This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Kayne Anderson Energy Development Company Announces Results For The Quarter Ended February 28, 2014

Stocks in this article: KED

(NYSE:KED) Kayne Anderson Energy Development Company (the “Company”) today announced its financial results for the quarter ended February 28, 2014.

HIGHLIGHTS

  • The Company increased its quarterly distribution to $0.51 per share, up 2.0% from the prior quarter
  • Net asset value of $31.02 per share at February 28, 2014, up $1.06 per share (3.5%) from November 30, 2013
  • Net investment loss of $0.3 million
  • Net realized gains of $13.2 million
  • Net unrealized gains of $3.4 million

RESULTS OF OPERATIONS – QUARTER ENDED FEBRUARY 28, 2014

Investment income totaled $2.3 million for the quarter and consisted of net dividends and distributions. The Company received $8.3 million of dividends and distributions, of which $6.0 million was treated as a return of capital. The Company received $0.3 million of paid-in-kind dividends, which are not included in investment income, but are reflected as an unrealized gain.

Operating expenses totaled $2.8 million, including $1.8 million of investment management fees (net of fee waiver), $0.6 million of interest expense and $0.4 million of other operating expenses. Interest expense included $0.2 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 loss totaled $0.3 million and included a current tax benefit of $0.03 million and a deferred tax benefit of $0.2 million.

The Company had net realized gains from investments of $13.2 million after taking into account a current tax expense of $1.2 million and a deferred tax expense of $6.5 million.

The Company had a net increase in unrealized gains of $3.4 million. The net increase consisted of $5.4 million of unrealized gains from investments and a deferred tax expense of $2.0 million.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,567.64 +167.97 1.02%
S&P 500 1,932.60 +28.59 1.50%
NASDAQ 4,393.8530 +77.7790 1.80%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs