InfraREIT provided a corporate update in September 2015. The document discusses InfraREIT's asset portfolio of $1.1 billion in regulated electric transmission and distribution assets located primarily in Texas. It highlights InfraREIT's stable cash flows from long-term leases of its regulated assets and its track record of significant growth through developing projects and acquisitions. The update also outlines InfraREIT's growth opportunities through further developing projects in its footprint, acquiring additional rights of first offer projects from Hunt, and pursuing third party acquisitions, with the goal of achieving double-digit annual growth in cash available for distribution.
InfraREIT provides a presentation on its business. It owns $1.1 billion in regulated electric transmission and distribution assets in Texas and the Southwest. It has a track record of growing its rate base from $60 million in 2009 to $1.1 billion currently through developing projects like the CREZ transmission system and pursuing acquisitions. InfraREIT expects to continue growing through developing additional projects from its pipeline with Hunt Consolidated and potentially acquiring other third party assets. It maintains a stable cash flow through long term leases of its regulated assets.
InfraREIT provided forward-looking statements about its business prospects. It discussed potential growth opportunities through projects in its current service territories that could facilitate double-digit growth in cash available for distribution. It also mentioned a pipeline of development projects and potential acquisitions. However, it noted that actual results could differ materially from forward-looking statements due to various risks and uncertainties.
InfraREIT provided forward-looking statements about its business prospects. It owns $1.1 billion in regulated electric transmission and distribution assets located primarily in Texas. InfraREIT expects to achieve double-digit growth in cash available for distribution through 2018 by expanding its existing footprint and pursuing acquisition opportunities. Hunt Consolidated is a major long-term investor and will offer future development projects to InfraREIT on a right-of-first-offer basis.
InfraREIT's quarterly performance was slightly better than expected, though net income decreased due to lower lease revenue growth and transaction expenses. The corporate tax rate cut from 35% to 21% may reduce InfraREIT's lease payments and non-GAAP EPS in the future if implemented before existing leases expire. REIT dividends will now be taxed as business income up to 29.6% rather than ordinary income up to 39.6%. InfraREIT is evaluating impacts of the tax law changes.
This document provides an overview and update on Integrys Energy Group for September 2008. It discusses forward-looking statements and risks, highlights the company's regulated utilities serving over 2 million customers in the Midwest, and outlines capital investment plans totaling $1.4 billion through 2010 to grow the regulated utility businesses. It also mentions the Weston 4 power plant project and pending rate cases in Wisconsin, Michigan, and Minnesota.
The document provides an overview of InfraREIT's 2017 Q3 performance and recent events, including:
- Lease revenue increased 4% driven by increased assets under lease, partially offset by lower lease pricing. Net income decreased 10% primarily due to lower lease revenue growth and asset exchange transaction expenses.
- Non-GAAP EPS was $0.36 compared to $0.37 in Q3 2016. Cash available for distribution was $22.6 million.
- The company updated 2017 EPS guidance to $1.15 to $1.19 and 2018 EPS guidance to $1.32 to $1.42. Transmission capital expenditures for 2017-2019 are expected to be $180-300
QTS Realty Trust provides a presentation summarizing its fourth quarter and full year 2018 earnings. Key highlights include strong hybrid colocation leasing activity in Q4, contributing to a record annual leasing volume in 2018. QTS also discusses the continued traction and growth in its hyperscale and enterprise verticals. Additionally, QTS outlines its 2019 development plan and provides guidance for the year, including capital expenditures of $450-500 million and core rental churn of 3-6%.
InfraREIT reported strong Q1 2015 results that were in line with expectations, including year-over-year growth in lease revenue, adjusted EBITDA, and cash available for distribution. Major footprint projects like the Golden Spread Interconnection and Cross Valley Transmission Line are progressing on schedule. InfraREIT is on track to achieve its 2015 financial targets and expects 10-15% annual growth in cash available for distribution per share through 2018.
InfraREIT provides a presentation on its business. It owns $1.1 billion in regulated electric transmission and distribution assets in Texas and the Southwest. It has a track record of growing its rate base from $60 million in 2009 to $1.1 billion currently through developing projects like the CREZ transmission system and pursuing acquisitions. InfraREIT expects to continue growing through developing additional projects from its pipeline with Hunt Consolidated and potentially acquiring other third party assets. It maintains a stable cash flow through long term leases of its regulated assets.
InfraREIT provided forward-looking statements about its business prospects. It discussed potential growth opportunities through projects in its current service territories that could facilitate double-digit growth in cash available for distribution. It also mentioned a pipeline of development projects and potential acquisitions. However, it noted that actual results could differ materially from forward-looking statements due to various risks and uncertainties.
InfraREIT provided forward-looking statements about its business prospects. It owns $1.1 billion in regulated electric transmission and distribution assets located primarily in Texas. InfraREIT expects to achieve double-digit growth in cash available for distribution through 2018 by expanding its existing footprint and pursuing acquisition opportunities. Hunt Consolidated is a major long-term investor and will offer future development projects to InfraREIT on a right-of-first-offer basis.
InfraREIT's quarterly performance was slightly better than expected, though net income decreased due to lower lease revenue growth and transaction expenses. The corporate tax rate cut from 35% to 21% may reduce InfraREIT's lease payments and non-GAAP EPS in the future if implemented before existing leases expire. REIT dividends will now be taxed as business income up to 29.6% rather than ordinary income up to 39.6%. InfraREIT is evaluating impacts of the tax law changes.
This document provides an overview and update on Integrys Energy Group for September 2008. It discusses forward-looking statements and risks, highlights the company's regulated utilities serving over 2 million customers in the Midwest, and outlines capital investment plans totaling $1.4 billion through 2010 to grow the regulated utility businesses. It also mentions the Weston 4 power plant project and pending rate cases in Wisconsin, Michigan, and Minnesota.
The document provides an overview of InfraREIT's 2017 Q3 performance and recent events, including:
- Lease revenue increased 4% driven by increased assets under lease, partially offset by lower lease pricing. Net income decreased 10% primarily due to lower lease revenue growth and asset exchange transaction expenses.
- Non-GAAP EPS was $0.36 compared to $0.37 in Q3 2016. Cash available for distribution was $22.6 million.
- The company updated 2017 EPS guidance to $1.15 to $1.19 and 2018 EPS guidance to $1.32 to $1.42. Transmission capital expenditures for 2017-2019 are expected to be $180-300
QTS Realty Trust provides a presentation summarizing its fourth quarter and full year 2018 earnings. Key highlights include strong hybrid colocation leasing activity in Q4, contributing to a record annual leasing volume in 2018. QTS also discusses the continued traction and growth in its hyperscale and enterprise verticals. Additionally, QTS outlines its 2019 development plan and provides guidance for the year, including capital expenditures of $450-500 million and core rental churn of 3-6%.
InfraREIT reported strong Q1 2015 results that were in line with expectations, including year-over-year growth in lease revenue, adjusted EBITDA, and cash available for distribution. Major footprint projects like the Golden Spread Interconnection and Cross Valley Transmission Line are progressing on schedule. InfraREIT is on track to achieve its 2015 financial targets and expects 10-15% annual growth in cash available for distribution per share through 2018.
QTS reported financial results for the third quarter of 2019. Total revenue increased 17% year-over-year to $125.3 million. Operating FFO grew 16% year-over-year to $63 million. Adjusted EBITDA margin was 50.3%, down from the prior year primarily due to higher-than-expected power and property tax costs. Excluding these costs, adjusted EBITDA margin would have been approximately 53%, up 200 basis points year-over-year. QTS signed $17.4 million in new and modified leases during the quarter and had a record $80 million backlog as of the end of the third quarter.
