Delaware
|
|
32-0434238
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
1345 Avenue of the Americas,
New York, NY
|
|
10105
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
||
(Registrant’s telephone number, including area code)
(212) 798-6100
|
Large accelerated filer
þ
|
Accelerated filer
¨
|
Non-accelerated filer
¨
|
Smaller reporting company
¨
|
Emerging growth company
¨
|
•
|
changes in economic conditions generally and specifically in our industry sectors, and other risks relating to the global economy;
|
•
|
reductions in cash flows received from our assets, as well as contractual limitations on the use of our aviation assets to secure debt for borrowed money;
|
•
|
our ability to take advantage of acquisition opportunities at favorable prices;
|
•
|
a lack of liquidity surrounding our assets, which could impede our ability to vary our portfolio in an appropriate manner;
|
•
|
the relative spreads between the yield on the assets we acquire and the cost of financing;
|
•
|
adverse changes in the financing markets we access affecting our ability to finance our acquisitions;
|
•
|
customer defaults on their obligations;
|
•
|
our ability to renew existing contracts and win additional contracts with existing or potential customers;
|
•
|
the availability and cost of capital for future acquisitions;
|
•
|
concentration of a particular type of asset or in a particular sector;
|
•
|
competition within the aviation, energy, intermodal transport and rail sectors;
|
•
|
the competitive market for acquisition opportunities;
|
•
|
risks related to operating through joint ventures or partnerships or through consortium arrangements;
|
•
|
obsolescence of our assets or our ability to sell, re-lease or re-charter our assets;
|
•
|
exposure to uninsurable losses and force majeure events;
|
•
|
infrastructure operations may require substantial capital expenditures;
|
•
|
the legislative/regulatory environment and exposure to increased economic regulation;
|
•
|
exposure to the oil and gas industry’s volatile oil and gas prices;
|
•
|
difficulties in obtaining effective legal redress in jurisdictions in which we operate with less developed legal systems;
|
•
|
our ability to maintain our exemption from registration under the Investment Company Act of 1940 and the fact that maintaining such exemption imposes limits on our operations;
|
•
|
our ability to successfully utilize leverage in connection with our investments;
|
•
|
foreign currency risk and risk management activities;
|
•
|
effectiveness of our internal control over financial reporting;
|
•
|
exposure to environmental risks, including increasing environmental legislation and the broader impacts of climate change;
|
•
|
changes in interest rates and/or credit spreads, as well as the success of any hedging strategy we may undertake in relation to such changes;
|
•
|
actions taken by national, state, or provincial governments, including nationalization, or the imposition of new taxes, could materially impact the financial performance or value of our assets;
|
•
|
our dependence on our Manager and its professionals and actual, potential or perceived conflicts of interest in our relationship with our Manager;
|
•
|
effects of the merger of Fortress Investment Group LLC with affiliates of SoftBank Group Corp.;
|
•
|
volatility in the market price of our common shares;
|
•
|
the inability to pay dividends to our shareholders in the future; and
|
•
|
other risks described in the “Risk Factors” section of this report.
|
|
PART I - FINANCIAL INFORMATION
|
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
PART II - OTHER INFORMATION
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
|
|
|
(Unaudited)
|
|
|
||||
|
Notes
|
|
June 30,
|
|
December 31,
|
||||
(Dollar amounts in thousands, except share and per share data)
|
|
2018
|
|
2017
|
|||||
Assets
|
|
|
|
|
|
||||
Cash and cash equivalents
|
2
|
|
$
|
40,319
|
|
|
$
|
59,400
|
|
Restricted cash
|
2
|
|
33,526
|
|
|
33,406
|
|
||
Accounts receivable, net
|
|
|
41,882
|
|
|
31,076
|
|
||
Leasing equipment, net
|
3
|
|
1,203,741
|
|
|
1,074,130
|
|
||
Finance leases, net
|
4
|
|
16,293
|
|
|
9,244
|
|
||
Property, plant, and equipment, net
|
5
|
|
599,723
|
|
|
489,949
|
|
||
Investments
|
6
|
|
43,404
|
|
|
42,538
|
|
||
Intangible assets, net
|
7
|
|
36,019
|
|
|
40,043
|
|
||
Goodwill
|
|
|
116,584
|
|
|
116,584
|
|
||
Other assets
|
2
|
|
79,781
|
|
|
59,436
|
|
||
Total assets
|
|
|
$
|
2,211,272
|
|
|
$
|
1,955,806
|
|
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
|
||||
Accounts payable and accrued liabilities
|
|
|
$
|
83,920
|
|
|
$
|
68,226
|
|
Debt, net
|
8
|
|
862,746
|
|
|
703,264
|
|
||
Maintenance deposits
|
|
|
122,617
|
|
|
103,464
|
|
||
Security deposits
|
|
|
30,850
|
|
|
27,257
|
|
||
Other liabilities
|
|
|
21,813
|
|
|
18,520
|
|
||
Total liabilities
|
|
|
$
|
1,121,946
|
|
|
$
|
920,731
|
|
|
|
|
|
|
|
||||
Commitments and contingencies
|
16
|
|
|
|
|
||||
|
|
|
|
|
|
||||
Equity
|
|
|
|
|
|
||||
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 82,787,466 and 75,771,738 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively)
|
|
|
828
|
|
|
758
|
|
||
Additional paid in capital
|
|
|
1,065,474
|
|
|
985,009
|
|
||
Accumulated deficit
|
|
|
(38,432
|
)
|
|
(38,699
|
)
|
||
Accumulated other comprehensive income
|
|
|
—
|
|
|
—
|
|
||
Shareholders' equity
|
|
|
1,027,870
|
|
|
947,068
|
|
||
Non-controlling interest in equity of consolidated subsidiaries
|
|
|
61,456
|
|
|
88,007
|
|
||
Total equity
|
|
|
1,089,326
|
|
|
1,035,075
|
|
||
Total liabilities and equity
|
|
|
$
|
2,211,272
|
|
|
$
|
1,955,806
|
|
(Dollar amounts in thousands, except share and per share data)
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
Notes
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
||||||||
Equipment leasing revenues
|
|
|
$
|
59,330
|
|
|
$
|
40,383
|
|
|
$
|
115,114
|
|
|
$
|
71,771
|
|
Infrastructure revenues
|
|
|
12,649
|
|
|
10,811
|
|
|
25,709
|
|
|
24,096
|
|
||||
Total revenues
|
10
|
|
71,979
|
|
|
51,194
|
|
|
140,823
|
|
|
95,867
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses
|
|
|
27,593
|
|
|
21,324
|
|
|
55,172
|
|
|
42,337
|
|
||||
General and administrative
|
|
|
4,573
|
|
|
3,341
|
|
|
8,159
|
|
|
7,176
|
|
||||
Acquisition and transaction expenses
|
|
|
1,508
|
|
|
1,880
|
|
|
3,274
|
|
|
3,332
|
|
||||
Management fees and incentive allocation to affiliate
|
13
|
|
4,495
|
|
|
3,865
|
|
|
8,234
|
|
|
7,758
|
|
||||
Depreciation and amortization
|
3, 5, 7
|
|
32,844
|
|
|
20,221
|
|
|
62,431
|
|
|
37,598
|
|
||||
Interest expense
|
|
|
12,857
|
|
|
7,684
|
|
|
24,728
|
|
|
12,378
|
|
||||
Total expenses
|
|
|
83,870
|
|
|
58,315
|
|
|
161,998
|
|
|
110,579
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
||||||||
Equity in losses of unconsolidated entities
|
6
|
|
(251
|
)
|
|
(327
|
)
|
|
(156
|
)
|
|
(1,593
|
)
|
||||
Gain on sale of equipment, net
|
|
|
4,996
|
|
|
1,999
|
|
|
4,991
|
|
|
4,017
|
|
||||
Loss on extinguishment of debt
|
8
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,456
|
)
|
||||
Interest income
|
|
|
74
|
|
|
84
|
|
|
250
|
|
|
367
|
|
||||
Other income
|
|
|
1,157
|
|
|
20
|
|
|
1,337
|
|
|
32
|
|
||||
Total other income
|
|
|
5,976
|
|
|
1,776
|
|
|
6,422
|
|
|
367
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Loss before income taxes
|
|
|
(5,915
|
)
|
|
(5,345
|
)
|
|
(14,753
|
)
|
|
(14,345
|
)
|
||||
Provision for income taxes
|
12
|
|
534
|
|
|
464
|
|
|
1,029
|
|
|
676
|
|
||||
Net loss
|
|
|
(6,449
|
)
|
|
(5,809
|
)
|
|
(15,782
|
)
|
|
(15,021
|
)
|
||||
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries
|
|
|
(7,288
|
)
|
|
(4,349
|
)
|
|
(16,049
|
)
|
|
(9,147
|
)
|
||||
Net income (loss) attributable to shareholders
|
|
|
$
|
839
|
|
|
$
|
(1,460
|
)
|
|
$
|
267
|
|
|
$
|
(5,874
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings (loss) per share
|
15
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
|
$
|
0.01
|
|
|
$
|
(0.02
|
)
|
|
$
|
—
|
|
|
$
|
(0.08
|
)
|
Diluted
|
|
|
$
|
0.01
|
|
|
$
|
(0.02
|
)
|
|
$
|
—
|
|
|
$
|
(0.08
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
|
83,160,037
|
|
|
75,762,674
|
|
|
82,351,736
|
|
|
75,762,480
|
|
||||
Diluted
|
|
|
83,160,047
|
|
|
75,762,674
|
|
|
82,351,858
|
|
|
75,762,480
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net loss
|
$
|
(6,449
|
)
|
|
$
|
(5,809
|
)
|
|
$
|
(15,782
|
)
|
|
$
|
(15,021
|
)
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
||||||||
Change in fair value of available-for-sale securities
|
—
|
|
|
(6,136
|
)
|
|
—
|
|
|
(1,276
|
)
|
||||
Comprehensive loss
|
(6,449
|
)
|
|
(11,945
|
)
|
|
(15,782
|
)
|
|
(16,297
|
)
|
||||
Comprehensive loss attributable to non-controlling interest
|
(7,288
|
)
|
|
(4,349
|
)
|
|
(16,049
|
)
|
|
(9,147
|
)
|
||||
Comprehensive income (loss) attributable to shareholders
|
$
|
839
|
|
|
$
|
(7,596
|
)
|
|
$
|
267
|
|
|
$
|
(7,150
|
)
|
(Dollar amounts in thousands)
|
Common Shares
|
|
Additional Paid In Capital
|
|
Accumulated Deficit
|
|
Accumulated Other Comprehensive Income
|
|
Non-Controlling Interest in Equity of Consolidated Subsidiaries
|
|
Total Equity
|
||||||||||||
Equity - December 31, 2017
|
$
|
758
|
|
|
$
|
985,009
|
|
|
$
|
(38,699
|
)
|
|
$
|
—
|
|
|
$
|
88,007
|
|
|
$
|
1,035,075
|
|
Comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss) for the period
|
|
|
|
|
267
|
|
|
|
|
(16,049
|
)
|
|
(15,782
|
)
|
|||||||||
Other comprehensive loss
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total comprehensive loss
|
|
|
|
|
267
|
|
|
—
|
|
|
(16,049
|
)
|
|
(15,782
|
)
|
||||||||
Transfer of non-controlling interest
|
|
|
7,225
|
|
|
|
|
|
|
(10,930
|
)
|
|
(3,705
|
)
|
|||||||||
Dividends declared
|
|
|
(54,662
|
)
|
|
|
|
|
|
—
|
|
|
(54,662
|
)
|
|||||||||
Issuance of common shares
|
70
|
|
|
127,893
|
|
|
|
|
|
|
—
|
|
|
127,963
|
|
||||||||
Equity-based compensation
|
|
|
9
|
|
|
|
|
|
|
428
|
|
|
437
|
|
|||||||||
Equity - June 30, 2018
|
$
|
828
|
|
|
$
|
1,065,474
|
|
|
$
|
(38,432
|
)
|
|
$
|
—
|
|
|
$
|
61,456
|
|
|
$
|
1,089,326
|
|
|
Six Months Ended June 30,
|
||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
(15,782
|
)
|
|
$
|
(15,021
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Equity in losses of unconsolidated entities
|
156
|
|
|
1,593
|
|
||
Gain on sale of equipment, net
|
(4,991
|
)
|
|
(4,017
|
)
|
||
Security deposits and maintenance claims included in earnings
|
(4,325
|
)
|
|
—
|
|
||
Loss on extinguishment of debt
|
—
|
|
|
2,456
|
|
||
Equity-based compensation
|
437
|
|
|
530
|
|
||
Depreciation and amortization
|
62,431
|
|
|
37,598
|
|
||
Change in current and deferred income taxes
|
564
|
|
|
80
|
|
||
Change in fair value of non-hedge derivative
|
(182
|
)
|
|
—
|
|
||
Amortization of lease intangibles and incentives
|
12,943
|
|
|
3,291
|
|
||
Amortization of deferred financing costs
|
2,483
|
|
|
2,064
|
|
||
Bad debt expense
|
1,521
|
|
|
63
|
|
||
Other
|
21
|
|
|
331
|
|
||
Change in:
|
|
|
|
||||
Accounts receivable
|
(10,064
|
)
|
|
(6,268
|
)
|
||
Other assets
|
(10,318
|
)
|
|
9,909
|
|
||
Accounts payable and accrued liabilities
|
22,091
|
|
|
1,871
|
|
||
Management fees payable to affiliate
|
(668
|
)
|
|
(578
|
)
|
||
Other liabilities
|
2,835
|
|
|
(627
|
)
|
||
Net cash provided by operating activities
|
59,152
|
|
|
33,275
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Investment in notes receivable
|
(912
|
)
|
|
—
|
|
||
Investment in unconsolidated entities and available for sale securities
|
(1,115
|
)
|
|
(21,172
|
)
|
||
Principal collections on finance leases
|
539
|
|
|
225
|
|
||
Acquisition of leasing equipment
|
(205,819
|
)
|
|
(224,070
|
)
|
||
Acquisition of property, plant and equipment
|
(124,039
|
)
|
|
(50,688
|
)
|
||
Acquisition of lease intangibles
|
(2,225
|
)
|
|
(197
|
)
|
||
Purchase deposits for acquisitions
|
(17,890
|
)
|
|
(5,725
|
)
|
||
Proceeds from sale of leasing equipment
|
26,499
|
|
|
30,241
|
|
||
Proceeds from sale of property, plant and equipment
|
31
|
|
|
51
|
|
||
Proceeds from deposit on sale of leasing equipment
|
240
|
|
|
2,505
|
|
||
Return of deposit on sale of engine
|
(400
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
$
|
(325,091
|
)
|
|
$
|
(268,830
|
)
|
|
Six Months Ended June 30,
|
||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from debt
|
$
|
204,350
|
|
|
$
|
243,911
|
|
Repayment of debt
|
(45,874
|
)
|
|
(11,875
|
)
|
||
Payment of deferred financing costs
|
(1,819
|
)
|
|
(2,722
|
)
|
||
Receipt of security deposits
|
3,748
|
|
|
4,590
|
|
||
Return of security deposits
|
(805
|
)
|
|
(1,657
|
)
|
||
Receipt of maintenance deposits
|
22,355
|
|
|
9,975
|
|
||
Release of maintenance deposits
|
(4,276
|
)
|
|
(6,111
|
)
|
||
Proceeds from issuance of common shares, net of underwriter's discount
|
128,450
|
|
|
—
|
|
||
Common shares issuance costs
|
(789
|
)
|
|
—
|
|
||
Purchase of non-controlling interest shares
|
(3,700
|
)
|
|
—
|
|
||
Cash dividends
|
(54,662
|
)
|
|
(50,024
|
)
|
||
Net cash provided by financing activities
|
$
|
246,978
|
|
|
$
|
186,087
|
|
|
|
|
|
||||
Net increase in cash and cash equivalents and restricted cash
|
(18,961
|
)
|
|
(49,468
|
)
|
||
Cash and cash equivalents and restricted cash, beginning of period
|
92,806
|
|
|
133,496
|
|
||
Cash and cash equivalents and restricted cash, end of period
|
$
|
73,845
|
|
|
$
|
84,028
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash investing and financing activities:
|
|
|
|
||||
Proceeds from borrowings of debt
|
$
|
511
|
|
|
$
|
108,089
|
|
Repayment and settlement of debt
|
—
|
|
|
(100,000
|
)
|
||
Acquisition of leasing equipment
|
(4,704
|
)
|
|
(20,834
|
)
|
||
Acquisition of property, plant and equipment
|
(3,621
|
)
|
|
(30,915
|
)
|
||
Settled and assumed security deposits
|
650
|
|
|
1,467
|
|
||
Billed, assumed and settled maintenance deposits
|
(1,427
|
)
|
|
4,634
|
|
||
Deferred financing costs
|
—
|
|
|
(7,837
|
)
|
||
Non-cash contribution from non-controlling interest
|
—
|
|
|
1,201
|
|
||
Transfer of non-controlling interest
|
7,225
|
|
|
—
|
|
||
Issuance of common shares
|
301
|
|
|
160
|
|
1.
|
ORGANIZATION
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3.
|
LEASING EQUIPMENT, NET
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Leasing equipment
|
$
|
1,390,177
|
|
|
$
|
1,217,862
|
|
Less: accumulated depreciation
|
(186,436
|
)
|
|
(143,732
|
)
|
||
Leasing equipment, net
|
$
|
1,203,741
|
|
|
$
|
1,074,130
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Depreciation expense for leasing equipment
|
$
|
26,779
|
|
|
$
|
15,969
|
|
|
$
|
50,470
|
|
|
$
|
29,142
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Finance leases
|
$
|
28,513
|
|
|
$
|
16,015
|
|
Unearned revenue
|
(12,220
|
)
|
|
(6,771
|
)
|
||
Finance leases, net
|
$
|
16,293
|
|
|
$
|
9,244
|
|
2018
|
$
|
2,062
|
|
2019
|
6,208
|
|
|
2020
|
10,257
|
|
|
2021
|
2,008
|
|
|
2022
|
2,008
|
|
|
Thereafter
|
5,970
|
|
|
Total
|
$
|
28,513
|
|
5.
|
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Land, site improvements and rights
|
$
|
74,413
|
|
|
$
|
74,268
|
|
Construction in progress
|
178,275
|
|
|
100,420
|
|
||
Buildings and improvements
|
9,807
|
|
|
9,807
|
|
||
Terminal machinery and equipment
|
340,960
|
|
|
299,444
|
|
||
Track and track related assets
|
35,338
|
|
|
35,371
|
|
||
Railroad equipment
|
1,193
|
|
|
1,057
|
|
||
Railcars and locomotives
|
3,429
|
|
|
3,429
|
|
||
Computer hardware and software
|
3,518
|
|
|
3,105
|
|
||
Furniture and fixtures
|
544
|
|
|
544
|
|
||
Vehicles
|
1,474
|
|
|
1,480
|
|
||
|
648,951
|
|
|
528,925
|
|
||
Less: accumulated depreciation
|
(50,747
|
)
|
|
(40,605
|
)
|
||
Spare parts
|
1,519
|
|
|
1,629
|
|
||
Property, plant and equipment, net
|
$
|
599,723
|
|
|
$
|
489,949
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Depreciation expense for property, plant and equipment
|
$
|
5,166
|
|
|
$
|
3,353
|
|
|
$
|
10,162
|
|
|
$
|
6,657
|
|
6.
|
INVESTMENTS
|
|
|
|
|
|
Carrying Value
|
||||||
|
Investment
|
|
Ownership Percentage
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Advanced Engine Repair JV
|
Equity method
|
|
25%
|
|
$
|
13,374
|
|
|
$
|
13,724
|
|
JGP Energy Partners LLC
|
Equity method
|
|
50%
|
|
25,948
|
|
|
24,920
|
|
||
Intermodal Finance I, Ltd.
|
Equity method
|
|
51%
|
|
4,082
|
|
|
3,894
|
|
||
Investments
|
|
|
|
|
$
|
43,404
|
|
|
$
|
42,538
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Advanced Engine Repair JV
|
$
|
(126
|
)
|
|
$
|
(107
|
)
|
|
$
|
(350
|
)
|
|
$
|
(843
|
)
|
JGP Energy Partners LLC
|
(235
|
)
|
|
(10
|
)
|
|
(87
|
)
|
|
(75
|
)
|
||||
Intermodal Finance I, Ltd.
|
110
|
|
|
(210
|
)
|
|
281
|
|
|
(675
|
)
|
||||
Total
|
$
|
(251
|
)
|
|
$
|
(327
|
)
|
|
$
|
(156
|
)
|
|
$
|
(1,593
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue
|
$
|
2,785
|
|
|
$
|
1,796
|
|
|
$
|
6,885
|
|
|
$
|
3,417
|
|
Expenses
|
3,639
|
|
|
2,859
|
|
|
8,093
|
|
|
8,568
|
|
||||
Net loss
|
$
|
(854
|
)
|
|
$
|
(1,063
|
)
|
|
$
|
(1,208
|
)
|
|
$
|
(5,151
|
)
|
|
|
|
|
|
|
|
|
||||||||
Company’s portion
|
$
|
(300
|
)
|
|
$
|
(449
|
)
|
|
$
|
(205
|
)
|
|
$
|
(1,715
|
)
|
7.
|
INTANGIBLE ASSETS AND LIABILITIES, NET
|
|
June 30, 2018
|
||||||||||||||
|
Aviation Leasing
|
|
Jefferson Terminal
|
|
Railroad
|
|
Total
|
||||||||
Intangible assets
|
|
|
|
|
|
|
|
||||||||
Acquired favorable lease intangibles
|
$
|
38,973
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
38,973
|
|
Less: Accumulated amortization
|
(24,903
|
)
|
|
—
|
|
|
—
|
|
|
(24,903
|
)
|
||||
Acquired favorable lease intangibles, net
|
14,070
|
|
|
—
|
|
|
—
|
|
|
14,070
|
|
||||
Customer relationships
|
—
|
|
|
35,513
|
|
|
225
|
|
|
35,738
|
|
||||
Less: Accumulated amortization
|
—
|
|
|
(13,601
|
)
|
|
(188
|
)
|
|
(13,789
|
)
|
||||
Acquired customer relationships, net
|
—
|
|
|
21,912
|
|
|
37
|
|
|
21,949
|
|
||||
Total intangible assets, net
|
$
|
14,070
|
|
|
$
|
21,912
|
|
|
$
|
37
|
|
|
$
|
36,019
|
|
|
|
|
|
|
|
|
|
||||||||
Intangible liabilities
|
|
|
|
|
|
|
|
||||||||
Acquired unfavorable lease intangibles
|
$
|
2,732
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,732
|
|
Less: Accumulated amortization
|
(1,769
|
)
|
|
—
|
|
|
—
|
|
|
(1,769
|
)
|
||||
Acquired unfavorable lease intangibles, net
|
$
|
963
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
963
|
|
|
December 31, 2017
|
||||||||||||||
|
Aviation Leasing
|
|
Jefferson Terminal
|
|
Railroad
|
|
Total
|
||||||||
Intangible assets
|
|
|
|
|
|
|
|
||||||||
Acquired favorable lease intangibles
|
$
|
36,747
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36,747
|
|
Less: Accumulated amortization
|
(20,452
|
)
|
|
—
|
|
|
—
|
|
|
(20,452
|
)
|
||||
Acquired favorable lease intangibles, net
|
16,295
|
|
|
—
|
|
|
—
|
|
|
16,295
|
|
||||
Customer relationships
|
—
|
|
|
35,513
|
|
|
225
|
|
|
35,738
|
|
||||
Less: Accumulated amortization
|
—
|
|
|
(11,825
|
)
|
|
(165
|
)
|
|
(11,990
|
)
|
||||
Acquired customer relationships, net
|
—
|
|
|
23,688
|
|
|
60
|
|
|
23,748
|
|
||||
Total intangible assets, net
|
$
|
16,295
|
|
|
$
|
23,688
|
|
|
$
|
60
|
|
|
$
|
40,043
|
|
|
|
|
|
|
|
|
|
||||||||
Intangible liabilities
|
|
|
|
|
|
|
|
||||||||
Acquired unfavorable lease intangibles
|
$
|
2,732
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,732
|
|
Less: Accumulated amortization
|
(1,374
|
)
|
|
—
|
|
|
—
|
|
|
(1,374
|
)
|
||||
Acquired unfavorable lease intangibles, net
|
$
|
1,358
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,358
|
|
|
Classification in Consolidated Statements of Operations
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Lease intangibles
|
Equipment leasing revenues
|
|
$
|
2,064
|
|
|
$
|
1,065
|
|
|
$
|
4,056
|
|
|
$
|
2,347
|
|
Customer relationships
|
Depreciation and amortization
|
|
899
|
|
|
899
|
|
|
1,799
|
|
|
1,799
|
|
||||
Total
|
|
|
$
|
2,963
|
|
|
$
|
1,964
|
|
|
$
|
5,855
|
|
|
$
|
4,146
|
|
2018
|
$
|
5,521
|
|
2019
|
8,360
|
|
|
2020
|
6,779
|
|
|
2021
|
5,142
|
|
|
2022
|
3,596
|
|
|
Thereafter
|
5,658
|
|
|
Total
|
$
|
35,056
|
|
8.
|
DEBT, NET
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Loans payable
|
|
|
|
||||
FTAI Pride Credit Agreement
|
$
|
50,868
|
|
|
$
|
53,993
|
|
CMQR Credit Agreement
|
20,400
|
|
|
22,800
|
|
||
Revolving Credit Facility
|
25,000
|
|
|
—
|
|
||
Jefferson Revolver
|
39,511
|
|
|
—
|
|
||
Total loans payable
|
135,779
|
|
|
76,793
|
|
||
Bonds payable
|
|
|
|
||||
Series 2012 Bonds
(1)
|
44,373
|
|
|
44,404
|
|
||
Series 2016 Bonds
|
144,200
|
|
|
144,200
|
|
||
Senior Notes
(2)
|
549,344
|
|
|
449,290
|
|
||
Total bonds payable
|
737,917
|
|
|
637,894
|
|
||
|
|
|
|
||||
Debt
|
873,696
|
|
|
714,687
|
|
||
Less: Debt issuance costs
|
(10,950
|
)
|
|
(11,423
|
)
|
||
Total debt, net
|
$
|
862,746
|
|
|
$
|
703,264
|
|
|
|
|
|
||||
Total debt due within one year
|
$
|
7,795
|
|
|
$
|
7,795
|
|
9.
|
FAIR VALUE MEASUREMENTS
|
•
|
Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs.
|
•
|
Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability.
|
•
|
Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
|
•
|
Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts.
|
•
|
Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).
|
|
Fair Value as of
|
|
Fair Value Measurements Using Fair Value Hierarchy as of
|
|
|
||||||||||||
|
June 30, 2018
|
|
June 30, 2018
|
|
|
||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Valuation Technique
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
40,319
|
|
|
$
|
40,319
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Market
|
Restricted cash
|
33,526
|
|
|
33,526
|
|
|
—
|
|
|
—
|
|
|
Market
|
||||
Derivative assets
|
840
|
|
|
—
|
|
|
—
|
|
|
840
|
|
|
Income
|
||||
Total
|
$
|
74,685
|
|
|
$
|
73,845
|
|
|
$
|
—
|
|
|
$
|
840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Fair Value as of
|
|
Fair Value Measurements Using Fair Value Hierarchy as of
|
|
|
||||||||||||
|
December 31, 2017
|
|
December 31, 2017
|
|
|
||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Valuation Technique
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
59,400
|
|
|
$
|
59,400
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Market
|
Restricted cash
|
33,406
|
|
|
33,406
|
|
|
—
|
|
|
—
|
|
|
Market
|
||||
Derivative assets
|
1,022
|
|
|
—
|
|
|
—
|
|
|
1,022
|
|
|
Income
|
||||
Total
|
$
|
93,828
|
|
|
$
|
92,806
|
|
|
$
|
—
|
|
|
$
|
1,022
|
|
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Series 2012 Bonds
(1)
|
$
|
44,682
|
|
|
$
|
45,691
|
|
Series 2016 Bonds
(1)
|
149,371
|
|
|
150,329
|
|
||
Senior Notes
|
564,828
|
|
|
449,290
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Total
|
||||||||||||||
Equipment leasing revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lease income
|
$
|
33,625
|
|
|
$
|
1,868
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35,493
|
|
Maintenance revenue
|
21,688
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,688
|
|
|||||||
Finance lease income
|
247
|
|
|
365
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
612
|
|
|||||||
Other revenue
|
558
|
|
|
954
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,537
|
|
|||||||
Total equipment leasing revenues
|
56,118
|
|
|
3,187
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59,330
|
|
|||||||
Infrastructure revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lease income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
417
|
|
|
417
|
|
|||||||
Rail revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,788
|
|
|
—
|
|
|
8,788
|
|
|||||||
Terminal services revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
2,550
|
|
|
—
|
|
|
—
|
|
|
2,550
|
|
|||||||
Other revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
894
|
|
|
894
|
|
|||||||
Total infrastructure revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
2,550
|
|
|
8,788
|
|
|
1,311
|
|
|
12,649
|
|
|||||||
Total revenues
|
$
|
56,118
|
|
|
$
|
3,187
|
|
|
$
|
25
|
|
|
$
|
2,550
|
|
|
$
|
8,788
|
|
|
$
|
1,311
|
|
|
$
|
71,979
|
|
|
Three Months Ended June 30, 2017
|
||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Total
|
||||||||||||||
Equipment leasing revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lease income
|
$
|
20,001
|
|
|
$
|
2,884
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22,885
|
|
Maintenance revenue
|
16,576
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,576
|
|
|||||||
Finance lease income
|
—
|
|
|
385
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
385
|
|
|||||||
Other revenue
|
—
|
|
|
512
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
537
|
|
|||||||
Total equipment leasing revenues
|
36,577
|
|
|
3,781
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,383
|
|
|||||||
Infrastructure revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lease income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
123
|
|
|
123
|
|
|||||||
Rail revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,662
|
|
|
—
|
|
|
7,662
|
|
|||||||
Terminal services revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
3,026
|
|
|
—
|
|
|
—
|
|
|
3,026
|
|
|||||||
Total infrastructure revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
3,026
|
|
|
7,662
|
|
|
123
|
|
|
10,811
|
|
|||||||
Total revenues
|
$
|
36,577
|
|
|
$
|
3,781
|
|
|
$
|
25
|
|
|
$
|
3,026
|
|
|
$
|
7,662
|
|
|
$
|
123
|
|
|
$
|
51,194
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Total
|
||||||||||||||
Equipment leasing revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lease income
|
$
|
62,933
|
|
|
$
|
4,117
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
67,050
|
|
Maintenance revenue
|
45,115
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45,115
|
|
|||||||
Finance lease income
|
247
|
|
|
732
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
979
|
|
|||||||
Other revenue
|
558
|
|
|
1,362
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,970
|
|
|||||||
Total equipment leasing revenues
|
108,853
|
|
|
6,211
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
115,114
|
|
|||||||
Infrastructure revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lease income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
799
|
|
|
799
|
|
|||||||
Rail revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,835
|
|
|
—
|
|
|
19,835
|
|
|||||||
Terminal services revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
3,803
|
|
|
—
|
|
|
—
|
|
|
3,803
|
|
|||||||
Other revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,272
|
|
|
1,272
|
|
|||||||
Total infrastructure revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
3,803
|
|
|
19,835
|
|
|
2,071
|
|
|
25,709
|
|
|||||||
Total revenues
|
$
|
108,853
|
|
|
$
|
6,211
|
|
|
$
|
50
|
|
|
$
|
3,803
|
|
|
$
|
19,835
|
|
|
$
|
2,071
|
|
|
$
|
140,823
|
|
|
Six Months Ended June 30, 2017
|
||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Total
|
||||||||||||||
Equipment leasing revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lease income
|
$
|
37,636
|
|
|
$
|
3,495
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41,131
|
|
Maintenance revenue
|
29,245
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,245
|
|
|||||||
Finance lease income
|
—
|
|
|
