ftai-20200630
Fortress Transportation & Infrastructure Investors 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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____
Commission file number 001-37386

FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
(Exact name of registrant as specified in its charter)

Delaware32-0434238
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1345 Avenue of the Americas, 45th FloorNew YorkNY10105
(Address of principal executive offices)(Zip Code)

(Registrant’s telephone number, including area code) (212) 798-6100
(Former name, former address and former fiscal year, if changed since last report) N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading Symbol:Name of exchange on which registered:
Class A common shares, $0.01 par value per shareFTAINew York Stock Exchange
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred SharesFTAI PR ANew York Stock Exchange
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred SharesFTAI PR BNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filer¨
Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No þ
There were 85,617,146 common shares representing limited liability company interests outstanding at July 28, 2020.



FORWARD-LOOKING STATEMENTS
This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but instead are based on our present beliefs and assumptions and on information currently available to us. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “target,” “projects,” “contemplates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this report are based upon our historical performance and on our current plans, estimates and expectations in light of information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us, that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to:
changes in economic conditions generally and specifically in our industry sectors, and other risks relating to the global economy, including, but not limited to, public health crises, such as the COVID-19 pandemic, and any actions taken by businesses and governments;
reductions in cash flows received from our assets, as well as contractual limitations on the use of our aviation assets to secure debt for borrowed money;
our ability to take advantage of acquisition opportunities at favorable prices;
a lack of liquidity surrounding our assets, which could impede our ability to vary our portfolio in an appropriate manner;
the relative spreads between the yield on the assets we acquire and the cost of financing;
adverse changes in the financing markets we access affecting our ability to finance our acquisitions;
customer defaults on their obligations;
our ability to renew existing contracts and enter into new contracts with existing or potential customers;
the availability and cost of capital for future acquisitions;
concentration of a particular type of asset or in a particular sector;
competition within the aviation, energy and intermodal transport sectors;
the competitive market for acquisition opportunities;
risks related to operating through joint ventures or partnerships or through consortium arrangements;
obsolescence of our assets or our ability to sell, re-lease or re-charter our assets;
exposure to uninsurable losses and force majeure events;
infrastructure operations may require substantial capital expenditures;
the legislative/regulatory environment and exposure to increased economic regulation;
exposure to the oil and gas industry’s volatile oil and gas prices;
difficulties in obtaining effective legal redress in jurisdictions in which we operate with less developed legal systems;
our ability to maintain our exemption from registration under the Investment Company Act of 1940 and the fact that maintaining such exemption imposes limits on our operations;
our ability to successfully utilize leverage in connection with our investments;
foreign currency risk and risk management activities;
effectiveness of our internal control over financial reporting;
exposure to environmental risks, including increasing environmental legislation and the broader impacts of climate change;
changes in interest rates and/or credit spreads, as well as the success of any hedging strategy we may undertake in relation to such changes;
actions taken by national, state, or provincial governments, including nationalization, or the imposition of new taxes, could materially impact the financial performance or value of our assets;
our dependence on our Manager and its professionals and actual, potential or perceived conflicts of interest in our relationship with our Manager;
effects of the merger of Fortress Investment Group LLC with affiliates of SoftBank Group Corp.;
volatility in the market price of our shares;
the inability to pay dividends to our shareholders in the future; and
other risks described in the “Risk Factors” section of this report.
2



These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report. The forward-looking statements made in this report relate only to events as of the date on which the statements are made. We do not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise.
If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.
3



FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
INDEX TO FORM 10-Q

PART I - FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


4




PART I—FINANCIAL INFORMATION
Item 1. Financial Statements

FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share and per share data)

(Unaudited)
NotesJune 30, 2020December 31, 2019
Assets
Cash and cash equivalents2$50,870  $226,512  
Restricted cash249,178  16,005  
Accounts receivable, net62,966  49,470  
Leasing equipment, net41,769,799  1,707,059  
Operating lease right-of-use assets, net1362,816  37,466  
Finance leases, net57,657  8,315  
Property, plant, and equipment, net6849,129  732,109  
Investments7175,872  180,550  
Intangible assets, net823,720  27,692  
Goodwill122,735  122,639  
Other assets2112,752  129,105  
Total assets$3,287,494  $3,236,922  
Liabilities
Accounts payable and accrued liabilities$108,360  $144,855  
Debt, net91,602,304  1,420,928  
Maintenance deposits185,332  208,944  
Security deposits38,795  45,252  
Operating lease liabilities1362,436  36,968  
Other liabilities38,776  41,118  
Total liabilities$2,036,003  $1,898,065  
Commitments and contingencies19
Equity
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 85,610,800 and 84,917,448 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively)
$856  $849  
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 8,050,000 and 8,050,000 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively)
81  81  
Additional paid in capital1,109,631  1,110,122  
Retained earnings115,113  190,453  
Accumulated other comprehensive (loss) income(2,982) 372  
Shareholders' equity1,222,699  1,301,877  
Non-controlling interest in equity of consolidated subsidiaries28,792  36,980  
Total equity1,251,491  1,338,857  
Total liabilities and equity$3,287,494  $3,236,922  


See accompanying notes to consolidated financial statements.
5


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(Dollars in thousands, except share and per share data)

