CorEnergy Releases Fourth Quarter and Fiscal 2015 Results
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) (“CorEnergy”
or the “Company”) today announced financial results for the fourth
quarter and fiscal year ended December 31, 2015.
Recent Highlights and Subsequent Events
-
Declared common stock dividend of $0.75 per share ($3.00
annualized) in the fourth quarter
-
In 2015, paid $2.75 per share of common stock dividends
-
Delivered Adjusted Funds from Operations (AFFO)1
of $3.77 per share in 2015
-
Completed $10 million Portland Terminal construction project
-
Extended the Pinedale Credit Facility through March 30, 2016
-
Announced authorization to repurchase $10 million of common shares
-
Entered into new 10-year agreement with DOD for Omega Pipeline
-
Foreclosed on the Black Bison Financing Notes and took a further
noncash charge to carrying value
“In 2015, CorEnergy completed the $257 million acquisition of the Grand
Isle Gathering System. We also strengthened our financial position by
issuing preferred and common equity and convertible notes, as well as by
upsizing our revolver,” said Dave Schulte, Chief Executive Officer of
CorEnergy. “We continue to demonstrate the resiliency of our revenue
model based upon owning assets which are critical to the operations of
our tenants.”
2015 Annual Performance Summary
Results for fiscal year 2015 included Total Revenue of $71.3 million and
Contribution Margin2 of $64.9 million. CorEnergy believes
Contribution Margin is a better reflection of our operating performance,
because it eliminates the impact of commodity purchases and sales, as
well as direct operating expenses of certain assets. Contribution Margin
for 2015 reflects the contribution of the Grand Isle Gathering System
for only six months of the year.
AFFO for 2015 was $40.3 million, or $3.77 per share (basic) and $3.56
(diluted). Management uses AFFO as a measure of long-term sustainable
operational performance. AFFO in excess of dividends is used for debt
repayment and reinvestments necessary to sustain our dividend over the
long term. For completeness, we present other measures of income in the
table below:
|
|
|
Fiscal Year
|
|
|
|
Ended December 31, 2015
|
|
|
|
|
|
|
Per Share
|
|
|
|
Total
|
|
|
(Basic)
|
|
(Diluted)
|
Net Income (Attributable to Common Stockholders)1
|
|
|
$8,471,083
|
|
|
$0.79
|
|
$0.79
|
NAREIT Funds from Operation (NAREIT FFO)1
|
|
|
$25,176,275
|
|
|
$2.36
|
|
$2.35
|
Funds From Operation (FFO)1
|
|
|
$25,793,873
|
|
|
$2.41
|
|
$2.40
|
Adjusted Funds From Operations (AFFO)1
|
|
|
$40,306,355
|
|
|
$3.77
|
|
$3.56
|
1,2 NAREIT FFO, FFO, and AFFO are non-GAAP measures presented
in accordance with the guidelines for calculation and reporting issued
by the National Association of Real Estate Investment Trusts. A
reconciliation of NAREIT FFO, FFO and AFFO, as presented, to Net income
attributable to CorEnergy stockholders and Contribution Margin, also a
non-GAAP term, is included in the additional financial information
attached to this press release.
Portfolio Update
Grand Isle Gathering System: On February
16, 2016, Energy XXI Ltd. (“EXXI”) elected not to make an interest
payment that was due on its 8.25% Senior Notes due 2018 or any other
debt instruments, beginning a 30-day grace period for payment. EXXI also
stated that it expected operations to continue as normal while
discussions with its lenders are ongoing. On March 4, 2016, EXXI
announced that two subsidiaries of EXXI obtained waivers from creditors
on certain clauses of their First Lien Credit Agreement.
Pinedale LGS: The 2015 annual adjustments
for changes in the Consumer Price Index increased the base rent paid by
the tenant, UPL, by 1.68%. On January 1, 2016, the base rent increased
by 0.19% to approximately $20.7 million annually.
On March 2, 2016, UPL announced it had entered into an agreement with
certain unsecured lenders to defer payment of interest and principal
until, at the latest, April 30, 2016, thereby avoiding a default under
the affected indebtedness during the deferral period.
MoGas Pipeline: On November 30, 2015, MoGas
filed an application with FERC to approve the terms of a proposed lease
of the assets to an affiliate. MoGas continues to generate most of its
revenue from firm natural gas transportation services on firm contracted
capacity with large utility companies located in Missouri and Illinois.
Portland Terminal Facility: During the
fourth quarter of 2015, CorEnergy completed the $10 million in planned
capital improvements, resulting in a total increase in base rent of
approximately $96,000 per month. As of December 31, 2015, annual base
rent is approximately $6.2 million.
Salt Water Disposal Financing Notes:
CorEnergy’s financing revenue did not reflect any interest payments from
the Black Bison Loan for the third or fourth quarters of 2015. CorEnergy
recorded a non-cash provision for loan loss on the Black Bison Loan in
the fourth quarter. The net investment, as of December 31, 2015, was
approximately $2.0 million. Effective February 29, 2016, the Company
foreclosed on 100% of the equity of the borrower of the Black Bison
financing notes. In addition, SWD Enterprises recently advised CorEnergy
that it has experienced a covenant default. The Company is in
discussions to resolve the covenant default on approximately $4.9
million of financing notes.
Omega Pipeline: Omega entered into a new
agreement with the Department of Defense (DoD) for an additional 10-year
term on January 28, 2016. The pipeline will continue to provide natural
gas and gas distribution services to Fort Leonard Wood in Missouri.
Dividend Update
Common Stock
A fourth quarter common stock cash dividend of $0.75 ($3.00, annualized)
was declared on January 26, 2016, payable on February 29, 2016.
CorEnergy maintains a quarterly common stock dividend payment cycle of
February, May, August and November.
Preferred Stock
For the Company’s 7.375% Series A Cumulative Redeemable Preferred Stock,
a cash dividend of $0.4609375 per depositary share was declared for the
fourth quarter, payable on February 29, 2016. The preferred dividends,
which equate to an annual payment of $1.84375 per depositary share, are
paid on or about the last day of August, November, February and May.
Outlook
CorEnergy expects its energy infrastructure portfolio – the GIGS,
Pinedale LGS, MoGas Pipeline, Portland Terminal Facility and Omega
Pipeline – to continue to produce stable, recurring revenues. The
Company believes these cash flows will support sustainable quarterly
dividend payments of $0.75 ($3.00 per share annualized) through the end
of 2016. Although CorEnergy has historically targeted dividend growth of
1-3% annually from existing contracts through inflation escalations and
participating rents, the company is not expecting significant
inflation-based or participating rents in 2016.
Historical dividend growth for the last three years since becoming a
REIT has averaged approximately 7%, due to acquisitions. The Company is
evaluating a broad set of infrastructure opportunities in the range of
$50 to $250 million per project. CorEnergy intends to finance these
acquisitions through the use of capacity on its revolver, partnerships
with co-investors, portfolio level debt and, if beneficial to existing
stockholders, prudent preferred or common equity issuances. There can be
no assurance that any of these acquisition opportunities will result in
consummated transactions.
Fourth Quarter 2015 Earnings Conference Call
CorEnergy will host a conference call on Tuesday, March 15, 2016,
at 1:00 p.m. Central Time to discuss its financial results. Please dial
into the call at 877-407-8035 (for international, 1-201-689-8035)
approximately five to ten minutes prior to the scheduled start time. The
call will also be webcast in a listen-only format. A link to the webcast
will be accessible at www.corenergy.corridortrust.com.
A replay of the call will be available until 11:59 p.m. Central
Time April 15, 2016 by dialing 877-660-6853 (for international,
1-201-612-7415). The Conference ID is 13631842.