771
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
771
|
|
|||||||
Other revenue
|
2
|
|
|
572
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
624
|
|
|||||||
Total equipment leasing revenues
|
66,883
|
|
|
4,838
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71,771
|
|
|||||||
Infrastructure revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lease income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
139
|
|
|||||||
Rail revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,065
|
|
|
—
|
|
|
16,065
|
|
|||||||
Terminal services revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
7,892
|
|
|
—
|
|
|
—
|
|
|
7,892
|
|
|||||||
Total infrastructure revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
7,892
|
|
|
16,065
|
|
|
139
|
|
|
24,096
|
|
|||||||
Total revenues
|
$
|
66,883
|
|
|
$
|
4,838
|
|
|
$
|
50
|
|
|
$
|
7,892
|
|
|
$
|
16,065
|
|
|
$
|
139
|
|
|
$
|
95,867
|
|
2018
|
$
|
78,787
|
|
2019
|
106,395
|
|
|
2020
|
69,944
|
|
|
2021
|
44,522
|
|
|
2022
|
25,023
|
|
|
Thereafter
|
16,155
|
|
|
Total
|
$
|
340,826
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met
|
Weighted Average Remaining Contractual Term, (in years)
|
||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||||||
Stock Options
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
8.00
|
Restricted Shares
|
90
|
|
|
79
|
|
|
180
|
|
|
138
|
|
|
821
|
|
1.67
|
|||||
Common Units
|
139
|
|
|
364
|
|
|
248
|
|
|
392
|
|
|
1,059
|
|
1.49
|
|||||
Total
|
$
|
229
|
|
|
$
|
443
|
|
|
$
|
437
|
|
|
$
|
530
|
|
|
$
|
1,880
|
|
|
Expected volatility
|
The expected stock volatility is based on an assessment of the stock volatility of our publicly traded stock over the preceding 12-month period
|
19.3
|
%
|
Risk free interest rate
|
The risk-free rate is determined using the implied yield currently available on U.S. government bonds with a term consistent with the expected term on the date of grant
|
2.7
|
%
|
Expected dividend yield
|
The expected dividend yield is based on management’s currently expected dividend rate
|
7.2
|
%
|
Expected term
|
Expected term used represents the period of time the options granted are expected to be outstanding
|
5 years
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Current:
|
|
|
|
|
|
|
|
||||||||
Federal
|
$
|
42
|
|
|
$
|
195
|
|
|
$
|
171
|
|
|
$
|
316
|
|
State and local
|
12
|
|
|
(5
|
)
|
|
31
|
|
|
48
|
|
||||
Foreign
|
33
|
|
|
20
|
|
|
50
|
|
|
41
|
|
||||
Total current provision
|
87
|
|
|
210
|
|
|
252
|
|
|
405
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Deferred:
|
|
|
|
|
|
|
|
||||||||
Federal
|
389
|
|
|
44
|
|
|
677
|
|
|
48
|
|
||||
State and local
|
58
|
|
|
—
|
|
|
100
|
|
|
—
|
|
||||
Foreign
|
—
|
|
|
210
|
|
|
—
|
|
|
223
|
|
||||
Total deferred provision
|
447
|
|
|
254
|
|
|
777
|
|
|
271
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total provision for income taxes
|
$
|
534
|
|
|
$
|
464
|
|
|
$
|
1,029
|
|
|
$
|
676
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
|
|
||||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Corporate
|
|
Total
|
||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equipment leasing revenues
|
$
|
56,118
|
|
|
$
|
3,187
|
|
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
59,330
|
|
Infrastructure revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
2,550
|
|
|
8,788
|
|
|
1,311
|
|
|
—
|
|
|
12,649
|
|
||||||||
Total revenues
|
56,118
|
|
|
3,187
|
|
|
25
|
|
|
2,550
|
|
|
8,788
|
|
|
1,311
|
|
|
—
|
|
|
71,979
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating expenses
|
1,864
|
|
|
3,948
|
|
|
—
|
|
|
11,253
|
|
|
7,813
|
|
|
2,715
|
|
|
—
|
|
|
27,593
|
|
||||||||
General and administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,573
|
|
|
4,573
|
|
||||||||
Acquisition and transaction expenses
|
66
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,442
|
|
|
1,508
|
|
||||||||
Management fees and incentive allocation to affiliate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,495
|
|
|
4,495
|
|
||||||||
Depreciation and amortization
|
24,875
|
|
|
1,626
|
|
|
—
|
|
|
4,937
|
|
|
574
|
|
|
832
|
|
|
—
|
|
|
32,844
|
|
||||||||
Interest expense
|
—
|
|
|
961
|
|
|
—
|
|
|
4,285
|
|
|
141
|
|
|
273
|
|
|
7,197
|
|
|
12,857
|
|
||||||||
Total expenses
|
26,805
|
|
|
6,535
|
|
|
—
|
|
|
20,475
|
|
|
8,528
|
|
|
3,820
|
|
|
17,707
|
|
|
83,870
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equity in (losses) earnings of unconsolidated entities
|
(126
|
)
|
|
—
|
|
|
110
|
|
|
(235
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(251
|
)
|
||||||||
Gain (loss) on sale of equipment, net
|
5,003
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
4,996
|
|
||||||||
Interest income
|
33
|
|
|
5
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74
|
|
||||||||
Other income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,157
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,157
|
|
||||||||
Total other income (expense)
|
4,910
|
|
|
5
|
|
|
110
|
|
|
958
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
5,976
|
|
||||||||
Income (loss) before income taxes
|
34,223
|
|
|
(3,343
|
)
|
|
135
|
|
|
(16,967
|
)
|
|
253
|
|
|
(2,509
|
)
|
|
(17,707
|
)
|
|
(5,915
|
)
|
||||||||
Provision for (benefit from) income taxes
|
523
|
|
|
2
|
|
|
(2
|
)
|
|
10
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
534
|
|
||||||||
Net income (loss)
|
33,700
|
|
|
(3,345
|
)
|
|
137
|
|
|
(16,977
|
)
|
|
253
|
|
|
(2,510
|
)
|
|
(17,707
|
)
|
|
(6,449
|
)
|
||||||||
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,309
|
)
|
|
51
|
|
|
(30
|
)
|
|
—
|
|
|
(7,288
|
)
|
||||||||
Net income (loss) attributable to shareholders
|
$
|
33,700
|
|
|
$
|
(3,345
|
)
|
|
$
|
137
|
|
|
$
|
(9,668
|
)
|
|
$
|
202
|
|
|
$
|
(2,480
|
)
|
|
$
|
(17,707
|
)
|
|
$
|
839
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
|
|
||||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Corporate
|
|
Total
|
||||||||||||||||
Adjusted Net Income (Loss)
|
$
|
33,868
|
|
|
$
|
(3,350
|
)
|
|
$
|
135
|
|
|
$
|
(10,250
|
)
|
|
$
|
245
|
|
|
$
|
(2,386
|
)
|
|
$
|
(15,692
|
)
|
|
$
|
2,570
|
|
Add: Non-controlling share of adjustments to Adjusted Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
198
|
|
|||||||||||||||
Add: Equity in losses of unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(251
|
)
|
|||||||||||||||
Add: Cash payments for income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
474
|
|
|||||||||||||||
Less: Incentive allocations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(573
|
)
|
|||||||||||||||
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
251
|
|
|||||||||||||||
Less: Asset impairment charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||||
Less: Changes in fair value of non-hedge derivative instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
441
|
|
|||||||||||||||
Less: Losses on the modification or extinguishment of debt and capital lease obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||||
Less: Acquisition and transaction expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,508
|
)
|
|||||||||||||||
Less: Equity-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(229
|
)
|
|||||||||||||||
Less: Provision for income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(534
|
)
|
|||||||||||||||
Net income attributable to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
839
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Total
|
||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Africa
|
$
|
2,020
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,020
|
|
Asia
|
14,083
|
|
|
2,822
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,930
|
|
|||||||
Europe
|
32,858
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,858
|
|
|||||||
North America
|
6,821
|
|
|
365
|
|
|
—
|
|
|
2,550
|
|
|
8,788
|
|
|
1,311
|
|
|
19,835
|
|
|||||||
South America
|
336
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
336
|
|
|||||||
Total
|
$
|
56,118
|
|
|
$
|
3,187
|
|
|
$
|
25
|
|
|
$
|
2,550
|
|
|
$
|
8,788
|
|
|
$
|
1,311
|
|
|
$
|
71,979
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
|
|
||||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Corporate
|
|
Total
|
||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equipment leasing revenues
|
$
|
108,853
|
|
|
$
|
6,211
|
|
|
$
|
50
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
115,114
|
|
Infrastructure revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
3,803
|
|
|
19,835
|
|
|
2,071
|
|
|
—
|
|
|
25,709
|
|
||||||||
Total revenues
|
108,853
|
|
|
6,211
|
|
|
50
|
|
|
3,803
|
|
|
19,835
|
|
|
2,071
|
|
|
—
|
|
|
140,823
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating expenses
|
5,297
|
|
|
6,316
|
|
|
—
|
|
|
23,212
|
|
|
15,251
|
|
|
5,096
|
|
|
—
|
|
|
55,172
|
|
||||||||
General and administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,159
|
|
|
8,159
|
|
||||||||
Acquisition and transaction expenses
|
223
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,051
|
|
|
3,274
|
|
||||||||
Management fees and incentive allocation to affiliate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,234
|
|
|
8,234
|
|
||||||||
Depreciation and amortization
|
46,688
|
|
|
3,228
|
|
|
—
|
|
|
9,727
|
|
|
1,147
|
|
|
1,641
|
|
|
—
|
|
|
62,431
|
|
||||||||
Interest expense
|
—
|
|
|
1,834
|
|
|
—
|
|
|
7,813
|
|
|
486
|
|
|
545
|
|
|
14,050
|
|
|
24,728
|
|
||||||||
Total expenses
|
52,208
|
|
|
11,378
|
|
|
—
|
|
|
40,752
|
|
|
16,884
|
|
|
7,282
|
|
|
33,494
|
|
|
161,998
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equity in (losses) earnings of unconsolidated entities
|
(350
|
)
|
|
—
|
|
|
281
|
|
|
(87
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(156
|
)
|
||||||||
Gain (loss) on sale of equipment, net
|
4,983
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
4,991
|
|
||||||||
Interest income
|
106
|
|
|
8
|
|
|
—
|
|
|
136
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250
|
|
||||||||
Other income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,337
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,337
|
|
||||||||
Total other income
|
4,739
|
|
|
8
|
|
|
281
|
|
|
1,386
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
6,422
|
|
||||||||
Income (loss) before income taxes
|
61,384
|
|
|
(5,159
|
)
|
|
331
|
|
|
(35,563
|
)
|
|
2,959
|
|
|
(5,211
|
)
|
|
(33,494
|
)
|
|
(14,753
|
)
|
||||||||
Provision for (benefit from) income taxes
|
1,006
|
|
|
5
|
|
|
(3
|
)
|
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,029
|
|
||||||||
Net income (loss)
|
60,378
|
|
|
(5,164
|
)
|
|
334
|
|
|
(35,584
|
)
|
|
2,959
|
|
|
(5,211
|
)
|
|
(33,494
|
)
|
|
(15,782
|
)
|
||||||||
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries
|
(24
|
)
|
|
—
|
|
|
—
|
|
|
(16,258
|
)
|
|
257
|
|
|
(24
|
)
|
|
—
|
|
|
(16,049
|
)
|
||||||||
Net income (loss) attributable to shareholders
|
$
|
60,402
|
|
|
$
|
(5,164
|
)
|
|
$
|
334
|
|
|
$
|
(19,326
|
)
|
|
$
|
2,702
|
|
|
$
|
(5,187
|
)
|
|
$
|
(33,494
|
)
|
|
$
|
267
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
|
|
||||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Corporate
|
|
Total
|
||||||||||||||||
Adjusted Net Income (Loss)
|
$
|
61,210
|
|
|
$
|
(5,166
|
)
|
|
$
|
331
|
|
|
$
|
(18,974
|
)
|
|
$
|
2,788
|
|
|
$
|
(5,031
|
)
|
|
$
|
(29,861
|
)
|
|
$
|
5,297
|
|
Add: Non-controlling share of adjustments to Adjusted Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||||
Add: Equity in losses of unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(156
|
)
|
|||||||||||||||
Add: Cash payments for income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
465
|
|
|||||||||||||||
Less: Incentive allocations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(573
|
)
|
|||||||||||||||
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
156
|
|
|||||||||||||||
Less: Asset impairment charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||||
Less: Changes in fair value of non-hedge derivative instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(182
|
)
|
|||||||||||||||
Less: Losses on the modification or extinguishment of debt and capital lease obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||||
Less: Acquisition and transaction expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,274
|
)
|
|||||||||||||||
Less: Equity-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(437
|
)
|
|||||||||||||||
Less: Provision for income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,029
|
)
|
|||||||||||||||
Net income attributable to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
267
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Total
|
||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Africa
|
$
|
3,405
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,405
|
|
Asia
|
23,292
|
|
|
5,480
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,822
|
|
|||||||
Europe
|
67,776
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,776
|
|
|||||||
North America
|
13,954
|
|
|
731
|
|
|
—
|
|
|
3,803
