HA Sustainable Infrastructure Capital, Inc. (HASI) reported its fourth quarter and full year 2024 results, with full year GAAP Net Income reaching $200 million, an increase from $149 million in 2023. Full year GAAP Diluted Earnings Per Share (EPS) was $1.62, up from $1.42 in the prior year.
Adjusted EPS for the full year 2024 increased by 10% to $2.45, compared to $2.23 in 2023, while Adjusted Net Investment Income grew 22% to $264 million from $217 million in 2023. The company closed a record $2.3 billion in new transactions for 2024, with new portfolio investments underwritten at a weighted average yield exceeding 10.5%, up from over 9% in 2023.
HASI's Managed Assets totaled $13.7 billion, an 11% year-over-year increase, and its on-balance sheet portfolio was approximately $6.6 billion, up 6%. The company reaffirmed its guidance for Adjusted EPS to grow at a compound annual rate of 8% to 10% through 2026, and extended this guidance to include 2027, targeting a midpoint of $3.15 per share in 2027.
Total revenue for the year ended December 31, 2024, increased by 20% year-over-year to $384 million, driven by a $63 million increase in Interest and Securitization Asset Income. The company declared a quarterly cash dividend of $0.42 per share and aims for a dividend payout ratio of 55% to 60% of annual adjusted EPS by 2027.
HASI maintained a debt-to-equity ratio of 1.8 at year-end 2024, within its target range of 1.5 to 2.0, with 100% of its debt fixed-rate or hedged. The unlevered portfolio yield stood at 8.3% as of December 31, 2024, demonstrating strong returns on its diversified asset base.
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