This document is QTS Realty Trust's first quarter 2019 earnings presentation. It provides an overview of QTS' financial results for Q1 2019, including revenue of $112.7 million and adjusted EBITDA of $58.8 million. It discusses QTS' leasing activity in Q1, hybrid colocation growth, and opportunities in hyperscale. It also summarizes QTS' recent acquisition of two data centers in the Netherlands, representing an entry into the European market.
InfraREIT reported its Q2 2017 results with the following highlights:
- Revenue and net income increased 20% and 10% respectively due to rate case outcomes.
- Non-GAAP metrics like EPS of $0.20 and CAD of $13.6 million were consistent with or up from prior year.
- The company reached agreements to exchange $400 million in distribution assets for $380 million in transmission assets from Oncor and dismiss ongoing rate cases, pending approvals.
- The footprint shift and agreements are expected to provide a more stable regulatory environment and increased investment opportunities going forward.
4Q2017 Results and Supplemental InformationInfraREIT
InfraREIT reported full year 2017 results with the following key points:
1) Lease revenue grew 11% due to increased assets under lease, partially offset by lower lease pricing reflecting a lower allowed cost of debt assumption.
2) Net income decreased $52 million primarily due to a $56 million regulatory adjustment for the Tax Cuts and Jobs Act.
3) Cash available for distribution increased 8% to $80 million and adjusted EBITDA rose 9% to $169 million.
QTS Realty Trust held an earnings presentation on July 30, 2019 to review its second quarter 2019 results. The presentation included information on QTS' strong leasing activity in Q2 2019, its focus on the federal vertical market, its differentiated approach to the hyperscale business including a joint venture, its financial results and guidance, and its international expansion through acquisitions in the Netherlands. The presentation also provided an appendix with reconciliations of non-GAAP financial measures to GAAP measures.
This document provides guidance for EnLink Midstream's 2018 financial and operational performance. It begins with forward-looking statements and risk factors that could impact projections. The guidance projects adjusted EBITDA, distributable cash flow, debt levels, distribution coverage, capital expenditures, and segment profit. Non-GAAP terms are defined, including adjusted EBITDA and distributable cash flow.
Access Midstream Partners Investor Presentation - July 2013 Kprelosky
Headquartered in Oklahoma City, Access Midstream Partners is one of the largest midstream gathering companies in the U.S. with a diverse mix of gathering pipelines and facilities in the most attractive producing regions in North America.
Access Midstream has established a large-scale position in all of the key unconventional basins in the U.S. and has broad exposure to gathering opportunities in liquids-rich regions with extended access to the processing and fractionation segments of the midstream value chain. Access's diverse portfolio of assets are strategically located in 12 states that encompass the prolific Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica shales, and Mid-Continent areas.
Access Midstream's gathering systems are comprised of more than 6,000 miles of active gathering and transmission lines and treating facilities that provide services to approximately 7,900 wells. Our assets gather approximately 3.5 billion cubic feet (Bcf) of natural gas per day, which we believe ranks us as the largest gathering and processing master limited partnership in the U.S.
The document provides an operations report for August 3, 2016 that contains forward-looking statements and non-GAAP financial measures. It discusses key risks and uncertainties that could impact financial and operational results. It also contains disclaimers around the use of non-SEC compliant resource estimates and non-GAAP measures, urging investors to consider disclosures in SEC filings.
The document provides an overview and summary of PHI's strategy and performance across its various business segments. PHI aims to remain a regional diversified energy delivery and competitive services company focused on value creation and operational excellence. Key aspects include achieving constructive regulatory outcomes and 4% annual earnings growth for its power delivery utilities, optimizing assets and market opportunities for Conectiv Energy, and expanding Pepco Energy Services into additional markets. Financial performance has been positively impacted by infrastructure investments and sales growth, though earnings have been reduced in some jurisdictions due to higher standard offer service pricing.
QTS reported strong first quarter 2020 financial results, with revenue growth of 8.5% and adjusted EBITDA growth of 13.5% outpacing revenue. Leasing activity was driven by continued hyperscale strength as well as steady enterprise demand, with Q1 leasing 15% above the prior four quarter average. QTS remains focused on the safety of employees and customers during the COVID-19 pandemic while maintaining business continuity and operational resilience across its data centers.
Celp investor presentation march 2017 finalCypressEnergy
Cypress Energy Partners provides pipeline inspection and integrity services as well as water and environmental services to midstream energy customers. Over 85% of its customers are investment grade companies. It inspects over 46,000 miles of pipelines annually using in-line inspection tools to identify anomalies, and performs over 12,000 excavations for further inspection or maintenance. Regulations require pipeline operators to inspect lines every 5-7 years, providing a recurring need for Cypress' inspection services over the 40-60 year lifespan of pipelines.
Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shales, including natural gas gathering and compression. The presentation outlines Antero Midstream's organic growth strategy through expanding its existing midstream infrastructure to support Antero Resources' increasing production. It also notes potential opportunities for Antero Midstream to expand further into other midstream services like fresh water distribution, processing, and pipelines.
Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays, including natural gas gathering and compression. The document outlines Antero Midstream's organic growth strategy through expanding its existing midstream infrastructure to support Antero Resources' increasing production. It also notes potential opportunities for Antero Midstream to expand into additional midstream services such as fresh water distribution, processing, and pipelines.
The document summarizes a presentation given by Larry Weyers, President and CEO of Integrys Energy Group, at the AGA Financial Forum on May 4-6, 2008. The presentation provides an overview of Integrys Energy Group, including its goals, regulated utility businesses serving over 2 million customers across several Midwestern states, investment in capital projects such as the Weston 4 power plant and American Transmission Company, and initiatives for 2008 such as regulatory rate cases.
American Midstream Partners LP will merge with JP Energy Partners LP to form a larger diversified midstream company with a combined enterprise value of approximately $2 billion. The transaction will be executed through a unit-for-unit exchange where AMID will issue new units to JPEP unitholders at a 0.5775 exchange ratio. The merger is expected to deliver synergies of at least $10 million annually and provide benefits like increased scale, financial strength, and growth opportunities for the combined company. The transaction is anticipated to close in late 2016 or early 2017 pending required approvals.
Antero Midstream Partners provides midstream services to its sponsor Antero Resources in the Marcellus and Utica shale plays. It owns natural gas gathering pipelines, compression infrastructure, and condensate gathering lines. Significant organic growth is expected in 2015 through capital expenditures that will add over 60 miles of new pipelines and increase compression capacity by 545 MMcf/d. Antero Midstream is also pursuing opportunities to expand its services across the full midstream value chain through options to acquire water handling assets and participate in processing and pipeline projects with its sponsor.
EnLink Midstream / Tall Oak Midstream Acquisition Investor CallEnLinkMidstreamLLC
Tall Oak Midstream is acquiring assets in Oklahoma that will expand EnLink Midstream's presence in the core of the STACK and CNOW plays. The acquisition aligns with Devon Energy, who will be the largest customer on the system. It provides EnLink with long-term, fee-based contracts averaging 15 years. The financing structure is expected to be accretive to EnLink's distributions and maintain its investment grade credit rating. The transaction strengthens the relationship between EnLink and Devon while diversifying their businesses and further aligning their growth plans.
