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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware | 32-0434238 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
1345 Avenue of the Americas, 45th Floor | New York | NY | 10105 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class: | Trading Symbol: | Name of exchange on which registered: | ||||||||||||
Class A common shares, $0.01 par value per share | FTAI | New York Stock Exchange | ||||||||||||
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares | FTAI PR A | New York Stock Exchange | ||||||||||||
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares | FTAI PR B | New York Stock Exchange |
Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging Growth Company | ☐ |
PART I | ||||||||
Forward-Looking Statements
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Item 1. |
Business
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Item 1A. |
Risk Factors
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Item 1B. |
Unresolved Staff Comments
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Item 2. |
Properties
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Item 3. |
Legal Proceedings
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Item 4. |
Mine Safety Disclosures
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PART II | ||||||||
Item 5. |
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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Item 6. |
Selected Financial Data
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Item 7. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 7A. |
Quantitative and Qualitative Disclosures About Market Risk
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Item 8. |
Consolidated Financial Statements of Fortress Transportation and Infrastructure Investors LLC:
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Report of Independent Registered Public Accounting Firm
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Consolidated Balance Sheets as of December 31, 2020 and 2019
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Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018
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Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2020, 2019 and 2018
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Consolidated Statement of Changes in Equity for the years ended December 31, 2020, 2019 and 2018
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Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018
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Notes to Consolidated Financial Statements
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Note 1: Organization
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Note 2: Summary of Significant Accounting Policies
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Note 3: Discontinued Operations | ||||||||
Note 4: Leasing Equipment, net
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Note 5: Finance Leases, net
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Note 6: Property, Plant and Equipment, net
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Note 7: Investments
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Note 8: Intangible Assets and Liabilities, net
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Note 9: Debt, net
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Note 10: Fair Value Measurements
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Note 11: Derivative Financial Instruments | ||||||||
Note 12: Revenues
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Note 13: Leases | ||||||||
Note 14: Equity-Based Compensation
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Note 15: Income Taxes
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Note 16: Management Agreement and Affiliate Transactions
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Note 17: Segment Information
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Note 18: Earnings per Share and Equity
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Note 19: Commitments and Contingencies
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Note 20: Quarterly Financial Information (Unaudited)
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Note 21: Subsequent Events
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Item 9. |
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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Item 9A. |
Controls and Procedures
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Item 9B. |
Other Information
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PART III | ||||||||
Item 10. |
Directors, Executive Officers and Corporate Governance
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Item 11. |
Executive Compensation
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Item 12. |
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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Item 13. |
Certain Relationships and Related Transactions, and Director Independence
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Item 14. |
Principal Accountant Fees and Services
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PART IV | ||||||||
Item 15. |
Exhibits
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Item 16. |
Form 10-K Summary
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Signatures |
Aviation Assets | Widebody | Narrowbody | Total | ||||||||||||||
Aircraft | |||||||||||||||||
Assets at January 1, 2020 | 15 | 59 | 74 | ||||||||||||||
Purchases | 1 | 19 | 20 | ||||||||||||||
Sales | — | — | — | ||||||||||||||
Transfers | (1) | (15) | (16) | ||||||||||||||
Assets at December 31, 2020 | 15 | 63 | 78 | ||||||||||||||
Engines | |||||||||||||||||
Assets at January 1, 2020 | 84 | 80 | 164 | ||||||||||||||
Purchases | 23 | 14 | 37 | ||||||||||||||
Sales | (20) | (5) | (25) | ||||||||||||||
Transfers | 1 | 9 | 10 | ||||||||||||||
Assets at December 31, 2020 | 88 | 98 | 186 |
Equity Compensation Plan Information | ||||||||||||||||||||
Plan category | Number of securities to be issued upon exercise of outstanding options, warrants, and rights | Weighted-average exercise price of outstanding options, warrants, and rights |
Number of securities remaining available for future issuance under equity compensation plans (1)
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Equity compensation plans approved by security holders | 2,243,692 | $ | 17.01 | 29,854,909 | ||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||||||||||
Total | 2,243,692 | 29,854,909 |
(in whole dollars) | December 31, | ||||||||||||||||||||||||||||||||||
Index | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||
Fortress Transportation & Infrastructure Investors LLC | $ | 100.00 | $ | 133.19 | $ | 216.06 | $ | 168.13 | $ | 248.60 | $ | 332.80 | |||||||||||||||||||||||
S&P Midcap 400 | 100.00 | 120.74 | 140.35 | 124.80 | 157.49 | 179.00 | |||||||||||||||||||||||||||||
Dow Jones US Transportation Services | 100.00 | 126.52 | 164.29 | 99.38 | 134.77 | 161.47 | |||||||||||||||||||||||||||||
Alerian MLP | 100.00 | 118.31 | 110.59 | 96.86 | 103.21 | 73.60 |
As of and for the year ended December 31,
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(in thousands except share and per share data) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Equipment leasing revenues | $ | 297,934 | $ | 349,322 | $ | 253,039 | $ | 170,000 | $ | 101,949 | |||||||||||||||||||
Infrastructure revenues | 68,562 | 229,452 | 89,073 | 15,052 | 15,934 | ||||||||||||||||||||||||
Total revenues | 366,496 | 578,774 | 342,112 | 185,052 | 117,883 | ||||||||||||||||||||||||
Total expenses | 460,642 | 631,493 | 367,143 | 223,898 | 157,503 | ||||||||||||||||||||||||
Total other (expense) income | (16,782) | 204,851 | 7,374 | 18,297 | (1,315) | ||||||||||||||||||||||||
(Loss) income from continuing operations before income taxes | (110,928) | 152,132 | (17,657) | (20,549) | (40,935) | ||||||||||||||||||||||||
(Benefit from) provision for income taxes | (5,905) | 17,810 | 2,449 | 1,954 | 268 | ||||||||||||||||||||||||
Net (loss) income from continuing operations | (105,023) | 134,322 | (20,106) | (22,503) | (41,203) | ||||||||||||||||||||||||
Net income (loss) from discontinued operations, net of income taxes | 1,331 | 73,462 | 4,402 | (737) | 605 | ||||||||||||||||||||||||
Net (loss) income | (103,692) | 207,784 | (15,704) | (23,240) | (40,598) | ||||||||||||||||||||||||
Less: Net (loss) income attributable to non-controlling interest in consolidated subsidiaries: | |||||||||||||||||||||||||||||
Continuing operations | (16,522) | (17,571) | (21,925) | (23,304) | (20,557) | ||||||||||||||||||||||||
Discontinued operations | — | 247 | 339 | (70) | 23 | ||||||||||||||||||||||||
Dividends on preferred shares | 17,869 | 1,838 | — | — | — | ||||||||||||||||||||||||
Net (loss) income attributable to shareholders | $ | (105,039) | $ | 223,270 | $ | 5,882 | $ | 134 | $ | (20,064) | |||||||||||||||||||
(Loss) earnings per share: | |||||||||||||||||||||||||||||
Basic | |||||||||||||||||||||||||||||
Continuing operations | $ | (1.24) | $ | 1.74 | $ | 0.02 | $ | 0.01 | $ | (0.27) | |||||||||||||||||||
Discontinued operations | $ | 0.02 | $ | 0.85 | $ | 0.05 | $ | (0.01) | $ | 0.01 | |||||||||||||||||||
Diluted | |||||||||||||||||||||||||||||
Continuing operations | $ | (1.24) | $ | 1.74 | $ | 0.02 | $ | 0.01 | $ | (0.27) | |||||||||||||||||||
Discontinued operations | $ | 0.02 | $ | 0.85 | $ | 0.05 | $ | (0.01) | $ | 0.01 | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||||
Basic | 86,015,702 | 85,992,019 | 83,654,068 | 75,766,811 | 75,738,698 | ||||||||||||||||||||||||
Diluted | 86,015,702 | 86,029,363 | 83,664,833 | 75,766,811 | 75,738,698 | ||||||||||||||||||||||||
Dividends declared per share of common stock | $ | 1.32 | $ | 1.32 | $ | 1.32 | $ | 1.32 | $ | 1.32 | |||||||||||||||||||
As of and for the year ended December 31,
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(in thousands except share and per share data) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Balance Sheet data: | |||||||||||||||||||||||||||||
Total assets | $ | 3,387,977 | $ | 3,236,922 | $ | 2,638,778 | $ | 1,955,806 | $ | 1,547,312 | |||||||||||||||||||
Debt, net | 1,904,762 | 1,420,928 | 1,215,108 | 680,751 | 247,357 | ||||||||||||||||||||||||
Total liabilities | 2,288,656 | 1,898,065 | 1,584,996 | 920,731 | 381,632 | ||||||||||||||||||||||||
Total equity | 1,099,321 | 1,338,857 | 1,053,782 | 1,035,075 | 1,165,680 | ||||||||||||||||||||||||
Cash Flow data: | |||||||||||||||||||||||||||||
Net cash provided by (used in): | |||||||||||||||||||||||||||||
Operating activities | $ | 63,106 | $ | 151,043 | $ | 133,697 | $ | 68,497 | $ | 30,903 | |||||||||||||||||||
Investing activities | (509,123) | (495,236) | (703,533) | (472,265) | (210,749) | ||||||||||||||||||||||||
Financing activities | 364,918 | 465,873 | 597,867 | 363,078 | (89,971) |
Year Ended December 31, | Change | ||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | '20 vs '19 | '19 vs '18 | ||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Equipment leasing revenues | |||||||||||||||||||||||||||||
Lease income | $ | 177,476 | $ | 207,101 | $ | 157,190 | $ | (29,625) | $ | 49,911 | |||||||||||||||||||
Maintenance revenue | 101,462 | 134,914 | 89,870 | (33,452) | 45,044 | ||||||||||||||||||||||||
Finance lease income | 2,260 | 2,648 | 3,349 | (388) | (701) | ||||||||||||||||||||||||
Other revenue | 16,736 | 4,659 | 2,630 | 12,077 | 2,029 | ||||||||||||||||||||||||
Total equipment leasing revenues | 297,934 | 349,322 | 253,039 | (51,388) | 96,283 | ||||||||||||||||||||||||
Infrastructure revenues | |||||||||||||||||||||||||||||
Lease income | 1,186 | 3,362 | 1,734 | (2,176) | 1,628 | ||||||||||||||||||||||||
Terminal services revenues | 50,887 | 42,965 | 10,108 | 7,922 | 32,857 | ||||||||||||||||||||||||
Crude marketing revenues | 8,210 | 166,134 | 60,518 | (157,924) | 105,616 | ||||||||||||||||||||||||
Other revenue | 8,279 | 16,991 | 16,713 | (8,712) | 278 | ||||||||||||||||||||||||
Total infrastructure revenues | 68,562 | 229,452 | 89,073 | (160,890) | 140,379 | ||||||||||||||||||||||||
Total revenues | 366,496 | 578,774 | 342,112 | (212,278) | 236,662 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Operating expenses | 109,512 | 291,572 | 138,406 | (182,060) | 153,166 | ||||||||||||||||||||||||
General and administrative | 18,159 | 16,905 | 15,290 | 1,254 | 1,615 | ||||||||||||||||||||||||
Acquisition and transaction expenses | 9,868 | 17,623 | 6,968 | (7,755) | 10,655 | ||||||||||||||||||||||||
Management fees and incentive allocation to affiliate | 18,519 | 36,059 | 15,726 | (17,540) | 20,333 | ||||||||||||||||||||||||
Depreciation and amortization | 172,400 | 169,023 | 133,908 | 3,377 | 35,115 | ||||||||||||||||||||||||
Asset impairment | 33,978 | 4,726 | — | 29,252 | 4,726 | ||||||||||||||||||||||||
Interest expense | 98,206 | 95,585 | 56,845 | 2,621 | 38,740 | ||||||||||||||||||||||||
Total expenses | 460,642 | 631,493 | 367,143 | (170,851) | 264,350 | ||||||||||||||||||||||||
Other (expense) income | |||||||||||||||||||||||||||||
Equity in losses of unconsolidated entities | (5,039) | (2,375) | (1,008) | (2,664) | (1,367) | ||||||||||||||||||||||||
(Loss) gain on sale of assets, net | (308) | 203,250 | 3,911 | (203,558) | 199,339 | ||||||||||||||||||||||||
Loss on extinguishment of debt | (11,667) | — | — | (11,667) | — | ||||||||||||||||||||||||
Interest income | 162 | 531 | 488 | (369) | 43 | ||||||||||||||||||||||||
Other income | 70 | 3,445 | 3,983 | (3,375) | (538) | ||||||||||||||||||||||||
Total other (expense) income | (16,782) | 204,851 | 7,374 | (221,633) | 197,477 | ||||||||||||||||||||||||
(Loss) income from continuing operations before income taxes | (110,928) | 152,132 | (17,657) | (263,060) | 169,789 | ||||||||||||||||||||||||
(Benefit from) provision for income taxes | (5,905) | 17,810 | 2,449 | (23,715) | 15,361 | ||||||||||||||||||||||||
Net (loss) income from continuing operations | (105,023) | 134,322 | (20,106) | (239,345) | 154,428 | ||||||||||||||||||||||||
Net income from discontinued operations, net of income taxes | 1,331 | 73,462 | 4,402 | (72,131) | 69,060 | ||||||||||||||||||||||||
Net (loss) income | (103,692) | 207,784 | (15,704) | (311,476) | 223,488 | ||||||||||||||||||||||||
