HASI Announces Conversion to C-Corporation
December 21 2023 - 4:15PM
Business Wire
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
("HASI," "We," "Our" or the "Company") (NYSE: HASI), a leading
investor in climate solutions, today announced that its Board of
Directors (the "Board") has unanimously approved a plan to revoke
its Real Estate Investment Trust (REIT) election and become a
taxable C-Corporation, effective January 1, 2024.
The Board’s decision was made after careful consideration of all
relevant implications and is not expected to have any material
impact on the Company’s business or operations. The Company expects
its existing net operating losses ("NOLs") and other tax attributes
will enable HASI to continue to operate in a tax efficient
manner.
"We've concluded that our optimal tax structure moving forward
is to cease electing REIT status in 2024," said Jeffrey A. Lipson,
President and CEO of HASI. "This change leaves our investment
strategy intact and provides greater flexibility to capitalize on
the tremendous growth opportunities associated with the clean
energy transition."
For further information, please visit
investors.hasi.com/resources/faq.
About HASI
HASI (NYSE: HASI) is a leading climate positive investment firm
that actively partners with clients to deploy real assets that
facilitate the energy transition. With more than $11 billion in
managed assets, our vision is that every investment improves our
climate future. For more information, please visit hasi.com.
Forward-Looking Statements
Some of the information contained in this press release is
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended that are subject to
risks and uncertainties. For these statements, we claim the
protections of the safe harbor for forward-looking statements
contained in such Sections. These forward-looking statements
include information about possible or assumed future results of our
business, financial condition, liquidity, results of operations,
plans and objectives. When we use the words "believe," "expect,"
"anticipate," "estimate," "plan," "continue," "intend," "should,"
"may" or similar expressions, we intend to identify forward-looking
statements.
Forward-looking statements are subject to significant risks and
uncertainties. Investors are cautioned against placing undue
reliance on such statements. Actual results may differ materially
from those set forth in the forward-looking statements. Factors
that could cause actual results to differ materially from those
described in the forward-looking statements include those discussed
under the caption “Risk Factors” included in our most recent Annual
Report on Form 10-K as well as in other periodic reports that we
file with the U.S. Securities and Exchange Commission
Forward-looking statements are based on beliefs, assumptions and
expectations as of the date of this press release. We disclaim any
obligation to publicly release the results of any revisions to
these forward-looking statements reflecting new estimates, events
or circumstances after the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20231221100282/en/
Investors: Neha Gaddam investors@hasi.com
410-571-6189
Media: Gil Jenkins media@hasi.com 443-321-5753
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