Three Months Ended June 30,Six Months Ended June 30,
Notes2020201920202019
Revenues
Equipment leasing revenues$79,834  $79,200  $166,283  $151,652  
Infrastructure revenues14,475  70,648  40,866  113,090  
Total revenues1294,309  149,848  207,149  264,742  
Expenses
Operating expenses24,572  85,783  58,016  140,093  
General and administrative4,388  3,551  9,051  7,735  
Acquisition and transaction expenses3,661  2,308  6,855  3,782  
Management fees and incentive allocation to affiliate164,756  5,710  9,522  9,548  
Depreciation and amortization4, 6, 841,720  42,052  83,917  80,915  
Asset impairment10,476    10,476    
Interest expense21,794  25,394  44,655  46,128  
Total expenses111,367  164,798  222,492  288,201  
Other (expense) income
Equity in losses of unconsolidated entities7(3,209) (169) (2,944) (553) 
Gain (loss) on sale of assets, net768  22,622  (1,051) 24,340  
Loss on extinguishment of debt9    (4,724)   
Interest income 22  240  63  331  
Other (expense) income(1) 4,937  32  2,334  
Total other (expense) income(2,420) 27,630  (8,624) 26,452  
(Loss) income from continuing operations before income taxes(19,478) 12,680  (23,967) 2,993  
Benefit from income taxes15(3,750) (2,328) (3,848) (2,061) 
Net (loss) income from continuing operations(15,728) 15,008  (20,119) 5,054  
Net income from discontinued operations, net of income taxes  785  1,331  943  
Net (loss) income(15,728) 15,793  (18,788) 5,997  
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations(4,112) (4,580) (8,848) (7,940) 
Discontinued operations  41    (15) 
Dividends on preferred shares4,079    8,618    
Net (loss) income attributable to shareholders$(15,695) $20,332  $(18,558) $13,952  
(Loss) earnings per share:18
Basic
Continuing operations$(0.18) $0.23  $(0.23) $0.15  
Discontinued operations$  $0.01  $0.02  $0.01  
Diluted
Continuing operations$(0.18) $0.23  $(0.23) $0.15  
Discontinued operations$  $0.01  $0.02  $0.01  
Weighted average shares outstanding:
Basic86,009,959  85,987,769  86,009,029  85,987,115  
Diluted86,009,959  85,989,029  86,009,029  85,987,115  




See accompanying notes to consolidated financial statements.
6


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (unaudited)
(Dollars in thousands)

Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net (loss) income$(15,728) $15,793  $(18,788) $5,997  
Other comprehensive (loss) income:
Other comprehensive (loss) income related to equity method investees, net (1)
(12,112) 77,070  (3,354) 34,058  
Comprehensive (loss) income(27,840) 92,863  (22,142) 40,055  
Continuing operations(4,112) (4,580) (8,848) (7,940) 
Discontinued operations  41    (15) 
Comprehensive (loss) income attributable to shareholders$(23,728) $97,402  $(13,294) $48,010  
________________________________________________________
(1) Net of deferred tax (benefit) expense of $(3,220) and $6,186 for the three months ended June 30, 2020 and 2019, respectively, and $(894) and $6,186 for the six months ended June 30, 2020 and 2019, respectively.

















































See accompanying notes to consolidated financial statements.
7


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)
(Dollars in thousands)


Three and Six Months Ended June 30, 2020
Common SharesPreferred SharesAdditional Paid In CapitalRetained Earnings Accumulated Other Comprehensive Income (Loss) Non-Controlling Interest in Equity of Consolidated SubsidiariesTotal Equity
Equity - December 31, 2019$849  $81  $1,110,122  $190,453  $372  $36,980  $1,338,857  
Net income (loss)1,676  (4,736) (3,060) 
Other comprehensive income—  8,758  —  8,758  
Total comprehensive income (loss)1,676  8,758  (4,736) 5,698  
Issuance of common shares2  154  156  
Conversion of participating securities(2) (2) 
Dividends declared - common shares(28,391) (28,391) 
Issuance costs of preferred shares(246) (246) 
Dividends declared - preferred shares(4,539) (4,539) 
Equity-based compensation291  291  
Equity - March 31, 2020$851  $81  $1,110,028  $159,199  $9,130  $32,535  $1,311,824  
Net loss(11,616) (4,112) (15,728) 
Other comprehensive loss—  (12,112) —  (12,112) 
Total comprehensive loss(11,616) (12,112) (4,112) (27,840) 
Settlement of equity-based compensation(42) (42) 
Issuance of common shares5  150  155  
Conversion of participating securities(5) (5) 
Dividends declared - common shares(28,391) (28,391) 
Issuance costs of preferred shares(542) (542) 
Dividends declared - preferred shares(4,079) (4,079) 
Equity-based compensation411  411  
Equity - June 30, 2020$856  $81  $1,109,631  $115,113  $(2,982) $28,792  $1,251,491  

Three and Six Months Ended June 30, 2019
Common SharesPreferred SharesAdditional Paid In CapitalAccumulated Deficit Accumulated Other Comprehensive (Loss) Income Non-Controlling Interest in Equity of Consolidated SubsidiariesTotal Equity
Equity - December 31, 2018$840  $  $1,029,376  $(32,817) $—  $56,383  $1,053,782  
Net loss