Less: Net (loss) income attributable to non-controlling interest in consolidated subsidiaries: | |||||||||||||||||||||||||||||
Continuing operations | (16,522) | (17,571) | (21,925) | 1,049 | 4,354 | ||||||||||||||||||||||||
Discontinued operations | — | 247 | 339 | (247) | (92) | ||||||||||||||||||||||||
Less: Dividends on preferred shares | 17,869 | 1,838 | — | 16,031 | 1,838 | ||||||||||||||||||||||||
Net (loss) income attributable to shareholders | $ | (105,039) | $ | 223,270 | $ | 5,882 | $ | (328,309) | $ | 217,388 |
Year Ended December 31, | Change | ||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | '20 vs '19 | '19 vs '18 | ||||||||||||||||||||||||
Net (loss) income attributable to shareholders from continuing operations | $ | (106,370) | $ | 150,055 | $ | 1,819 | $ | (256,425) | $ | 148,236 | |||||||||||||||||||
Add: (Benefit from) provision for income taxes | (5,905) | 17,810 | 2,449 | (23,715) | 15,361 | ||||||||||||||||||||||||
Add: Equity-based compensation expense | 2,325 | 1,509 | 717 | 816 | 792 | ||||||||||||||||||||||||
Add: Acquisition and transaction expenses | 9,868 | 17,623 | 6,968 | (7,755) | 10,655 | ||||||||||||||||||||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations | 11,667 | — | — | 11,667 | — | ||||||||||||||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | 181 | 4,555 | (5,523) | (4,374) | 10,078 | ||||||||||||||||||||||||
Add: Asset impairment charges | 33,978 | 4,726 | — | 29,252 | 4,726 | ||||||||||||||||||||||||
Add: Incentive allocations | — | 21,231 | 407 | (21,231) | 20,824 | ||||||||||||||||||||||||
Add: Depreciation & amortization expense (1)
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202,746 | 199,185 | 160,567 | 3,561 | 38,618 | ||||||||||||||||||||||||
Add: Interest expense | 98,206 | 95,585 | 56,845 | 2,621 | 38,740 | ||||||||||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2)
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1,208 | (1,387) | 359 | 2,595 | (1,746) | ||||||||||||||||||||||||
Less: Equity in losses of unconsolidated entities | 5,039 | 2,375 | 1,008 | 2,664 | 1,367 | ||||||||||||||||||||||||
Less: Non-controlling share of Adjusted EBITDA (3)
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(9,637) | (9,859) | (9,744) | 222 | (115) | ||||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 243,306 | $ | 503,408 | $ | 215,872 | $ | (260,102) | $ | 287,536 |
Aviation Assets | Widebody | Narrowbody | Total | ||||||||||||||
Aircraft | |||||||||||||||||
Assets at January 1, 2020 | 15 | 59 | 74 | ||||||||||||||
Purchases | 1 | 19 | 20 | ||||||||||||||
Sales | — | — | — | ||||||||||||||
Transfers | (1) | (15) | (16) | ||||||||||||||
Assets at December 31, 2020 | 15 | 63 | 78 | ||||||||||||||
Engines | |||||||||||||||||
Assets at January 1, 2020 | 84 | 80 | 164 | ||||||||||||||
Purchases | 23 | 14 | 37 | ||||||||||||||
Sales | (20) | (5) | (25) | ||||||||||||||
Transfers | 1 | 9 | 10 | ||||||||||||||
Assets at December 31, 2020 | 88 | 98 | 186 |
Year Ended December 31, | Change | ||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | '20 vs '19 | '19 vs '18 | ||||||||||||||||||||||||
Equipment leasing revenues | |||||||||||||||||||||||||||||
Lease income | $ | 166,331 | $ | 197,305 | $ | 151,531 | $ | (30,974) | $ | 45,774 | |||||||||||||||||||
Maintenance revenue | 101,462 | 134,914 | 89,870 | (33,452) | 45,044 | ||||||||||||||||||||||||
Finance lease income | 2,260 | 2,648 | 1,895 | (388) | 753 | ||||||||||||||||||||||||
Other revenue | 11,158 | 1,808 | 974 | 9,350 | 834 | ||||||||||||||||||||||||
Total revenues | 281,211 | 336,675 | 244,270 | (55,464) | 92,405 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Operating expenses | 20,667 | 17,668 | 10,985 | 2,999 | 6,683 | ||||||||||||||||||||||||
Acquisition and transaction expenses | 6,687 | 8,641 | 4,030 | (1,954) | 4,611 | ||||||||||||||||||||||||
Depreciation and amortization | 133,904 | 128,990 | 102,419 | 4,914 | 26,571 | ||||||||||||||||||||||||
Asset impairment | 33,978 | — | — | 33,978 | — | ||||||||||||||||||||||||
Total expenses | 195,236 | 155,299 | 117,434 | 39,937 | 37,865 | ||||||||||||||||||||||||
Other (expense) income | |||||||||||||||||||||||||||||
Equity in losses of unconsolidated entities | (1,932) | (1,829) | (743) | (103) | (1,086) | ||||||||||||||||||||||||
(Loss) gain on sale of assets, net | (300) | 81,954 | 3,911 | (82,254) | 78,043 | ||||||||||||||||||||||||
Interest income | 94 | 104 | 202 | (10) | (98) | ||||||||||||||||||||||||
Total other (expense) income | (2,138) | 80,229 | 3,370 | (82,367) | 76,859 | ||||||||||||||||||||||||
Income before income taxes | 83,837 | 261,605 | 130,206 | (177,768) | 131,399 | ||||||||||||||||||||||||
(Benefit from) provision for income taxes | (4,812) | 2,826 | 2,280 | (7,638) | 546 | ||||||||||||||||||||||||
Net income | 88,649 | 258,779 | 127,926 | (170,130) | 130,853 | ||||||||||||||||||||||||
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries | — | — | (24) | — | 24 | ||||||||||||||||||||||||
Net income attributable to shareholders | $ | 88,649 | $ | 258,779 | $ | 127,950 | $ | (170,130) | $ | 130,829 |
Year Ended December 31, | Change | ||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | '20 vs '19 | '19 vs '18 | ||||||||||||||||||||||||
Net income attributable to shareholders | $ | 88,649 | $ | 258,779 | $ | 127,950 | $ | (170,130) | $ | 130,829 | |||||||||||||||||||
Add: (Benefit from) provision for income taxes | (4,812) | 2,826 | 2,280 | (7,638) | 546 | ||||||||||||||||||||||||
Add: Equity-based compensation expense | — | — | — | — | — | ||||||||||||||||||||||||
Add: Acquisition and transaction expenses | 6,687 | 8,641 | 4,030 | (1,954) | 4,611 | ||||||||||||||||||||||||
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 | 33,978 | — | — | 33,978 | — | ||||||||||||||||||||||||
Add: Incentive allocations | — | — | — | — | — | ||||||||||||||||||||||||
Add: Depreciation and amortization expense (1)
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164,250 | 159,152 | 129,078 | 5,098 | 30,074 | ||||||||||||||||||||||||
Add: Interest expense | — | — | — | — | — | ||||||||||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2)
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(1,932) | (1,829) | (743) | (103) | (1,086) | ||||||||||||||||||||||||
Less: Equity in losses of unconsolidated entities | 1,932 | 1,829 | 743 | 103 | 1,086 | ||||||||||||||||||||||||
Less: Non-controlling share of Adjusted EBITDA (3)
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— | — | (172) | — | 172 | ||||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 288,752 | $ | 429,398 | $ | 263,166 | $ | (140,646) | $ | 166,232 |
Year Ended December 31, | Change | ||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | '20 vs '19 | '19 vs '18 | ||||||||||||||||||||||||
Infrastructure revenues | |||||||||||||||||||||||||||||
Lease income | $ | 1,186 | $ | 2,306 | $ | 272 | $ | (1,120) | $ | 2,034 | |||||||||||||||||||
Terminal services revenues | 50,887 | 35,908 | 10,108 | 14,979 | 25,800 | ||||||||||||||||||||||||
Crude marketing revenues | 8,210 | 166,134 | 60,518 | (157,924) | 105,616 | ||||||||||||||||||||||||
Other revenue | — | — | 87 | — | (87) | ||||||||||||||||||||||||
Total revenues | 60,283 | 204,348 | 70,985 | (144,065) | 133,363 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Operating expenses | 53,072 | 231,506 | 94,622 | (178,434) | 136,884 | ||||||||||||||||||||||||
Depreciation and amortization | 29,034 | 22,873 | 19,745 | 6,161 | 3,128 | ||||||||||||||||||||||||
Interest expense | 9,426 | 16,189 | 15,513 | (6,763) | 676 | ||||||||||||||||||||||||
Total expenses | 91,532 | 270,568 | 129,880 | (179,036) | 140,688 | ||||||||||||||||||||||||
Other (expense) income | |||||||||||||||||||||||||||||
Equity in losses of unconsolidated entities | — | (292) | (574) | 292 | 282 | ||||||||||||||||||||||||
(Loss) gain on sale of assets, net | (8) | 4,636 | — | (4,644) | 4,636 | ||||||||||||||||||||||||
Loss on extinguishment of debt | (4,724) | — | — | (4,724) | — | ||||||||||||||||||||||||
Interest income | 22 | 118 | 270 | (96) | (152) | ||||||||||||||||||||||||
Other income | 70 | 634 | 3,983 | (564) | (3,349) | ||||||||||||||||||||||||
Total other (expense) income | (4,640) | 5,096 | 3,679 | (9,736) | 1,417 | ||||||||||||||||||||||||
Loss before income taxes | (35,889) | (61,124) | (55,216) | 25,235 | (5,908) | ||||||||||||||||||||||||
Provision for income taxes | 278 | 284 | 261 | (6) | 23 | ||||||||||||||||||||||||
Net loss | (36,167) | (61,408) | (55,477) | 25,241 | (5,931) | ||||||||||||||||||||||||
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries | (16,483) | (17,356) | (21,801) | 873 | 4,445 | ||||||||||||||||||||||||
Net loss attributable to shareholders | $ | (19,684) | $ | (44,052) | $ | (33,676) | $ | 24,368 | $ | (10,376) |
Year Ended December 31, | Change | ||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | '20 vs '19 | '19 vs '18 | ||||||||||||||||||||||||
Net loss attributable to shareholders | $ | (19,684) | $ | (44,052) | $ | (33,676) | $ | 24,368 | $ | (10,376) | |||||||||||||||||||
Add: Provision for income taxes | 278 | 284 | 261 | (6) | 23 | ||||||||||||||||||||||||
Add: Equity-based compensation expense | 1,676 | 1,054 | 359 | 622 | 695 | ||||||||||||||||||||||||
Add: Acquisition and transaction expenses | — | — | — | — | — | ||||||||||||||||||||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations | 4,724 | — | — | 4,724 | — | ||||||||||||||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | 181 | 6,364 | (5,523) | (6,183) | 11,887 | ||||||||||||||||||||||||
Add: Asset impairment charges | — | — | — | — | — | ||||||||||||||||||||||||
Add: Incentive allocations | — | — | — | — | — | ||||||||||||||||||||||||
Add: Depreciation and amortization expense | 29,034 | 22,873 | 19,745 | 6,161 | 3,128 | ||||||||||||||||||||||||
Add: Interest expense | 9,426 | 16,189 | 15,513 | (6,763) | 676 | ||||||||||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1)
|
— | 656 | 478 | (656) | 178 | ||||||||||||||||||||||||
Less: Equity in losses of unconsolidated entities | — | 292 | 574 | (292) | (282) | ||||||||||||||||||||||||
Less: Non-controlling share of Adjusted EBITDA (2)
|
(9,517) | (9,820) | (9,376) | 303 | (444) | ||||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 16,118 | $ | (6,160) | $ | (11,645) | $ | 22,278 | $ | 5,485 |
Year Ended December 31, | Change | ||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | '20 vs '19 | '19 vs '18 | ||||||||||||||||||||||||
Infrastructure revenues | |||||||||||||||||||||||||||||
Lease income | $ | — | $ | 1,056 | $ | 1,462 | $ | (1,056) | $ | (406) | |||||||||||||||||||
Terminal services revenues | — | 7,057 | — | (7,057) | 7,057 | ||||||||||||||||||||||||
Other revenue | 3,855 | 14,074 | 15,982 | (10,219) | (1,908) | ||||||||||||||||||||||||
Total revenues | 3,855 | 22,187 | 17,444 | (18,332) | 4,743 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Operating expenses | 10,327 | 24,854 | 18,312 | (14,527) | 6,542 | ||||||||||||||||||||||||
Acquisition and transaction expenses | 907 | 5,008 | — | (4,101) | 5,008 | ||||||||||||||||||||||||
Depreciation and amortization | 1,497 | 9,849 | 5,139 | (8,352) | 4,710 | ||||||||||||||||||||||||
Asset impairment | — | 4,726 | — | (4,726) | 4,726 | ||||||||||||||||||||||||
Interest expense | 1,335 | 1,712 | 649 | (377) | 1,063 | ||||||||||||||||||||||||
Total expenses | 14,066 | 46,149 | 24,100 | (32,083) | 22,049 | ||||||||||||||||||||||||
Other (expense) income | |||||||||||||||||||||||||||||
Equity in losses of unconsolidated entities | (3,222) | (192) | — | (3,030) | (192) | ||||||||||||||||||||||||
Gain on sale of assets, net | — | 116,660 | — | (116,660) | 116,660 | ||||||||||||||||||||||||
Interest income | — | 289 | — | (289) | 289 | ||||||||||||||||||||||||
Other income | — | 1,809 | — | (1,809) | 1,809 | ||||||||||||||||||||||||
Total other (expense) income | (3,222) | 118,566 | — | (121,788) | 118,566 | ||||||||||||||||||||||||
(Loss) income before income taxes | (13,433) | 94,604 | (6,656) | (108,037) | 101,260 | ||||||||||||||||||||||||
(Benefit from) provision for income taxes | (1,791) | 14,700 | 1 | (16,491) | 14,699 | ||||||||||||||||||||||||
Net (loss) income | (11,642) | 79,904 | (6,657) | (91,546) | 86,561 | ||||||||||||||||||||||||
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries | (39) | (215) | (100) | 176 | (115) | ||||||||||||||||||||||||
Net (loss) income attributable to shareholders | $ | (11,603) | $ | 80,119 | $ | (6,557) | $ | (91,722) | $ | 86,676 |
Year Ended December 31, | Change | ||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | '20 vs '19 | '19 vs '18 | ||||||||||||||||||||||||
Net (loss) income attributable to shareholders | $ | (11,603) | $ | 80,119 | $ | (6,557) | $ | (91,722) | $ | 86,676 | |||||||||||||||||||
Add: (Benefit from) provision for income taxes | (1,791) | 14,700 | 1 | (16,491) | 14,699 | ||||||||||||||||||||||||
Add: Equity-based compensation expense | 649 | 455 | 349 | 194 | 106 | ||||||||||||||||||||||||
Add: Acquisition and transaction expenses | 907 | 5,008 | — | (4,101) | 5,008 | ||||||||||||||||||||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | — | — | — | — | ||||||||||||||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | — | (1,809) | — | 1,809 | (1,809) | ||||||||||||||||||||||||
Add: Asset impairment charges | — | 4,726 | — | (4,726) | 4,726 | ||||||||||||||||||||||||
Add: Incentive allocations | — | — | — | — | — | ||||||||||||||||||||||||
Add: Depreciation and amortization expense | 1,497 | 9,849 | 5,139 | (8,352) | 4,710 | ||||||||||||||||||||||||
Add: Interest expense | 1,335 | 1,712 | 649 | (377) | 1,063 | ||||||||||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1)
|
3,304 | (153) | — | 3,457 | (153) | ||||||||||||||||||||||||
Less: Equity in losses of unconsolidated entities | 3,222 | 192 | — | 3,030 | 192 | ||||||||||||||||||||||||
Less: Non-controlling share of Adjusted EBITDA (2)
|
(120) | (39) | (196) | (81) | 157 | ||||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | (2,600) | $ | 114,760 | $ | (615) | $ | (117,360) | $ | 115,375 |
Year Ended December 31, | Change | ||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | '20 vs '19 | '19 vs '18 | ||||||||||||||||||||||||
Equipment leasing revenues | |||||||||||||||||||||||||||||
Lease income | $ | 11,145 | $ | 9,796 | $ | 5,659 | $ | 1,349 | $ | 4,137 | |||||||||||||||||||