About CorEnergy Infrastructure Trust, Inc.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA), is a real
estate investment trust (REIT) that owns essential midstream and
downstream energy assets, such as pipelines, storage terminals, and
transmission and distribution assets. We seek long-term contracted
revenue from operators of our assets, primarily under triple net
participating leases. For more information, please visit corenergy.corridortrust.com.
Forward-Looking Statements
This press release contains certain statements that may include
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. All statements, other than statements of historical fact, included
herein are "forward-looking statements." Although CorEnergy believes
that the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties, and
these expectations may prove to be incorrect. Actual results could
differ materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in CorEnergy’s reports that are filed with the Securities and
Exchange Commission. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Other than as required by law, CorEnergy does not assume
a duty to update any forward-looking statement. In particular, any
distribution paid in the future to our stockholders will depend on the
actual performance of CorEnergy, its costs of leverage and other
operating expenses and will be subject to the approval of CorEnergy’s
Board of Directors and compliance with leverage covenants.
|
|
CorEnergy Infrastructure Trust, Inc.
|
|
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
|
December 31, 2014
|
|
Assets
|
|
|
|
|
|
|
|
Leased property, net of accumulated depreciation of
$33,869,263 and $19,417,025
|
|
$
|
509,226,215
|
|
|
|
$
|
260,280,029
|
|
Leased property held for sale, net of accumulated
depreciation of $0 and $5,878,933
|
|
|
—
|
|
|
|
|
8,247,916
|
|
Property and equipment, net of accumulated depreciation of
$5,948,988 and $2,623,020
|
|
|
119,629,978
|
|
|
|
|
122,820,122
|
|
Financing notes and related accrued interest receivable, net
of reserve of $13,784,137 and $0
|
|
|
7,675,626
|
|
|
|
|
20,687,962
|
|
Other equity securities, at fair value
|
|
|
8,393,683
|
|
|
|
|
9,572,181
|
|
Cash and cash equivalents
|
|
|
14,618,740
|
|
|
|
|
7,578,164
|
|
Accounts and other receivables
|
|
|
10,431,240
|
|
|
|
|
7,793,515
|
|
Intangibles and deferred costs, net of accumulated
amortization of $2,774,706 and $2,271,080
|
|
|
4,697,672
|
|
|
|
|
4,384,975
|
|
Prepaid expenses and other assets
|
|
|
491,024
|
|
|
|
|
732,110
|
|
Deferred tax asset
|
|
|
1,606,976
|
|
|
|
|
—
|
|
Goodwill
|
|
|
1,718,868
|
|
|
|
|
1,718,868
|
|
Total Assets
|
|
$
|
678,490,022
|
|
|
|
$
|
443,815,842
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
66,132,000
|
|
|
|
$
|
3,528,000
|
|
Long-term debt
|
|
|
151,243,153
|
|
|
|
|
63,532,000
|
|
Asset retirement obligation
|
|
|
12,839,042
|
|
|
|
|
—
|
|
Accounts payable and other accrued liabilities
|
|
|
2,317,774
|
|
|
|
|
3,935,307
|
|
Management fees payable
|
|
|
1,763,747
|
|
|
|
|
1,164,399
|
|
Deferred tax liability
|
|
|
—
|
|
|
|
|
1,262,587
|
|
Line of credit
|
|
|
—
|
|
|
|
|
32,141,277
|
|
Unearned revenue
|
|
|
—
|
|
|
|
|
711,230
|
|
Total Liabilities
|
|
$
|
234,295,716
|
|
|
|
$
|
106,274,800
|
|
Equity
|
|
|
|
|
|
|
|
Series A Cumulative Redeemable Preferred Stock 7.375%,
$56,250,000 liquidation preference ($2,500 per share, $0.001
par value), 10,000,000 authorized; 22,500 and 0 issued and outstanding
as of December 31, 2015, and December 31, 2014
|
|
$
|
56,250,000
|
|
|
|
|
—
|
|
Capital stock, non-convertible, $0.001 par value; 11,939,697
and 9,321,010 shares issued and outstanding at December 31,
2015, and December 31, 2014 (100,000,000 shares authorized)
|
|
|
11,940
|
|
|
|
|
9,321
|
|
Additional paid-in capital
|
|
|
361,581,507
|
|
|
|
|
309,987,724
|
|
Accumulated other comprehensive income
|
|
|
190,797
|
|
|
|
|
453,302
|
|
Total CorEnergy Equity
|
|
|
418,034,244
|
|
|
|
|
310,450,347
|
|
Non-controlling Interest
|
|
|
26,160,062
|
|
|
|
|
27,090,695
|
|
Total Equity
|
|
|
444,194,306
|
|
|
|
|
337,541,042
|
|
Total Liabilities and Equity
|
|
$
|
678,490,022
|
|
|
|
$
|
443,815,842
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Consolidated Financial Statements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CorEnergy Infrastructure Trust, Inc.
