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InfraREIT posts higher Q1 results, affirms 2016 guidance

InfraREIT Inc.on May 5 reported first-quarter 2016 cash available for distribution of $19.3million, or 32 cents per share, compared to $18.3 million, or 30 cents pershare, in the prior-year period.

Adjusted EBITDA grew 11% to $38.1 million in the firstquarter from $34.4 million in the same period in 2015. Net income was $8.8million in the most recent quarter, up from a net loss of $35.9 million in thefirst quarter of 2015.

Lease revenue, consisting only of base rent, increased about15% to $33.7 million in the first quarter of 2016, from $29.4 million in thecorresponding 2015 quarter, the company said.

InfraREIT reaffirmed its cash available for distributionguidance per share range to $1.15 per share to $1.25 per share for 2016.Footprint capital expenditures are also estimated to range from $220 million to$240 million for 2016; $250 million to $280 million for 2017; and $170 millionto $220 million for 2018.

"We remain focused on investing to serve theinfrastructure needs of our high-growth service territories and to furtherenhance system reliability and dependability," said InfraREIT CEO DavidCampbell.