Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v2.4.1.9
Leases (Tables)
3 Months Ended
Mar. 31, 2015
Leases [Abstract]  
Lesee's impact on total leased properties
As of March 31, 2015, the Company had three significant leases. The table below displays the impact of leases on total leased properties and total lease revenues for the periods presented.

 
As a Percentage of
 
 
Leased Properties
 
Lease Revenues
 
 
As of
 
As of
 
For the Three Months Ended

 
March 31, 2015
 
December 31, 2014
 
March 31, 2015
 
March 31, 2014
 
Pinedale LGS
 
78.68%
 
79.17%
 
70.36%
 
75.07%
 
Portland Terminal Facility
 
17.93%
 
17.24%
 
20.68%
 
15.49%
 
Public Service of New Mexico (1)
 
2.87%
 
3.07%
 
8.70%
 
9.44%
 

(1) See additional discussion of the PNM lease under the heading Lease of Property Held for Sale, below.

Future contracted minimum rental receipts for all net leases
Summary Consolidated Balance Sheets and Consolidated Statements of Operations for Ultra Petroleum are provided below.
Ultra Petroleum Corp.
Summary Consolidated Balance Sheets
(in thousands)
 
March 31, 2015
 
December 31, 2014
 
(Unaudited)
 
 
Current assets
$
270,073

 
$
277,138

Non-current assets
3,995,957

 
3,948,552

Total Assets
$
4,266,030

 
$
4,225,690

 
 
 
 
Current liabilities
$
346,179

 
$
445,718

Non-current liabilities
3,682,624

 
3,568,312

Total Liabilities
$
4,028,803

 
$
4,014,030

 
 
 
 
Shareholder's equity (deficit)
237,227

 
211,660

Total Liabilities and Shareholder's Equity
$
4,266,030

 
$
4,225,690

 
 
 
 

Ultra Petroleum Corp.
Summary Consolidated Statements of Operations
(in thousands)
 
For The Three Months Ended
 
March 31, 2015
 
March 31, 2014
 
(Unaudited)
 
 
Revenues
$
219,309

 
$
326,299

Expenses
189,347

 
154,829

Operating Income
29,962

 
171,470

Other (Expense), net
(6,795
)
 
(69,751
)
Income before income tax (benefit) provision
23,167

 
101,719

Income tax (benefit) provision
(2,022
)
 
4

Net Income
$
25,189

 
$
101,715


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, 2015, are as follows:
Future Minimum Lease Receipts
Years Ending December 31,
 
Amount
2015
 
$
19,886,910

2016
 
26,515,880

2017
 
26,515,880

2018
 
26,515,880

2019
 
26,623,475

Thereafter
 
225,236,893

Total
 
$
351,294,918