(NYSE:KED) Kayne Anderson Energy Development Company (the “Company”) today announced its financial results for the quarter ended May 31, 2014.
- The Company increased its quarterly distribution to $0.515 per share, up 1.0% from the prior quarter
- Net asset value of $34.49 per share at May 31, 2014, up $3.47 per share (11.2%) from February 28, 2014
- Net investment loss of $0.4 million
- Net realized gains of $16.1 million
- Net unrealized gains of $26.1 million
RESULTS OF OPERATIONS – QUARTER ENDED MAY 31, 2014
Investment income totaled $2.3 million for the quarter. The Company received $8.6 million of dividends and distributions, of which $6.3 million was treated as a return of capital. The Company received $0.4 million of paid-in-kind dividends, which are not included in investment income, but are reflected as an unrealized gain.Operating expenses totaled $2.9 million, including $2.0 million of investment management fees (net of fee waiver of $0.3 million), $0.6 million of interest expense (including non-cash amortization of debt issuance costs of $0.1 million) and $0.3 million of other operating expenses. The Company’s net investment loss totaled $0.4 million and included a current tax benefit of $0.2 million and a deferred tax benefit of $0.01 million. The Company had net realized gains from investments of $16.1 million after taking into account a current tax expense of $9.6 million and a deferred tax expense of $0.2 million. The Company had a net increase in unrealized gains of $26.1 million. The net increase consisted of $41.7 million of unrealized gains from investments and a deferred tax expense of $15.6 million. The Company had an increase in net assets resulting from operations of $41.8 million. This increase was comprised of net investment loss of $0.4 million, net realized gains of $16.1 million and net unrealized gains of $26.1 million, as noted above.
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