Exhibit 99.1

 

 

 

 

 

 

InfraREIT, Inc.

1900 North Akard Street

Dallas, TX 75201

 

 

PRESS RELEASE

InfraREIT Reports First Quarter 2019 Results

DALLAS, TEXAS, May 2, 2019—InfraREIT, Inc. (NYSE: HIFR) (“InfraREIT” or the “Company”) today reported financial results for the first quarter of 2019.

For the first quarter of 2019, InfraREIT reported the following financial highlights:

 

Net income was $19.0 million

 

Net income attributable to InfraREIT, Inc. common stockholders per share (“EPS”) was $0.31 per share

 

Non-GAAP earnings per share (“Non-GAAP EPS”) was $0.32 per share

 

Funds from operations (“FFO”) was $31.2 million and FFO on an adjusted basis (“AFFO”) was $31.6 million

 

Quarterly dividend declared of $0.25 per share of common stock

Transaction Update:

 

In March 2019, the pending sale of InfraREIT and related transactions were approved by the Committee on Foreign Investment in the United States (“CFIUS”) and Federal Energy Regulatory Commission (“FERC”). As a result, Public Utility Commission of Texas (“PUCT”) approval of the transactions is the final pending regulatory approval that is required to close the transactions.

 

In April 2019, the parties to the Sale-Transfer-Merger (“STM”) proceeding currently pending before the PUCT in Docket No. 48929 filed a Stipulation with the PUCT (“Settlement”). The Settlement is supported or unopposed by all parties to the STM but remains subject to review and approval by the PUCT.

 

InfraREIT continues to expect the transactions to close by mid-2019.

Guidance:

 

Expect to maintain the Company’s quarterly cash dividend of $0.25 per share, including a pro-rated dividend for any partial quarter prior to closing the transaction

 

InfraREIT expects to maintain its real estate investment trust (“REIT”) status through the transaction close

 

Footprint capital expenditures range of $30 million to $70 million for the period of 2019 through 2020

“We continue to advance the pending sale of InfraREIT as we received FERC and CFIUS approvals in the first quarter,” said David A. Campbell, Chief Executive Officer of InfraREIT.  “The sale and related transactions remain subject to PUCT approval, and we appreciate the Commission’s thoughtful review and consideration of our STM application and the Settlement that we reached with the parties in April,” added Campbell.

First Quarter 2019 Results

Lease revenue, consisting of only base rent, increased 6 percent to $48.6 million for the three months ended March 31, 2019, compared to $45.7 million for the same period in 2018.  The increase in base rent was driven by the additional assets under lease.  There was no percentage rent recognized during the first quarter of 2019 or 2018 as Sharyland Utilities, L.P. (“Sharyland”) year-to-date adjusted gross revenue did not exceed the annual specified breakpoints under the Company leases. The Company anticipates that revenue will grow over the year with little to no percentage rent recognized in the first and second quarters of each year, with the largest amounts recognized during the third and fourth quarters of each year.

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The following information was filed by Infrareit, Inc. (HIFR) on Thursday, May 2, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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