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(NYSE:KED) Kayne Anderson Energy Development Company (the “Company”) today announced its financial results for the quarter ended May 31, 2012.
Net asset value: $22.68 per share
The Company increased its distribution to $0.41 per share (5.1% increase over prior quarter)
Net investment income: $0.04 million
Net realized gains: $2.9 million
Net unrealized losses: $18.2 million
RESULTS OF OPERATIONS – QUARTER ENDED MAY 31, 2012
Investment income totaled $2.5 million for the quarter and consisted primarily of net dividends and distributions and interest income. The Company received $4.9 million of cash dividends and distributions, of which $3.8 million was treated as a return of capital during the period. During the quarter, the Company received $1.5 million of interest income, of which $0.4 million was paid-in-kind interest from ProPetro Services, Inc. (“ProPetro”). The Company also received $0.6 million of paid-in-kind distributions, of which $0.4 million was from VantaCore Partners LP (“VantaCore”). These paid-in-kind distributions are not included in investment income, but are reflected as an unrealized gain.
Operating expenses totaled $2.4 million, including $1.5 million of investment management fees; $0.6 million of interest expense and $0.3 million of other operating expenses. Interest expense included $0.1 million of amortization of debt issuance costs. Investment management fees were equal to an annual rate of 1.75% of average total assets.
The Company’s net investment income totaled $0.04 million and included a deferred income tax expense of $0.03 million.
The Company had net realized gains from investments of $2.9 million, after taking into account a deferred income tax expense of $1.8 million.
The Company had a net change in unrealized losses from investments of $18.2 million. The net change consisted of $28.9 million of unrealized losses and a deferred income tax benefit of $10.7 million.