|
|
|
19,835
|
|
|
2,071
|
|
|
40,394
|
|
|||||||
South America
|
426
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
426
|
|
|||||||
Total
|
$
|
108,853
|
|
|
$
|
6,211
|
|
|
$
|
50
|
|
|
$
|
3,803
|
|
|
$
|
19,835
|
|
|
$
|
2,071
|
|
|
$
|
140,823
|
|
|
Three Months Ended June 30, 2017
|
||||||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
|
|
||||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Corporate
|
|
Total
|
||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equipment leasing revenues
|
$
|
36,577
|
|
|
$
|
3,781
|
|
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
40,383
|
|
Infrastructure revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
3,026
|
|
|
7,662
|
|
|
123
|
|
|
—
|
|
|
10,811
|
|
||||||||
Total revenues
|
36,577
|
|
|
3,781
|
|
|
25
|
|
|
3,026
|
|
|
7,662
|
|
|
123
|
|
|
—
|
|
|
51,194
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating expenses
|
1,371
|
|
|
4,015
|
|
|
—
|
|
|
7,267
|
|
|
7,907
|
|
|
764
|
|
|
—
|
|
|
21,324
|
|
||||||||
General and administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,341
|
|
|
3,341
|
|
||||||||
Acquisition and transaction expenses
|
55
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,825
|
|
|
1,880
|
|
||||||||
Management fees and incentive allocation to affiliate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,865
|
|
|
3,865
|
|
||||||||
Depreciation and amortization
|
14,086
|
|
|
1,606
|
|
|
—
|
|
|
3,956
|
|
|
492
|
|
|
81
|
|
|
—
|
|
|
20,221
|
|
||||||||
Interest expense
|
—
|
|
|
930
|
|
|
—
|
|
|
1,438
|
|
|
247
|
|
|
270
|
|
|
4,799
|
|
|
7,684
|
|
||||||||
Total expenses
|
15,512
|
|
|
6,551
|
|
|
—
|
|
|
12,661
|
|
|
8,646
|
|
|
1,115
|
|
|
13,830
|
|
|
58,315
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equity in losses of unconsolidated entities
|
(107
|
)
|
|
—
|
|
|
(210
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(327
|
)
|
||||||||
Gain (loss) on sale of equipment and finance leases, net
|
2,029
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
1,999
|
|
||||||||
Interest income
|
76
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84
|
|
||||||||
Other income
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
||||||||
Total other income (expense)
|
1,998
|
|
|
4
|
|
|
(210
|
)
|
|
14
|
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
1,776
|
|
||||||||
Income (loss) before income taxes
|
23,063
|
|
|
(2,766
|
)
|
|
(185
|
)
|
|
(9,621
|
)
|
|
(1,014
|
)
|
|
(992
|
)
|
|
(13,830
|
)
|
|
(5,345
|
)
|
||||||||
Provision for (benefit from) income taxes
|
478
|
|
|
3
|
|
|
(9
|
)
|
|
(5
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
464
|
|
||||||||
Net income (loss)
|
22,585
|
|
|
(2,769
|
)
|
|
(176
|
)
|
|
(9,616
|
)
|
|
(1,014
|
)
|
|
(989
|
)
|
|
(13,830
|
)
|
|
(5,809
|
)
|
||||||||
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries
|
224
|
|
|
(216
|
)
|
|
—
|
|
|
(4,045
|
)
|
|
57
|
|
|
(369
|
)
|
|
—
|
|
|
(4,349
|
)
|
||||||||
Net income (loss) attributable to shareholders
|
$
|
22,361
|
|
|
$
|
(2,553
|
)
|
|
$
|
(176
|
)
|
|
$
|
(5,571
|
)
|
|
$
|
(1,071
|
)
|
|
$
|
(620
|
)
|
|
$
|
(13,830
|
)
|
|
$
|
(1,460
|
)
|
|
Three Months Ended June 30, 2017
|
||||||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
|
|
||||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Corporate
|
|
Total
|
||||||||||||||||
Adjusted Net Income (Loss)
|
$
|
22,894
|
|
|
$
|
(2,550
|
)
|
|
$
|
(277
|
)
|
|
$
|
(5,574
|
)
|
|
$
|
(726
|
)
|
|
$
|
(623
|
)
|
|
$
|
(12,518
|
)
|
|
$
|
626
|
|
Add: Non-controlling share of adjustments to Adjusted Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17
|
|
|||||||||||||||
Add: Equity in losses of unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(327
|
)
|
|||||||||||||||
Add: Cash payments for income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
592
|
|
|||||||||||||||
Less: Incentive allocations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||||
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
419
|
|
|||||||||||||||
Less: Asset impairment charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||||
Less: Changes in fair value of non-hedge derivative instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||||
Less: Losses on the modification or extinguishment of debt and capital lease obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||||
Less: Acquisition and transaction expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,880
|
)
|
|||||||||||||||
Less: Equity-based compensation income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(443
|
)
|
|||||||||||||||
Less: Provision for income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(464
|
)
|
|||||||||||||||
Net loss attributable to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(1,460
|
)
|
|
Three Months Ended June 30, 2017
|
||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Total
|
||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Africa
|
$
|
2,413
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,413
|
|
Asia
|
8,344
|
|
|
2,443
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,812
|
|
|||||||
Europe
|
22,852
|
|
|
953
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,805
|
|
|||||||
North America
|
2,558
|
|
|
385
|
|
|
—
|
|
|
3,026
|
|
|
7,662
|
|
|
123
|
|
|
13,754
|
|
|||||||
South America
|
410
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
410
|
|
|||||||
Total
|
$
|
36,577
|
|
|
$
|
3,781
|
|
|
$
|
25
|
|
|
$
|
3,026
|
|
|
$
|
7,662
|
|
|
$
|
123
|
|
|
$
|
51,194
|
|
|
Six Months Ended June 30, 2017
|
||||||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
|
|
||||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Corporate
|
|
Total
|
||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equipment leasing revenues
|
$
|
66,883
|
|
|
$
|
4,838
|
|
|
$
|
50
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
71,771
|
|
Infrastructure revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
7,892
|
|
|
16,065
|
|
|
139
|
|
|
—
|
|
|
24,096
|
|
||||||||
Total revenues
|
66,883
|
|
|
4,838
|
|
|
50
|
|
|
7,892
|
|
|
16,065
|
|
|
139
|
|
|
—
|
|
|
95,867
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating expenses
|
2,790
|
|
|
7,558
|
|
|
—
|
|
|
14,880
|
|
|
15,451
|
|
|
1,658
|
|
|
—
|
|
|
42,337
|
|
||||||||
General and administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,176
|
|
|
7,176
|
|
||||||||
Acquisition and transaction expenses
|
270
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,062
|
|
|
3,332
|
|
||||||||
Management fees and incentive allocation to affiliate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,758
|
|
|
7,758
|
|
||||||||
Depreciation and amortization
|
25,375
|
|
|
3,213
|
|
|
—
|
|
|
7,907
|
|
|
1,018
|
|
|
85
|
|
|
—
|
|
|
37,598
|
|
||||||||
Interest expense
|
—
|
|
|
1,854
|
|
|
—
|
|
|
2,875
|
|
|
446
|
|
|
544
|
|
|
6,659
|
|
|
12,378
|
|
||||||||
Total expenses
|
28,435
|
|
|
12,625
|
|
|
—
|
|
|
25,662
|
|
|
16,915
|
|
|
2,287
|
|
|
24,655
|
|
|
110,579
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equity in losses of unconsolidated entities
|
(843
|
)
|
|
—
|
|
|
(675
|
)
|
|
(75
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,593
|
)
|
||||||||
Gain (loss) on sale of equipment and finance leases, net
|
4,061
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
|
—
|
|
|
—
|
|
|
4,017
|
|
||||||||
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,456
|
)
|
|
(2,456
|
)
|
||||||||
Interest income
|
159
|
|
|
7
|
|
|
—
|
|
|
201
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
367
|
|
||||||||
Other income
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
||||||||
Total other income (expense)
|
3,377
|
|
|
7
|
|
|
(675
|
)
|
|
158
|
|
|
(44
|
)
|
|
—
|
|
|
(2,456
|
)
|
|
367
|
|
||||||||
Income (loss) before income taxes
|
41,825
|
|
|
(7,780
|
)
|
|
(625
|
)
|
|
(17,612
|
)
|
|
(894
|
)
|
|
(2,148
|
)
|
|
(27,111
|
)
|
|
(14,345
|
)
|
||||||||
Provision for (benefit from) income taxes
|
671
|
|
|
5
|
|
|
(34
|
)
|
|
34
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
676
|
|
||||||||
Net income (loss)
|
41,154
|
|
|
(7,785
|
)
|
|
(591
|
)
|
|
(17,646
|
)
|
|
(894
|
)
|
|
(2,148
|
)
|
|
(27,111
|
)
|
|
(15,021
|
)
|
||||||||
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries
|
142
|
|
|
(464
|
)
|
|
—
|
|
|
(8,403
|
)
|
|
61
|
|
|
(483
|
)
|
|
—
|
|
|
(9,147
|
)
|
||||||||
Net income (loss) attributable to shareholders
|
$
|
41,012
|
|
|
$
|
(7,321
|
)
|
|
$
|
(591
|
)
|
|
$
|
(9,243
|
)
|
|
$
|
(955
|
)
|
|
$
|
(1,665
|
)
|
|
$
|
(27,111
|
)
|
|
$
|
(5,874
|
)
|
|
Six Months Ended June 30, 2017
|
||||||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
|
|
||||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Corporate
|
|
Total
|
||||||||||||||||
Adjusted Net Income (Loss)
|
$
|
41,953
|
|
|
$
|
(7,316
|
)
|
|
$
|
(717
|
)
|
|
$
|
(9,188
|
)
|
|
$
|
(584
|
)
|
|
$
|
(1,665
|
)
|
|
$
|
(22,106
|
)
|
|
$
|
377
|
|
Add: Non-controlling share of adjustments to Adjusted Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56
|
|
|||||||||||||||
Add: Equity in losses of unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,593
|
)
|
|||||||||||||||
Add: Cash payments for income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
595
|
|
|||||||||||||||
Less: Incentive allocations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||||
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,685
|
|
|||||||||||||||
Less: Asset impairment charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||||
Less: Changes in fair value of non-hedge derivative instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||||
Less: Losses on the modification or extinguishment of debt and capital lease obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,456
|
)
|
|||||||||||||||
Less: Acquisition and transaction expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,332
|
)
|
|||||||||||||||
Less: Equity-based compensation income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(530
|
)
|
|||||||||||||||
Less: Provision for income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(676
|
)
|
|||||||||||||||
Net loss attributable to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(5,874
|
)
|
|
Six Months Ended June 30, 2017
|
||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Total
|
||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Africa
|
$
|
4,780
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,780
|
|
Asia
|
23,113
|
|
|
3,114
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,277
|
|
|||||||
Europe
|
34,322
|
|
|
953
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,275
|
|
|||||||
North America
|
3,963
|
|
|
771
|
|
|
—
|
|
|
7,892
|
|
|
16,065
|
|
|
139
|
|
|
28,830
|
|
|||||||
South America
|
705
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
705
|
|
|||||||
Total
|
$
|
66,883
|
|
|
$
|
4,838
|
|
|
$
|
50
|
|
|
$
|
7,892
|
|
|
$
|
16,065
|
|
|
$
|
139
|
|
|
$
|
95,867
|
|
|
June 30, 2018
|
||||||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Corporate
|
|
Total
|
||||||||||||||||
Total assets
|
$
|
1,108,811
|
|
|
$
|
189,969
|
|
|
$
|
4,759
|
|
|
$
|
598,704
|
|
|
$
|
57,905
|
|
|
$
|
222,901
|
|
|
$
|
28,223
|
|
|
$
|
2,211,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Debt, net
|
—
|
|
|
50,579
|
|
|
—
|
|
|
225,284
|
|
|
20,287
|
|
|
—
|
|
|
566,596
|
|
|
862,746
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total liabilities
|
171,714
|
|
|
54,651
|
|
|
97
|
|
|
254,938
|
|
|
36,421
|
|
|
21,950
|
|
|
582,175
|
|
|
1,121,946
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Non-controlling interests in equity of consolidated subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
57,418
|
|
|
3,085
|
|
|
428
|
|
|
525
|
|
|
61,456
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total equity
|
937,097
|
|
|
135,318
|
|
|
4,662
|
|
|
343,766
|
|
|
21,484
|
|
|
200,951
|
|
|
(553,952
|
)
|
|
1,089,326
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total liabilities and equity
|
$
|
1,108,811
|
|
|
$
|
189,969
|
|
|
$
|
4,759
|
|
|
$
|
598,704
|
|
|
$
|
57,905
|
|
|
$
|
222,901
|
|
|
$
|
28,223
|
|
|
$
|
2,211,272
|
|
|
June 30, 2018
|
||||||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
|
|
||||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Corporate
|
|
Total
|
||||||||||||||||
Property, plant and equipment and leasing equipment, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Africa
|
$
|
45,165
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
45,165
|
|
Asia
|
265,982
|
|
|
35,483
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
301,465
|
|
||||||||
Europe
|
561,690
|
|
|
124,387
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
686,077
|
|
||||||||
North America
|
131,022
|
|
|
—
|
|
|
—
|
|
|
386,566
|
|
|
46,025
|
|
|
207,144
|
|
|
—
|
|
|
770,757
|
|
||||||||
South America
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total
|
$
|
1,003,859
|
|
|
$
|
159,870
|
|
|
$
|
—
|
|
|
$
|
386,566
|
|
|
$
|
46,025
|
|
|
$
|
207,144
|
|
|
$
|
—
|
|
|
$
|
1,803,464
|
|
|
December 31, 2017
|
||||||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Corporate
|
|
Total
|
||||||||||||||||
Total assets
|
$
|
952,543
|
|
|
$
|
195,101
|
|
|
$
|
4,429
|
|
|
$
|
579,329
|
|
|
$
|
51,989
|
|
|
$
|
123,693
|
|
|
$
|
48,722
|
|
|
$
|
1,955,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Debt, net
|
—
|
|
|
53,590
|
|
|
—
|
|
|
184,942
|
|
|
22,513
|
|
|
—
|
|
|
442,219
|
|
|
703,264
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total liabilities
|
145,882
|
|
|
56,853
|
|
|
100
|
|
|
210,159
|
|
|
36,560
|
|
|
14,229
|
|
|
456,948
|
|
|
920,731
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Non-controlling interests in equity of consolidated subsidiaries
|
3,037
|
|
|
—
|
|
|
—
|
|
|
81,414
|
|
|
2,737
|
|
|
295
|
|
|
524
|
|
|
88,007
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total equity
|
806,661
|
|
|
138,248
|
|
|
4,329
|
|
|
369,170
|
|
|
15,429
|
|
|
109,464
|
|
|
(408,226
|
)
|
|
1,035,075
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total liabilities and equity
|
$
|
952,543
|
|
|
$
|
195,101
|
|
|
$
|
4,429
|
|
|
$
|
579,329
|
|
|
$
|
51,989
|
|
|
$
|
123,693
|
|
|
$
|
48,722
|
|
|
$
|
1,955,806
|
|
|
December 31, 2017
|
||||||||||||||||||||||||||||||
|
Equipment Leasing
|
|
Infrastructure
|
|
|
|
|
||||||||||||||||||||||||
|
Aviation Leasing
|
|
Offshore Energy
|
|
Shipping Containers
|
|
Jefferson Terminal
|
|
Railroad
|
|
Ports and Terminals
|
|
Corporate
|
|
Total
|
||||||||||||||||
Property, plant and equipment and leasing equipment, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Africa
|
$
|
36,648
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36,648
|
|
Asia
|
210,152
|
|
|
163,072
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
373,224
|
|
||||||||
Europe
|
527,166
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
527,166
|
|
||||||||
North America
|
96,525
|
|
|
—
|
|
|
—
|
|
|
371,687
|
|
|
40,512
|
|
|
118,317
|
|
|
—
|
|
|
627,041
|
|
||||||||
South America
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total
|
$
|
870,491
|
|
|
$
|
163,072
|
|
|
$
|
—
|
|
|
$
|
371,687
|
|
|
$
|
40,512
|
|
|
$
|
118,317
|
|
|
$
|
—
|
|
|
$
|
1,564,079
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands, except share and per share data)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income (loss) attributable to shareholders
|
$
|
839
|
|
|
$
|
(1,460
|
)
|
|
$
|
267
|
|
|
$
|
(5,874
|
)
|
Weighted Average Shares Outstanding - Basic
|
83,160,037
|
|
|
75,762,674
|
|
|
82,351,736
|
|
|
75,762,480
|
|
||||
Weighted Average Shares Outstanding - Diluted
|
83,160,047
|
|
|
75,762,674
|
|
|
82,351,858
|
|
|
75,762,480
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic EPS
|
$
|
0.01
|
|
|
$
|
(0.02
|
)
|
|
$
|
—
|
|
|
$
|
(0.08
|
)
|
Diluted EPS
|
$
|
0.01
|
|
|
$
|
(0.02
|
)
|
|
$
|
—
|
|
|
$
|
(0.08
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Rent expense
|
$
|
999
|
|
|
$
|
1,279
|
|
|
$
|
2,156
|
|
|
$
|
2,520
|
|
2018
|
$
|
3,120
|
|
2019
|
5,986
|
|
|
2020
|
5,097
|
|
|
2021
|
3,312
|
|
|
2022
|
2,433
|
|
|
Thereafter
|
69,090
|
|
|
Total
|
$
|
89,038
|
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Revenues
|
|
||||||||||||||||||||||
Equipment leasing revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease income
|
$
|
35,493
|
|
|
$
|
22,885
|
|
|
$
|
12,608
|
|
|
$
|
67,050
|
|
|
$
|
41,131
|
|
|
$
|
25,919
|
|
Maintenance revenue
|
21,688
|
|
|
16,576
|
|
|
5,112
|
|
|
45,115
|
|
|
29,245
|
|
|
15,870
|
|
||||||
Finance lease income
|
612
|
|
|
385
|
|
|
227
|
|
|
979
|
|
|
771
|
|
|
208
|
|
||||||
Other revenue
|
1,537
|
|
|
537
|
|
|
1,000
|
|
|
1,970
|
|
|
624
|
|
|
1,346
|
|
||||||
Total equipment leasing revenues
|
59,330
|
|
|
40,383
|
|
|
18,947
|
|
|
115,114
|
|
|
71,771
|
|
|
43,343
|
|
||||||
Infrastructure revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease income
|
417
|
|
|
123
|
|
|
294
|
|
|
799
|
|
|
139
|
|
|
660
|
|
||||||
Rail revenues
|
8,788
|
|
|
7,662
|
|
|
1,126
|
|
|
19,835
|
|
|
16,065
|
|
|
3,770
|
|
||||||
Terminal services revenues
|
2,550
|
|
|
3,026
|
|
|
(476
|
)
|
|
3,803
|
|
|
7,892
|
|
|
(4,089
|
)
|
||||||
Other revenue
|
894
|
|
|
—
|
|
|
894
|
|
|
1,272
|
|
|
—
|
|
|
1,272
|
|
||||||
Total infrastructure revenues
|
12,649
|
|
|
10,811
|
|
|
1,838
|
|
|
25,709
|
|
|
24,096
|
|
|
1,613
|
|
||||||
Total revenues
|
71,979
|
|
|
51,194
|
|
|
20,785
|
|
|
140,823
|
|
|
95,867
|
|
|
44,956
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating expenses
|
27,593
|
|
|
21,324
|
|
|
6,269
|
|
|
55,172
|
|
|
42,337
|
|
|
12,835
|
|
||||||
General and administrative
|
4,573
|
|
|
3,341
|
|
|
1,232
|
|
|
8,159
|
|
|
7,176
|
|
|
983
|
|
||||||
Acquisition and transaction expenses
|
1,508
|
|
|
1,880
|
|
|
(372
|
)
|
|
3,274
|
|
|
3,332
|
|
|
(58
|
)
|
||||||
Management fees and incentive allocation to affiliate
|
4,495
|
|
|
3,865
|
|
|
630
|
|
|
8,234
|
|
|
7,758
|
|
|
476
|
|
||||||
Depreciation and amortization
|
32,844
|
|
|
20,221
|
|
|
12,623
|
|
|
62,431
|
|
|
37,598
|
|
|
24,833
|
|
||||||
Interest expense
|
12,857
|
|
|
7,684
|
|
|
5,173
|
|
|
24,728
|
|
|
12,378
|
|
|
12,350
|
|
||||||
Total expenses
|
83,870
|
|
|
58,315
|
|
|
25,555
|
|
|
161,998
|
|
|
110,579
|
|
|
51,419
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity in losses of unconsolidated entities
|
(251
|
)
|
|
(327
|
)
|
|
76
|
|
|
(156
|
)
|
|
(1,593
|
)
|
|
1,437
|
|
||||||
Gain on sale of equipment, net
|
4,996
|
|
|
1,999
|
|
|
2,997
|
|
|
4,991
|
|
|
4,017
|
|
|
974
|
|
||||||
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,456
|
)
|
|
2,456
|
|
||||||
Interest income
|
74
|
|
|
84
|
|
|
(10
|
)
|
|
250
|
|
|
367
|
|
|
(117
|
)
|
||||||
Other income
|
1,157
|
|
|
20
|
|
|
1,137
|
|
|
1,337
|
|
|
32
|
|
|
1,305
|
|
||||||
Total other income
|
5,976
|
|
|
1,776
|
|
|
4,200
|
|
|
6,422
|
|
|
367
|
|
|
6,055
|
|
||||||
Loss before income taxes
|
(5,915
|
)
|
|
(5,345
|
)
|
|
(570
|
)
|
|
(14,753
|
)
|
|
(14,345
|
)
|
|
(408
|
)
|
||||||
Provision for income taxes
|
534
|
|
|
464
|
|
|
70
|
|
|
1,029
|
|
|
676
|
|
|
353
|
|
||||||
Net loss
|
(6,449
|
)
|
|
(5,809
|
)
|
|
(640
|
)
|
|
(15,782
|
)
|
|
(15,021
|
)
|
|
(761
|
)
|
||||||
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries
|
(7,288
|
)
|
|
(4,349
|
)
|
|
(2,939
|
)
|
|
(16,049
|
)
|
|
(9,147
|
)
|
|
(6,902
|
)
|
||||||
Net income (loss) attributable to shareholders
|
$
|
839
|
|
|
$
|
(1,460
|
)
|
|
$
|
2,299
|
|
|
$
|
267
|
|
|
$
|
(5,874
|
)
|
|
$
|
6,141
|
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Add: Provision for income taxes
|
534
|
|
|
464
|
|
|
70
|
|
|
1,029
|
|
|
676
|
|
|
353
|
|
||||||
Add: Equity-based compensation expense
|
229
|
|
|
443
|
|
|
(214
|
)
|
|
437
|
|
|
530
|
|
|
(93
|
)
|
||||||
Add: Acquisition and transaction expenses
|
1,508
|
|
|
1,880
|
|
|
(372
|
)
|
|
3,274
|
|
|
3,332
|
|
|
(58
|
)
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,456
|
|
|
(2,456
|
)
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
(441
|
)
|
|
—
|
|
|
(441
|
)
|
|
182
|
|
|
—
|
|
|
182
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Pro-rata share of Adjusted Net Income (Loss) from unconsolidated entities
(1)
|
(251
|
)
|
|
(419
|
)
|
|
168
|
|
|
(156
|
)
|
|
(1,685
|
)
|
|
1,529
|
|
||||||
Add: Incentive allocations
|
573
|
|
|
—
|
|
|
573
|
|
|
573
|
|
|
—
|
|
|
573
|
|
||||||
Less: Cash payments for income taxes
|
(474
|
)
|
|
(592
|
)
|
|
118
|
|
|
(465
|
)
|
|
(595
|
)
|
|
130
|
|
||||||
Less: Equity in losses (earnings) of unconsolidated entities
|
251
|
|
|
327
|
|
|
(76
|
)
|
|
156
|
|
|
1,593
|
|
|
(1,437
|
)
|
||||||
Less: Non-controlling share of Adjusted Net Income (Loss)
(2)
|
(198
|
)
|
|
(17
|
)
|
|
(181
|
)
|
|
—
|
|
|
(56
|
)
|
|
56
|
|
||||||
Adjusted Net Income
|
$
|
2,570
|
|
|
$
|
626
|
|
|
$
|
1,944
|
|
|
$
|
5,297
|
|
|
$
|
377
|
|
|
$
|
4,920
|
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Net income (loss) attributable to shareholders
|
$
|
839
|
|
|
$
|
(1,460
|
)
|
|
$
|
2,299
|
|
|
$
|
267
|
|
|
$
|
(5,874
|
)
|
|
$
|
6,141
|
|
Add: Provision for income taxes
|
534
|
|
|
464
|
|
|
70
|
|
|
1,029
|
|
|
676
|
|
|
353
|
|
||||||
Add: Equity-based compensation expense
|
229
|
|
|
443
|
|
|
(214
|
)
|
|
437
|
|
|
530
|
|
|
(93
|
)
|
||||||
Add: Acquisition and transaction expenses
|
1,508
|
|
|
1,880
|
|
|
(372
|
)
|
|
3,274
|
|
|
3,332
|
|
|
(58
|
)
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,456
|
|
|
(2,456
|
)
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
(441
|
)
|
|
—
|
|
|
(441
|
)
|
|
182
|
|
|
—
|
|
|
182
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Incentive allocations
|
573
|
|
|
—
|
|
|
573
|
|
|
573
|
|
|
—
|
|
|
573
|
|
||||||
Add: Depreciation and amortization expense
(3)
|
38,506
|
|
|
21,583
|
|
|
16,923
|
|
|
75,320
|
|
|
40,889
|
|
|
34,431
|
|
||||||
Add: Interest expense
|
12,857
|
|
|
7,684
|
|
|
5,173
|
|
|
24,728
|
|
|
12,378
|
|
|
12,350
|
|
||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities
(4)
|
(192
|
)
|
|
189
|
|
|
(381
|
)
|
|
(17
|
)
|
|
(491
|
)
|
|
474
|
|
||||||
Less: Equity in losses (earnings) of unconsolidated entities
|
251
|
|
|
327
|
|
|
(76
|
)
|
|
156
|
|
|
1,593
|
|
|
(1,437
|
)
|
||||||
Less: Non-controlling share of Adjusted EBITDA
(5)
|
(2,447
|
)
|
|
(2,277
|
)
|
|
(170
|
)
|
|
(5,612
|
)
|
|
(4,519
|
)
|
|
(1,093
|
)
|
||||||
Adjusted EBITDA (non-GAAP)
|
$
|
52,217
|
|
|
$
|
28,833
|
|
|
$
|
23,384
|
|
|
$
|
100,337
|
|
|
$
|
50,970
|
|
|
$
|
49,367
|
|
Aviation Assets
|
Widebody
|
|
Narrowbody
|
|
Total
|
|||
Aircraft
|
|
|
|
|
|
|||
Assets at January 1, 2018
|
9
|
|
|
39
|
|
|
48
|
|
Purchases
|
2
|
|
|
11
|
|
|
13
|
|
Sales
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
Transfers
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
Assets at June 30, 2018
|
11
|
|
|
46
|
|
|
57
|
|
|
|
|
|
|
|
|||
Engines
|
|
|
|
|
|
|||
Assets at January 1, 2018
|
57
|
|
|
53
|
|
|
110
|
|
Purchases
|
8
|
|
|
8
|
|
|
16
|
|
Sales
|
(2
|
)
|
|
(4
|
)
|
|
(6
|
)
|
Transfers
|
—
|
|
|
6
|
|
|
6
|
|
Assets at June 30, 2018
|
63
|
|
|
63
|
|
|
126
|
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Revenues
|
|
||||||||||||||||||||||
Equipment leasing revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease income
|
$
|
33,625
|
|
|
$
|
20,001
|
|
|
$
|
13,624
|
|
|
$
|
62,933
|
|
|
$
|
37,636
|
|
|
$
|
25,297
|
|
Maintenance revenue
|
21,688
|
|
|
16,576
|
|
|
5,112
|
|
|
45,115
|
|
|
29,245
|
|
|
15,870
|
|
||||||
Finance lease income
|
247
|
|
|
—
|
|
|
247
|
|
|
247
|
|
|
—
|
|
|
247
|
|
||||||
Other revenue
|
558
|
|
|
—
|
|
|
558
|
|
|
558
|
|
|
2
|
|
|
556
|
|
||||||
Total revenues
|
56,118
|
|
|
36,577
|
|
|
19,541
|
|
|
108,853
|
|
|
66,883
|
|
|
41,970
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating expenses
|
1,864
|
|
|
1,371
|
|
|
493
|
|
|
5,297
|
|
|
2,790
|
|
|
2,507
|
|
||||||
Acquisition and transaction expenses
|
66
|
|
|
55
|
|
|
11
|
|
|
223
|
|
|
270
|
|
|
(47
|
)
|
||||||
Depreciation and amortization
|
24,875
|
|
|
14,086
|
|
|
10,789
|
|
|
46,688
|
|
|
25,375
|
|
|
21,313
|
|
||||||
Total expenses
|
26,805
|
|
|
15,512
|
|
|
11,293
|
|
|
52,208
|
|
|
28,435
|
|
|
23,773
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other (expense) income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity in losses of unconsolidated entities
|
(126
|
)
|
|
(107
|
)
|
|
(19
|
)
|
|
(350
|
)
|
|
(843
|
)
|
|
493
|
|
||||||
Gain on sale of equipment, net
|
5,003
|
|
|
2,029
|
|
|
2,974
|
|
|
4,983
|
|
|
4,061
|
|
|
922
|
|
||||||
Interest income
|
33
|
|
|
76
|
|
|
(43
|
)
|
|
106
|
|
|
159
|
|
|
(53
|
)
|
||||||
Total other income
|
4,910
|
|
|
1,998
|
|
|
2,912
|
|
|
4,739
|
|
|
3,377
|
|
|
1,362
|
|
||||||
Income before income taxes
|
34,223
|
|
|
23,063
|
|
|
11,160
|
|
|
61,384
|
|
|
41,825
|
|
|
19,559
|
|
||||||
Provision for income taxes
|
523
|
|
|
478
|
|
|
45
|
|
|
1,006
|
|
|
671
|
|
|
335
|
|
||||||
Net income
|
33,700
|
|
|
22,585
|
|
|
11,115
|
|
|
60,378
|
|
|
41,154
|
|
|
19,224
|
|
||||||
Less: Net (loss) income attributable to non-controlling interest in consolidated subsidiaries
|
—
|
|
|
224
|
|
|
(224
|
)
|
|
(24
|
)
|
|
142
|
|
|
(166
|
)
|
||||||
Net income attributable to shareholders
|
$
|
33,700
|
|
|
$
|
22,361
|
|
|
$
|
11,339
|
|
|
$
|
60,402
|
|
|
$
|
41,012
|
|
|
$
|
19,390
|
|
Add: Provision for income taxes
|
523
|
|
|
478
|
|
|
45
|
|
|
1,006
|
|
|
671
|
|
|
335
|
|
||||||
Add: Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Acquisition and transaction expenses
|
66
|
|
|
55
|
|
|
11
|
|
|
223
|
|
|
270
|
|
|
(47
|
)
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Pro-rata share of Adjusted Net Income from unconsolidated entities
(1)
|
(126
|
)
|
|
(107
|
)
|
|
(19
|
)
|
|
(350
|
)
|
|
(843
|
)
|
|
493
|
|
||||||
Add: Incentive allocations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Cash payments for income taxes
|
(421
|
)
|
|
—
|
|
|
(421
|
)
|
|
(421
|
)
|
|
—
|
|
|
(421
|
)
|
||||||
Less: Equity in losses of unconsolidated entities
|
126
|
|
|
107
|
|
|
19
|
|
|
350
|
|
|
843
|
|
|
(493
|
)
|
||||||