Finance lease income | — | — | 1,454 | — | (1,454) | ||||||||||||||||||||||||
Other revenue | 5,578 | 2,851 | 1,656 | 2,727 | 1,195 | ||||||||||||||||||||||||
Total equipment leasing revenues | 16,723 | 12,647 | 8,769 | 4,076 | 3,878 | ||||||||||||||||||||||||
Infrastructure revenues | |||||||||||||||||||||||||||||
Other revenue | 4,424 | 2,917 | 644 | 1,507 | 2,273 | ||||||||||||||||||||||||
Total infrastructure revenues | 4,424 | 2,917 | 644 | 1,507 | 2,273 | ||||||||||||||||||||||||
Total revenues | 21,147 | 15,564 | 9,413 | 5,583 | 6,151 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Operating expenses | 25,446 | 17,544 | 14,487 | 7,902 | 3,057 | ||||||||||||||||||||||||
General and administrative | 18,159 | 16,905 | 15,290 | 1,254 | 1,615 | ||||||||||||||||||||||||
Acquisition and transaction expenses | 2,274 | 3,974 | 2,938 | (1,700) | 1,036 | ||||||||||||||||||||||||
Management fees and incentive allocation to affiliate | 18,519 | 36,059 | 15,726 | (17,540) | 20,333 | ||||||||||||||||||||||||
Depreciation and amortization | 7,965 | 7,311 | 6,605 | 654 | 706 | ||||||||||||||||||||||||
Interest expense | 87,445 | 77,684 | 40,683 | 9,761 | 37,001 | ||||||||||||||||||||||||
Total expenses | 159,808 | 159,477 | 95,729 | 331 | 63,748 | ||||||||||||||||||||||||
Other (expense) income | |||||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated entities | 115 | (62) | 309 | 177 | (371) | ||||||||||||||||||||||||
Loss on extinguishment of debt | (6,943) | — | — | (6,943) | — | ||||||||||||||||||||||||
Interest income | 46 | 20 | 16 | 26 | 4 | ||||||||||||||||||||||||
Other income | — | 1,002 | — | (1,002) | 1,002 | ||||||||||||||||||||||||
Total other (expense) income | (6,782) | 960 | 325 | (7,742) | 635 | ||||||||||||||||||||||||
Loss before income taxes | (145,443) | (142,953) | (85,991) | (2,490) | (56,962) | ||||||||||||||||||||||||
Provision for (benefit from) income taxes | 420 | — | (93) | 420 | 93 | ||||||||||||||||||||||||
Net loss | (145,863) | (142,953) | (85,898) | (2,910) | (57,055) | ||||||||||||||||||||||||
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries | — | — | — | — | — | ||||||||||||||||||||||||
Less: Dividends on preferred shares | 17,869 | 1,838 | — | 16,031 | 1,838 | ||||||||||||||||||||||||
Net loss attributable to shareholders | $ | (163,732) | $ | (144,791) | $ | (85,898) | $ | (18,941) | $ | (58,893) |
Year Ended December 31, | Change | ||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | '20 vs '19 | '19 vs '18 | ||||||||||||||||||||||||
Net loss attributable to shareholders | $ | (163,732) | $ | (144,791) | $ | (85,898) | $ | (18,941) | $ | (58,893) | |||||||||||||||||||
Add: Provision for (benefit from) income taxes | 420 | — | (93) | 420 | 93 | ||||||||||||||||||||||||
Add: Equity-based compensation expense | — | — | 9 | — | (9) | ||||||||||||||||||||||||
Add: Acquisition and transaction expenses | 2,274 | 3,974 | 2,938 | (1,700) | 1,036 | ||||||||||||||||||||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations | 6,943 | — | — | 6,943 | — | ||||||||||||||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | — | — | — | — | — | ||||||||||||||||||||||||
Add: Asset impairment charges | — | — | — | — | — | ||||||||||||||||||||||||
Add: Incentive allocations | — | 21,231 | 407 | (21,231) | 20,824 | ||||||||||||||||||||||||
Add: Depreciation and amortization expense | 7,965 | 7,311 | 6,605 | 654 | 706 | ||||||||||||||||||||||||
Add: Interest expense | 87,445 | 77,684 | 40,683 | 9,761 | 37,001 | ||||||||||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1)
|
(164) | (61) | 624 | (103) | (685) | ||||||||||||||||||||||||
Less: Equity in (earnings) losses of unconsolidated entities | (115) | 62 | (309) | (177) | 371 | ||||||||||||||||||||||||
Less: Non-controlling share of Adjusted EBITDA | — | — | — | — | — | ||||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | (58,964) | $ | (34,590) | $ | (35,034) | $ | (24,374) | $ | 444 |
Year Ended December 31, | |||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Cash flow data: | |||||||||||||||||
Net cash provided by operating activities | $ | 63,106 | $ | 151,043 | $ | 133,697 | |||||||||||
Net cash used in investing activities | (509,123) | (495,236) | (703,533) | ||||||||||||||
Net cash provided by financing activities | 364,918 | 465,873 | 597,867 |
Year Ended December 31, | |||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Net cash provided by operating activities
|
$ | 63,106 | $ | 151,043 | $ | 133,697 | |||||||||||
Add: Principal collections on finance leases
|
13,823 | 13,398 | 1,981 | ||||||||||||||
Add: Proceeds from sale of assets
|
72,175 | 432,273 | 44,085 | ||||||||||||||
Add: Return of capital distributions from unconsolidated entities
|
— | 1,555 | 2,085 | ||||||||||||||
Less: Required payments on debt obligations (1)
|
— | (36,559) | (7,793) | ||||||||||||||
Less: Capital distributions to non-controlling interest
|
— | — | — | ||||||||||||||
Exclude: Changes in working capital
|
88,314 | 4,726 | 7,610 | ||||||||||||||
Funds Available for Distribution (FAD)
|
$ | 237,418 | $ | 566,436 | $ | 181,665 |
Payments Due by Period | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | Total | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | ||||||||||||||||||||||||||||||||||
DRP Revolver | $ | 25,000 | $ | 25,000 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Revolving Credit Facility | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Series 2020 Bonds | 263,980 | — | — | — | — | 79,060 | 184,920 | ||||||||||||||||||||||||||||||||||
Senior Notes due 2022 | 400,000 | — | 400,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Senior Notes due 2025 | 850,000 | — | — | — | — | 850,000 | — | ||||||||||||||||||||||||||||||||||
Senior Notes due 2027 | 400,000 | — | — | — | — | — | 400,000 | ||||||||||||||||||||||||||||||||||
Total principal payments on loans and bonds payable
|
1,938,980 | 25,000 | 400,000 | — | — | 929,060 | 584,920 | ||||||||||||||||||||||||||||||||||
Total estimated interest payments (1)
|
717,439 | 133,693 | 111,815 | 106,190 | 106,190 | 91,279 | 168,272 | ||||||||||||||||||||||||||||||||||
Operating lease obligations | 168,323 | 4,759 | 4,632 | 4,585 | 4,354 | 4,224 | 145,769 | ||||||||||||||||||||||||||||||||||
885,762 | 138,452 | 116,447 | 110,775 | 110,544 | 95,503 | 314,041 | |||||||||||||||||||||||||||||||||||
Total contractual obligations | $ | 2,824,742 | $ | 163,452 | $ | 516,447 | $ | 110,775 | $ | 110,544 | $ | 1,024,563 | $ | 898,961 |
Asset | Range of Estimated Useful Lives | Residual Value Estimates | ||||||||||||
Aircraft | 25 years from date of manufacture | Generally not to exceed 15% of manufacturer’s list price when new | ||||||||||||
Aircraft engines | 2 - 6 years, based on maintenance adjusted service life | Sum of engine core salvage value plus the estimated fair value of life limited parts | ||||||||||||
Offshore energy vessels | 25 years from date of manufacture | 10% of new build cost | ||||||||||||
Railcars | 40 - 50 years from date of manufacture | Scrap value at end of useful life | ||||||||||||
Track and track related assets | 15 - 50 years from date of manufacture | Scrap value at end of useful life | ||||||||||||
Buildings and site improvements | 20 - 30 years | Scrap value at end of useful life | ||||||||||||
Railroad equipment | 3 - 15 years from date of manufacture | Scrap value at end of useful life | ||||||||||||
Terminal machinery and equipment | 15 - 25 years from date of manufacture | Scrap value at end of useful life | ||||||||||||
Vehicles | 5 - 7 years from date of manufacture | Scrap value at end of useful life | ||||||||||||
Furniture and fixtures | 3 - 6 years from date of purchase | None | ||||||||||||
Computer hardware and software | 3 - 5 years from date of purchase | None |
Consolidated Financial Statements of Fortress Transportation and Infrastructure Investors LLC: | ||||||||
Report of Independent Registered Public Accounting Firm
|
||||||||
Consolidated Balance Sheets as of December 31, 2020 and 2019
|
||||||||
Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018
|
||||||||
Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2020, 2019 and 2018
|
||||||||
Consolidated Statement of Changes in Equity for the years ended December 31, 2020, 2019 and 2018
|
||||||||
Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018
|
||||||||
Notes to Consolidated Financial Statements
|
||||||||
Description of the Matter |
At December 31, 2020, the Company’s goodwill was $122.7 million for the Jefferson Terminal reporting unit. As discussed in Note 2 of the consolidated financial statements, goodwill is tested for impairment at least annually at the reporting unit level.
Auditing the fair value of the Jefferson Terminal reporting unit used in the annual goodwill impairment test was complex and highly judgmental due to the significant estimation required in determining the fair value of the Jefferson Terminal reporting unit. In particular, the fair value estimate was sensitive to significant assumptions such as the extent and timing of future cash flows (including forecasted revenue growth rates and EBITDA margins), capital expenditures and discount rate, which are affected by expectations about the Company’s ability to secure additional contracts and increase volumes from existing contracts as well as expectations about the overall industry, market and economic conditions. |
||||
How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment review process, including tests of controls over management’s review of valuation methodology and significant assumptions described above.
To test the estimated fair value of the Company’s Jefferson Terminal reporting unit for use in the goodwill impairment assessment, we performed audit procedures that included, among others, assessing the valuation methodology used and testing the significant assumptions described above and the completeness and accuracy of the underlying data used by the Company in its impairment test. For example, we compared the significant assumptions used by management to current industry, market and economic trends; to the historical results of the reporting unit and other guideline companies within the same industry; and evaluated whether changes to the Company’s business model, customer base or product mix and other relevant factors would affect the significant assumptions. We also assessed the historical accuracy of management’s estimates and performed sensitivity analyses over significant assumptions to evaluate the changes in the fair value of the Jefferson Terminal reporting unit that would result from changes in the significant assumptions. We also involved our valuation specialists to assist in our evaluation of the Company's valuation methodology and certain significant assumptions. |
Description of the Matter |
As described in Note 2 to the consolidated financial statements, the Company recognizes maintenance revenue for aircraft leases related to the portion of maintenance payments received from lessees that are not expected to be reimbursed for maintenance events. Revenue related to maintenance on leased aircraft is recorded as a component of Maintenance revenue which totaled $101.5 million for the year ended December 31, 2020, as disclosed in Note 12.
Auditing maintenance revenue related to aircraft leases was complex and highly judgmental due to the significant estimation involved in projecting the timing of future major maintenance events. In particular, such estimates are sensitive to significant assumptions such as the mean time between removal (MTBR) and forecasted utilization of the aircraft which are affected by historical usage patterns and overall industry, market and economic conditions. Changes to these significant assumptions could have a material effect on the amount of revenue recognized in the period. |
||||
How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s maintenance revenue recognition process, including controls over management’s review of the significant assumptions used in determining the estimated timing of major maintenance events as described above.
To test maintenance revenue for aircraft leases, we performed audit procedures that included, among others, assessing the Company’s revenue recognition methodology and testing the significant assumptions described above and the completeness and accuracy of the underlying data used by the Company in its analyses. For example, we compared the significant assumptions used by management to the underlying customer lease agreements, historical utilization and third- party estimates for MTBR, when available. We tested management’s retrospective review of timing of estimated maintenance events to actual results to assess the historical accuracy of significant assumptions and contrary evidence, if any. We also performed a sensitivity analysis on utilization of the aircraft to evaluate the changes in the timing of the maintenance events from changes in utilization assumptions and the impact, if any, on maintenance revenue recognized in the period. |
Notes
|
December 31, | ||||||||||||||||
2020 | 2019 | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | 2 | $ | 121,703 | $ | 226,512 | ||||||||||||
Restricted cash | 2 | 39,715 | 16,005 | ||||||||||||||
Accounts receivable, net | 91,691 | 49,470 | |||||||||||||||
Leasing equipment, net | 4 | 1,635,259 | 1,707,059 | ||||||||||||||
Operating lease right-of-use assets, net | 13 | 62,355 | 37,466 | ||||||||||||||
Finance leases, net | 5 | 6,927 | 8,315 | ||||||||||||||
Property, plant, and equipment, net | 6 | 964,363 | 732,109 | ||||||||||||||
Investments | 7 | 146,515 | 180,550 | ||||||||||||||
Intangible assets, net | 8 | 18,786 | 27,692 | ||||||||||||||
Goodwill | 122,735 | 122,639 | |||||||||||||||
Other assets | 2 | 177,928 | 129,105 | ||||||||||||||
Total assets | $ | 3,387,977 | $ | 3,236,922 | |||||||||||||
Liabilities | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 113,185 | $ | 144,855 | |||||||||||||
Debt, net | 9 | 1,904,762 | 1,420,928 | ||||||||||||||
Maintenance deposits | 2 | 148,293 | 208,944 | ||||||||||||||
Security deposits | 2 | 37,064 | 45,252 | ||||||||||||||
Operating lease liabilities | 13 | 62,001 | 36,968 | ||||||||||||||
Other liabilities | 23,351 | 41,118 | |||||||||||||||
Total liabilities | $ | 2,288,656 | $ | 1,898,065 | |||||||||||||
Commitments and contingencies | 19 | ||||||||||||||||
Equity | |||||||||||||||||