The document discusses an asset exchange between InfraREIT's regulated subsidiary SDTS, Sharyland, and Oncor Electric Delivery. SDTS will exchange approximately $400 million in distribution assets for $380 million in transmission assets and $20 million in cash from Oncor. This exchange will be accompanied by an agreement to dismiss SDTS and Sharyland's pending rate case, maintaining the existing regulatory framework until their next rate case in 2020. The exchange is expected to close in Q4 2017 pending regulatory approvals. The exchange will strategically focus InfraREIT's portfolio on transmission assets and benefit customers through reduced rates.
Antero Midstream Partners LP provides an overview of its midstream assets and growth strategy. The document discusses Antero Midstream's organic growth projects including expanding its gathering pipelines, compression capacity, and water business. It also notes opportunities to participate in additional midstream activities along the value chain such as processing, fractionation, and regional pipelines. Antero Midstream is pursuing a strategy of organic expansion of its existing midstream assets to support production growth from its anchor shipper, Antero Resources, in the Marcellus and Utica shale plays.
- EnLink Midstream reported financial and operational results for the second quarter of 2017, delivering earnings and volume growth. Adjusted EBITDA was $209.7 million, up from $207.6 million in the previous quarter.
- Volume growth across their assets in key basins like the Permian Basin, Central Oklahoma and Louisiana was driven by ongoing drilling and completion activity from producers like Devon Energy.
- Rigs counts have remained consistent in EnLink's core basins, and existing well inventory is expected to support volume growth through 2017 to meet guidance targets.
This document provides Q3 2016 results and supplemental information for InfraREIT, Inc. It highlights solid Q3 2016 performance with increases in lease revenue, net income, Non-GAAP EPS, CAD, and Adjusted EBITDA. It also discusses InfraREIT's pending rate case and updates on its Hunt Projects, including the Southline and Verde Transmission projects. Financial summaries show increases in key metrics like lease revenue, net income, and Adjusted EBITDA for both Q3 2016 compared to Q3 2015 and year-to-date 2016 compared to the same period in 2015.
This document provides supplemental information for InfraREIT's 2016 rate case. It summarizes InfraREIT's asset profile including transmission and distribution infrastructure. It also outlines the proposed revenue requirement, customer benefits, changes to Sharyland's customer rates, and proposed changes to the transmission and distribution leases between InfraREIT and Sharyland. The key dates for the rate case proceeding and timeline are also presented.
QTS reported financial results for the third quarter of 2019. Total revenue increased 17% year-over-year to $125.3 million. Operating FFO grew 16% year-over-year to $63 million. Adjusted EBITDA margin was 50.3%, down from the prior year primarily due to higher-than-expected power and property tax costs. Excluding these costs, adjusted EBITDA margin would have been approximately 53%, up 200 basis points year-over-year. QTS signed $17.4 million in new and modified leases during the quarter and had a record $80 million backlog as of the end of the third quarter.
This document is QTS Realty Trust's first quarter 2019 earnings presentation. It provides an overview of QTS' financial results for Q1 2019, including revenue of $112.7 million and adjusted EBITDA of $58.8 million. It discusses QTS' leasing activity in Q1, hybrid colocation growth, and opportunities in hyperscale. It also summarizes QTS' recent acquisition of two data centers in the Netherlands, representing an entry into the European market.
InfraREIT reported its Q2 2017 results with the following highlights:
- Revenue and net income increased 20% and 10% respectively due to rate case outcomes.
- Non-GAAP metrics like EPS of $0.20 and CAD of $13.6 million were consistent with or up from prior year.
- The company reached agreements to exchange $400 million in distribution assets for $380 million in transmission assets from Oncor and dismiss ongoing rate cases, pending approvals.
- The footprint shift and agreements are expected to provide a more stable regulatory environment and increased investment opportunities going forward.
4Q2017 Results and Supplemental InformationInfraREIT
InfraREIT reported full year 2017 results with the following key points:
1) Lease revenue grew 11% due to increased assets under lease, partially offset by lower lease pricing reflecting a lower allowed cost of debt assumption.
2) Net income decreased $52 million primarily due to a $56 million regulatory adjustment for the Tax Cuts and Jobs Act.
3) Cash available for distribution increased 8% to $80 million and adjusted EBITDA rose 9% to $169 million.
QTS Realty Trust held an earnings presentation on July 30, 2019 to review its second quarter 2019 results. The presentation included information on QTS' strong leasing activity in Q2 2019, its focus on the federal vertical market, its differentiated approach to the hyperscale business including a joint venture, its financial results and guidance, and its international expansion through acquisitions in the Netherlands. The presentation also provided an appendix with reconciliations of non-GAAP financial measures to GAAP measures.
This document provides guidance for EnLink Midstream's 2018 financial and operational performance. It begins with forward-looking statements and risk factors that could impact projections. The guidance projects adjusted EBITDA, distributable cash flow, debt levels, distribution coverage, capital expenditures, and segment profit. Non-GAAP terms are defined, including adjusted EBITDA and distributable cash flow.
Access Midstream Partners Investor Presentation - July 2013 Kprelosky
Headquartered in Oklahoma City, Access Midstream Partners is one of the largest midstream gathering companies in the U.S. with a diverse mix of gathering pipelines and facilities in the most attractive producing regions in North America.
Access Midstream has established a large-scale position in all of the key unconventional basins in the U.S. and has broad exposure to gathering opportunities in liquids-rich regions with extended access to the processing and fractionation segments of the midstream value chain. Access's diverse portfolio of assets are strategically located in 12 states that encompass the prolific Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica shales, and Mid-Continent areas.
Access Midstream's gathering systems are comprised of more than 6,000 miles of active gathering and transmission lines and treating facilities that provide services to approximately 7,900 wells. Our assets gather approximately 3.5 billion cubic feet (Bcf) of natural gas per day, which we believe ranks us as the largest gathering and processing master limited partnership in the U.S.
The document provides an operations report for August 3, 2016 that contains forward-looking statements and non-GAAP financial measures. It discusses key risks and uncertainties that could impact financial and operational results. It also contains disclaimers around the use of non-SEC compliant resource estimates and non-GAAP measures, urging investors to consider disclosures in SEC filings.
The document provides an overview and summary of PHI's strategy and performance across its various business segments. PHI aims to remain a regional diversified energy delivery and competitive services company focused on value creation and operational excellence. Key aspects include achieving constructive regulatory outcomes and 4% annual earnings growth for its power delivery utilities, optimizing assets and market opportunities for Conectiv Energy, and expanding Pepco Energy Services into additional markets. Financial performance has been positively impacted by infrastructure investments and sales growth, though earnings have been reduced in some jurisdictions due to higher standard offer service pricing.
QTS reported strong first quarter 2020 financial results, with revenue growth of 8.5% and adjusted EBITDA growth of 13.5% outpacing revenue. Leasing activity was driven by continued hyperscale strength as well as steady enterprise demand, with Q1 leasing 15% above the prior four quarter average. QTS remains focused on the safety of employees and customers during the COVID-19 pandemic while maintaining business continuity and operational resilience across its data centers.
Celp investor presentation march 2017 finalCypressEnergy
Cypress Energy Partners provides pipeline inspection and integrity services as well as water and environmental services to midstream energy customers. Over 85% of its customers are investment grade companies. It inspects over 46,000 miles of pipelines annually using in-line inspection tools to identify anomalies, and performs over 12,000 excavations for further inspection or maintenance. Regulations require pipeline operators to inspect lines every 5-7 years, providing a recurring need for Cypress' inspection services over the 40-60 year lifespan of pipelines.
Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shales, including natural gas gathering and compression. The presentation outlines Antero Midstream's organic growth strategy through expanding its existing midstream infrastructure to support Antero Resources' increasing production. It also notes potential opportunities for Antero Midstream to expand further into other midstream services like fresh water distribution, processing, and pipelines.
Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays, including natural gas gathering and compression. The document outlines Antero Midstream's organic growth strategy through expanding its existing midstream infrastructure to support Antero Resources' increasing production. It also notes potential opportunities for Antero Midstream to expand into additional midstream services such as fresh water distribution, processing, and pipelines.
The document summarizes a presentation given by Larry Weyers, President and CEO of Integrys Energy Group, at the AGA Financial Forum on May 4-6, 2008. The presentation provides an overview of Integrys Energy Group, including its goals, regulated utility businesses serving over 2 million customers across several Midwestern states, investment in capital projects such as the Weston 4 power plant and American Transmission Company, and initiatives for 2008 such as regulatory rate cases.
American Midstream Partners LP will merge with JP Energy Partners LP to form a larger diversified midstream company with a combined enterprise value of approximately $2 billion. The transaction will be executed through a unit-for-unit exchange where AMID will issue new units to JPEP unitholders at a 0.5775 exchange ratio. The merger is expected to deliver synergies of at least $10 million annually and provide benefits like increased scale, financial strength, and growth opportunities for the combined company. The transaction is anticipated to close in late 2016 or early 2017 pending required approvals.
Antero Midstream Partners provides midstream services to its sponsor Antero Resources in the Marcellus and Utica shale plays. It owns natural gas gathering pipelines, compression infrastructure, and condensate gathering lines. Significant organic growth is expected in 2015 through capital expenditures that will add over 60 miles of new pipelines and increase compression capacity by 545 MMcf/d. Antero Midstream is also pursuing opportunities to expand its services across the full midstream value chain through options to acquire water handling assets and participate in processing and pipeline projects with its sponsor.
EnLink Midstream / Tall Oak Midstream Acquisition Investor CallEnLinkMidstreamLLC
Tall Oak Midstream is acquiring assets in Oklahoma that will expand EnLink Midstream's presence in the core of the STACK and CNOW plays. The acquisition aligns with Devon Energy, who will be the largest customer on the system. It provides EnLink with long-term, fee-based contracts averaging 15 years. The financing structure is expected to be accretive to EnLink's distributions and maintain its investment grade credit rating. The transaction strengthens the relationship between EnLink and Devon while diversifying their businesses and further aligning their growth plans.
The document discusses an asset exchange between InfraREIT's regulated subsidiary SDTS, Sharyland, and Oncor Electric Delivery. SDTS will exchange approximately $400 million in distribution assets for $380 million in transmission assets and $20 million in cash from Oncor. This exchange will be accompanied by an agreement to dismiss SDTS and Sharyland's pending rate case, maintaining the existing regulatory framework until their next rate case in 2020. The exchange is expected to close in Q4 2017 pending regulatory approvals. The exchange will strategically focus InfraREIT's portfolio on transmission assets and benefit customers through reduced rates.
Antero Midstream Partners LP provides an overview of its midstream assets and growth strategy. The document discusses Antero Midstream's organic growth projects including expanding its gathering pipelines, compression capacity, and water business. It also notes opportunities to participate in additional midstream activities along the value chain such as processing, fractionation, and regional pipelines. Antero Midstream is pursuing a strategy of organic expansion of its existing midstream assets to support production growth from its anchor shipper, Antero Resources, in the Marcellus and Utica shale plays.
- EnLink Midstream reported financial and operational results for the second quarter of 2017, delivering earnings and volume growth. Adjusted EBITDA was $209.7 million, up from $207.6 million in the previous quarter.
- Volume growth across their assets in key basins like the Permian Basin, Central Oklahoma and Louisiana was driven by ongoing drilling and completion activity from producers like Devon Energy.
- Rigs counts have remained consistent in EnLink's core basins, and existing well inventory is expected to support volume growth through 2017 to meet guidance targets.
This document provides Q3 2016 results and supplemental information for InfraREIT, Inc. It highlights solid Q3 2016 performance with increases in lease revenue, net income, Non-GAAP EPS, CAD, and Adjusted EBITDA. It also discusses InfraREIT's pending rate case and updates on its Hunt Projects, including the Southline and Verde Transmission projects. Financial summaries show increases in key metrics like lease revenue, net income, and Adjusted EBITDA for both Q3 2016 compared to Q3 2015 and year-to-date 2016 compared to the same period in 2015.
This document provides supplemental information for InfraREIT's 2016 rate case. It summarizes InfraREIT's asset profile including transmission and distribution infrastructure. It also outlines the proposed revenue requirement, customer benefits, changes to Sharyland's customer rates, and proposed changes to the transmission and distribution leases between InfraREIT and Sharyland. The key dates for the rate case proceeding and timeline are also presented.
InfraREIT provided its Q2 2016 results and supplemental information. It reported solid Q2 2016 performance with an increase in lease revenue and adjusted EBITDA in line with expectations. Cash available for distribution and non-GAAP EPS were also in line with expectations, reflecting the impact of higher interest expense and depreciation. InfraREIT has a focus on regulated transmission and distribution opportunities, maintaining a strong financial profile, and growing dividends. Sharyland's rate case filed in April 2016 is pending a preliminary order from the PUCT.
InfraREIT reported its Q3 2015 results, showing strong performance in line with expectations. Key highlights include:
- Cash available for distribution grew 19% in Q3 2015 and 23% year-to-date compared to the prior year periods due to increased lease revenue and adjusted EBITDA.
- Adjusted EBITDA grew 9% in Q3 2015 and 12% year-to-date driven by growth in lease revenue.
- Long-term debt totaled $615 million with $334 million in available liquidity, including $305 million available under revolving credit facilities.
- The company's financing strategy focuses on acquiring regulated transmission and distribution assets, maintaining a strong balance sheet, and growing
InfraREIT reported its Q1 2016 results, which showed strong performance in line with expectations. Key highlights included a 5% increase in cash available for distribution to $19.3 million and an 11% rise in adjusted EBITDA to $38.1 million. The company also reaffirmed its 2016 guidance metrics and estimates $640-740 million in footprint capital expenditures over 2016-2018. Major ongoing Hunt transmission projects include the Southline Transmission project in Arizona and New Mexico.
- InfraREIT reported strong 2015 full year results, with cash available for distribution growing 21% over 2014 and adjusted EBITDA growing 11%.
- Lease revenue increased 13% in both Q4 2015 and full year 2015, driving earnings growth.
- InfraREIT has $280.5 million in available liquidity through revolving credit facilities and cash on hand to fund future growth opportunities.
- The company's financing strategy focuses on acquiring regulated transmission and distribution opportunities within its existing footprint to maintain a strong financial profile and grow dividends over the long term.
InfraREIT provided a corporate update and summarized its Q4 2015 and full year 2015 performance. Key points include:
- Q4 2015 and full year 2015 financial results were in line with expectations and showed growth over the prior year.
- InfraREIT is updating its estimates for footprint capital expenditures from 2016-2018 to be in the range of $640-740 million.
- InfraREIT initiated 2016 guidance for CAD per share, non-GAAP EPS, and dividends per share.
- Two ROFO projects under construction by Hunt were discussed, with potential future acquisition by InfraREIT.
The document provides an investor presentation for Myers Industries, Inc. It begins with a safe harbor statement noting that any forward-looking statements are based on current expectations that may be incorrect. It then discusses the new CEO's strategy review, focusing on improving cash flow, implementing process improvements, and assessing capital deployment options. The presentation also covers the company's corporate governance best practices, performance-driven executive compensation program, and actions taken to further ensure effective internal controls over financial reporting.