Less: Non-controlling share of Adjusted Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Adjusted Net Income
|
$
|
33,868
|
|
|
$
|
22,894
|
|
|
$
|
10,974
|
|
|
$
|
61,210
|
|
|
$
|
41,953
|
|
|
$
|
19,257
|
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Net income attributable to shareholders
|
$
|
33,700
|
|
|
$
|
22,361
|
|
|
$
|
11,339
|
|
|
$
|
60,402
|
|
|
$
|
41,012
|
|
|
$
|
19,390
|
|
Add: Provision for income taxes
|
523
|
|
|
478
|
|
|
45
|
|
|
1,006
|
|
|
671
|
|
|
335
|
|
||||||
Add: Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Acquisition and transaction expenses
|
66
|
|
|
55
|
|
|
11
|
|
|
223
|
|
|
270
|
|
|
(47
|
)
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Incentive allocations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Depreciation and amortization expense
(2)
|
30,537
|
|
|
15,448
|
|
|
15,089
|
|
|
59,577
|
|
|
28,666
|
|
|
30,911
|
|
||||||
Add: Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities
(3)
|
(126
|
)
|
|
(107
|
)
|
|
(19
|
)
|
|
(350
|
)
|
|
(843
|
)
|
|
493
|
|
||||||
Less: Equity in losses of unconsolidated entities
|
126
|
|
|
107
|
|
|
19
|
|
|
350
|
|
|
843
|
|
|
(493
|
)
|
||||||
Less: Non-controlling share of Adjusted EBITDA
(4)
|
—
|
|
|
(121
|
)
|
|
121
|
|
|
(172
|
)
|
|
(162
|
)
|
|
(10
|
)
|
||||||
Adjusted EBITDA (non-GAAP)
|
$
|
64,826
|
|
|
$
|
38,221
|
|
|
$
|
26,605
|
|
|
$
|
121,036
|
|
|
$
|
70,457
|
|
|
$
|
50,579
|
|
Offshore Energy Assets
|
||
Asset Type
|
Year Built
|
Description
|
AHTS Vessel
|
2010
|
Anchor handling tug supply vessel with accommodation for 30 personnel and a total bollard pull of 68.5 tons
|
Construction Support Vessel
|
2014
|
DP-3 construction support and well intervention vessel with 250-ton main crane, 2,000 square meter open deck space, moon pool and accommodation for 100 personnel
|
ROV Support Vessel
|
2011
|
DP-2 dive and ROV support vessel with 50-ton crane, moon pool and accommodation for 120 personnel
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Revenues
|
|
||||||||||||||||||||||
Equipment leasing revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease income
|
$
|
1,868
|
|
|
$
|
2,884
|
|
|
$
|
(1,016
|
)
|
|
$
|
4,117
|
|
|
$
|
3,495
|
|
|
$
|
622
|
|
Finance lease income
|
365
|
|
|
385
|
|
|
(20
|
)
|
|
732
|
|
|
771
|
|
|
(39
|
)
|
||||||
Other revenue
|
954
|
|
|
512
|
|
|
442
|
|
|
1,362
|
|
|
572
|
|
|
790
|
|
||||||
Total revenues
|
3,187
|
|
|
3,781
|
|
|
(594
|
)
|
|
6,211
|
|
|
4,838
|
|
|
1,373
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating expenses
|
3,948
|
|
|
4,015
|
|
|
(67
|
)
|
|
6,316
|
|
|
7,558
|
|
|
(1,242
|
)
|
||||||
Depreciation and amortization
|
1,626
|
|
|
1,606
|
|
|
20
|
|
|
3,228
|
|
|
3,213
|
|
|
15
|
|
||||||
Interest expense
|
961
|
|
|
930
|
|
|
31
|
|
|
1,834
|
|
|
1,854
|
|
|
(20
|
)
|
||||||
Total expenses
|
6,535
|
|
|
6,551
|
|
|
(16
|
)
|
|
11,378
|
|
|
12,625
|
|
|
(1,247
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income
|
5
|
|
|
4
|
|
|
1
|
|
|
8
|
|
|
7
|
|
|
1
|
|
||||||
Total other income
|
5
|
|
|
4
|
|
|
1
|
|
|
8
|
|
|
7
|
|
|
1
|
|
||||||
Loss before income taxes
|
(3,343
|
)
|
|
(2,766
|
)
|
|
(577
|
)
|
|
(5,159
|
)
|
|
(7,780
|
)
|
|
2,621
|
|
||||||
Provision for income taxes
|
2
|
|
|
3
|
|
|
(1
|
)
|
|
5
|
|
|
5
|
|
|
—
|
|
||||||
Net loss
|
(3,345
|
)
|
|
(2,769
|
)
|
|
(576
|
)
|
|
(5,164
|
)
|
|
(7,785
|
)
|
|
2,621
|
|
||||||
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries
|
—
|
|
|
(216
|
)
|
|
216
|
|
|
—
|
|
|
(464
|
)
|
|
464
|
|
||||||
Net loss attributable to shareholders
|
$
|
(3,345
|
)
|
|
$
|
(2,553
|
)
|
|
$
|
(792
|
)
|
|
$
|
(5,164
|
)
|
|
$
|
(7,321
|
)
|
|
$
|
2,157
|
|
Add: Provision for income taxes
|
2
|
|
|
3
|
|
|
(1
|
)
|
|
5
|
|
|
5
|
|
|
—
|
|
||||||
Add: Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Acquisition and transaction expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Pro-rata share of Adjusted Net Income from unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Incentive allocations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Cash payments for income taxes
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
||||||
Less: Equity in earnings of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Non-controlling share of Adjusted Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Adjusted Net Loss
|
$
|
(3,350
|
)
|
|
$
|
(2,550
|
)
|
|
$
|
(800
|
)
|
|
$
|
(5,166
|
)
|
|
$
|
(7,316
|
)
|
|
$
|
2,150
|
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2017
|
|
2016
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Net loss attributable to shareholders
|
$
|
(3,345
|
)
|
|
$
|
(2,553
|
)
|
|
$
|
(792
|
)
|
|
$
|
(5,164
|
)
|
|
$
|
(7,321
|
)
|
|
$
|
2,157
|
|
Add: Provision for income taxes
|
2
|
|
|
3
|
|
|
(1
|
)
|
|
5
|
|
|
5
|
|
|
—
|
|
||||||
Add: Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Acquisition and transaction expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Incentive allocations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Depreciation and amortization expense
|
1,626
|
|
|
1,606
|
|
|
20
|
|
|
3,228
|
|
|
3,213
|
|
|
15
|
|
||||||
Add: Interest expense
|
961
|
|
|
930
|
|
|
31
|
|
|
1,834
|
|
|
1,854
|
|
|
(20
|
)
|
||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Equity in earnings of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Non-controlling share of Adjusted EBITDA
(1)
|
—
|
|
|
(91
|
)
|
|
91
|
|
|
—
|
|
|
(186
|
)
|
|
186
|
|
||||||
Adjusted EBITDA (non-GAAP)
|
$
|
(756
|
)
|
|
$
|
(105
|
)
|
|
$
|
(651
|
)
|
|
$
|
(97
|
)
|
|
$
|
(2,435
|
)
|
|
$
|
2,338
|
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Revenues
|
|
||||||||||||||||||||||
Equipment leasing revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other revenue
|
$
|
25
|
|
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
50
|
|
|
$
|
50
|
|
|
$
|
—
|
|
Total revenues
|
25
|
|
|
25
|
|
|
—
|
|
|
50
|
|
|
50
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity in earnings (losses) of unconsolidated entities
|
110
|
|
|
(210
|
)
|
|
320
|
|
|
281
|
|
|
(675
|
)
|
|
956
|
|
||||||
Total other income (expense)
|
110
|
|
|
(210
|
)
|
|
320
|
|
|
281
|
|
|
(675
|
)
|
|
956
|
|
||||||
Income (loss) before income taxes
|
135
|
|
|
(185
|
)
|
|
320
|
|
|
331
|
|
|
(625
|
)
|
|
956
|
|
||||||
Benefit from income taxes
|
(2
|
)
|
|
(9
|
)
|
|
7
|
|
|
(3
|
)
|
|
(34
|
)
|
|
31
|
|
||||||
Net income (loss) attributable to shareholders
|
$
|
137
|
|
|
$
|
(176
|
)
|
|
$
|
313
|
|
|
$
|
334
|
|
|
$
|
(591
|
)
|
|
$
|
925
|
|
Add: Benefit from income taxes
|
(2
|
)
|
|
(9
|
)
|
|
7
|
|
|
(3
|
)
|
|
(34
|
)
|
|
31
|
|
||||||
Add: Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Acquisition and transaction expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Pro-rata share of Adjusted Net Income (Loss) from unconsolidated entities
(1)
|
110
|
|
|
(302
|
)
|
|
412
|
|
|
281
|
|
|
(767
|
)
|
|
1,048
|
|
||||||
Add: Incentive allocations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Cash payments for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Equity in (losses) earnings of unconsolidated entities
|
(110
|
)
|
|
210
|
|
|
(320
|
)
|
|
(281
|
)
|
|
675
|
|
|
(956
|
)
|
||||||
Less: Non-controlling share of Adjusted Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Adjusted Net Income (Loss)
|
$
|
135
|
|
|
$
|
(277
|
)
|
|
$
|
412
|
|
|
$
|
331
|
|
|
$
|
(717
|
)
|
|
$
|
1,048
|
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Net income (loss) attributable to shareholders
|
$
|
137
|
|
|
$
|
(176
|
)
|
|
$
|
313
|
|
|
$
|
334
|
|
|
$
|
(591
|
)
|
|
$
|
925
|
|
Add: Benefit from income taxes
|
(2
|
)
|
|
(9
|
)
|
|
7
|
|
|
(3
|
)
|
|
(34
|
)
|
|
31
|
|
||||||
Add: Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Acquisition and transaction expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Incentive allocations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Depreciation and amortization expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities
(2)
|
169
|
|
|
306
|
|
|
(137
|
)
|
|
420
|
|
|
427
|
|
|
(7
|
)
|
||||||
Less: Equity in (losses) earnings of unconsolidated entities
|
(110
|
)
|
|
210
|
|
|
(320
|
)
|
|
(281
|
)
|
|
675
|
|
|
(956
|
)
|
||||||
Less: Non-controlling share of Adjusted EBITDA
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Adjusted EBITDA (non-GAAP)
|
$
|
194
|
|
|
$
|
331
|
|
|
$
|
(137
|
)
|
|
$
|
470
|
|
|
$
|
477
|
|
|
$
|
(7
|
)
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Revenues
|
|
||||||||||||||||||||||
Infrastructure revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Terminal services revenues
|
$
|
2,550
|
|
|
$
|
3,026
|
|
|
$
|
(476
|
)
|
|
$
|
3,803
|
|
|
$
|
7,892
|
|
|
$
|
(4,089
|
)
|
Total revenues
|
2,550
|
|
|
3,026
|
|
|
(476
|
)
|
|
3,803
|
|
|
7,892
|
|
|
(4,089
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating expenses
|
11,253
|
|
|
7,267
|
|
|
3,986
|
|
|
23,212
|
|
|
14,880
|
|
|
8,332
|
|
||||||
Depreciation and amortization
|
4,937
|
|
|
3,956
|
|
|
981
|
|
|
9,727
|
|
|
7,907
|
|
|
1,820
|
|
||||||
Interest expense
|
4,285
|
|
|
1,438
|
|
|
2,847
|
|
|
7,813
|
|
|
2,875
|
|
|
4,938
|
|
||||||
Total expenses
|
20,475
|
|
|
12,661
|
|
|
7,814
|
|
|
40,752
|
|
|
25,662
|
|
|
15,090
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity in losses of unconsolidated entities
|
(235
|
)
|
|
(10
|
)
|
|
(225
|
)
|
|
(87
|
)
|
|
(75
|
)
|
|
(12
|
)
|
||||||
Interest income
|
36
|
|
|
4
|
|
|
32
|
|
|
136
|
|
|
201
|
|
|
(65
|
)
|
||||||
Other income
|
1,157
|
|
|
20
|
|
|
1,137
|
|
|
1,337
|
|
|
32
|
|
|
1,305
|
|
||||||
Total other income
|
958
|
|
|
14
|
|
|
944
|
|
|
1,386
|
|
|
158
|
|
|
1,228
|
|
||||||
Loss before income taxes
|
(16,967
|
)
|
|
(9,621
|
)
|
|
(7,346
|
)
|
|
(35,563
|
)
|
|
(17,612
|
)
|
|
(17,951
|
)
|
||||||
Provision for (benefit from) income taxes
|
10
|
|
|
(5
|
)
|
|
15
|
|
|
21
|
|
|
34
|
|
|
(13
|
)
|
||||||
Net loss
|
(16,977
|
)
|
|
(9,616
|
)
|
|
(7,361
|
)
|
|
(35,584
|
)
|
|
(17,646
|
)
|
|
(17,938
|
)
|
||||||
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries
|
(7,309
|
)
|
|
(4,045
|
)
|
|
(3,264
|
)
|
|
(16,258
|
)
|
|
(8,403
|
)
|
|
(7,855
|
)
|
||||||
Net loss attributable to shareholders
|
$
|
(9,668
|
)
|
|
$
|
(5,571
|
)
|
|
$
|
(4,097
|
)
|
|
$
|
(19,326
|
)
|
|
$
|
(9,243
|
)
|
|
$
|
(10,083
|
)
|
Add: Provision for (benefit from) income taxes
|
10
|
|
|
(5
|
)
|
|
15
|
|
|
21
|
|
|
34
|
|
|
(13
|
)
|
||||||
Add: Equity-based compensation expense
|
90
|
|
|
79
|
|
|
11
|
|
|
180
|
|
|
138
|
|
|
42
|
|
||||||
Add: Acquisition and transaction expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
(441
|
)
|
|
—
|
|
|
(441
|
)
|
|
182
|
|
|
—
|
|
|
182
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Pro-rata share of Adjusted Net Loss from unconsolidated entities
(1)
|
(235
|
)
|
|
(10
|
)
|
|
(225
|
)
|
|
(87
|
)
|
|
(75
|
)
|
|
(12
|
)
|
||||||
Add: Incentive allocations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Cash payments for income taxes
|
(46
|
)
|
|
(79
|
)
|
|
33
|
|
|
(37
|
)
|
|
(82
|
)
|
|
45
|
|
||||||
Less: Equity in losses of unconsolidated entities
|
235
|
|
|
10
|
|
|
225
|
|
|
87
|
|
|
75
|
|
|
12
|
|
||||||
Less: Non-controlling share of Adjusted Net (Loss) Income
(2)
|
(195
|
)
|
|
2
|
|
|
(197
|
)
|
|
6
|
|
|
(35
|
)
|
|
41
|
|
||||||
Adjusted Net Loss
|
$
|
(10,250
|
)
|
|
$
|
(5,574
|
)
|
|
$
|
(4,676
|
)
|
|
$
|
(18,974
|
)
|
|
$
|
(9,188
|
)
|
|
$
|
(9,786
|
)
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Net loss attributable to shareholders
|
$
|
(9,668
|
)
|
|
$
|
(5,571
|
)
|
|
$
|
(4,097
|
)
|
|
$
|
(19,326
|
)
|
|
$
|
(9,243
|
)
|
|
$
|
(10,083
|
)
|
Add: Provision for income taxes
|
10
|
|
|
(5
|
)
|
|
15
|
|
|
21
|
|
|
34
|
|
|
(13
|
)
|
||||||
Add: Equity-based compensation expense
|
90
|
|
|
79
|
|
|
11
|
|
|
180
|
|
|
138
|
|
|
42
|
|
||||||
Add: Acquisition and transaction expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
(441
|
)
|
|
—
|
|
|
(441
|
)
|
|
182
|
|
|
—
|
|
|
182
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Incentive allocations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Depreciation and amortization expense
|
4,937
|
|
|
3,956
|
|
|
981
|
|
|
9,727
|
|
|
7,907
|
|
|
1,820
|
|
||||||
Add: Interest expense
|
4,285
|
|
|
1,438
|
|
|
2,847
|
|
|
7,813
|
|
|
2,875
|
|
|
4,938
|
|
||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities
(3)
|
(235
|
)
|
|
(10
|
)
|
|
(225
|
)
|
|
(87
|
)
|
|
(75
|
)
|
|
(12
|
)
|
||||||
Less: Equity in (losses) earnings of unconsolidated entities
|
235
|
|
|
10
|
|
|
225
|
|
|
87
|
|
|
75
|
|
|
12
|
|
||||||
Less: Non-controlling share of Adjusted EBITDA
(4)
|
(2,401
|
)
|
|
(2,032
|
)
|
|
(369
|
)
|
|
(5,336
|
)
|
|
(4,070
|
)
|
|
(1,266
|
)
|
||||||
Adjusted EBITDA (non-GAAP)
|
$
|
(3,188
|
)
|
|
$
|
(2,135
|
)
|
|
$
|
(1,053
|
)
|
|
$
|
(6,739
|
)
|
|
$
|
(2,359
|
)
|
|
$
|
(4,380
|
)
|
(3)
|
Includes Jefferson Terminal’s proportionate share of the unconsolidated entities’ net income adjusted for the excluded and included items detailed in the table above, for which there were no adjustments.
