ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

 

 

 

 

 

 

 

 

Investment Following the Quarter

The Fund made the following investment after the quarter ended June 30, 2015:

Dispositions Following the Quarter

Geden Holdings Limited
Structure:	Lease	Collateral:	A crude oil tanker and two supramax bulk carrier vessels.
Expiration Dates:	6/21/2016
	9/30/2017

 

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

Portfolio Overview (continued)

 

 

 

Performance Analysis

 

Capital Invested as of June 30, 2015	$307,953,464
Leverage Ratio	1.04:1*
% of Receivables Collected for the Quarter Ended June 30, 2015	84.28%**

 

	Cash Available From Business Operations
	for the Period January 1, 2015 through June 30, 2015
	Cash balance at January 1, 2015					$	12,553,252
	Cash balance at June 30, 2015					$	12,958,231
	Net change in cash								$	404,979
	Add Back:
		Distributions paid to partners from January 1, 2015 through June 30, 2015							$	10,455,010
		Investments made during the period
			Investment in joint ventures			$	26,187
			Investment by noncontrolling interests			$	(4,624)
									$	21,563
	Cash Available from Business Operations (CABO)								$	10,881,552	(1)
(1)	Cash available from business operations includes the collection of principal and interest from our investments in notes receivable and finance leases.

 

Transactions with Related Parties

For a more detailed analysis of the fees payable to our Investment Manager, please see the Fund's prospectus.

Our General Partner and its affiliates also perform certain services relating to the management of our portfolio. Such services include, but are not limited to, credit analysis and underwriting, receivables management, portfolio management, accounting, financial and tax reporting, and remarketing and marketing services.

In addition, our General Partner and its affiliates are reimbursed for administrative expenses incurred in connection with our operations. Administrative expense reimbursements are costs incurred by our General Partner or its affiliates that are necessary to our operations.

Our General Partner also has a 1% interest in our profits, losses, cash distributions and liquidation proceeds. We paid distributions to our General Partner of $52,275 and $104,550 for the three and six months ended June 30, 2015, respectively. We paid distributions to our General Partner of $52,275 and $104,552 for the three and six months ended June 30, 2014, respectively. Additionally, our General Partner's interest in the net loss attributable to us was $111,595 and $114,207 for the three and six months ended June 30, 2015, respectively. Our General Partner's interest in the net income attributable to us was $29,820 and $46,872 for the three and six months ended June 30, 2014, respectively.

 

 

 

(A Delaware Limited Partnership)

		June 30,					December 31,
		2015					2014
		(unaudited)
Assets
Cash and cash equivalents		$	12,958,231				$	12,553,252
Restricted cash			3,150,000					7,317,126
Net investment in finance leases			114,534,966					118,005,785
Leased equipment at cost (less accumulated depreciation of $46,277,386 and $41,069,511, respectively)			117,543,064					122,750,939
Net investment in notes receivable			33,139,264					62,731,975
Note receivable from joint venture			2,627,139					2,609,209
Investment in joint ventures			18,162,418					18,739,125
Other assets			3,833,611					3,096,488
Total assets		$	305,948,693				$	347,803,899
Liabilities and Equity
Liabilities:
Non-recourse long-term debt		$	138,926,273				$	152,903,523
Derivative financial instruments			4,735,550					5,379,474
Deferred revenue			1,582,384					2,365,892
Due to General Partner and affiliates, net			249,493					826,285
Accrued expenses and other liabilities			10,323,041					11,114,968
Total liabilities			155,816,741					172,590,142
Commitments and contingencies
Equity:
Partners' equity:
Limited partners			137,636,172					159,293,140
General Partner			(932,555	)				(713,798	)
Total partners' equity			136,703,617					158,579,342
Noncontrolling interests			13,428,335					16,634,415
Total equity			150,131,952					175,213,757
Total liabilities and equity		$	305,948,693				$	347,803,899

 

 

(A Delaware Limited Partnership)

 

Forward Looking Statements

 

Certain statements within this document may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA").  These statements are being made pursuant to the PSLRA, with the intention of obtaining the benefits of the "safe harbor" provisions of the PSLRA, and, other than as required by law, we assume no obligation to update or supplement such statements.  Forward-looking statements are those that do not relate solely to historical fact.  They include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events.  You can identify these statements by the use of words such as "may," "will," "could," "anticipate," "believe," "estimate," "expect," "continue," "further," "plan," "seek," "intend," "predict" or "project" and variations of these words or comparable words or phrases of similar meaning.  These forward-looking statements reflect our current beliefs and expectations with respect to future events and are based on assumptions and are subject to risks and uncertainties and other factors outside our control that may cause actual results to differ materially from those projected.  We undertake no obligation to update publicly or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

 

 

Additional Information

 

We do not distribute these reports to you directly in order to keep our expenses down as the cost of mailing this report to all investors is significant.  Nevertheless, the reports are immediately available upon your request.