Mye q2 2016 earnings conference call presentation finalMyers_Investors
- Sales were down 11% to $144.1 million due to a difficult capital spending environment and soft consumer sales. Margins were flat at 30.9% due to lower input costs and favorable product mix.
- Net income was $5.7 million compared to $10.9 million last year. Adjusted EPS was $0.21 compared to $0.30.
- The outlook for 2016 was lowered with revenue expected to be down mid-to-high single digits due to continued soft capital spending. Strategic initiatives are focusing on commercial execution and protecting the core business.
The document is Myers Industries' fourth quarter and full year 2015 earnings presentation. It summarizes key financial results including a 9% decline in Q4 net sales and flat full year net sales on a constant currency basis. Adjusted gross margin increased 350 basis points to 29.9% for the full year. It also provides an outlook for 2016 with served markets expected to be flat to down low single digits and initiatives focused on margin growth and SG&A reductions.
- Myers Industries reported net sales of $151.2 million in Q1 2016, a decrease of 3.3% from the prior year due to organic sales decline of 1.3% and unfavorable currency impact of 2%.
- Gross margin increased 260 basis points to 31.9% due to lower input costs, operational improvements, and product line rationalization.
- Adjusted EPS from continuing operations increased 75% to $0.21 due to gross margin expansion partially offset by higher capital spending.
- Several large one-time charges were recorded in Q1 including $8.5 million in non-cash impairment charges in Brazil and $2 million in CFO severance costs.
Q3 2016 Myers Industries Inc. Earnings Presentation FinalMyers_Investors
Myers Industries, Inc. held a third quarter earnings presentation on November 8, 2016 to discuss financial results and outlook. Key points included:
- Third quarter sales were in line with expectations but down 6% year-over-year due to continued weakness in capital spending.
- Gross margin declined 230 basis points due to lower volume, unfavorable product mix and operational inefficiencies.
- SG&A expenses declined due to lower non-recurring compensation and cost containment actions.
- Adjusted EPS from continuing operations was $0.04, down from $0.09 in the prior year third quarter.
- For 2016, the company expects revenue to be down mid-to-high single digits
InfraREIT provided its 2016 full year results and supplemental information. It reported solid Q4 2016 performance with an increase in lease revenue and net income in line with expectations. Key highlights included strong growth in Sharyland's service territory with peak load and distribution volume increases, as well as ongoing projects with Hunt. InfraREIT is focused on regulated transmission and distribution opportunities within its footprint, maintaining a strong financial profile to support growth, and growing dividends.
The document provides an earnings presentation for Myers Industries for the fourth quarter and full year 2016. It discusses key financial results including a 7.2% decline in net sales and lower operating income. The presentation outlines challenges in 2016 from weak capital spending and lower agriculture sales, and strategic initiatives for 2017 focusing on niche market growth, flexible operations, and strong cash flow. Long term financial targets through 2020 are provided targeting increased operating margins, free cash flow, and leverage ratio reduction.
InfraREIT reported solid Q1 2017 results with increases in lease revenue and net income in line with expectations. However, some non-GAAP measures were mixed. Non-GAAP EPS decreased slightly to $0.30 per share due to growth in operating expenses offsetting increased lease revenue. Adjusted EBITDA increased 7% to $40.8 million due to lease revenue growth. Capital expenditures were $52 million for ongoing system upgrades and to accommodate load growth in the service territory.
The document provides an overview of InfraREIT's recent performance and events. Some key points:
- InfraREIT reached agreements for an asset exchange transaction with Oncor and proposed dismissal of a rate case.
- InfraREIT reported solid Q2 2017 performance with increases in lease revenue and net income. Non-GAAP metrics were consistent with prior year.
- The asset exchange and rate case dismissal are expected to close simultaneously in Q4 2017 pending required regulatory approvals.
InfraREIT reported solid first quarter 2018 results with increased lease revenue and net income. Management is evaluating terminating the company's REIT status and pursuing an alternative corporate structure. The board has directed pursuing a C-corp structure but has not set a timeline. InfraREIT reaffirmed 2018 guidance and expects $70-180 million in footprint capital expenditures from 2018-2020.
This document provides QTS Realty Trust's third quarter 2020 earnings presentation. Some key highlights include:
- Revenue increased to $137.5 million in Q3 2020, up from $125.3 million in Q3 2019. Adjusted EBITDA increased to $76 million from $63 million.
- They signed new and modified leases totaling $26 million in incremental annualized rent.
- QTS completed a $500 million senior unsecured notes offering and a $250 million term loan to improve its credit profile and liquidity.
- Full year 2020 guidance was updated, including adjusted EBITDA between $305-$315 million and capital expenditures of $700-$800 million.
The document discusses Morgan Stanley's MLP Bus Tour and provides an overview of EnLink Midstream. It notes that EnLink has stable cash flows from long-term fee-based contracts, including a significant portion from its sponsor Devon Energy. It is focused on executing in its core areas of Oklahoma, Permian Basin, and Louisiana. EnLink has a strong financial position as an investment grade company with a $1.5 billion credit facility and high-quality customers.
Analyst PowerPoint presentation used for an analyst call on July 24, 2014 by EQT management. The deck contains a number of useful and interesting slides about EQT's drilling program and midstream (pipeline) operations. EQT continues to be a major player in the Marcellus. They plan to drill their very first Utica well later this year--in Greene County, PA.
This document provides an overview of JP Morgan's Energy Oklahoma City SCOOP/STACK & Houston Bus Tour on May 17, 2016. It includes forward-looking statements about future financial and operating results with various risk factors that could impact projections. It also contains non-GAAP financial measures and definitions. The presentation shows stable financial results for ENLK in Q1 2016 with adjusted EBITDA of $195 million, distribution coverage of 1.09x, and leverage of 3.8x debt to EBITDA. It highlights EnLink's premier positions in top U.S. oil and gas basins as well as its focus on execution and stability.
Te connectivity to acquire measurement specialties presentationTEConnectivityltd
TE Connectivity announced the acquisition of Measurement Specialties for $1.7 billion including net debt. The acquisition establishes TE as a leader in the growing sensor market and increases its addressable market by $40 billion. It leverages TE's scale, customer relationships, and global footprint to drive double-digit growth in its sensor business. Significant cost and tax synergies are expected from applying TE's operations excellence system. The acquisition is expected to be accretive to adjusted EPS in the first year and supports TE's financial targets of adjusted operating margins above 15% and adjusted EPS double-digit growth.
This document provides an overview of QTS Realty Trust's investor presentation for the second quarter of 2019. It includes forward-looking statements about QTS's growth outlook and performance. It also describes QTS's balanced approach to capital allocation, including maintaining financial discipline in development projects. Additionally, it provides details on QTS's recent acquisition of two data centers in the Netherlands and its joint venture partnership with Alinda Capital Partners.
This document provides an investor presentation by QTS Realty Trust for the first quarter of 2019. It highlights key investment opportunities for QTS including strong secular trends in data center demand, sector-leading growth outlook, balanced capital allocation approach, and fully funded 2019 capital plan. It also notes risks associated with forward-looking statements.
Tom Lynch, CEO of TE Connectivity, presented at the Sanford C. Bernstein Strategic Decisions Conference in May 2015. The presentation contained forward-looking statements about TE's financial performance, including organic sales growth targets of 5-7% and double-digit earnings growth. It also discussed TE's focus on harsh environment applications, recent acquisitions, and track record of consistent performance and shareholder returns through operating margin expansion and strong free cash flow generation.
