| 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.
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As a Percentage of |
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Leased Properties |
|
Lease Revenues |
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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)
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|
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.
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| 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, 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 |
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|
|
|
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Current liabilities |
$ |
346,179 |
|
|
$ |
445,718 |
|
Non-current liabilities |
3,682,624 |
|
|
3,568,312 |
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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 |
|
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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 |
|
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| 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:
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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 |
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