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Revenues
|
|
||||||||||||||||||||||
Infrastructure revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Rail revenues
|
$
|
8,788
|
|
|
$
|
7,662
|
|
|
$
|
1,126
|
|
|
$
|
19,835
|
|
|
$
|
16,065
|
|
|
$
|
3,770
|
|
Total revenues
|
8,788
|
|
|
7,662
|
|
|
1,126
|
|
|
19,835
|
|
|
16,065
|
|
|
3,770
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating expenses
|
7,813
|
|
|
7,907
|
|
|
(94
|
)
|
|
15,251
|
|
|
15,451
|
|
|
(200
|
)
|
||||||
Depreciation and amortization
|
574
|
|
|
492
|
|
|
82
|
|
|
1,147
|
|
|
1,018
|
|
|
129
|
|
||||||
Interest expense
|
141
|
|
|
247
|
|
|
(106
|
)
|
|
486
|
|
|
446
|
|
|
40
|
|
||||||
Total expenses
|
8,528
|
|
|
8,646
|
|
|
(118
|
)
|
|
16,884
|
|
|
16,915
|
|
|
(31
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other (expense) income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Loss) Gain on sale of equipment, net
|
(7
|
)
|
|
(30
|
)
|
|
23
|
|
|
8
|
|
|
(44
|
)
|
|
52
|
|
||||||
Total other (expense) income
|
(7
|
)
|
|
(30
|
)
|
|
23
|
|
|
8
|
|
|
(44
|
)
|
|
52
|
|
||||||
Income (expense) before income taxes
|
253
|
|
|
(1,014
|
)
|
|
1,267
|
|
|
2,959
|
|
|
(894
|
)
|
|
3,853
|
|
||||||
Provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net income (loss)
|
253
|
|
|
(1,014
|
)
|
|
1,267
|
|
|
2,959
|
|
|
(894
|
)
|
|
3,853
|
|
||||||
Less: Net income attributable to non-controlling interest in consolidated subsidiaries
|
51
|
|
|
57
|
|
|
(6
|
)
|
|
257
|
|
|
61
|
|
|
196
|
|
||||||
Net income (loss) attributable to shareholders
|
$
|
202
|
|
|
$
|
(1,071
|
)
|
|
$
|
1,273
|
|
|
$
|
2,702
|
|
|
$
|
(955
|
)
|
|
$
|
3,657
|
|
Add: Provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Equity-based compensation expense
|
46
|
|
|
364
|
|
|
(318
|
)
|
|
92
|
|
|
392
|
|
|
(300
|
)
|
||||||
Add: Acquisition and transaction expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Pro-rata share of Adjusted Net Income from unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Incentive allocations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Cash payments for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Equity in earnings of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Non-controlling share of Adjusted Net Income
(1)
|
(3
|
)
|
|
(19
|
)
|
|
16
|
|
|
(6
|
)
|
|
(21
|
)
|
|
15
|
|
||||||
Adjusted Net Income (Loss)
|
$
|
245
|
|
|
$
|
(726
|
)
|
|
$
|
971
|
|
|
$
|
2,788
|
|
|
$
|
(584
|
)
|
|
$
|
3,372
|
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Net income (loss) attributable to shareholders
|
$
|
202
|
|
|
$
|
(1,071
|
)
|
|
$
|
1,273
|
|
|
$
|
2,702
|
|
|
$
|
(955
|
)
|
|
$
|
3,657
|
|
Add: Provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Equity-based compensation expense
|
46
|
|
|
364
|
|
|
(318
|
)
|
|
92
|
|
|
392
|
|
|
(300
|
)
|
||||||
Add: Acquisition and transaction expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Incentive allocations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Depreciation and amortization expense
|
574
|
|
|
492
|
|
|
82
|
|
|
1,147
|
|
|
1,018
|
|
|
129
|
|
||||||
Add: Interest expense
|
141
|
|
|
247
|
|
|
(106
|
)
|
|
486
|
|
|
446
|
|
|
40
|
|
||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Equity in earnings of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Non-controlling share of Adjusted EBITDA
(1)
|
(46
|
)
|
|
(60
|
)
|
|
14
|
|
|
(104
|
)
|
|
(101
|
)
|
|
(3
|
)
|
||||||
Adjusted EBITDA (non-GAAP)
|
$
|
917
|
|
|
$
|
(28
|
)
|
|
$
|
945
|
|
|
$
|
4,323
|
|
|
$
|
800
|
|
|
$
|
3,523
|
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Revenues
|
|
||||||||||||||||||||||
Infrastructure revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Lease income
|
$
|
417
|
|
|
$
|
123
|
|
|
$
|
294
|
|
|
$
|
799
|
|
|
$
|
139
|
|
|
$
|
660
|
|
Other revenue
|
894
|
|
|
—
|
|
|
894
|
|
|
1,272
|
|
|
—
|
|
|
1,272
|
|
||||||
Total revenues
|
1,311
|
|
|
123
|
|
|
1,188
|
|
|
2,071
|
|
|
139
|
|
|
1,932
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating expenses
|
2,715
|
|
|
764
|
|
|
1,951
|
|
|
5,096
|
|
|
1,658
|
|
|
3,438
|
|
||||||
Depreciation and amortization
|
832
|
|
|
81
|
|
|
751
|
|
|
1,641
|
|
|
85
|
|
|
1,556
|
|
||||||
Interest expense
|
273
|
|
|
270
|
|
|
3
|
|
|
545
|
|
|
544
|
|
|
1
|
|
||||||
Total expenses
|
3,820
|
|
|
1,115
|
|
|
2,705
|
|
|
7,282
|
|
|
2,287
|
|
|
4,995
|
|
||||||
Loss before income taxes
|
(2,509
|
)
|
|
(992
|
)
|
|
(1,517
|
)
|
|
(5,211
|
)
|
|
(2,148
|
)
|
|
(3,063
|
)
|
||||||
Provision for (benefit from) income taxes
|
1
|
|
|
(3
|
)
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net loss
|
(2,510
|
)
|
|
(989
|
)
|
|
(1,521
|
)
|
|
(5,211
|
)
|
|
(2,148
|
)
|
|
(3,063
|
)
|
||||||
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries
|
(30
|
)
|
|
(369
|
)
|
|
339
|
|
|
(24
|
)
|
|
(483
|
)
|
|
459
|
|
||||||
Net loss attributable to shareholders
|
$
|
(2,480
|
)
|
|
$
|
(620
|
)
|
|
$
|
(1,860
|
)
|
|
$
|
(5,187
|
)
|
|
$
|
(1,665
|
)
|
|
$
|
(3,522
|
)
|
Add: Provision for (benefit from) income taxes
|
1
|
|
|
(3
|
)
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Equity-based compensation expense
|
93
|
|
|
—
|
|
|
93
|
|
|
156
|
|
|
—
|
|
|
156
|
|
||||||
Add: Acquisition and transaction expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Pro-rata share of Adjusted Net Income from unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Incentive allocations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Cash payments for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Equity in earnings of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Non-controlling share of Adjusted Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Adjusted Net Loss
|
$
|
(2,386
|
)
|
|
$
|
(623
|
)
|
|
$
|
(1,763
|
)
|
|
$
|
(5,031
|
)
|
|
$
|
(1,665
|
)
|
|
$
|
(3,366
|
)
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Net loss attributable to shareholders
|
$
|
(2,480
|
)
|
|
$
|
(620
|
)
|
|
$
|
(1,860
|
)
|
|
$
|
(5,187
|
)
|
|
$
|
(1,665
|
)
|
|
$
|
(3,522
|
)
|
Add: Provision for (benefit from) income taxes
|
1
|
|
|
(3
|
)
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Equity-based compensation expense
|
93
|
|
|
—
|
|
|
93
|
|
|
156
|
|
|
—
|
|
|
156
|
|
||||||
Add: Acquisition and transaction expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Depreciation and amortization expense
|
832
|
|
|
81
|
|
|
751
|
|
|
1,641
|
|
|
85
|
|
|
1,556
|
|
||||||
Add: Interest expense
|
273
|
|
|
270
|
|
|
3
|
|
|
545
|
|
|
544
|
|
|
1
|
|
||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Equity in earnings of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Non-controlling share of Adjusted EBITDA
(1)
|
—
|
|
|
27
|
|
|
(27
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Adjusted EBITDA
|
$
|
(1,281
|
)
|
|
$
|
(245
|
)
|
|
$
|
(1,036
|
)
|
|
$
|
(2,845
|
)
|
|
$
|
(1,036
|
)
|
|
$
|
(1,809
|
)
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
General and administrative
|
$
|
4,573
|
|
|
$
|
3,341
|
|
|
$
|
1,232
|
|
|
$
|
8,159
|
|
|
$
|
7,176
|
|
|
$
|
983
|
|
Acquisition and transaction expenses
|
1,442
|
|
|
1,825
|
|
|
(383
|
)
|
|
3,051
|
|
|
3,062
|
|
|
(11
|
)
|
||||||
Management fees and incentive allocation to affiliate
|
4,495
|
|
|
3,865
|
|
|
630
|
|
|
8,234
|
|
|
7,758
|
|
|
476
|
|
||||||
Interest expense
|
7,197
|
|
|
4,799
|
|
|
2,398
|
|
|
14,050
|
|
|
6,659
|
|
|
7,391
|
|
||||||
Total expenses
|
17,707
|
|
|
13,830
|
|
|
3,877
|
|
|
33,494
|
|
|
24,655
|
|
|
8,839
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other expense
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,456
|
)
|
|
2,456
|
|
||||||
Total other expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,456
|
)
|
|
2,456
|
|
||||||
Loss before income taxes
|
(17,707
|
)
|
|
(13,830
|
)
|
|
(3,877
|
)
|
|
(33,494
|
)
|
|
(27,111
|
)
|
|
(6,383
|
)
|
||||||
Provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net loss
|
(17,707
|
)
|
|
(13,830
|
)
|
|
(3,877
|
)
|
|
(33,494
|
)
|
|
(27,111
|
)
|
|
(6,383
|
)
|
||||||
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net loss attributable to shareholders
|
$
|
(17,707
|
)
|
|
$
|
(13,830
|
)
|
|
$
|
(3,877
|
)
|
|
$
|
(33,494
|
)
|
|
$
|
(27,111
|
)
|
|
$
|
(6,383
|
)
|
Add: Provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
9
|
|
||||||
Add: Acquisition and transaction expenses
|
1,442
|
|
|
1,825
|
|
|
(383
|
)
|
|
3,051
|
|
|
3,062
|
|
|
(11
|
)
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,456
|
|
|
(2,456
|
)
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Pro-rata share of Adjusted Net Income from unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Incentive allocations
|
573
|
|
|
|
|
—
|
|
|
573
|
|
|
—
|
|
|
—
|
|
|||||||
Less: Cash payments for income taxes
|
—
|
|
|
(513
|
)
|
|
513
|
|
|
—
|
|
|
(513
|
)
|
|
513
|
|
||||||
Less: Equity in earnings of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Non-controlling share of Adjusted Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Adjusted Net Loss
|
$
|
(15,692
|
)
|
|
$
|
(12,518
|
)
|
|
$
|
(3,747
|
)
|
|
$
|
(29,861
|
)
|
|
$
|
(22,106
|
)
|
|
$
|
(8,328
|
)
|
|
Three Months Ended June 30,
|
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
||||||||||||||
Net loss attributable to shareholders
|
$
|
(17,707
|
)
|
|
$
|
(13,830
|
)
|
|
$
|
(3,877
|
)
|
|
$
|
(33,494
|
)
|
|
$
|
(27,111
|
)
|
|
$
|
(6,383
|
)
|
Add: Provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
9
|
|
||||||
Add: Acquisition and transaction expenses
|
1,442
|
|
|
1,825
|
|
|
(383
|
)
|
|
3,051
|
|
|
3,062
|
|
|
(11
|
)
|
||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,456
|
|
|
(2,456
|
)
|
||||||
Add: Changes in fair value of non-hedge derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Asset impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Incentive allocations
|
573
|
|
|
—
|
|
|
573
|
|
|
573
|
|
|
—
|
|
|
573
|
|
||||||
Add: Depreciation and amortization expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Add: Interest expense
|
7,197
|
|
|
4,799
|
|
|
2,398
|
|
|
14,050
|
|
|
6,659
|
|
|
7,391
|
|
||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Equity in earnings of unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Less: Non-controlling share of Adjusted EBITDA
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Adjusted EBITDA
|
$
|
(8,495
|
)
|
|
$
|
(7,206
|
)
|
|
$
|
(1,289
|
)
|
|
$
|
(15,811
|
)
|
|
$
|
(14,934
|
)
|
|
$
|
(877
|
)
|
•
|
In the
six months ended
June 30, 2018
and
2017
, cash used for the purpose of making investments was $349,328 and $301,852, respectively.
|
•
|
In the
six months ended
June 30, 2018
and
2017
, dividends to shareholders were $
54,662
and
$50,024
, respectively.
|
•
|
Uses of liquidity associated with our operating expenses are captured on a net basis in our cash flows from operating activities. Uses of liquidity associated with our debt obligations are captured in our cash flows from financing activities.
|
•
|
During the
six months ended
June 30, 2018
and
2017
, cash flows from operating activities, plus the principal collections on finance leases and maintenance reserve collections were $82,046 and $43,475, respectively.
|
•
|
During the
six months ended
June 30, 2018
, additional borrowings were obtained in connection with the Senior Notes of $100,000, the Revolving Credit Facility of $50,000, the Jefferson Revolver of $39,000, net of financing costs, and the CMQR Credit Agreement of $13,350. We made total principal repayments of $
45,874
, primarily relating to the FTAI Pride Credit Agreement, the Revolving Credit Facility and the CMQR Credit Agreement. During the
six months ended
June 30, 2017
, additional borrowings were obtained in connection with the Term Loan of $97,163, net of deferred financing costs and the Senior Notes of $137,248, net of deferred financing costs and the repayment of the Term Loan. We made total principal repayments of $
11,875
primarily related to the FTAI Pride Credit Agreement and the CMQR Credit Agreement.
|
•
|
During the
six months ended
June 30, 2018
and
2017
, proceeds from the sale of assets were
$26,530
and $30,292, respectively.
|
•
|
During the
six months ended
June 30, 2018
, proceeds from the issuance of common shares were $
128,450
, net of issuance costs of $2,100.
|
|
Six Months Ended June 30,
|
||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
||||
Cash Flow Data:
|
|
|
|
||||
Net cash provided by operating activities
|
$
|
59,152
|
|
|
$
|
33,275
|
|
Net cash used in investing activities
|
(325,091
|
)
|
|
(268,830
|
)
|
||
Net cash provided by financing activities
|
246,978
|
|
|
186,087
|
|
|
Six Months Ended June 30,
|
||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
||||
Net Cash Provided by Operating Activities
|
$
|
59,152
|
|
|
$
|
33,275
|
|
Add: Principal Collections on Finance Leases
|
539
|
|
|
225
|
|
||
Add: Proceeds from sale of assets
|
26,530
|
|
|
30,292
|
|
||
Add: Return of Capital Distributions from Unconsolidated Entities
|
—
|
|
|
—
|
|
||
Less: Required Payments on Debt Obligations
(1)
|
(3,124
|
)
|
|
(3,125
|
)
|
||
Less: Capital Distributions to Non-Controlling Interest
|
—
|
|
|
—
|
|
||
Exclude: Changes in Working Capital
|
(3,876
|
)
|
|
(4,307
|
)
|
||
Funds Available for Distribution (FAD)
|
$
|
79,221
|
|
|
$
|
56,360
|
|
•
|
FAD does not include equity capital called from our existing limited partners, proceeds from any debt issuance or future equity offering, historical cash and cash equivalents and expected investments in our operations.
|
•
|
FAD does not give pro forma effect to prior acquisitions, certain of which cannot be quantified.
|
•
|
While FAD reflects the cash inflows from sale of certain assets, FAD does not reflect the cash outflows to acquire
assets as we rely on alternative sources of liquidity to fund such purchases.
|
•
|
FAD does not reflect expenditures related to capital expenditures, acquisitions and other investments as we have multiple sources of liquidity and intends to fund these expenditures with future incurrences of indebtedness, additional capital contributions and/or future issuances of equity.
|
•
|
FAD does not reflect any maintenance capital expenditures necessary to maintain the same level of cash generation from our capital investments.
|
•
|
FAD does not reflect changes in working capital balances as management believes that changes in working capital are primarily driven by short term timing differences, which are not meaningful to our distribution decisions.
|
•
|
Management has significant discretion to make distributions, and we are not bound by any contractual provision that requires us to use cash for distributions.
