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HA Sustainable Infrastructure Capital Inc. (HASI-3.32%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, highlighting an increase in net income to $203.6 million from $150.8 million in the previous year. This increase is attributed to higher income from equity method investments and a rise in total revenue.
Interest income grew to $263.8 million, up from $207.8 million in 2023, driven by a larger receivable portfolio. The company also reported a gain on sale of assets amounting to $80.3 million, an increase from $68.6 million in the prior year.
Total expenses rose to $357.6 million from $278.5 million, primarily due to increased interest expenses and higher compensation and benefits costs. The interest expense increase was due to a higher average rate on a larger average debt balance.
Income from equity method investments significantly increased to $247.9 million from $141.0 million, primarily due to allocations of income related to tax credits.
HA Sustainable Infrastructure Capital Inc. reported total assets of $7.1 billion as of December 31, 2024, up from $6.6 billion at the end of 2023. The company's portfolio included $6.6 billion of investments, with a mix of equity method investments, receivables, and real estate.
The company completed approximately $2.3 billion of transactions during both 2024 and 2023, maintaining its managed assets at approximately $13.7 billion.
HA Sustainable Infrastructure Capital Inc. revoked its REIT status effective January 1, 2024, and is now taxed as a C Corporation. This transition is expected to provide flexibility for strategic initiatives without the constraints of REIT requirements.
The company continues to focus on investing in sustainable infrastructure assets, with a strategy centered on long-lived real assets supported by long-term recurring cash flows.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HA Sustainable Infrastructure Capital Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.