| Lesee's impact on total leased properties |
As of March 31, 2014 the Company had three significant leases. The table below displays the impact of each lease on total leased properties and total lease revenues for the periods presented.
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As a Percentage of |
|
|
Leased Properties |
|
Lease Revenues |
|
|
As of
March 31, 2014
|
|
As of
December 31, 2013
|
|
For the Three Months Ended |
|
|
|
|
March 31, 2014 |
|
March 31, 2013 |
Pinedale LGS |
|
80.86% |
|
94.23% |
|
75.07% |
|
88.70% |
Portland Terminal Facility |
|
15.47% |
|
— |
|
15.49% |
|
— |
Public Service of New Mexico |
|
3.67% |
|
5.77% |
|
9.44% |
|
11.30% |
|
| Future contracted minimum rental receipts for all net leases |
Summary Consolidated Balance Sheets and Consolidated Statements of Operations for Ultra Petroleum are provided below.
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Ultra Petroleum Corp.
Summary Consolidated Balance Sheets
(in thousands)
|
|
March 31, 2014 |
|
December 31, 2013 |
|
(Unaudited) |
|
|
Current assets |
$ |
158,029 |
|
|
$ |
128,631 |
|
Non-current assets |
2,723,813 |
|
|
2,656,688 |
|
Total Assets |
$ |
2,881,842 |
|
|
$ |
2,785,319 |
|
|
|
|
|
Current liabilities |
532,839 |
|
|
407,476 |
|
Non-current liabilities |
2,576,701 |
|
|
2,709,333 |
|
Total Liabilities |
$ |
3,109,540 |
|
|
$ |
3,116,809 |
|
|
|
|
|
Shareholder's (deficit) |
(227,698 |
) |
|
(331,490 |
) |
Total Liabilities and Shareholder's Equity |
$ |
2,881,842 |
|
|
$ |
2,785,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ultra Petroleum Corp.
Summary Consolidated Statements of Operations
(in thousands)
|
|
For the Three Months ended |
|
March 31, 2014 |
|
March 31, 2013 |
|
(Unaudited) |
|
|
Revenues |
$ |
326,299 |
|
|
$ |
225,626 |
|
Expenses |
154,829 |
|
|
139,994 |
|
Operating Income (Loss) |
171,470 |
|
|
85,632 |
|
Other Income (Expense), net |
(69,751 |
) |
|
(67,831 |
) |
Income (Loss) before income tax provision (benefit) |
101,719 |
|
|
17,801 |
|
Income tax provision (benefit) |
4 |
|
|
1,368 |
|
Net Income (Loss) |
$ |
101,715 |
|
|
$ |
16,433 |
|
|
| 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, 2014 are as follows:
|
|
|
|
|
|
Future Minimum Lease Receipts |
Years Ending December 31, |
|
Amount |
2014 |
|
$ |
18,236,836 |
|
2015 |
|
25,010,264 |
|
2016 |
|
25,010,264 |
|
2017 |
|
25,010,264 |
|
2018 |
|
25,010,264 |
|
Thereafter |
|
236,375,660 |
|
Total |
|
$ |
354,653,552 |
|
|