| Lesee's impact on total leased properties |
As of March 31, 2013 and December 31, 2012 the Company had two significant leases. The table below displays the impact of each lease on total leased properties and total lease revenues for the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
As a Percentage of |
|
|
Leased Properties
|
|
Lease Revenues |
|
|
As of
March 31, 2013
|
|
As of
December 31, 2012
|
|
For the Three Months Ended March 31, 2013 |
|
For the One-Month Transition Period Ended December 31, 2012 |
Pinedale LGS |
|
94.2% |
|
94.2% |
|
88.7% |
|
75.2% |
Public Service of New Mexico |
|
5.8% |
|
5.8% |
|
11.3% |
|
24.8% |
|
| Future contracted minimum rental receipts for all net leases |
Summary Consolidated Balance Sheets and Consolidated Statements of Income for Ultra Petroleum are provided below.
|
|
|
|
|
|
|
|
|
|
|
Ultra Petroleum
Summary Consolidated Balance Sheets (Unaudited)
(in thousands)
|
|
|
March 31, 2013 |
|
December 31, 2012 |
Current assets |
|
$ |
129,063 |
|
|
$ |
125,848 |
|
Non-current assets |
|
1,906,320 |
|
|
1,881,497 |
|
Total Assets |
|
$ |
2,035,383 |
|
|
$ |
2,007,345 |
|
|
|
|
|
|
Current liabilities |
|
422,094 |
|
|
514,092 |
|
Non-current liabilities |
|
2,175,481 |
|
|
2,071,120 |
|
Total Liabilities |
|
$ |
2,597,575 |
|
|
$ |
2,585,212 |
|
|
|
|
|
|
Shareholder's equity (deficit) |
|
(562,192 |
) |
|
(577,867 |
) |
Total Liabilities and Shareholder's Equity |
|
$ |
2,035,383 |
|
|
$ |
2,007,345 |
|
|
|
|
|
|
|
|
|
|
|
|
Ultra Petroleum
Summary Consolidated Statements of Income (Unaudited)
(in thousands)
|
|
|
For the Three Months Ended |
|
|
March 31, 2013 |
|
March 31, 2012 |
Revenues |
|
$ |
225,626 |
|
|
$ |
226,143 |
|
Expenses |
|
139,994 |
|
|
193,539 |
|
Operating Income |
|
85,632 |
|
|
32,604 |
|
Other Income (Expense), net |
|
(67,831 |
) |
|
97,147 |
|
Income before income tax provision |
|
17,801 |
|
|
129,751 |
|
Income tax provision |
|
1,368 |
|
|
45,489 |
|
Net Income |
|
$ |
16,433 |
|
|
$ |
84,262 |
|
|
| Fair value of the future minimum lease payments and estimated costs |
The future contracted minimum rental receipts for all net leases as of March 31, 2013 are as follows:
|
|
|
|
|
|
Future Minimum Lease Rentals |
Years Ending December 31, |
|
Amount |
2013 |
|
$ |
15,000,000 |
|
2014 |
|
24,267,371 |
|
2015 |
|
20,000,000 |
|
2016 |
|
20,000,000 |
|
2017 |
|
20,000,000 |
|
Thereafter |
|
199,354,839 |
|
Total |
|
$ |
298,622,210 |
|
|