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 85,617,146 and 84,917,448 shares issued and outstanding as of December 31, 2020 and 2019, respectively)
|
$ | 856 | $ | 849 | |||||||||||||
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 9,120,000 and 8,050,000 shares issued and outstanding as of December 31, 2020 and 2019, respectively)
|
91 | 81 | |||||||||||||||
Additional paid in capital | 1,130,106 | 1,110,122 | |||||||||||||||
(Accumulated deficit) retained earnings | (28,158) | 190,453 | |||||||||||||||
Accumulated other comprehensive (loss) income | (26,237) | 372 | |||||||||||||||
Shareholders' equity | 1,076,658 | 1,301,877 | |||||||||||||||
Non-controlling interest in equity of consolidated subsidiaries | 22,663 | 36,980 | |||||||||||||||
Total equity | $ | 1,099,321 | $ | 1,338,857 | |||||||||||||
Total liabilities and equity | $ | 3,387,977 | $ | 3,236,922 |
Year Ended December 31, | |||||||||||||||||||||||
Notes | 2020 | 2019 | 2018 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Equipment leasing revenues | $ | 297,934 | $ | 349,322 | $ | 253,039 | |||||||||||||||||
Infrastructure revenues | 68,562 | 229,452 | 89,073 | ||||||||||||||||||||
Total revenues | 12 | 366,496 | 578,774 | 342,112 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating expenses | 109,512 | 291,572 | 138,406 | ||||||||||||||||||||
General and administrative | 18,159 | 16,905 | 15,290 | ||||||||||||||||||||
Acquisition and transaction expenses | 9,868 | 17,623 | 6,968 | ||||||||||||||||||||
Management fees and incentive allocation to affiliate | 16 | 18,519 | 36,059 | 15,726 | |||||||||||||||||||
Depreciation and amortization | 4, 6, 8 | 172,400 | 169,023 | 133,908 | |||||||||||||||||||
Asset impairment | 33,978 | 4,726 | — | ||||||||||||||||||||
Interest expense | 98,206 | 95,585 | 56,845 | ||||||||||||||||||||
Total expenses | 460,642 | 631,493 | 367,143 | ||||||||||||||||||||
Other (expense) income | |||||||||||||||||||||||
Equity in losses of unconsolidated entities | 7 | (5,039) | (2,375) | (1,008) | |||||||||||||||||||
(Loss) gain on sale of assets, net | (308) | 203,250 | 3,911 | ||||||||||||||||||||
Loss on extinguishment of debt | (11,667) | — | — | ||||||||||||||||||||
Interest income | 162 | 531 | 488 | ||||||||||||||||||||
Other income | 70 | 3,445 | 3,983 | ||||||||||||||||||||
Total other (expense) income | (16,782) | 204,851 | 7,374 | ||||||||||||||||||||
(Loss) income from continuing operations before income taxes | (110,928) | 152,132 | (17,657) | ||||||||||||||||||||
(Benefit from) provision for income taxes | 15 | (5,905) | 17,810 | 2,449 | |||||||||||||||||||
Net (loss) income from continuing operations | (105,023) | 134,322 | (20,106) | ||||||||||||||||||||
Net income from discontinued operations, net of income taxes | 3 | 1,331 | 73,462 | 4,402 | |||||||||||||||||||
Net (loss) income | (103,692) | 207,784 | (15,704) | ||||||||||||||||||||
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries: | |||||||||||||||||||||||
Continuing operations | (16,522) | (17,571) | (21,925) | ||||||||||||||||||||
Discontinued operations | 3 | — | 247 | 339 | |||||||||||||||||||
Less: Dividends on preferred shares | 17,869 | 1,838 | — | ||||||||||||||||||||
Net (loss) income attributable to shareholders | $ | (105,039) | $ | 223,270 | $ | 5,882 | |||||||||||||||||
(Loss) earnings per share:
|
|||||||||||||||||||||||
Basic | 18 | ||||||||||||||||||||||
Continuing operations | $ | (1.24) | $ | 1.74 | $ | 0.02 | |||||||||||||||||
Discontinued operations | $ | 0.02 | $ | 0.85 | $ | 0.05 | |||||||||||||||||
Diluted | 18 | ||||||||||||||||||||||
Continuing operations | $ | (1.24) | $ | 1.74 | $ | 0.02 | |||||||||||||||||
Discontinued operations | $ | 0.02 | $ | 0.85 | $ | 0.05 | |||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 86,015,702 | 85,992,019 | 83,654,068 | ||||||||||||||||||||
Diluted | 86,015,702 | 86,029,363 | 83,664,833 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net (loss) income | $ | (103,692) | $ | 207,784 | $ | (15,704) | |||||||||||
Other comprehensive (loss) income: | |||||||||||||||||
Other comprehensive (loss) income related to equity method investees, net (1)
|
(26,609) | 372 | — | ||||||||||||||
Comprehensive (loss) income | (130,301) | 208,156 | (15,704) | ||||||||||||||
Comprehensive (loss) income attributable to non-controlling interest: | |||||||||||||||||
Continuing operations | (16,522) | (17,571) | (21,925) | ||||||||||||||
Discontinued operations | — | 247 | 339 | ||||||||||||||
Comprehensive (loss) income attributable to shareholders | $ | (113,779) | $ | 225,480 | $ | 5,882 |
Common Shares | Preferred Shares | Additional Paid In Capital | (Accumulated Deficit) Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interest in Equity of Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||||||||||||
Equity - December 31, 2017 | $ | 758 | $ | — | $ | 985,009 | $ | (38,699) | $ | — | $ | 88,007 | $ | 1,035,075 | |||||||||||||||||||||||||||
Net income (loss) | 5,882 | (21,586) | (15,704) | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | 5,882 | — | (21,586) | (15,704) | |||||||||||||||||||||||||||||||||||||
Purchase of non-controlling interest | 7,225 | (10,930) | (3,705) | ||||||||||||||||||||||||||||||||||||||
Issuance of common shares | 82 | 147,717 | — | 147,799 | |||||||||||||||||||||||||||||||||||||
Dividends declared - common shares | (110,584) | — | (110,584) | ||||||||||||||||||||||||||||||||||||||
Equity-based compensation | 9 | 892 | 901 | ||||||||||||||||||||||||||||||||||||||
Equity - December 31, 2018 | $ | 840 | $ | — | $ | 1,029,376 | $ | (32,817) | $ | — | $ | 56,383 | $ | 1,053,782 | |||||||||||||||||||||||||||
Net income (loss) | 225,108 | (17,324) | 207,784 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | 372 | — | 372 | |||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | 225,108 | 372 | (17,324) | 208,156 | |||||||||||||||||||||||||||||||||||||
Settlement of equity-based compensation | (10,483) | (10,483) | |||||||||||||||||||||||||||||||||||||||
Issuance of common shares | 9 | 384 | — | 393 | |||||||||||||||||||||||||||||||||||||
Conversion of participating securities | (8) | (8) | |||||||||||||||||||||||||||||||||||||||
Dividends declared - common shares | (113,541) | — | (113,541) | ||||||||||||||||||||||||||||||||||||||
Issuance of preferred shares | 81 | 193,911 | 193,992 | ||||||||||||||||||||||||||||||||||||||
Dividends declared - preferred shares | (1,838) | (1,838) | |||||||||||||||||||||||||||||||||||||||
Equity-based compensation | — | 8,404 | 8,404 | ||||||||||||||||||||||||||||||||||||||
Equity - December 31, 2019 | $ | 849 | $ | 81 | $ | 1,110,122 | $ | 190,453 | $ | 372 | $ | 36,980 | $ | 1,338,857 | |||||||||||||||||||||||||||
Net loss | (87,170) | (16,522) | (103,692) | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | (26,609) | — | (26,609) | |||||||||||||||||||||||||||||||||||||
Total comprehensive loss | (87,170) | (26,609) | (16,522) | (130,301) | |||||||||||||||||||||||||||||||||||||
Settlement of equity based compensation | (120) | (120) | |||||||||||||||||||||||||||||||||||||||
Issuance of common shares | 7 | 304 | 311 | ||||||||||||||||||||||||||||||||||||||
Conversion of participating securities | (7) | (7) | |||||||||||||||||||||||||||||||||||||||
Dividends declared - common shares | (113,572) | (113,572) | |||||||||||||||||||||||||||||||||||||||
Issuance of preferred shares | 10 | 19,687 | 19,697 | ||||||||||||||||||||||||||||||||||||||
Dividends declared - preferred shares | (17,869) | (17,869) | |||||||||||||||||||||||||||||||||||||||
Equity-based compensation | — | 2,325 | 2,325 | ||||||||||||||||||||||||||||||||||||||
Equity - December 31, 2020 | $ | 856 | $ | 91 | $ | 1,130,106 | $ | (28,158) | $ | (26,237) | $ | 22,663 | $ | 1,099,321 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net (loss) income | $ | (103,692) | $ | 207,784 | $ | (15,704) | |||||||||||
Adjustments to reconcile net (loss) income to cash provided by operating activities: | |||||||||||||||||
Equity in losses of unconsolidated entities | 5,039 | 2,375 | 1,008 | ||||||||||||||
Gain on sale of subsidiaries | (1,331) | (198,764) | — | ||||||||||||||
Loss (gain) on sale of assets, net | 308 | (81,954) | (3,911) | ||||||||||||||
Security deposits and maintenance claims included in earnings | (6,362) | (20,385) | (6,323) | ||||||||||||||
Loss on extinguishment of debt | 11,667 | — | — | ||||||||||||||
Equity-based compensation | 2,325 | 8,404 | 901 | ||||||||||||||
Depreciation and amortization | 172,400 | 171,225 | 136,354 | ||||||||||||||
Asset impairment | 33,978 | 4,726 | — | ||||||||||||||
Change in deferred income taxes | (5,851) | 14,495 | 649 | ||||||||||||||
Change in fair value of non-hedge derivatives | 181 | 4,555 | (5,523) | ||||||||||||||
Amortization of lease intangibles and incentives | 30,346 | 30,162 | 26,659 | ||||||||||||||
Amortization of deferred financing costs | 7,315 | 8,333 | 5,430 | ||||||||||||||
Bad debt expense | 3,595 | 3,986 | 1,771 | ||||||||||||||
Other | 1,502 | 827 | (4) | ||||||||||||||
Change in: | |||||||||||||||||
Accounts receivable | (59,734) | (22,622) | (23,340) | ||||||||||||||
Other assets | 3,660 | (17,890) | (26,212) | ||||||||||||||
Accounts payable and accrued liabilities | (5,258) | 31,543 | 30,471 | ||||||||||||||
Management fees payable to affiliate | (20,622) | 19,080 | 1,820 | ||||||||||||||
Other liabilities | (6,360) | (14,837) | 9,651 | ||||||||||||||
Net cash provided by operating activities | 63,106 | 151,043 | 133,697 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Investment in notes receivable | — | — | (912) | ||||||||||||||
Investment in unconsolidated entities and available for sale securities | (4,690) | (13,500) | (1,115) | ||||||||||||||
Principal collections on finance leases | 13,823 | 13,398 | 1,981 | ||||||||||||||
Acquisition of leasing equipment | (321,606) | (568,569) | (497,988) | ||||||||||||||
Acquisition of property, plant and equipment | (264,829) | (331,171) | (229,963) | ||||||||||||||
Acquisition of lease intangibles | 1,997 | 606 | (11,396) | ||||||||||||||
Acquisition of remaining interest in JV investment | — | (28,828) | — | ||||||||||||||
Purchase deposit for aircraft and aircraft engines | (8,343) | (1,000) | (10,150) | ||||||||||||||
Proceeds from sale of subsidiaries | — | 183,819 | — | ||||||||||||||
Proceeds from sale of leasing equipment | 72,175 | 248,454 | 44,062 | ||||||||||||||
Proceeds from sale of property, plant and equipment | — | — | 23 | ||||||||||||||
Proceeds from deposit on sale of leasing equipment | — | — | 240 | ||||||||||||||
Return of deposit on sale of leasing equipment | 2,350 | — | (400) | ||||||||||||||
Return of capital distributions from unconsolidated entities | — | 1,555 | 2,085 | ||||||||||||||
Net cash used in investing activities | $ | (509,123) | $ | (495,236) | $ | (703,533) |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from debt | $ | 1,340,981 | $ | 788,829 | $ | 750,980 | |||||||||||
Repayment of debt | (852,197) | (405,131) | (218,819) | ||||||||||||||
Payment of deferred financing costs | (28,243) | (34,218) | (3,055) | ||||||||||||||
Receipt of security deposits | 3,242 | 7,887 | 9,264 | ||||||||||||||
Return of security deposits | (4,655) | (368) | (1,775) | ||||||||||||||
Receipt of maintenance deposits | 33,369 | 65,279 | 53,645 | ||||||||||||||
Release of maintenance deposits | (15,712) | (26,940) | (25,582) | ||||||||||||||
Proceeds from issuance of common shares, net of underwriter's discount | — | — | 148,318 | ||||||||||||||
Common shares issuance costs | — | — | (820) | ||||||||||||||
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs | 19,694 | 193,992 | — | ||||||||||||||
Settlement of equity-based compensation | (120) | (8,078) | — | ||||||||||||||
Purchase of non-controlling interest shares | — | — | (3,705) | ||||||||||||||
Cash dividends - common shares | (113,572) | (113,541) | (110,584) | ||||||||||||||
Cash dividends - preferred shares | (17,869) | (1,838) | — | ||||||||||||||
Net cash provided by financing activities | 364,918 | 465,873 | 597,867 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (81,099) | 121,680 | 28,031 | ||||||||||||||
Cash and cash equivalents and restricted cash, beginning of period | 242,517 | 120,837 | 92,806 | ||||||||||||||
Cash and cash equivalents and restricted cash, end of period | $ | 161,418 | $ | 242,517 | $ | 120,837 | |||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash paid for interest, net of capitalized interest | $ | 71,637 | $ | 83,164 | $ | 43,636 | |||||||||||
Cash paid for taxes | — | 1,072 | 721 | ||||||||||||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||||||||||||
Proceeds from borrowings of debt | $ | — | $ | — | $ | 511 | |||||||||||
Repayment and settlement of debt | — | (24,250) | — | ||||||||||||||
Acquisition of leasing equipment | 141,478 | (24,530) | (14,263) | ||||||||||||||
Acquisition of property, plant and equipment | (13,237) | (47,520) | (17,587) | ||||||||||||||
Investment in Long Ridge JV | — | 155,589 | — | ||||||||||||||
Settled and assumed security deposits | (5,825) | (239) | 3,793 | ||||||||||||||
Settlement of equity based compensation | — | (2,405) | — | ||||||||||||||
Billed, assumed and settled maintenance deposits | (58,906) | 15,117 | 24,518 | ||||||||||||||
Deferred financing costs | — | (1,161) | (4,500) | ||||||||||||||
Equity compensation to non-controlling interest | — | — | 892 | ||||||||||||||
Change in fair value of cash flow hedge | 372 | — | |||||||||||||||
Non-cash change in equity method investment | (26,609) | — | — | ||||||||||||||
Transfer of non-controlling interest | — | — | 7,225 | ||||||||||||||
Issuance of common shares | 304 | 385 | 301 | ||||||||||||||
Asset | Range of Estimated Useful Lives | Residual Value Estimates | ||||||||||||
Aircraft |
25 years from date of manufacture
|
Generally not to exceed 15% of manufacturer’s list price when new | ||||||||||||
Aircraft engines |
2 - 6 years, based on maintenance adjusted service life
|
Sum of engine core salvage value plus the estimated fair value of life limited parts | ||||||||||||
Offshore energy vessels |
25 years from date of manufacture
|
10% of new build cost | ||||||||||||
Railcars |
40 - 50 years from date of manufacture
|
Scrap value at end of useful life | ||||||||||||
Track and track related assets |
15 - 50 years from date of manufacture
|
Scrap value at end of useful life | ||||||||||||