|
|
|
|
|
||||||||||||||||||||||||
(in thousands)
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
FTAI Pride Credit Agreement
|
$
|
3,125
|
|
|
$
|
47,743
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
50,868
|
|
CMQR Credit Agreement
|
—
|
|
|
—
|
|
|
20,400
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,400
|
|
|||||||
Revolving Credit Facility
|
—
|
|
|
—
|
|
|
25,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,000
|
|
|||||||
Jefferson Revolver
|
—
|
|
|
—
|
|
|
—
|
|
|
39,511
|
|
|
—
|
|
|
—
|
|
|
39,511
|
|
|||||||
Series 2012 Bonds
|
1,545
|
|
|
1,670
|
|
|
1,810
|
|
|
1,960
|
|
|
2,120
|
|
|
33,660
|
|
|
42,765
|
|
|||||||
Series 2016 Bonds
|
—
|
|
|
—
|
|
|
144,200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
144,200
|
|
|||||||
Senior Notes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
550,000
|
|
|
—
|
|
|
550,000
|
|
|||||||
Total principal payments on loans and bonds payable
|
4,670
|
|
|
49,413
|
|
|
191,410
|
|
|
41,471
|
|
|
552,120
|
|
|
33,660
|
|
|
872,744
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total estimated interest payments
(1)
|
30,654
|
|
|
56,415
|
|
|
43,564
|
|
|
40,508
|
|
|
10,598
|
|
|
15,683
|
|
|
197,422
|
|
|||||||
Obligation to third-party
|
22,215
|
|
|
7,210
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,425
|
|
|||||||
Operating lease obligations
|
2,925
|
|
|
5,603
|
|
|
4,730
|
|
|
3,079
|
|
|
2,324
|
|
|
69,083
|
|
|
87,744
|
|
|||||||
Capital lease obligations
|
195
|
|
|
382
|
|
|
367
|
|
|
233
|
|
|
110
|
|
|
7
|
|
|
1,294
|
|
|||||||
|
55,989
|
|
|
69,610
|
|
|
48,661
|
|
|
43,820
|
|
|
13,032
|
|
|
84,773
|
|
|
315,885
|
|
|||||||
Total contractual obligations
|
$
|
60,659
|
|
|
$
|
119,023
|
|
|
$
|
240,071
|
|
|
$
|
85,291
|
|
|
$
|
565,152
|
|
|
$
|
118,433
|
|
|
$
|
1,188,629
|
|
•
|
general demand for the type of assets that we purchase;
|
•
|
general macroeconomic conditions, including market prices for commodities that our assets may serve;
|
•
|
geopolitical events, including war, prolonged armed conflict and acts of terrorism;
|
•
|
outbreaks of communicable diseases and natural disasters;
|
•
|
governmental regulation;
|
•
|
interest rates;
|
•
|
the availability of credit;
|
•
|
restructurings and bankruptcies of companies in the industries in which we operate, including our customers;
|
•
|
manufacturer production levels and technological innovation;
|
•
|
manufacturers merging or exiting the industry or ceasing to produce certain asset types;
|
•
|
retirement and obsolescence of the assets that we own;
|
•
|
our railroad infrastructure may be damaged, including by flooding and railroad derailments;
|
•
|
increases in supply levels of assets in the market due to the sale or merging of operating lessors; and
|
•
|
reintroduction of previously unused or dormant assets into the industries in which we operate.
|
•
|
terrorist acts, armed hostilities, war and civil disturbances;
|
•
|
acts of piracy;
|
•
|
significant governmental influence over many aspects of local economies;
|
•
|
seizure, nationalization or expropriation of property or equipment;
|
•
|
repudiation, nullification, modification or renegotiation of contracts;
|
•
|
limitations on insurance coverage, such as war risk coverage, in certain areas;
|
•
|
political unrest;
|
•
|
foreign and U.S. monetary policy and foreign currency fluctuations and devaluations;
|
•
|
the inability to repatriate income or capital;
|
•
|
complications associated with repairing and replacing equipment in remote locations;
|
•
|
import-export quotas, wage and price controls, imposition of trade barriers;
|
•
|
U.S. and foreign sanctions or trade embargoes;
|
•
|
restrictions on the transfer of funds into or out of countries in which we operate;
|
•
|
compliance with U.S. Treasury sanctions regulations restricting doing business with certain nations or specially designated nationals;
|
•
|
regulatory or financial requirements to comply with foreign bureaucratic actions;
|
•
|
compliance with applicable anti-corruption laws and regulations;
|
•
|
changing taxation policies, including confiscatory taxation;
|
•
|
other forms of government regulation and economic conditions that are beyond our control; and
|
•
|
governmental corruption.
|
•
|
competition from market participants;
|
•
|
general economic and/or industry trends, including pricing for the products or services offered by our operating businesses;
|
•
|
the issuance and/or continued availability of necessary permits, licenses, approvals and agreements from governmental agencies and third parties as are required to construct and operate such businesses;
|
•
|
changes or deficiencies in the design or construction of development projects;
|
•
|
unforeseen engineering, environmental or geological problems;
|
•
|
potential increases in construction and operating costs due to changes in the cost and availability of fuel, power, materials and supplies;
|
•
|
the availability and cost of skilled labor and equipment;
|
•
|
our ability to enter into additional satisfactory agreements with contractors and to maintain good relationships with these contractors in order to construct development projects within our expected cost parameters and time frame, and the ability of those contractors to perform their obligations under the contracts and to maintain their creditworthiness;
|
•
|
potential liability for injury or casualty losses which are not covered by insurance;
|
•
|
potential opposition from non-governmental organizations, environmental groups, local or other groups which may delay or prevent development activities;
|
•
|
local and economic conditions;
|
•
|
changes in legal requirements; and
|
•
|
force majeure events, including catastrophes and adverse weather conditions.
|
•
|
merge, consolidate or transfer all, or substantially all, of our assets;
|
•
|
incur additional debt or issue preferred shares;
|
•
|
make certain investments or acquisitions;
|
•
|
create liens on our or our subsidiaries’ assets;
|
•
|
sell assets;
|
•
|
make distributions on or repurchase our shares;
|
•
|
enter into transactions with affiliates; and
|
•
|
create dividend restrictions and other payment restrictions that affect our subsidiaries.
|
•
|
meet the terms and maturities of our existing and future debt facilities;
|
•
|
purchase new assets or refinance existing assets;
|
•
|
fund our working capital needs and maintain adequate liquidity; and
|
•
|
finance other growth initiatives.
|
•
|
a shift in our investor base;
|
•
|
our quarterly or annual earnings, or those of other comparable companies;
|
•
|
actual or anticipated fluctuations in our operating results;
|
•
|
changes in accounting standards, policies, guidance, interpretations or principles;
|
•
|
announcements by us or our competitors of significant investments, acquisitions or dispositions;
|
•
|
the failure of securities analysts to cover our common shares;
|
•
|
changes in earnings estimates by securities analysts or our ability to meet those estimates;
|
•
|
the operating and share price performance of other comparable companies;
|
•
|
overall market fluctuations;
|
•
|
general economic conditions; and
|
•
|
developments in the markets and market sectors in which we participate.
|
|
Exhibit No.
|
|
Description
|
|
|
Certificate of Formation (incorporated by reference to Exhibit 3.1 of Amendment No. 4 to the Company's Registration Statement on Form S-1, filed on April 30, 2015).
|
|
|
|
Amended and Restated Limited Liability Company Agreement of Fortress Transportation and Infrastructure Investors LLC (incorporated by reference to Exhibit 3.2 of the Company's Current Report on Form 8-K, filed on May 21, 2015).
|
|
|
|
First Amendment to Amended and Restated Limited Liability Company Agreement of Fortress Transportation and Infrastructure Investors LLC (incorporated by reference to Exhibit 3.3 of the Company's Annual Report on Form 10-K, filed on March 10, 2016).
|
|
|
|
Indenture, dated March 15, 2017, between Fortress Transportation and Infrastructure Investors LLC and U.S. Bank National
Association, as trustee, relating to the Company’s 6.75% senior unsecured notes due 2022 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on March 15, 2017).
|
|
|
|
Form of global note representing the Company’s 6.75% senior unsecured notes due 2022 (included in Exhibit 4.1).
|
|
|
|
First Supplemental Indenture, dated June 8, 2017, between Fortress Transportation and Infrastructure Investors LLC and U.S. Bank National Association, as trustee, relating to the Company’s 6.75% senior unsecured notes due 2022 (incorporated by reference to Exhibit 4.3 of the Company’s Annual Report on Form 10-K, filed on March 1, 2018.
|
|
|
|
Second Supplemental Indenture, dated August 23, 2017, between Fortress Transportation and Infrastructure Investors LLC and U.S. Bank National Association, as trustee, relating to the Company’s 6.75% senior unsecured notes due 2022 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on August 23, 2017).
|
|
|
|
Third Supplemental Indenture, dated December 20, 2017, between Fortress Transportation and Infrastructure LLC and U.S. Bank National Association, as trustee, relating to the Company’s 6.75% senior unsecured notes due 2022 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed on December 20, 2017).
|
|
|
|
Fourth Supplemental Indenture, dated May 31, 2018, between Fortress Transportation and Infrastructure Investors LLC and U.S. Bank National Association, as trustee, relating to the Company’s 6.75% senior unsecured notes due 2022 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed May 31, 2018).
|
|
|
|
Fourth Amended and Restated Partnership Agreement of Fortress Worldwide Transportation and Infrastructure General Partnership (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K, filed on May 21, 2015).
|
|
†
|
|
Management and Advisory Agreement, dated as of May 20, 2015, between Fortress Transportation and Infrastructure Investors LLC and FIG LLC (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K, filed on May 21, 2015).
|
|
†
|
|
Registration Rights Agreement, dated as of May 20, 2015, among Fortress Transportation and Infrastructure Investors LLC, FIG LLC and Fortress Transportation and Infrastructure Master GP LLC (incorporated by reference to Exhibit 10.3 of the Company's Current Report on Form 8-K, filed on May 21, 2015).
|
|
†
|
|
Fortress Transportation and Infrastructure Investors LLC Nonqualified Stock Option and Incentive Award Plan (incorporated by reference to Exhibit 10.4 of the Company's Current Report on Form 8-K, filed on May 21, 2015).
|
|
|
|
Form of director and officer indemnification agreement of Fortress Transportation and Infrastructure Investors LLC (incorporated by reference to Exhibit 10.5 of Amendment No. 4 to the Company's Registration Statement on Form S-1, filed April 30, 2015).
|
|
|
|
Credit Agreement, dated as of August 27, 2014, among Morgan Stanley Senior Funding, Inc., as administrative agent, Jefferson Gulf Coast Energy Partners LLC and the other lenders party thereto (incorporated by reference to Exhibit 10.6 of Amendment No. 4 to the Company's Registration Statement on Form S-1, filed April 30, 2015).
|
|
|
|
Trust Indenture and Security Agreement between the District and The Bank of New York Mellon Trust Company, National Association, dated as of February 1, 2016 (incorporated by reference to Exhibit 10.7 of the Company's Annual Report on Form 10-K, filed on March 10, 2016).
|
|
|
|
Standby Bond Purchase Agreement among the Port of Beaumont Navigation District of Jefferson County, Texas, The Bank of New York Mellon Trust Company, National Association, Jefferson Railport Terminal II Holdings LLC and Jefferson Railport Terminal II LLC dated as of February 1, 2016 (incorporated by reference to Exhibit 10.8 of the Company's Annual Report on Form 10-K, filed on March 10, 2016).
|
|
|
|
Capital Call Agreement, by and among Fortress Transportation and Infrastructure Investors LLC, FTAI Energy Holdings LLC, FTAI Partner Holdings LLC, FTAI Midstream GP Holdings LLC, FTAI Midstream GP LLC, FTAI Midstream Holdings LLC, FTAI Energy Partners LLC and Jefferson Railport Terminal II Holdings LLC, dated as of February 1, 2016 (incorporated by reference to Exhibit 10.9 of the Company's Annual Report on Form 10-K, filed on March 10, 2016).
|
|
|
|
Fee and Support Agreement, among FTAI Energy Holdings LLC, FEP Terminal Holdings LLC, FTAI Energy Partners LLC and Jefferson Railport Terminal II LLC, dated as of March 7, 2016 (incorporated by reference to Exhibit 10.10 of the Company's Amended Annual Report on Form 10-K/A, filed on April 29, 2016).
|
|
|
|
Lease and Development Agreement (Facilities Lease), dated as of February 1, 2016, by and between the Port of Beaumont Navigation District of Jefferson County, Texas and Jefferson Railport Terminal II LLC (incorporated by reference to Exhibit 10.11 of the Company's Annual Report on Form 10-K, filed on March 10, 2016).
|
|
|
|
Deed of Trust of Jefferson Railport Terminal II LLC, dated as of February 1, 2016 (incorporated by reference to Exhibit 10.12 of the Company's Annual Report on Form 10-K, filed on March 10, 2016).
|
|
|
|
Credit Agreement, dated January 23, 2017, among Fortress Transportation and Infrastructure Investors LLC, as holdings, Fortress Worldwide Transportation and Infrastructure General Partnership, as IntermediateCo, WWTAI Finance Ltd., as Borrower, the Subsidiary Guarantors from time to time party thereto, the lenders from time to time party thereto and Morgan Stanley Senior Funding, Inc., as Administrative Agent (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K, filed on January 27, 2017).
|
|
|
|
Credit Agreement, dated June 16, 2017, among Fortress Transportation and Infrastructure Investors LLC, as Borrower, the lenders and issuing banks from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed on June 22, 2017).
|
By:
|
/s/ Joseph P. Adams, Jr.
|
|
Date:
|
August 3, 2018
|
|
Joseph P. Adams, Jr.
|
|
|
|
|
Chairman and Chief Executive Officer
|
|
|
|
By:
|
/s/ Scott Christopher
|
|
Date:
|
August 3, 2018
|
|
Scott Christopher
|
|
|
|
|
Chief Financial Officer and Chief Accounting Officer
|
|
|
|
FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC,
as the Borrower
|
|
By:
|
/s/ Joseph P. Adams Jr.
|
|
Name: Joseph P. Adams Jr.
|
|
Title: Chief Executive Officer
|
FORTRESS WORLDWIDE TRANSPORTATION AND INFRASTRUCTURE GENERAL PARTNERSHIP,
as a Grantor
|
|
By:
|
/s/ Demetrios Tserpelis
|
|
Name: Demetrios Tserpelis
|
|
Title: Authorized Signatory
|
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent, a Lender and Issuing Bank,
|
|
By:
|
/s/ Cristina Caviness
|
|
Name: Cristina Caviness
|
|
Title: Vice President
|
BARCLAYS BANK PLC,
as a Lender and Issuing Bank
|
|
By:
|
/s/ Craig Malloy
|
|
Name: Craig Malloy
|
|
Title: Director
|
MORGAN STANLEY SENIOR FUNDING, INC.,
as the Commitment Increase Lender and Issuing Bank
|
|
By:
|
/s/ Michael King
|
|
Name: Michael King
|
|
Title: Vice President
|
Lender
|
|
Morgan Stanley Senior Funding, Inc.
|
$50,000,000.00
|
Barclays Bank PLC
|
$37,500,000.00
|
JPMorgan Chase Bank, N.A.
|
$37,500,000.00
|
Total Commitments
|
$125,000,000.00
|
Issuing Bank
|
LC Commitment
|
Morgan Stanley Senior Funding, Inc.
|
$10,000,000.00
|
Barclays Bank PLC
|
$7,500,000.00
|
JPMorgan Chase Bank, N.A.
|
$7,500,000.00
|
Total LC Commitments
|
$25,000,000.00
|
August 3, 2018
|
|
/s/ Joseph P. Adams, Jr.
|
(Date)
|
|
Joseph P. Adams, Jr.
|
|
|
Chief Executive Officer
|
August 3, 2018
|
|
/s/ Scott Christopher
|
(Date)
|
|
Scott Christopher
|
|
|
Chief Financial Officer
|
/s/ Joseph P. Adams, Jr.
|
|
Joseph P. Adams, Jr.
|
|
Chief Executive Officer
|
|
August 3, 2018
|
|
/s/ Scott Christopher
|
|
Scott Christopher
|
|
Chief Financial Officer
|
|
August 3, 2018
|
|