EnLink Midstream provides a strong operations report for May 3, 2016. The report discusses solid execution of their 2016 plan including meeting guidance targets and stable cash flows. It highlights their premier positions in key basins with high growth demand and confidence in their business model with quality customers and contracts. Segment performance showed growth in the Oklahoma segment from the Tall Oak acquisition and continued growth in the Permian region through expanding infrastructure.
The document provides an overview of a partnership between Antero Midstream Partners LP and MPLX. It discusses forward-looking statements and risks involved. It then summarizes Antero Midstream's profile, including its market cap, enterprise value, EBITDA, net debt ratio, and dedicated acres. It also describes the joint venture between Antero Midstream and MPLX to develop processing and fractionation infrastructure in Appalachia, including existing and potential future assets.
EQT Corporation released updated numbers on May 31, 2013 for their estimated ultimate recovery (EUR) rates in the Marcellus Shale. EQT says the average well in southwest PA and WV will produce close to 10 billion cubic feet of natural gas per well over their lifetimes, while wells in central PA will produce around 6 1/2 billion cubic feet on average. The EUR numbers are up from previous estimates.
Teck’s Q2 2019 Financial Results and Investors’ Conference CallTeckResourcesLtd
Teck released its second quarter 2019 earnings results on Thursday, July 25, 2019 before market open.
The company will hold an investor conference call to discuss the second quarter 2019 earnings results at 11:00 a.m. Eastern time / 8:00 a.m. Pacific time on Thursday, July 25, 2019. The conference call dial-in is 416.204.1547 or toll free 866.215.0058, no pass code required. Media are invited to attend on a listen-only basis.
The document summarizes EnLink's operations report for August 2016. Key points include:
- EnLink revised 2016 guidance, increased adjusted EBITDA to $750-800 million.
- Q2 2016 results showed adjusted EBITDA of $187.4 million and cash available for distribution of $49.8 million.
- EnLink continues focus on core strategies of maximizing cash flows, executing growth projects, and providing best-in-basin service.
The document discusses a joint venture between Antero Midstream Partners LP and MPLX to invest in natural gas processing and fractionation infrastructure in the Marcellus and Utica Shales. The joint venture will construct up to 11 new processing plants and 3 fractionation facilities over the next four years at an estimated cost of $1.3 billion, with Antero Midstream's net investment of $650 million. The joint venture assets will be operated by MPLX and supported by long-term, fixed-fee agreements with Antero Resources and other producers.
InfraREIT reported solid third quarter 2017 results with most metrics slightly better than expectations. Lease revenue increased 4% due to more assets under lease, partially offset by lower lease pricing. Net income decreased 10% primarily due to lower lease revenue growth and costs related to an asset exchange transaction. Non-GAAP EPS was $0.36. The company also provided an update on the asset exchange transaction with Oncor and highlighted growth opportunities in its expanded footprint in Texas, including a pipeline of projects with Hunt. Forward guidance was updated with 2017 Non-GAAP EPS expected in the range of $1.20 to $1.24.
- QTS Realty Trust reported financial results for the first quarter of 2021, with adjusted EBITDA of $82 million, operating FFO per share of $0.76, and revenue of $149 million.
- Leasing activity was strong in Q1, with $21 million in new and modified lease signings. Backlog of signed but not commenced leases was $81 million in annualized GAAP rent.
- Guidance for full year 2021 was reiterated, with revenue expected to be $606 million at the midpoint and adjusted EBITDA expected to be $336.5 million at the midpoint.
The slide deck used during the quarterly earnings call for MPLX, owner of MarkWest Energy. Of particular interest are slides 4, 6 and 8 highlighting the Marcellus/Utica region.
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OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
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2. Safe Harbor
2
Forward Looking Statements
This presentation contains “forward-looking statements” about the business, financial performance, contracts, leases and prospects of InfraREIT, Inc. (the “Company”).
Words such as “could,” “will,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “guidance,” “outlook,” “target,” “expect,” “intend,” “plan,” “estimate,” “anticipate,”
“believe,” “project,” “budget,” “potential” or “continue” and similar expressions are used to identify forward-looking statements, although not all forward-looking
statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events
and are based on currently available information as to the outcome and timing of future events. This presentation also contains forward-looking statements that have
previously been publicly disclosed by the Company. These previously disclosed forward-looking statements should not be deemed reaffirmed or updated by their
inclusion in this presentation. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by any forward-
looking statements made in connection with this presentation. The Company’s capabilities or performance, stockholder value as well as any other statements that are
not historical facts in this presentation are forward-looking statements that involve certain risks and uncertainties, many of which are difficult to predict and beyond the
Company’s control. Factors that could cause actual results to differ materially from the results contemplated by such forward-looking statements include, without
limitation, risks that the capital expenditures the Company expects will not materialize for a variety of reasons, including as a result of lower oil and gas drilling and
related midstream and service company activities in the Permian Basin relative to the Company's current expectations; the Company’s ability to acquire electric
transmission and distribution assets (T&D assets) on terms that are accretive to stockholders; the Company’s current reliance on its tenant for all of the Company’s
revenues and, as a result, the Company’s dependency on its tenant’s solvency and financial and operating performance; defaults on or non-renewal or early termination
of leases by the Company’s tenant; risks related to future lease negotiations; changes in the regulated rates the tenants of the Company’s assets may charge their
customers; the completion of the Company’s capital expenditure projects on time and on budget; competitive conditions for the development and acquisition of T&D
assets; insufficient cash available to meet distribution requirements; the price and availability of debt and equity financing; the Company’s level of indebtedness or debt
service obligations; changes in governmental policies or regulations with respect to the Company’s permitted capital structure, acquisitions and dispositions of assets,
recovery of investments and the Company’s authorized rate of return; weather conditions and other natural phenomena; the effects of existing and future tax and other
laws and governmental regulations; the Company’s failure to qualify or maintain its status as a real estate investment trust (REIT); availability of qualified personnel; the
termination of the Company’s management agreement or development agreement or the loss of the services of the Company’s manager or the loss of access to the
development function of the Company’s developer; the effects of future litigation; changes in the tax laws applicable to REITs; adverse economic developments in the
electric power industry; and changes in general business and economic conditions, particularly in Texas. When considering forward-looking statements, you should
keep in mind the risk factors and other cautionary statements described under the heading “Risk Factors” included in the Company’s filings with the Securities and
Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary
materially from those indicated. Forward-looking statements speak only as of the date made and reaffirmed, and the Company disclaims any obligation to update or
revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Legend
This presentation contains certain financial measures that are not recognized under generally accepted accounting principles (GAAP). These non-GAAP measures are
presented because InfraREIT’s management believes they help investors understand InfraREIT’s business, performance and ability to earn and distribute cash to its
stockholders by providing perspectives not immediately apparent from net income. These measures are also measures frequently used by securities analysts, investors
and other interested parties. The presentation of cash available for distribution (CAD), funds from operations (FFO) in this presentation are not intended to be
considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, InfraREIT’s method
of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similar measures as calculated by
other companies that do not use the same methodology as InfraREIT.