Buildings and site improvements |
20 - 30 years
|
Scrap value at end of useful life | ||||||||||||
Railroad equipment |
3 - 15 years from date of manufacture
|
Scrap value at end of useful life | ||||||||||||
Terminal machinery and equipment |
15 - 25 years from date of manufacture
|
Scrap value at end of useful life | ||||||||||||
Vehicles |
5 - 7 years from date of manufacture
|
Scrap value at end of useful life | ||||||||||||
Furniture and fixtures |
3 - 6 years from date of purchase
|
None | ||||||||||||
Computer hardware and software |
3 - 5 years from date of purchase
|
None |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues | |||||||||||||||||
Total revenues | $ | — | $ | 39,071 | $ | 37,766 | |||||||||||
Expenses | |||||||||||||||||
Operating expense | — | 32,815 | 30,944 | ||||||||||||||
Acquisition and transaction expenses | — | 5,526 | — | ||||||||||||||
Depreciation and amortization | — | 2,202 | 2,446 | ||||||||||||||
Interest expense | — | 1,458 | 1,009 | ||||||||||||||
Total expenses | — | 42,001 | 34,399 | ||||||||||||||
Gain on sale of assets, net | 1,331 | 77,468 | — | ||||||||||||||
Other expense | — | — | (42) | ||||||||||||||
Other income (expense) | 1,331 | 77,468 | (42) | ||||||||||||||
Income before income taxes | 1,331 | 74,538 | 3,325 | ||||||||||||||
Provision for (benefit from) income taxes | — | 1,076 | (1,077) | ||||||||||||||
Net income | 1,331 | 73,462 | 4,402 | ||||||||||||||
Less: Net income attributable to non-controlling interests in consolidated subsidiaries | — | 247 | 339 | ||||||||||||||
Net income attributable to shareholders | $ | 1,331 | $ | 73,215 | $ | 4,063 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Operating activities: | |||||||||||||||||
Depreciation and amortization | $ | — | $ | 2,202 | $ | 2,446 | |||||||||||
Amortization of deferred financing costs | — | 256 | 282 | ||||||||||||||
Share-based compensation expense | — | 3,114 | 184 | ||||||||||||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment | $ | — | $ | (6,949) | $ | (8,461) |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Leasing equipment | $ | 2,042,404 | $ | 2,019,773 | |||||||
Less: Accumulated depreciation | (407,145) | (312,714) | |||||||||
Leasing equipment, net | $ | 1,635,259 | $ | 1,707,059 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Acquisitions: | |||||||||||||||||
Aircraft | 20 | 31 | 29 | ||||||||||||||
Engines | 37 | 31 | 34 | ||||||||||||||
Dispositions: | |||||||||||||||||
Aircraft | — | 5 | 1 | ||||||||||||||
Engines | 25 | 58 | 13 | ||||||||||||||
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Depreciation expense for leasing equipment | $ | 142,266 | $ | 137,004 | $ | 110,012 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Finance leases | $ | 9,389 | $ | 12,388 | |||||||
Unearned revenue | (2,462) | (4,073) | |||||||||
Finance leases, net | $ | 6,927 | $ | 8,315 |
December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Land, site improvements and rights | $ | 52,047 | $ | 51,901 | ||||||||||||||||||||||||||||||||||
Construction in progress | 425,261 | 211,110 | ||||||||||||||||||||||||||||||||||||
Buildings and improvements | 4,491 | 3,783 | ||||||||||||||||||||||||||||||||||||
Terminal machinery and equipment | 557,788 | 519,603 | ||||||||||||||||||||||||||||||||||||
Track and track related assets | 2,349 | 2,208 | ||||||||||||||||||||||||||||||||||||
Railroad equipment | 5,560 | 4,823 | ||||||||||||||||||||||||||||||||||||
Computer hardware and software | 5,101 | 4,325 | ||||||||||||||||||||||||||||||||||||
Furniture and fixtures | 2,449 | 2,322 | ||||||||||||||||||||||||||||||||||||
Other | 5,870 | 1,969 | ||||||||||||||||||||||||||||||||||||
1,060,916 | 802,044 | |||||||||||||||||||||||||||||||||||||
Less: Accumulated depreciation | (96,553) | (69,935) | ||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | $ | 964,363 | $ | 732,109 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Depreciation expense for property, plant and equipment: | |||||||||||||||||
Continuing operations | $ | 26,581 | $ | 28,466 | $ | 20,343 | |||||||||||
Discontinued operations | — | 2,187 | 2,401 | ||||||||||||||
Total | $ | 26,581 | $ | 30,653 | $ | 22,744 |
Carrying Value | |||||||||||||||||||||||
Investment | Ownership Percentage | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||
Advanced Engine Repair JV | Equity method | 25% | $ | 22,721 | $ | 24,652 | |||||||||||||||||
Intermodal Finance I, Ltd. | Equity method | 51% | — | 501 | |||||||||||||||||||
Long Ridge Terminal LLC | Equity method | 50% | 122,539 | 155,397 | |||||||||||||||||||
FYX Trust Holdco LLC | Equity | 14% | 1,255 | — | |||||||||||||||||||
$ | 146,515 | $ | 180,550 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Advanced Engine Repair JV | $ | (1,931) | $ | (1,829) | $ | (743) | |||||||||||
JGP Energy Partners LLC | — | (292) | (574) | ||||||||||||||
Intermodal Finance I, Ltd. | 114 | (62) | 309 | ||||||||||||||
Long Ridge Terminal LLC | (3,222) | (192) | — | ||||||||||||||
Total | $ | (5,039) | $ | (2,375) | $ | (1,008) |
December 31, | |||||||||||
Balance Sheet | 2020 | 2019 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 11,791 | $ | 16,812 | |||||||
Restricted cash | 27,000 | 30,917 | |||||||||
Accounts receivable, net | 5,803 | 12,219 | |||||||||
Leasing equipment, net | 1,078 | 2,546 | |||||||||
Property, plant, and equipment, net | 612,234 | 390,416 | |||||||||
Intangible assets, net | 90,820 | 123,638 | |||||||||
Goodwill | 89,390 | 89,294 | |||||||||
Other assets | 10,777 | 6,667 | |||||||||
Total assets | $ | 848,893 | $ | 672,509 | |||||||
Liabilities | |||||||||||
Accounts payable and accrued liabilities | $ | 30,464 | $ | 37,437 | |||||||
Debt, net | 456,448 | 186,953 | |||||||||
Other liabilities | 36,700 | 530 | |||||||||
Total liabilities | 523,612 | 224,920 | |||||||||
Equity | |||||||||||
Shareholders’ equity | 348,402 | 465,461 | |||||||||
Accumulated deficit | (23,121) | (17,872) | |||||||||
Total equity | 325,281 | 447,589 | |||||||||
Total liabilities and equity | $ | 848,893 | $ | 672,509 |
Year Ended December 31, | |||||||||||||||||
Income Statement | 2020 | 2019 | 2018 | ||||||||||||||
Revenue | $ | 25,079 | $ | 8,887 | $ | 9,435 | |||||||||||
Total revenue | 25,079 | 8,887 | 9,435 | ||||||||||||||
Expenses | |||||||||||||||||
Research and development cost | 6,663 | 6,323 | 2,134 | ||||||||||||||
Operating expenses | 16,987 | 7,669 | 8,435 | ||||||||||||||
General and administrative | 1,191 | 1,550 | 1,437 | ||||||||||||||
Management fees and incentive allocation to affiliate | 11,004 | 142 | 400 | ||||||||||||||
Depreciation and amortization | 92 | 2,351 | 2,158 | ||||||||||||||
Interest expense | 2,267 | 285 | 937 | ||||||||||||||
Total expenses | 38,204 | 18,320 | 15,501 | ||||||||||||||
Other (expense) income | (1,585) | 734 | 2,070 | ||||||||||||||
Loss before income taxes | (14,710) | (8,699) | (3,996) | ||||||||||||||
Provision for income taxes | — | — | — | ||||||||||||||
Net loss | $ | (14,710) | $ | (8,699) | $ | (3,996) |
December 31, 2020 | |||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Total | |||||||||||||||||||||
Intangible assets | |||||||||||||||||||||||
Acquired favorable lease intangibles | $ | 35,349 | $ | — | $ | 35,349 | |||||||||||||||||
Less: Accumulated amortization | (29,591) | — | (29,591) | ||||||||||||||||||||
Acquired favorable lease intangibles, net | 5,758 | — | 5,758 | ||||||||||||||||||||
Customer relationships | — | 35,513 | 35,513 | ||||||||||||||||||||
Less: Accumulated amortization | — | (22,485) | (22,485) | ||||||||||||||||||||
Acquired customer relationships, net | — | 13,028 | 13,028 | ||||||||||||||||||||
Total intangible assets, net | $ | 5,758 | $ | 13,028 | $ | 18,786 | |||||||||||||||||
Intangible liabilities | |||||||||||||||||||||||
Acquired unfavorable lease intangibles | $ | 7,151 | $ | — | $ | 7,151 | |||||||||||||||||
Less: Accumulated amortization | (4,604) | — | (4,604) | ||||||||||||||||||||
Acquired unfavorable lease intangibles, net | $ | 2,547 | $ | — | $ | 2,547 |
December 31, 2019 | |||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Total | |||||||||||||||||||||
Intangible assets | |||||||||||||||||||||||
Acquired favorable lease intangibles | $ | 49,762 | $ | — | $ | 49,762 | |||||||||||||||||
Less: Accumulated amortization | (38,652) | — | (38,652) | ||||||||||||||||||||
Acquired favorable lease intangibles, net | 11,110 | — | 11,110 | ||||||||||||||||||||
Customer relationships | — | 35,513 | 35,513 | ||||||||||||||||||||
Less: Accumulated amortization | — | (18,931) | (18,931) | ||||||||||||||||||||
Acquired customer relationships, net | — | 16,582 | 16,582 | ||||||||||||||||||||
Total intangible assets, net | $ | 11,110 | $ | 16,582 | $ | 27,692 | |||||||||||||||||
Intangible liabilities | |||||||||||||||||||||||
Acquired unfavorable lease intangibles | $ | 5,170 | $ | — | $ | 5,170 | |||||||||||||||||
Less: Accumulated amortization | (3,014) | — | (3,014) | ||||||||||||||||||||
Acquired unfavorable lease intangibles, net | $ | 2,156 | $ | — | $ | 2,156 |
Classification in Consolidated Statements of Operations | Year Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
Lease intangibles | Equipment leasing revenues | $ | 3,747 | $ | 7,181 | $ | 8,588 | ||||||||||||||||
Customer relationships: | Depreciation and amortization | ||||||||||||||||||||||
Continuing operations | 3,553 | 3,553 | 3,553 | ||||||||||||||||||||
Discontinued operations | — | 15 | 45 | ||||||||||||||||||||
Total | $ | 7,300 | $ | 10,749 | $ | 12,186 |
2021 | $ | 6,330 | |||
2022 | 4,330 | ||||
2023 | 3,343 | ||||
2024 | 2,236 | ||||
2025 | — | ||||
Thereafter | — | ||||
Total | $ | 16,239 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Outstanding Borrowings | Stated Interest Rate | Maturity Date | Outstanding Borrowings | ||||||||||||||||||||
Loans payable | |||||||||||||||||||||||
FTAI Pride Credit
Agreement
|
$ | — | N/A | N/A | $ | 36,009 | |||||||||||||||||
Jefferson Revolver | — | N/A | N/A | 50,000 | |||||||||||||||||||
DRP Revolver (1)
|
25,000 |
(i) Base Rate + 1.50%; or
(ii) Base Rate + 2.50% (Eurodollar)
|
11/5/2021 | 25,000 | |||||||||||||||||||
Revolving Credit
Facility (2)
|
— |
(i) Base Rate + 2.00%; or
(ii) Adjusted Eurodollar Rate + 3.00%
|
1/31/2022 | — | |||||||||||||||||||
Total loans payable | 25,000 | 111,009 | |||||||||||||||||||||
Bonds payable | |||||||||||||||||||||||
Series 2012 Bonds (3)
|
— | N/A | N/A | 41,059 | |||||||||||||||||||
Series 2016 Bonds | — | N/A | N/A | 144,200 | |||||||||||||||||||
Series 2020 Bonds | 263,980 | See below | See below | — | |||||||||||||||||||
Senior Notes due 2022 (4)
|
406,307 | 6.75% | 3/15/2022 | 697,814 | |||||||||||||||||||
Senior Notes due 2025 (5)
|
845,697 | 6.50% | 10/1/2025 | 444,957 | |||||||||||||||||||
Senior Notes due 2027 | 400,000 | 9.75% | 8/1/2027 | — | |||||||||||||||||||
Total bonds payable | 1,915,984 | 1,328,030 | |||||||||||||||||||||
Debt | 1,940,984 | 1,439,039 | |||||||||||||||||||||
Less: Debt issuance costs | (36,222) | (18,111) | |||||||||||||||||||||
Total debt, net | $ | 1,904,762 | $ | 1,420,928 | |||||||||||||||||||
Total debt due within one year | $ | 25,000 | $ | 182,019 |
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
DRP Revolver | $ | 25,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 25,000 | |||||||||||||||||||||||||||
Revolving Credit Facility | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Series 2020 Bonds | — | — | — | — | 79,060 | 184,920 | 263,980 | ||||||||||||||||||||||||||||||||||
Senior Notes due 2022 | — | 400,000 | — | — | — | — | 400,000 | ||||||||||||||||||||||||||||||||||
Senior Notes due 2025 | — | — | — | — | 850,000 | — | 850,000 | ||||||||||||||||||||||||||||||||||
Senior Notes due 2027 | — | — | — | — | — | 400,000 | 400,000 | ||||||||||||||||||||||||||||||||||
Total principal payments on loans and bonds payable | $ | 25,000 | $ | 400,000 | $ | — | $ | — | $ | 929,060 | $ | 584,920 | $ | 1,938,980 |
Fair Value as of | Fair Value Measurements Using Fair Value Hierarchy as of | ||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Valuation Technique | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 121,703 | $ | 121,703 | $ | — | $ | — | Market | ||||||||||||||||||||
Restricted cash | 39,715 | 39,715 | — | — | Market | ||||||||||||||||||||||||
Total assets | $ | 161,418 | $ | 161,418 | $ | — | $ | — | |||||||||||||||||||||
Fair Value as of | Fair Value Measurements Using Fair Value Hierarchy as of | ||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | ||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Valuation Technique | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 226,512 | $ | 226,512 | $ | — | $ | — | Market | ||||||||||||||||||||
Restricted cash | 16,005 | 16,005 | — | — | Market | ||||||||||||||||||||||||
Derivative assets | 181 | — | — | 181 | Income | ||||||||||||||||||||||||
Total assets | $ | 242,698 | $ | 242,517 | $ | — | $ | 181 | |||||||||||||||||||||
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Series 2012 Bonds (1)
|
$ | — | $ | 41,450 | |||||||
Series 2016 Bonds (1)
|
— | 145,143 | |||||||||
Series A 2020 Bonds (2)
|
186,306 | — | |||||||||
Series B 2020 Bonds (2)
|
79,723 | — | |||||||||
Senior Notes due 2022 | 403,536 | 731,451 | |||||||||
Senior Notes due 2025 | 888,701 | 475,884 | |||||||||
Senior Notes due 2027 | 460,340 | — |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Beginning Balance | $ | 181 | $ | 6,545 | $ | 1,022 | |||||||||||
Net (losses) gains recognized in earnings | (181) | (6,364) | 5,523 | ||||||||||||||
Purchases | — | 314 | 8,473 | ||||||||||||||
Sales | — | (674) | (178) | ||||||||||||||
Settlements | — | 360 | (8,295) | ||||||||||||||
Ending Balance | $ | — | $ | 181 | $ | 6,545 |
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Equipment leasing revenues
|
|||||||||||||||||||||||||||||||||||
Lease income
|
$ | 166,331 | $ | — | $ | — | $ | 11,145 | $ | 177,476 | |||||||||||||||||||||||||
Maintenance revenue
|
101,462 | — | — | — | 101,462 | ||||||||||||||||||||||||||||||
Finance lease income
|
2,260 | — | — | — | 2,260 | ||||||||||||||||||||||||||||||
Other revenue
|
11,158 | — | — | 5,578 | 16,736 | ||||||||||||||||||||||||||||||
Total equipment leasing revenues
|
281,211 | — | — | 16,723 | 297,934 | ||||||||||||||||||||||||||||||
Infrastructure revenues
|
|||||||||||||||||||||||||||||||||||
Lease income
|
