 4,437 | 3,347 | 3,775 | 3,197 | 2,261 | 2,142 | 1,484 | 2,147 | 14,756 | 8,034 | 9,770 |
Net Income attributable to controlling shareholders | $ 4,408 | $ 3,329 | $ 3,747 | $ 3,169 | $ 2,247 | $ 2,119 | $ 1,470 | $ 2,122 | $ 14,652 | $ 7,958 | $ 9,607 |
Basic and diluted earnings per common share | $ 0.09 | $ 0.07 | $ 0.09 | $ 0.07 | $ 0.05 | $ 0.06 | $ 0.04 | $ 0.07 |