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(NYSE:KED) Kayne Anderson Energy Development Company (the “Company”) today announced its financial results for the quarter and fiscal year ended November 30, 2013.
• Net asset value: $29.96 per share; up 26.2% during fiscal 2013
• Distribution of $0.50 per share for the fourth quarter; increased 16.3% in fiscal 2013
• Net investment loss for fiscal 2013: $1.5 million
• Net realized gains for fiscal 2013: $3.9 million
• Net unrealized gains for fiscal 2013: $80.9 million
RESULTS OF OPERATIONS – QUARTER ENDED NOVEMBER 30, 2013
Investment income totaled $2.9 million for the quarter and consisted primarily of net dividends and distributions. The Company received $8.7 million of dividends and distributions during the quarter, of which $5.9 million was treated as a return of capital. Interest and other income was $0.1 million. The Company received $0.2 million of paid-in-kind dividends during the quarter, which are not included in investment income, but are reflected as an unrealized gain.
Operating expenses totaled $2.7 million, including $1.8 million of net 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 offering costs. KA Fund Advisors, LLC, the Company’s investment adviser, agreed to waive 0.25% of its 1.75% management fee for a one-year period effective October 3, 2013.
The Company’s net investment income totaled $0.1 million and included a current income tax expense of $0.5 million and a deferred income tax benefit of $0.5 million.
The Company had net realized gains from investments of $1.6 million after taking into account a current income tax benefit of $1.1 million and a deferred income tax expense of $2.1 million.
The Company had a net increase in unrealized gains of $25.2 million. The net increase consisted of $40.1 million of unrealized gains from investments and a deferred income tax expense of $14.9 million.