— | 1,186 | — | — | 1,186 | ||||||||||||||||||||||||||||||
Terminal services revenues | — | 50,887 | — | — | 50,887 | ||||||||||||||||||||||||||||||
Crude marketing revenues | — | 8,210 | — | — | 8,210 | ||||||||||||||||||||||||||||||
Other revenue | — | — | 3,855 | 4,424 | 8,279 | ||||||||||||||||||||||||||||||
Total infrastructure revenues
|
— | 60,283 | 3,855 | 4,424 | 68,562 | ||||||||||||||||||||||||||||||
Total revenues
|
$ | 281,211 | $ | 60,283 | $ | 3,855 | $ | 21,147 | $ | 366,496 |
Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Equipment leasing revenues | |||||||||||||||||||||||||||||||||||
Lease income | $ | 197,305 | $ | — | $ | — | $ | 9,796 | $ | 207,101 | |||||||||||||||||||||||||
Maintenance revenue | 134,914 | — | — | — | 134,914 | ||||||||||||||||||||||||||||||
Finance lease income | 2,648 | — | — | — | 2,648 | ||||||||||||||||||||||||||||||
Other revenue | 1,808 | — | — | 2,851 | 4,659 | ||||||||||||||||||||||||||||||
Total equipment leasing revenues | 336,675 | — | — | 12,647 | 349,322 | ||||||||||||||||||||||||||||||
Infrastructure revenues | |||||||||||||||||||||||||||||||||||
Lease income | — | 2,306 | 1,056 | — | 3,362 | ||||||||||||||||||||||||||||||
Terminal services revenues | — | 35,908 | 7,057 | — | 42,965 | ||||||||||||||||||||||||||||||
Crude marketing revenues | — | 166,134 | — | — | 166,134 | ||||||||||||||||||||||||||||||
Other revenue | — | — | 14,074 | 2,917 | 16,991 | ||||||||||||||||||||||||||||||
Total infrastructure revenues | — | 204,348 | 22,187 | 2,917 | 229,452 | ||||||||||||||||||||||||||||||
Total revenues | $ | 336,675 | $ | 204,348 | $ | 22,187 | $ | 15,564 | $ | 578,774 |
Year Ended December 31, 2018 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Equipment leasing revenues | |||||||||||||||||||||||||||||||||||
Lease income | $ | 151,531 | $ | — | $ | — | $ | 5,659 | $ | 157,190 | |||||||||||||||||||||||||
Maintenance revenue | 89,870 | — | — | — | 89,870 | ||||||||||||||||||||||||||||||
Finance lease income | 1,895 | — | — | 1,454 | 3,349 | ||||||||||||||||||||||||||||||
Other revenue | 974 | — | — | 1,656 | 2,630 | ||||||||||||||||||||||||||||||
Total equipment leasing revenues | 244,270 | — | — | 8,769 | 253,039 | ||||||||||||||||||||||||||||||
Infrastructure revenues | |||||||||||||||||||||||||||||||||||
Lease income | — | 272 | 1,462 | — | 1,734 | ||||||||||||||||||||||||||||||
Terminal services revenues | — | 10,108 | — | — | 10,108 | ||||||||||||||||||||||||||||||
Crude marketing revenues | — | 60,518 | — | — | 60,518 | ||||||||||||||||||||||||||||||
Other revenue | — | 87 | 15,982 | 644 | 16,713 | ||||||||||||||||||||||||||||||
Total infrastructure revenues | — | 70,985 | 17,444 | 644 | 89,073 | ||||||||||||||||||||||||||||||
Total revenues | $ | 244,270 | $ | 70,985 | $ | 17,444 | $ | 9,413 | $ | 342,112 |
Operating leases | Finance leases | ||||||||||
2021 | $ | 160,039 | $ | 1,291 | |||||||
2022 | 112,256 | 897 | |||||||||
2023 | 79,049 | 274 | |||||||||
2024 | 53,367 | — | |||||||||
2025 | 30,205 | — | |||||||||
Thereafter | 22,532 | — | |||||||||
Total | $ | 457,448 | $ | 2,462 |
Year Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Operating lease expense | $ | 4,719 | $ | 5,857 | |||||||
Short-term lease expense | 778 | 3,605 | |||||||||
Variable lease expense | 1,379 | 3,263 | |||||||||
Sublease income | — | (1,032) | |||||||||
Lease expense from continuing operations | 6,876 | 11,693 | |||||||||
Finance lease expense | — | 304 | |||||||||
Operating lease expense | — | 3,705 | |||||||||
Lease expense from discontinued operations | — | 4,009 | |||||||||
Total lease expense | $ | 6,876 | $ | 15,702 |
Right-of-use assets, net | $ | 62,355 | |||
Lease liabilities | $ | 62,001 | |||
Weighted average remaining lease term | 40.0 years | ||||
Weighted average incremental borrowing rate | 6.2 | % | |||
Cash paid for amounts included in the measurement of operating lease liabilities | |||||
Continuing operations | $ | 4,723 | |||
Discontinued operations | $ | — |
2021 | $ | 4,759 | |||
2022 | 4,632 | ||||
2023 | 4,585 | ||||
2024 | 4,354 | ||||
2025 | 4,224 | ||||
Thereafter | 145,769 | ||||
Total undiscounted lease payments | 168,323 | ||||
Less: Imputed interest | 106,322 | ||||
Total lease liabilities | $ | 62,001 |
Year Ended December 31, | Remaining Expense To Be Recognized, If All Vesting Conditions Are Met | ||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
Stock options | $ | — | $ | — | $ | 9 | $ | — | |||||||||||||||
Restricted shares | 1,676 | 1,054 | 359 | 3,375 | |||||||||||||||||||
Common units | 649 | 455 | 349 | 2,150 | |||||||||||||||||||
Total - continuing operations | $ | 2,325 | $ | 1,509 | $ | 717 | $ | 5,525 | |||||||||||||||
Common units - discontinued operations | $ | — | $ | 3,114 | $ | 184 |
Stock Options | Restricted Shares | Common Units | |||||||||||||||||||||||||||||||||
Options | Weighted Average Exercise Price | Shares | Weighted Average Issuance Price | Units | Weighted Average Issuance Price | ||||||||||||||||||||||||||||||
Outstanding as of
December 31, 2019 |
2,113,704 | $ | 16.85 | 104,225 | $ | 14.23 | 956,668 | $ | 1.18 | ||||||||||||||||||||||||||
Granted | 129,988 | 16.09 | 545,806 | 7.26 | 1,883,772 | 1.14 | |||||||||||||||||||||||||||||
Less: exercised / vested | — | 71,229 | 14.40 | 393,332 | 1.06 | ||||||||||||||||||||||||||||||
Less: forfeited and canceled | — | — | — | ||||||||||||||||||||||||||||||||
Outstanding as of
December 31, 2020 |
2,243,692 | 578,802 | 2,447,108 |
Stock Options | Restricted Shares | Common Units | |||||||||||||||
As of December 31, 2020: | |||||||||||||||||
Weighted average exercise / issuance price (per share) | $ | 16.81 | $ | 7.64 | $ | 1.13 | |||||||||||
Aggregate intrinsic value (in thousands) | $ | 13,534 | $ | 4,420 | $ | 2,758 | |||||||||||
Weighted average remaining contractual term (in years) | 8.2 | 1.1 | 1.4 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
Number of options | 129,988 | 1,262,362 | 826,342 | |||||||||||||||||||||||||||||||||||
Fair value ($ millions) | $0.7 | $1.8 | $2.1 | |||||||||||||||||||||||||||||||||||
Ranges | ||||||||||||||||||||||||||||||||||||||
Expected volatility | The expected stock volatility is based on an assessment of the volatility of our publicly traded common shares | 61.27% | - | 62.12% | 21.89% | - | 21.45% | 18.71% | - | 27.73% | ||||||||||||||||||||||||||||
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. | 0.51% | - | 0.76% | 1.67% | - | 1.45% | 2.98% | - | 2.52% | ||||||||||||||||||||||||||||
Expected dividend yield | The expected dividend yield is based on management’s current expected dividend rate. | 6.23% | - | 11.79% | 6.58% | - | 8.02% | 6.81% | - | 5.45% | ||||||||||||||||||||||||||||
Expected term | Expected term used represents the period of time the options granted are expected to be outstanding. | 10 years | 10 years | 10 years |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | (110) | $ | 55 | $ | 75 | |||||||||||
State and local | 328 | 423 | 250 | ||||||||||||||
Foreign | 496 | 188 | 63 | ||||||||||||||
Total current provision | 714 | 666 | 388 | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | (1,750) | 12,937 | 1,528 | ||||||||||||||
State and local | 13 | (638) | 621 | ||||||||||||||
Foreign | (4,882) | 4,845 | (88) | ||||||||||||||
Total deferred (benefit) provision | (6,619) | 17,144 | 2,061 | ||||||||||||||
(Benefit from) provision for income taxes: | |||||||||||||||||
Continuing operations | (5,905) | 17,810 | 2,449 | ||||||||||||||
Discontinued operations | — | 1,076 | (1,077) | ||||||||||||||
Total | $ | (5,905) | $ | 18,886 | $ | 1,372 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
U.S. federal tax at statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
Income not subject to tax at statutory rate | (7.9) | % | (21.7) | % | 121.9 | % | |||||||||||
State and local taxes | (0.3) | % | (0.1) | % | (6.1) | % | |||||||||||
Foreign taxes | 4.0 | % | 2.7 | % | 7.7 | % | |||||||||||
Branch profit tax | — | % | — | % | (0.5) | % | |||||||||||
Change in tax rates | — | % | — | % | — | % | |||||||||||
Other | 0.1 | % | (0.6) | % | (0.2) | % | |||||||||||
Change in valuation allowance | (11.5) | % | 7.0 | % | (153.3) | % | |||||||||||
Provision for income taxes | 5.4 | % | 8.3 | % | (9.5) | % |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Deferred tax assets: | |||||||||||
Net operating loss carryforwards | $ | 105,184 | $ | 74,555 | |||||||
Accrued expenses | 468 | 1,252 | |||||||||
Interest expense | 26,531 | 25,306 | |||||||||
Operating lease liabilities | 10,119 | 6,104 | |||||||||
Other | 2,895 | 2,041 | |||||||||
Total deferred tax assets | 145,197 | 109,258 | |||||||||
Less valuation allowance | (98,091) | (79,176) | |||||||||
Net deferred tax assets | 47,106 | 30,082 | |||||||||
Deferred tax liabilities: | |||||||||||
Investment in partnerships | (13,759) | (22,250) | |||||||||
Fixed assets and goodwill | (29,448) | (21,592) | |||||||||
Operating lease right-of-use assets | (10,062) | (6,032) | |||||||||
Net deferred tax liabilities | $ | (6,163) | $ | (19,792) |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Valuation allowance at beginning of period | $ | 79,176 | $ | 68,294 | |||||||
Change due to current year losses | 18,915 | 19,330 | |||||||||
Change due to current year releases | — | (8,448) | |||||||||
Valuation allowance at end of period | $ | 98,091 | $ | 79,176 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Management fees | $ | 18,519 | $ | 14,828 | $ | 15,319 | |||||||||||
Income incentive allocation | — | — | — | ||||||||||||||
Capital gains incentive allocation | — | 21,231 | 407 | ||||||||||||||
Total | $ | 18,519 | $ | 36,059 | $ | 15,726 |
Year Ended December 31, | |||||||||||||||||
2020 |
2019 (1)
|
2018 (1)
|
|||||||||||||||
Classification in the Consolidated Statements of Operations: | |||||||||||||||||
General and administrative expenses | $ | 9,552 | $ | 11,017 | $ | 9,910 | |||||||||||
Acquisition and transaction expenses | 2,081 | 3,399 | 6,653 | ||||||||||||||
Total | $ | 11,633 | $ | 14,416 | $ | 16,563 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Accrued management fees | $ | 1,461 | $ | 1,410 | |||||||
Other payables (1)
|
1,317 | 21,992 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Non-controlling interest share of net loss | $ | 16,483 | $ | 17,357 | $ | 13,436 |
As Previously Reported | Adjustments | As Reported | |||||||||||||||||||||||||||||||||
Aviation Leasing | Corporate and Other | Aviation Leasing | Corporate and Other | Aviation Leasing | Corporate and Other | ||||||||||||||||||||||||||||||
Operating expenses | $ | 14,132 | $ | 17,544 | $ | 3,536 | $ | — | $ | 17,668 | $ | 17,544 | |||||||||||||||||||||||
General and administrative | — | 20,441 | — | (3,536) | — | 16,905 | |||||||||||||||||||||||||||||
Acquisition and transaction expenses | 518 | 12,097 | 8,123 | (8,123) | 8,641 | 3,974 |
As Previously Reported | Adjustments | As Reported | |||||||||||||||||||||||||||||||||
Aviation Leasing | Corporate and Other | Aviation Leasing | Corporate and Other | Aviation Leasing | Corporate and Other | ||||||||||||||||||||||||||||||
Operating expenses | $ | 9,149 | $ | 14,487 | $ | 1,836 | $ | — | $ | 10,985 | $ | 14,487 | |||||||||||||||||||||||
General and administrative | — | 17,126 | — | (1,836) | — | 15,290 | |||||||||||||||||||||||||||||
Acquisition and transaction expenses | 315 | 6,653 | 3,715 | (3,715) | 4,030 | 2,938 |
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Equipment leasing revenues | $ | 281,211 | $ | — | $ | — | $ | 16,723 | $ | 297,934 | |||||||||||||||||||||||||
Infrastructure revenues | — | 60,283 | 3,855 | 4,424 | 68,562 | ||||||||||||||||||||||||||||||
Total revenues | 281,211 | 60,283 | 3,855 | 21,147 | 366,496 | ||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||
Operating expenses | 20,667 | 53,072 | 10,327 | 25,446 | 109,512 | ||||||||||||||||||||||||||||||
General and administrative | — | — | — | 18,159 | 18,159 | ||||||||||||||||||||||||||||||
Acquisition and transaction expenses | 6,687 | — | 907 | 2,274 | 9,868 | ||||||||||||||||||||||||||||||
Management fees and incentive allocation to affiliate | — | — | — | 18,519 | 18,519 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 133,904 | 29,034 | 1,497 | 7,965 | 172,400 | ||||||||||||||||||||||||||||||
Asset impairment | 33,978 | — | — | — | 33,978 | ||||||||||||||||||||||||||||||
Interest expense | — | 9,426 | 1,335 | 87,445 | 98,206 | ||||||||||||||||||||||||||||||
Total expenses | 195,236 | 91,532 | 14,066 | 159,808 | 460,642 | ||||||||||||||||||||||||||||||
Other (expense) income | |||||||||||||||||||||||||||||||||||
Equity in (losses) earnings of unconsolidated entities | (1,932) | — | (3,222) | 115 | (5,039) | ||||||||||||||||||||||||||||||
Loss on sale of assets, net | (300) | (8) | — | — | (308) | ||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | (4,724) | — | (6,943) | (11,667) | ||||||||||||||||||||||||||||||
Interest income | 94 | 22 | — | 46 | 162 | ||||||||||||||||||||||||||||||
Other income | — | 70 | — | — | 70 | ||||||||||||||||||||||||||||||
Total other (expense) income | (2,138) | (4,640) | (3,222) | (6,782) | (16,782) | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 83,837 | (35,889) | (13,433) | (145,443) | (110,928) | ||||||||||||||||||||||||||||||
(Benefit from) provision for income taxes | (4,812) | 278 | (1,791) | 420 | (5,905) | ||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | 88,649 | (36,167) | (11,642) | (145,863) | (105,023) | ||||||||||||||||||||||||||||||
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries | — | (16,483) | (39) | — | (16,522) | ||||||||||||||||||||||||||||||
Less: Dividends on preferred shares | — | — | — | 17,869 | 17,869 | ||||||||||||||||||||||||||||||
Net income (loss) attributable to shareholders from continuing operations | $ | 88,649 | $ | (19,684) | $ | (11,603) | $ | (163,732) | $ | (106,370) |
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 288,752 | $ | 16,118 | $ | (2,600) | $ | (58,964) | $ | 243,306 | |||||||||||||||||||||||||
Add: Non-controlling share of Adjusted EBITDA | 9,637 | ||||||||||||||||||||||||||||||||||
Add: Equity in losses of unconsolidated entities | (5,039) | ||||||||||||||||||||||||||||||||||
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities | (1,208) | ||||||||||||||||||||||||||||||||||
Less: Interest expense | (98,206) | ||||||||||||||||||||||||||||||||||