3. Introduction to InfraREIT
3
High-growth company focused on owning electric transmission and distribution
(T&D) infrastructure assets in the U.S., with an emphasis on the Texas market
and the Southwest
Unique opportunity to invest in a rapidly expanding, dividend-focused business
Significant growth opportunities in InfraREIT’s current service territories that is
expected to facilitate double-digit growth in Cash Available for Distribution,
complemented by a robust pipeline of development projects and potential
acquisition opportunities
Experienced management team
Closely aligned with Hunt Consolidated, Inc. (Hunt), InfraREIT’s development
partner and long-term investor
4. Investment Highlights
4
Attractive Asset
Portfolio
~$1.1 bn in regulated electric T&D assets (rate base)
Transmission assets currently comprise ~75% of rate base
Stable Cash Flow
100% of revenue driven by regulated asset base
REIT revenue governed by multi-year leases
Strong Track
Record
Increased rate base from $60 mm in 2009 to ~$1.1 bn in 2Q 2015
Successfully developed 300 miles and 4 substations of CREZ transmission system
Closed acquisitions and completed rate case under REIT structure
Constructive
Regulatory
Environment
Constructive T&D regulatory framework in Texas
Texas regulation supportive of REIT structure
Interim rate filings minimize regulatory lag
Efficient Structure
REIT structure enables structurally advantages cash generation
Hunt is highly aligned with shareholders
High-Growth
Opportunities
10% - 15% cumulative annual growth rate in dividends per share for 2015 – 2018
Footprint Projects expected to achieve lower half of range
Robust pipeline of ROFO projects, other T&D projects from Hunt and 3rd party
acquisitions
Expect 2015 CAD per share between $1.07 and $1.12; quarterly dividend for
remainder of 2015 of $0.225 per share
5. Hunt Consolidated: A Proven Energy Developer
5
Founded in 1934, the Hunt Oil Company and Hunt Consolidated, Inc. (a
diversified holding company managed by the Ray L. Hunt family) are actively
engaged in the energy and infrastructure businesses throughout the world
Hunt has a long history of entrepreneurial activity and a successful track record
in developing and constructing large complex projects, such as the Texas CREZ
project
Hunt has successfully partnered with large multinationals, international partners
and governments, and has a presence in 14 countries around the world
6. Strategic Sponsor with Long-Term Alignment
6
Through its ownership and its agreements as manager (Hunt
Manager) and developer (Hunt Developer), Hunt is highly
aligned with InfraREIT shareholders
Hunt owns approximately 25.2% of InfraREIT(common stock and
operating units) as of June 30, 2015
Lock-up agreements in respect of common stock and operating units
Incentive distribution feature in the management agreement
Hunt is required to offer specific development projects (ROFO Projects) to
InfraREIT
Hunt intends for InfraREIT to be the primary owner of Hunt’s future T&D
development projects
7. Attractive Asset Profile
7
Dallas
Austin
San Antonio
Houston
El Paso
Amarillo
Texas
Stanton
Celeste
Brady
McAllen
Railroad DC Tie
Service Territory
Panhandle Transmission
Railroad DC Tie
Panhandle
Transmission
~75% of rate base
~ 620 miles
Transmission
Operations Center
Railroad DC Tie with
Mexico (300 MW)
Distribution
~25% of rate base
~10,500 miles
Over 50,000 electric
delivery points
8. Constructive Regulatory Environment
8
ERCOT
Texas has its own electrical grid managed by the Electric
Reliability Council of Texas (ERCOT)
Electric utilities are subject to regulation by the Public Utility
Commission of Texas (PUCT)
Transmission revenue requirement can be updated through
a rate case or an interim Transmission Cost of Service
(TCOS) filing (twice per year)
Distribution rates are typically updated through a rate case
State government and regulators focused on further
enabling the growth of the Texas economy by providing
reliable and inexpensive electric service
REIT structure approved by the PUCT in 2008
2014 Rate Case Settlement: 9.7% allowed ROE and 55% debt / 45% equity
9. $60
$1,100
2009 Q2 2015
Proven Results & Track Record
9
25%
75%
Distribution Transmission
2014 Rate Base
The CREZ Project, capital expenditures and acquisitions have enabled us to
significantly grow our business, with a heavy focus on Transmission
Rate Base
$ millions
10. Disciplined, Multifaceted Pursuit of Growth
10
Footprint Projects
(Funded by InfraREIT)
Hunt Development
team members
have an average of
15 years’ industry
experience
ROFO Projects
Growth Strategy Growth Drivers
• Population and economic growth across Texas
• Energy-driven economic expansion
• Generator interconnections to Panhandle
Transmission assets
• Specific Hunt T&D projects under construction or
in development
• Cross Valley transmission line and Golden
Spread interconnection have approved CCNs
and are under construction
• Value enhancing M&A Transactions that build on:
• Hunt’s industry relationships and reputation
• Expertise with REIT structure
• Future T&D projects developed and constructed
by Hunt
• Primarily focused on Texas and the Southwest
Other Hunt
Development Projects
Acquire other T&D assets
from third parties
11. Economic Drivers of Footprint Growth
11
Renewable Energy Development and Interconnection in the
Panhandle and South Plains (CREZ Project)
Connects high-potential renewables zones to the North and Central
Texas load pockets
The Golden Spread Electric Coop Interconnection (ROFO Project)
connects to Panhandle Transmission Lines
Economic Expansion in West Texas
Investment required to ensure reliability and meet identified customer
requirements
Regional electricity usage has grown rapidly; significant unmet needs
Economic and Population Growth in South Texas
Strong population growth in the Rio Grande Valley and expanding
economic activity on both sides of the Texas and Mexico border
Track record and relationships in South Texas contributed to Cross
Valley Transmission Line (ROFO Project) opportunity
Source: ERCOT, US Census Bureau, Texas State Data Center
12. Pipeline of Development Projects
12
ROFO
Project (1)
Estimated (2)
Project Cost
Expected
Completion Status
GSEC Inter-
connection
$80-$100mm 2016
Under
construction
Cross
Valley Line
$160-$185mm 2016
Under
construction
Southline $700-$800mm —
Draft EIS
Published
Verde $60-$80mm —
In
development
Under Construction Other ROFO Additional Development Opportunities
(1) ROFO projects are identified projects that are being developed by Hunt Consolidated, Inc. and its affiliates with respect to which
InfraREIT has a right of first offer.
(2) The Company publicly disclosed this information previously and is not updating it or reaffirming it as of August 7, 2015.
NM
TX
AZ
NV
CA
M E X I C O
NV
CA
OK
TX
AZ
NM
MEXICO
Additional U.S. –
Mexico DC Ties
Additional South Texas
Transmission / Generation
Interconnections
Import capacity from
New Mexico and
Arizona to California
PJM and MISO
interconnection
ERCOT
Southeast
Loop
Transmission
Line
South Plains
Reinforcement
Southline
Transmission
Project
Verde Transmission
Project
Cross Valley
Transmission Line
Golden Spread
Electric Coop
(GSEC)
Interconnection
Lubbock Power & Light
Interconnection
13. ROFO Project Update
As of September 10, 2015
ROFO Project State Status
Golden Spread
Interconnection
TX
• CCN (Certificate of Convenience & Necessity) received
• Structural installation and wire stringing underway
• Bids for major components have been received
• Expected completion in late Q1 or early Q2 2016
Cross Valley
Transmission
TX
• CCN received
• Structural installation underway
• Bids for major components have been received
• Expected completion in late Q2 or Q3 2016
Southline AZ, NM
• Draft EIS (Environmental Impact Statement) published in April 2014
• Achieved Phase 3 status in WECC (Western Electricity Coordinating
Council) ratings process in March 2015
• Filed FERC (Federal Energy Regulatory Commission) PDO (Petition
for Declaratory Order) in May 2015
Verde NM • Easement agreements reached with three Native American Pueblos
13
14. Governance & Management
14
Board Structure 9 total members, 6 independent
Related Party
Transactions
Requires majority approval by the independent board members (i.e.,
ROFO Project acquisitions)
Management
(Hunt Manager)
CEO, CFO and General Counsel are officers of InfraREIT and Hunt
Manager
Responsible for the day-to-day business and legal activities of
InfraREIT
Annual base fee is equal to $13.1 million as of April 1, 2015 through
March 31, 2016, and 1.50% of total book equity as of the previous
year thereafter
Capped at $30 mm per year
Incentive fee is equal to 20% of dividends per share in excess of the
Threshold Distribution Amount (120% of initial dividend) payable
quarterly
2015 Dividend per share: $0.225
Threshold Dividend: $0.270
Management
Agreement
(Hunt Manager)
15. Structure Mechanics
15
SDTS (2)
Shareholders
InfraREIT (1)
Hunt and
Hunt Family
Sharyland
Utilities
Customers
T&D Services Cash
Rent
1
2
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Ownership (3)
Hunt Manager
Hunt Developer
100% Interest
(1) Represents InfraREIT public entity, InfraREIT Partners, LP (Operating Partnership) and Transmission and Distribution
Company, L.L.C. (TDC).
(2) Represents Sharyland Distribution & Transmission Services, L.L.C. (SDTS) and subsidiaries.
(3) Represents Hunt Transmission Services, L.L.C. (limited partner of the Operating Partnership & shareholder of InfraREIT)
Conducted business as a REIT since 2010
SDTS (2) owns the T&D assets and
leases them to Sharyland
Sharyland collects rate-regulated
revenue from other utilities and
retail electric providers
Sharyland makes regular lease
payments to SDTS
InfraREIT receives a tax deduction
equal to the amount of dividends
the Company distributes
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Lease
16. Financing Strategy
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Focus on
Regulated
T&D
Opportunities
Maintain Strong
Balance Sheet
Grow
Dividends
Sign long-term leases
that reflect regulated
rate structure
Minimize regulatory
lag with prudent rate
case / TCOS filings
80% - 85% long-term
CAD payout ratio
Construct Footprint
Projects
Acquire ROFO Projects
Acquire Other Hunt
Development Projects
Opportunistically
acquire other T&D
assets
Target consolidated credit metrics of 60% Debt / Capitalization and 12% AFFO / Debt
Maintain 55% Debt / Capitalization at SDTS
Maintain significant liquidity to support capex plan and financial flexibility
17. Investment Highlights
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Attractive Asset
Portfolio
~$1.1 bn in regulated electric T&D assets (rate base)
Transmission assets currently comprise ~75% of rate base
Stable Cash Flow
100% of revenue driven by regulated asset base
REIT revenue governed by multi-year leases
Strong Track
Record
Increased rate base from $60 mm in 2009 to ~$1.1 bn in 2Q 2015
Successfully developed 300 miles and 4 substations of CREZ transmission system
Closed acquisitions and completed rate case under REIT structure
Constructive
Regulatory
Environment
Constructive T&D regulatory framework in Texas
Texas regulation supportive of REIT structure
Interim rate filings minimize regulatory lag
Efficient Structure
REIT structure enables structurally advantages cash generation
Hunt is highly aligned with shareholders
High-Growth
Opportunities
10% - 15% cumulative annual growth rate in dividends per share for 2015 – 2018
Footprint Projects expected to achieve lower half of range
Robust pipeline of ROFO projects, other T&D projects from Hunt and 3rd party
acquisitions
Expect 2015 CAD per share between $1.07 and $1.12; quarterly dividend for
remainder of 2015 of $0.225 per share
19. Lease Mechanics
Lease Terms
InfraREIT is obligated to fund
capex for Footprint Projects
New assets are added to leases
through supplements
Lease renewals apply the same
methodology but are updated for
new rate case information
Approximately 80% - 90% of rent
is a fixed amount – paid monthly
Approximately 10% - 20% of rent
is variable based on a percentage
of Sharyland’s gross revenue less
adjustments – paid quarterly
Lease Objectives
InfraREIT
Rent payments intended to
provide InfraREIT with
approximately 97% of the
projected regulated return on rate
base investment attributable to
InfraREIT’s assets
Sharyland
Sharyland recovers operating and
maintenance (O&M) costs and a
portion of the return on InfraREIT’s
rate base
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20. Building InfraREIT’s Income Statement
Lease Revenue
Less: Corporate SG&A
Less: Depreciation
Operating Income
Less: Interest Expense
Less: Income Tax Expense
Net Income
A
B
C
D
E
A
B
C
D
E
Approximately 97% of regulated return on rate base
(traditional utility model)
Primarily management fee, public company costs and
professional fees at InfraREIT
PUCT-approved depreciation rates on InfraREIT’s assets
InfraREIT consolidated interest expense
As a REIT, corporate taxes applied to net taxable income,
less deduction for dividends paid
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21. InfraREIT Cash Available For Distribution
Q2 2015 vs. Q2 2014
CAD grew by 10% over Q2 2014, reflecting growth in adjusted EBITDA
$ thousands Q2 2015 Q2 2014
Increase/(Decrease)
$ %
Net income $ 8,843 $ 5,513
Depreciation 9,671 8,366
FFO 18,514 13,879
Non-cash reorganization structuring fee — —
Percentage rent adjustment 6,095 6,729
Base rent adjustment 3,068 3,548
Amortization of deferred financing costs 912 830
Reorganization expenses — —
Non-cash equity compensation 185 120
Other income, net (847) (172)
Capital expenditures to maintain net assets (9,671) (8,366)
Cash Available For Distribution (CAD) $ 18,256 $ 16,568 $ 1,688 10%
Shares outstanding (as of 6/30/2015) 60,594
CAD Per Share $ 0.30
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22. InfraREIT Cash Available For Distribution
June YTD 2015 vs. June YTD 2014
CAD grew by 25% over June YTD 2014, reflecting growth in adjusted EBITDA
$ thousands
YTD
2015
YTD
2014
Increase/(Decrease)
$ %
Net (loss) income $ (27,030) $ 10,505
Depreciation 19,179 16,827
FFO (7,851) 27,332
Non-cash reorganization structuring fee 44,897 —
Percentage rent adjustment 12,559 13,056
Base rent adjustment 5,131 3,984
Amortization of deferred financing costs 1,824 1,659
Reorganization expenses 333 —
Non-cash equity compensation 308 120
Other income, net (1,473) (39)
Capital expenditures to maintain net assets (19,179) (16,827)
Cash Available For Distribution (CAD) $ 36,549 $ 29,285 $ 7,264 25%
Shares outstanding (as of 6/30/2015) 60,594
CAD Per Share $ 0.60
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23. Debt Obligations & Available Liquidity
Long-Term Debt (rate / maturity)
($ millions)
Outstanding
As of June 30, 2015
TDC - Senior Secured Notes (8.50% / Dec. 30, 2020) $ 19.4
SDTS - Senior Secured Notes (6.47% / Sep. 30, 2030) 103.7
SDTS - Senior Secured Notes (7.25% / Dec. 30, 2029) 45.4
SP - Senior Secured Credit Facility (2.44% (1) / Jun. 20, 2018) (2) 391.7
SP - Senior Secured Notes (5.04% / Jun. 20, 2018) (2) 60.0
Total (3) $ 620.2
Liquidity Facilities
($ millions)
Total
Amount
Outstanding
As of June 30, 2015
Available
InfraREIT Partners Revolver $ 75.0 $ — $ 75.0
SDTS Revolver 250.0 — 250.0
Total $ 325.0 $ — $ 325.0
Cash (as of June 30, 2015) 50.5
Total Available Liquidity $ 375.5
(1) Interest based on LIBOR at June 30, 2015, plus an applicable margin
(2) Sharyland Projects (SP) debt used to fund construction of our CREZ Transmission assets
(3) The sum of the Long-Term Debt Total may not equal due to rounding
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