Less: Depreciation and amortization expense | (202,746) | ||||||||||||||||||||||||||||||||||
Less: Incentive allocations | — | ||||||||||||||||||||||||||||||||||
Less: Asset impairment charges | (33,978) | ||||||||||||||||||||||||||||||||||
Less: Changes in fair value of non-hedge derivative instruments | (181) | ||||||||||||||||||||||||||||||||||
Less: Losses on the modification or extinguishment of debt and capital lease obligations | (11,667) | ||||||||||||||||||||||||||||||||||
Less: Acquisition and transaction expenses | (9,868) | ||||||||||||||||||||||||||||||||||
Less: Equity-based compensation expense | (2,325) | ||||||||||||||||||||||||||||||||||
Less: Benefit from income taxes | 5,905 | ||||||||||||||||||||||||||||||||||
Net loss attributable to shareholders from continuing operations | $ | (106,370) |
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Africa | $ | 10,259 | $ | — | $ | — | $ | — | $ | 10,259 | |||||||||||||||||||||||||
Asia | 110,057 | — | — | 16,637 | 126,694 | ||||||||||||||||||||||||||||||
Europe | 124,670 | — | — | — | 124,670 | ||||||||||||||||||||||||||||||
North America | 32,961 | 60,283 | 3,855 | 4,510 | 101,609 | ||||||||||||||||||||||||||||||
South America | 3,264 | — | — | — | 3,264 | ||||||||||||||||||||||||||||||
Total revenues | $ | 281,211 | $ | 60,283 | $ | 3,855 | $ | 21,147 | $ | 366,496 |
Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Equipment leasing revenues | $ | 336,675 | $ | — | $ | — | $ | 12,647 | $ | 349,322 | |||||||||||||||||||||||||
Infrastructure revenues | — | 204,348 | 22,187 | 2,917 | 229,452 | ||||||||||||||||||||||||||||||
Total revenues | 336,675 | 204,348 | 22,187 | 15,564 | 578,774 | ||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||
Operating expenses | 17,668 | 231,506 | 24,854 | 17,544 | 291,572 | ||||||||||||||||||||||||||||||
General and administrative | — | — | — | 16,905 | 16,905 | ||||||||||||||||||||||||||||||
Acquisition and transaction expenses | 8,641 | — | 5,008 | 3,974 | 17,623 | ||||||||||||||||||||||||||||||
Management fees and incentive allocation to affiliate | — | — | — | 36,059 | 36,059 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 128,990 | 22,873 | 9,849 | 7,311 | 169,023 | ||||||||||||||||||||||||||||||
Asset impairment | — | — | 4,726 | — | 4,726 | ||||||||||||||||||||||||||||||
Interest expense | — | 16,189 | 1,712 | 77,684 | 95,585 | ||||||||||||||||||||||||||||||
Total expenses | 155,299 | 270,568 | 46,149 | 159,477 | 631,493 | ||||||||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||||
Equity in losses of unconsolidated entities | (1,829) | (292) | (192) | (62) | (2,375) | ||||||||||||||||||||||||||||||
Gain on sale of assets, net | 81,954 | 4,636 | 116,660 | — | 203,250 | ||||||||||||||||||||||||||||||
Interest income | 104 | 118 | 289 | 20 | 531 | ||||||||||||||||||||||||||||||
Other income | — | 634 | 1,809 | 1,002 | 3,445 | ||||||||||||||||||||||||||||||
Total other income | 80,229 | 5,096 | 118,566 | 960 | 204,851 | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 261,605 | (61,124) | 94,604 | (142,953) | 152,132 | ||||||||||||||||||||||||||||||
Provision for income taxes | 2,826 | 284 | 14,700 | — | 17,810 | ||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | 258,779 | (61,408) | 79,904 | (142,953) | 134,322 | ||||||||||||||||||||||||||||||
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries | — | (17,356) | (215) | — | (17,571) | ||||||||||||||||||||||||||||||
Less: Dividends on preferred shares | — | — | — | 1,838 | 1,838 | ||||||||||||||||||||||||||||||
Net income (loss) attributable to shareholders from continuing operations | $ | 258,779 | $ | (44,052) | $ | 80,119 | $ | (144,791) | $ | 150,055 |
Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 429,398 | $ | (6,160) | $ | 114,760 | $ | (34,590) | $ | 503,408 | |||||||||||||||||||||||||
Add: Non-controlling share of Adjusted EBITDA | 9,859 | ||||||||||||||||||||||||||||||||||
Add: Equity in losses of unconsolidated entities | (2,375) | ||||||||||||||||||||||||||||||||||
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities | 1,387 | ||||||||||||||||||||||||||||||||||
Less: Interest expense | (95,585) | ||||||||||||||||||||||||||||||||||
Less: Depreciation and amortization expense | (199,185) | ||||||||||||||||||||||||||||||||||
Less: Incentive allocations | (21,231) | ||||||||||||||||||||||||||||||||||
Less: Asset impairment charges | (4,726) | ||||||||||||||||||||||||||||||||||
Less: Changes in fair value of non-hedge derivative instruments | (4,555) | ||||||||||||||||||||||||||||||||||
Less: Losses on the modification or extinguishment of debt and capital lease obligations | — | ||||||||||||||||||||||||||||||||||
Less: Acquisition and transaction expenses | (17,623) | ||||||||||||||||||||||||||||||||||
Less: Equity-based compensation expense | (1,509) | ||||||||||||||||||||||||||||||||||
Less: Provision for income taxes | (17,810) | ||||||||||||||||||||||||||||||||||
Net income attributable to shareholders from continuing operations | $ | 150,055 |
Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Africa | $ | 14,542 | $ | — | $ | — | $ | — | $ | 14,542 | |||||||||||||||||||||||||
Asia | 119,289 | — | — | 12,647 | 131,936 | ||||||||||||||||||||||||||||||
Europe | 157,942 | — | — | — | 157,942 | ||||||||||||||||||||||||||||||
North America | 36,391 | 204,348 | 22,187 | 2,917 | 265,843 | ||||||||||||||||||||||||||||||
South America | 8,511 | — | — | — | 8,511 | ||||||||||||||||||||||||||||||
Total revenues | $ | 336,675 | $ | 204,348 | $ | 22,187 | $ | 15,564 | $ | 578,774 |
Year Ended December 31, 2018 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Equipment leasing revenues | $ | 244,270 | $ | — | $ | — | $ | 8,769 | $ | 253,039 | |||||||||||||||||||||||||
Infrastructure revenues | — | 70,985 | 17,444 | 644 | 89,073 | ||||||||||||||||||||||||||||||
Total revenues | 244,270 | 70,985 | 17,444 | 9,413 | 342,112 | ||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||
Operating expenses | 10,985 | 94,622 | 18,312 | 14,487 | 138,406 | ||||||||||||||||||||||||||||||
General and administrative | — | — | — | 15,290 | 15,290 | ||||||||||||||||||||||||||||||
Acquisition and transaction expenses | 4,030 | — | — | 2,938 | 6,968 | ||||||||||||||||||||||||||||||
Management fees and incentive allocation to affiliate | — | — | — | 15,726 | 15,726 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 102,419 | 19,745 | 5,139 | 6,605 | 133,908 | ||||||||||||||||||||||||||||||
Interest expense | — | 15,513 | 649 | 40,683 | 56,845 | ||||||||||||||||||||||||||||||
Total expenses | 117,434 | 129,880 | 24,100 | 95,729 | 367,143 | ||||||||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||||
Equity in (losses) earnings of unconsolidated entities | (743) | (574) | — | 309 | (1,008) | ||||||||||||||||||||||||||||||
Gain on sale of assets, net | 3,911 | — | — | — | 3,911 | ||||||||||||||||||||||||||||||
Interest income | 202 | 270 | — | 16 | 488 | ||||||||||||||||||||||||||||||
Other income | — | 3,983 | — | — | 3,983 | ||||||||||||||||||||||||||||||
Total other income | 3,370 | 3,679 | — | 325 | 7,374 | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 130,206 | (55,216) | (6,656) | (85,991) | (17,657) | ||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 2,280 | 261 | 1 | (93) | 2,449 | ||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | 127,926 | (55,477) | (6,657) | (85,898) | (20,106) | ||||||||||||||||||||||||||||||
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries | (24) | (21,801) | (100) | — | (21,925) | ||||||||||||||||||||||||||||||
Net income (loss) attributable to shareholders from continuing operations | $ | 127,950 | $ | (33,676) | $ | (6,557) | $ | (85,898) | $ | 1,819 |
Year Ended December 31, 2018 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 263,166 | $ | (11,645) | $ | (615) | $ | (35,034) | $ | 215,872 | |||||||||||||||||||||||||
Add: Non-controlling share of Adjusted EBITDA | 9,744 | ||||||||||||||||||||||||||||||||||
Add: Equity in losses of unconsolidated entities | (1,008) | ||||||||||||||||||||||||||||||||||
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities | (359) | ||||||||||||||||||||||||||||||||||
Less: Interest expense | (56,845) | ||||||||||||||||||||||||||||||||||
Less: Depreciation and amortization expense | (160,567) | ||||||||||||||||||||||||||||||||||
Less: Incentive allocations | (407) | ||||||||||||||||||||||||||||||||||
Less: Asset impairment charges | — | ||||||||||||||||||||||||||||||||||
Less: Changes in fair value of non-hedge derivative instruments | 5,523 | ||||||||||||||||||||||||||||||||||
Less: Losses on the modification or extinguishment of debt and capital lease obligations | — | ||||||||||||||||||||||||||||||||||
Less: Acquisition and transaction expenses | (6,968) | ||||||||||||||||||||||||||||||||||
Less: Equity-based compensation expense | (717) | ||||||||||||||||||||||||||||||||||
Less: Provision for income taxes | (2,449) | ||||||||||||||||||||||||||||||||||
Net income attributable to shareholders from continuing operations | $ | 1,819 |
Year Ended December 31, 2018 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Africa | $ | 10,053 | $ | — | $ | — | $ | — | $ | 10,053 | |||||||||||||||||||||||||
Asia | 78,374 | — | — | 7,315 | 85,689 | ||||||||||||||||||||||||||||||
Europe | 121,546 | — | — | — | 121,546 | ||||||||||||||||||||||||||||||
North America | 30,701 | 70,985 | 17,444 | 2,098 | 121,228 | ||||||||||||||||||||||||||||||
South America | 3,596 | — | — | — | 3,596 | ||||||||||||||||||||||||||||||
Total revenues | $ | 244,270 | $ | 70,985 | $ | 17,444 | $ | 9,413 | $ | 342,112 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Total assets | $ | 1,704,205 | $ | 989,928 | $ | 400,217 | $ | 293,627 | $ | 3,387,977 | |||||||||||||||||||||||||
Debt, net | — | 253,473 | 25,000 | 1,626,289 | 1,904,762 | ||||||||||||||||||||||||||||||
Total liabilities | 219,692 | 365,629 | 38,242 | 1,665,093 | 2,288,656 | ||||||||||||||||||||||||||||||
Non-controlling interests in equity of consolidated subsidiaries | — | 20,785 | 1,354 | 524 | 22,663 | ||||||||||||||||||||||||||||||
Total equity | 1,484,513 | 624,299 | 361,975 | (1,371,466) | 1,099,321 | ||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,704,205 | $ | 989,928 | $ | 400,217 | $ | 293,627 | $ | 3,387,977 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Property, plant and equipment and leasing equipment, net | |||||||||||||||||||||||||||||||||||
Africa | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Asia | 445,566 | — | — | 56,702 | 502,268 | ||||||||||||||||||||||||||||||
Europe | 774,300 | — | — | — | 774,300 | ||||||||||||||||||||||||||||||
North America | 208,190 | 702,393 | 269,680 | 117,782 | 1,298,045 | ||||||||||||||||||||||||||||||
South America | 25,009 | — | — | — | 25,009 | ||||||||||||||||||||||||||||||
Total property, plant and equipment and leasing equipment, net | $ | 1,453,065 | $ | 702,393 | $ | 269,680 | $ | 174,484 | $ | 2,599,622 |
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Total assets | $ | 1,694,837 | $ | 781,422 | $ | 366,402 | $ | 394,261 | $ | 3,236,922 | |||||||||||||||||||||||||
Debt, net | — | 233,077 | 25,000 | 1,162,851 | 1,420,928 | ||||||||||||||||||||||||||||||
Total liabilities | 285,099 | 324,509 | 63,930 | 1,224,527 | 1,898,065 | ||||||||||||||||||||||||||||||
Non-controlling interests in equity of consolidated subsidiaries | — | 35,671 | 785 | 524 | 36,980 | ||||||||||||||||||||||||||||||
Total equity | 1,409,738 | 456,913 | 302,472 | (830,266) | 1,338,857 | ||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,694,837 | $ | 781,422 | $ | 366,402 | $ | 394,261 | $ | 3,236,922 |
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | Infrastructure | ||||||||||||||||||||||||||||||||||
Aviation Leasing | Jefferson Terminal | Ports and Terminals | Corporate and Other | Total | |||||||||||||||||||||||||||||||
Property, plant and equipment and leasing equipment, net | |||||||||||||||||||||||||||||||||||
Africa | $ | 43,348 | $ | — | $ | — | $ | — | $ | 43,348 | |||||||||||||||||||||||||
Asia | 487,913 | — | — | 37,548 | 525,461 | ||||||||||||||||||||||||||||||
Europe | 647,029 | — | — | — | 647,029 | ||||||||||||||||||||||||||||||
North America | 311,185 | 560,059 | 200,319 | 123,067 | 1,194,630 | ||||||||||||||||||||||||||||||
South America | 28,700 | — | — | — | 28,700 | ||||||||||||||||||||||||||||||
Total property, plant and equipment and leasing equipment, net | $ | 1,518,175 | $ | 560,059 | $ | 200,319 | $ | 160,615 | $ | 2,439,168 |
Year Ended December 31, | |||||||||||||||||
(in thousands, except share and per share data) | 2020 | 2019 | 2018 | ||||||||||||||
Net (loss) income from continuing operations | $ | (105,023) | $ | 134,322 | $ | (20,106) | |||||||||||
Net income from discontinued operations, net of income taxes | 1,331 | 73,462 | 4,402 | ||||||||||||||
Net (loss) income | (103,692) | 207,784 | (15,704) | ||||||||||||||
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries: | |||||||||||||||||
Continuing operations | (16,522) | (17,571) | (21,925) | ||||||||||||||
Discontinued operations | — | 247 | 339 | ||||||||||||||
Less: Dividends on preferred shares | 17,869 | 1,838 | — | ||||||||||||||
Net (loss) income attributable to shareholders | $ | (105,039) | $ | 223,270 | $ | 5,882 | |||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 86,015,702 | 85,992,019 | 83,654,068 | ||||||||||||||
Diluted | 86,015,702 | 86,029,363 | 83,664,833 | ||||||||||||||
Basic EPS: | |||||||||||||||||
Continuing operations | $ | (1.24) | $ | 1.74 | $ | 0.02 | |||||||||||
Discontinued operations | $ | 0.02 | $ | 0.85 | $ | 0.05 | |||||||||||
Diluted EPS: | |||||||||||||||||
Continuing operations | $ | (1.24) | $ | 1.74 | $ | 0.02 | |||||||||||
Discontinued operations | $ | 0.02 | $ | 0.85 | $ | 0.05 |
2020 | |||||||||||||||||||||||||||||
Quarter Ended | Year Ended December 31 | ||||||||||||||||||||||||||||
(in thousands except share and per share data) | March 31 | June 30 | September 30 | December 31 | |||||||||||||||||||||||||
Total revenues | $ | 112,840 | $ | 94,309 | $ | 83,709 | $ | 75,638 | $ | 366,496 | |||||||||||||||||||
Total expenses | 111,125 | 111,367 | 107,847 | 130,303 | 460,642 | ||||||||||||||||||||||||
Total other expense | (6,204) | (2,420) | (3,557) | (4,601) | (16,782) | ||||||||||||||||||||||||
Loss from continuing operations before income taxes | (4,489) | (19,478) | (27,695) | (59,266) | (110,928) | ||||||||||||||||||||||||
(Benefit from) provision for income taxes | (98) | (3,750) | (2,486) | 429 | (5,905) | ||||||||||||||||||||||||
Net loss from continuing operations | (4,391) | (15,728) | (25,209) | (59,695) | (105,023) | ||||||||||||||||||||||||
Net income from discontinued operations, net of income taxes | 1,331 | — | — | — | 1,331 | ||||||||||||||||||||||||
Net loss | (3,060) | (15,728) | (25,209) | (59,695) | (103,692) | ||||||||||||||||||||||||
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries: | |||||||||||||||||||||||||||||
Continuing operations | (4,736) | (4,112) | (3,876) | (3,798) | (16,522) | ||||||||||||||||||||||||
Discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||
Less: Dividends on preferred shares | 4,539 | 4,079 | 4,625 | 4,626 | 17,869 | ||||||||||||||||||||||||
Net loss attributable to shareholders | $ | (2,863) | $ | (15,695) | $ | (25,958) | $ | (60,523) | $ | (105,039) | |||||||||||||||||||
(Loss) earnings per share: | |||||||||||||||||||||||||||||
Basic | |||||||||||||||||||||||||||||
Continuing operations | $ | (0.05) | $ | (0.18) | $ | (0.30) | $ | (0.70) | $ | (1.24) | |||||||||||||||||||
Discontinued operations | $ | 0.02 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.02 | |||||||||||||||||||
Diluted | |||||||||||||||||||||||||||||
Continuing operations | $ | (0.05) | $ | (0.18) | $ | (0.30) | $ | (0.70) | $ | (1.24) | |||||||||||||||||||
Discontinued operations | $ | 0.02 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.02 | |||||||||||||||||||
Weighted Average Shares Outstanding: | |||||||||||||||||||||||||||||
Basic | 86,008,099 | 86,009,959 | 86,022,302 | 86,022,302 | 86,015,702 | ||||||||||||||||||||||||
Diluted | 86,008,099 | 86,009,959 | 86,022,302 | 86,022,302 | 86,015,702 |
2019 | |||||||||||||||||||||||||||||
Quarter Ended | Year Ended December 31 | ||||||||||||||||||||||||||||
(in thousands except share and per share data) | March 31 | June 30 | September 30 |
December 31
|
|||||||||||||||||||||||||
Total revenues | $ | 114,894 | $ | 149,848 | $ | 152,700 | $ | 161,332 | $ | 578,774 | |||||||||||||||||||
Total expenses | 123,403 | 164,798 | 169,430 | 173,862 | 631,493 | ||||||||||||||||||||||||
Total other (expense) income | (1,178) | 27,630 | 37,338 | 141,061 | 204,851 | ||||||||||||||||||||||||
(Loss) income from continuing operations before income taxes | (9,687) | 12,680 | 20,608 | 128,531 | 152,132 | ||||||||||||||||||||||||
Provision for (benefit from) income taxes | 267 | (2,328) | 872 | 18,999 | 17,810 | ||||||||||||||||||||||||
Net (loss) income from continuing operations | (9,954) | 15,008 | 19,736 | 109,532 | 134,322 | ||||||||||||||||||||||||
Net income from discontinued operations, net of income taxes | 158 | 785 | 940 | 71,579 | 73,462 | ||||||||||||||||||||||||
Net (loss) income | (9,796) | 15,793 | 20,676 | 181,111 | 207,784 | ||||||||||||||||||||||||
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries: | |||||||||||||||||||||||||||||
Continuing operations | (3,360) | (4,580) | (5,111) | (4,520) | (17,571) | ||||||||||||||||||||||||
Discontinued operations | (56) | 41 | 116 | 146 | 247 | ||||||||||||||||||||||||
Less: Dividends on preferred shares | — | — | — | 1,838 | 1,838 | ||||||||||||||||||||||||
Net (loss) income attributable to shareholders | $ | (6,380) | $ | 20,332 | $ | 25,671 | $ | 183,647 | $ | 223,270 | |||||||||||||||||||
(Loss) earnings per share: | |||||||||||||||||||||||||||||
Basic | |||||||||||||||||||||||||||||
Continuing operations | $ | (0.07) | $ | 0.23 | $ | 0.29 | $ | 1.30 | $ | 1.74 | |||||||||||||||||||
Discontinued operations | $ | 0.00 | $ | 0.01 | $ | 0.01 | $ | 0.83 | $ | 0.85 | |||||||||||||||||||
Diluted | |||||||||||||||||||||||||||||
Continuing operations | $ | (0.07) | $ | 0.23 | $ | 0.29 | $ | 1.30 | $ | 1.74 | |||||||||||||||||||
Discontinued operations | $ | 0.00 | $ | 0.01 | $ | 0.01 | $ | 0.83 | $ | 0.85 | |||||||||||||||||||
Weighted Average Shares Outstanding: | |||||||||||||||||||||||||||||
Basic | 85,986,453 | 85,987,769 | 85,996,067 | 85,997,619 | 85,992,019 | ||||||||||||||||||||||||
Diluted | 85,986,453 | 85,989,029 | 86,005,604 | 86,090,207 | 86,029,363 |
Exhibit No. | Description | ||||||||||
Agreement and Plan of Merger, dated as of November 19, 2019, by and among Soo Line Corporation, Black Bear Acquisition LLC, Railroad Acquisition Holdings LLC and Fortress Worldwide Transportation and Infrastructure General Partnership (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K, filed January 6, 2020). | |||||||||||
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). | |||||||||||
Third Amended and Restated Limited Liability Company Agreement of Fortress Transportation and Infrastructure Investors LLC, dated as of November 27, 2019 (incorporated by reference to Exhibit 3.2 of the Company’s Form 8-A, filed November 27, 2019). | |||||||||||
Share Designation with respect to the 8.25% Fixed-to-Floating Series A Cumulative Perpetual Redeemable Preferred Shares, dated as of September 12, 2019 (included as part of Exhibit 3.2). | |||||||||||
Share Designation with respect to the 8.00% Fixed-to-Floating Series B Cumulative Perpetual Redeemable Preferred Shares, dated as of November 27, 2019 (included as part of Exhibit 3.2). | |||||||||||
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). | |||||||||||
Fifth Supplemental Indenture, dated February 8, 2019, 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 February 8, 2019). | |||||||||||
Indenture, dated September 18, 2018, between Fortress Transportation and Infrastructure Investors LLC and U.S. Bank National Association, as trustee, relating to the Company’s 6.50% senior unsecured notes due 2025 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on September 18, 2018). | |||||||||||
Form of global note representing the Company’s 6.50% senior unsecured notes due 2025 (included in Exhibit 4.8). | |||||||||||
First Supplemental Indenture, dated May 21, 2019, between Fortress Transportation and Infrastructure Investors LLC and U.S. Bank National Association, as trustee, relating to the Company’s 6.50% senior unsecured notes due 2025 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on May 21, 2019). | |||||||||||
Second Supplemental Indenture, dated December 23, 2020, between Fortress Transportation and Infrastructure Investors LLC and U.S. Bank National Association, as trustee, relating to the Company’s 6.50% senior unsecured notes due 2025 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on December 23, 2020).
|
|||||||||||
Form of certificate representing the 8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares of Fortress Transportation and Infrastructure Investors LLC (incorporated by reference to Exhibit 4.1 of the Company’s Form 8-A, filed September 12, 2019). | |||||||||||
Form of certificate representing the 8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares of Fortress Transportation and Infrastructure Investors LLC (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-A, filed November 27, 2019). | |||||||||||
Description of Securities Registered under Section 12 of the Exchange Act (incorporated by reference to Exhibit 4.13 to the Company’s Form 10-K, filed February 28, 2020). | |||||||||||
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). |
Exhibit No. | Description | ||||||||||
* | Portions of this exhibit have been omitted. |
By: | /s/ Joseph P. Adams, Jr. | Date: | February 26, 2021 | |||||||||||
Joseph P. Adams, Jr. | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
By: | /s/ Joseph P. Adams, Jr. | Date: | February 26, 2021 | |||||||||||
Joseph P. Adams, Jr. | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
By: |
/s/ Scott Christopher
|
Date: | February 26, 2021 | |||||||||||
Scott Christopher
|
||||||||||||||
Chief Financial Officer
|
||||||||||||||
By: | /s/ Eun Nam | Date: | February 26, 2021 | |||||||||||
Eun Nam | ||||||||||||||
Chief Accounting Officer | ||||||||||||||
By: | /s/ Paul R. Goodwin | Date: | February 26, 2021 | |||||||||||
Paul R. Goodwin | ||||||||||||||
Director | ||||||||||||||
By: | /s/ Judith A. Hannaway | Date: | February 26, 2021 | |||||||||||
Judith A. Hannaway | ||||||||||||||
Director | ||||||||||||||
By:
|
/s/ A. Andrew Levison
|
Date: | February 26, 2021 | |||||||||||
A. Andrew Levison
|
||||||||||||||
Director
|
||||||||||||||
By: | /s/ Kenneth J. Nicholson | Date: | February 26, 2021 | |||||||||||
Kenneth J. Nicholson | ||||||||||||||
Director | ||||||||||||||
By: | /s/ Ray M. Robinson | Date: | February 26, 2021 | |||||||||||
Ray M. Robinson | ||||||||||||||
Director | ||||||||||||||
By: | /s/ Martin Tuchman | Date: | February 26, 2021 | |||||||||||
Martin Tuchman | ||||||||||||||
Director |
Entity Name | State of Incorporation/Formation | ||||
AirOpCo 1ASL Bermuda Ltd. | Bermuda | ||||
AirOpCo 1ET Bermuda Ltd. | Bermuda | ||||
AirOpCo 1JT Bermuda Ltd. | Bermuda | ||||
AirOpCo 2 UZ Ireland DAC | Ireland | ||||
AirOpCo I SD Ireland DAC | Ireland | ||||
AirOpCo II KO Ireland DAC | Ireland | ||||
AirOpCo II ME Ireland DAC | Ireland | ||||
CL Lender LLC | Delaware | ||||
Delaware River Partners Holdco LLC | Delaware | ||||
Delaware River Partners LLC | Delaware | ||||
DRP Trading LLC | Delaware | ||||
DRP Urban Renewal 1, LLC | New Jersey | ||||
DRP Urban Renewal 2, LLC | New Jersey | ||||
DRP Urban Renewal 3, LLC | New Jersey | ||||
Fortress Worldwide Transportation and Infrastructure General Partnership | Delaware | ||||
FTAI AirOpCo UK Ltd. | England and Wales | ||||
FTAI Aviation LLC | Delaware | ||||
FTAI Avion DAC | Ireland | ||||
FTAI CHR JV Holdings LLC | Delaware | ||||
FTAI Energy Co 1 Ltd. (process of dissolution – postponed by KK) | Bermuda | ||||
FTAI Energy Co1 LLC | Delaware | ||||
FTAI Energy Development Holdings LLC | Delaware | ||||
FTAI Energy Downstream Holdings LLC | Delaware | ||||
FTAI Energy Holdings LLC | Delaware | ||||
FTAI Energy Marketing LLC | Delaware | ||||
FTAI Energy Partners LLC | Delaware | ||||
FTAI Finance Holdco Ltd. | Cayman Islands | ||||
FTAI Finance JV LLC | Delaware | ||||
FTAI Italia DAC | Ireland | ||||
FTAI IES Pioneer Ltd. | Malaysia | ||||
FTAI Midstream GP Holdings LLC | Delaware | ||||
FTAI Midstream GP LLC | Delaware | ||||
FTAI Midstream Holdings LLC | Delaware | ||||
FTAI Ocean LLC | Marshall Islands | ||||
FTAI Offshore Holdco LLC | Delaware | ||||
FTAI Ocean Pty Ltd. | Australia | ||||
FTAI Offshore Holdings L.P. | Cayman Islands | ||||
FTAI Offshore Pte Ltd. | Singapore | ||||
FTAI Partners Holdings LLC | Delaware | ||||
FTAI Pioneer Malaysia Shareholder LLC | Delaware | ||||
FTAI Pioneer Marshall LLC | Marshall Islands | ||||
FTAI Pioneer Singapore Pte Ltd. | Singapore | ||||
FTAI Pioneer MI LLC | Marshall Islands | ||||
FTAI Pioneer SDN Bhd | Malaysia | ||||
FTAI Pride Chartering LLC | Marshall Islands | ||||
FTAI Pride Labuan Ltd. | Malaysia | ||||
FTAI Pride LLC | Marshall Islands |
Entity Name | State of Incorporation/Formation | ||||
FTAI Pride Malaysia SDN BHD | Malaysia | ||||
FTAI Railcar Holdings LLC | Delaware | ||||
FTAI Subsea 88 Ltd. | Bermuda | ||||
High Turbine Technologies LLC | Delaware | ||||
Intermodal Finance 1 Ltd. | Cayman Islands | ||||
JCCOM Holdco LLC | Delaware | ||||
Jefferson 2010 Bond Holdings LLC | Delaware | ||||
Jefferson 2012 Bond Holdings LLC | Delaware | ||||
Jefferson 2020 Bond Borrower LLC | Delaware | ||||
Jefferson 2020 Bond Lessee LLC | Delaware | ||||
Jefferson Canadian Crude Oil Marketing ULC | Canada | ||||
Jefferson Cross Channel Pipeline LLC | Delaware | ||||
Jefferson Docks I LLC | Delaware | ||||
Jefferson DRE Liabilities LLC | Delaware | ||||
Jefferson Energy Canada ULC | Canada | ||||
Jefferson Energy Canco LLC | Delaware | ||||
Jefferson Energy Marketing LLC | Delaware | ||||
Jefferson Ethanol Holdings LLC | Delaware | ||||
Jefferson Gas Processing LLC | Delaware | ||||
Jefferson Gulf Coast Connector LLC | Delaware | ||||
Jefferson Gulf Coast Energy Holdings LLC | Delaware | ||||
Jefferson Gulf Coast Energy Partners LLC | Delaware | ||||
Jefferson Gulf Coast Management LLC | Delaware | ||||
Jefferson Gulf Coast Real Estate LLC | Delaware | ||||
Jefferson Investment Holdings LLC | Delaware | ||||
Jefferson LNG Holdings LLC | Delaware | ||||
Jefferson Pipeline I LLC | Delaware | ||||
Jefferson Railport Terminal I (Texas) LLC | Texas | ||||
Jefferson Railport Terminal I LLC | Delaware | ||||
Jefferson Railport Terminal II Holdings LLC | Delaware | ||||
Jefferson Railport Terminal II LLC | Delaware | ||||
Jefferson Southern Star Pipeline LLC | Delaware | ||||
Jefferson Storage I LLC | Delaware | ||||
Jefferson Terminal Logistics LLC | Delaware | ||||
Jefferson Truck Terminal I LLC | Delaware | ||||
JGC Investment Holdings LLC | Delaware | ||||
JGC Management Holdings Inc. | Delaware | ||||
JGP Energy Partners LLC (f/k/a Jefferson Ethanol Partners LLC) | Delaware | ||||
KAT Holdco LLC | Delaware | ||||
Katahdin Railcar Services LLC | Delaware | ||||
La Victoire Holdings Sarl | France | ||||
Long Ridge Energy Generation LLC f/k/a Ohio Powerco LLC | Delaware | ||||
Long Ridge Terminal LLC | Delaware | ||||
Ohio Gasco LLC | Delaware | ||||
Ohio River Partners Finance LLC | Delaware | ||||
Ohio River Partners Holdco LLC | Delaware | ||||
Ohio River Partners Shareholder LLC | Delaware | ||||
Ohio River PP Holdco LLC | Delaware |
Entity Name | State of Incorporation/Formation | ||||
WWTAI AirOpCo 1 USA Sub LLC | Delaware | ||||
WWTAI AirOpCo 1Bermuda Ltd. | Bermuda | ||||
WWTAI AirOpCo 2 Bermuda Ltd. | Bermuda | ||||
WWTAI AirOpCo 2 USA LLC | Delaware | ||||
WWTAI AirOpCo 3 Bermuda Ltd. | Bermuda | ||||
WWTAI AirOpCo BPA Ireland Limited | Ireland | ||||
WWTAI AirOpCo I USA LLC | Delaware | ||||
WWTAI AirOpco II DAC | Ireland | ||||
WWTAI AirOpCo Malta Limited | Malta | ||||
WWTAI Container 1 Ltd. | Bermuda | ||||
WWTAI Container Holdco Ltd. (f/k/a WWTAI Container GP 1 Ltd.) | Bermuda | ||||
WWTAI Finance Ltd. | Bermuda | ||||
WWTAI IES MT6015 Ltd. | Malaysia | ||||
WWTAI Offshore Co 1 Ltd. | Bermuda |
February 26, 2021 | /s/ Joseph P. Adams, Jr. | ||||
(Date) | Joseph P. Adams, Jr. | ||||
Chief Executive Officer |
February 26, 2021 | /s/ Scott Christopher | ||||
(Date) | Scott Christopher | ||||
Chief Financial Officer |
/s/ Joseph P. Adams, Jr. | |||||
Joseph P. Adams, Jr. | |||||
Chief Executive Officer | |||||
February 26, 2021 |
/s/ Scott Christopher | |||||
Scott Christopher | |||||
Chief Financial Officer | |||||
February 26, 2021 |