|
Consolidated Statements of Income and Comprehensive Income
|
|
|
|
|
|
|
|
For the Years Ended December 31,
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
Lease revenue
|
|
|
$
|
48,086,072
|
|
|
|
$
|
28,223,765
|
|
|
|
$
|
22,552,976
|
|
Sales revenue
|
|
|
|
7,160,044
|
|
|
|
|
9,708,902
|
|
|
|
|
8,733,044
|
|
Financing revenue
|
|
|
|
1,697,550
|
|
|
|
|
1,077,813
|
|
|
|
|
—
|
|
Transportation revenue
|
|
|
|
14,345,269
|
|
|
|
|
1,298,093
|
|
|
|
|
—
|
|
Total Revenue
|
|
|
|
71,288,935
|
|
|
|
|
40,308,573
|
|
|
|
|
31,286,020
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
Cost of sales (excluding depreciation expense)
|
|
|
|
2,819,212
|
|
|
|
|
7,291,968
|
|
|
|
|
6,734,665
|
|
Depreciation, amortization and ARO accretion expense
|
|
|
|
18,766,551
|
|
|
|
|
13,195,255
|
|
|
|
|
11,491,285
|
|
Provision for loan losses
|
|
|
|
13,784,137
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Transportation, maintenance and general and administrative
|
|
|
|
3,859,785
|
|
|
|
|
458,872
|
|
|
|
|
—
|
|
Operating expenses
|
|
|
|
749,940
|
|
|
|
|
840,910
|
|
|
|
|
924,571
|
|
General and administrative
|
|
|
|
9,745,704
|
|
|
|
|
7,872,753
|
|
|
|
|
5,879,864
|
|
Total Expenses
|
|
|
|
49,725,329
|
|
|
|
|
29,659,758
|
|
|
|
|
25,030,385
|
|
Operating Income
|
|
|
$
|
21,563,606
|
|
|
|
$
|
10,648,815
|
|
|
|
$
|
6,255,635
|
|
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
Net distributions and dividend income
|
|
|
$
|
1,270,755
|
|
|
|
$
|
1,836,783
|
|
|
|
$
|
584,814
|
|
Net realized and unrealized loss on trading securities
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(251,213
|
)
|
Net realized and unrealized gain (loss) on other equity securities
|
|
|
|
(1,063,613
|
)
|
|
|
|
(466,026
|
)
|
|
|
|
5,617,766
|
|
Interest expense
|
|
|
|
(9,781,184
|
)
|
|
|
|
(3,675,122
|
)
|
|
|
|
(3,288,378
|
)
|
Total Other Income (Expense)
|
|
|
|
(9,574,042
|
)
|
|
|
|
(2,304,365
|
)
|
|
|
|
2,662,989
|
|
Income before income taxes
|
|
|
|
11,989,564
|
|
|
|
|
8,344,450
|
|
|
|
|
8,918,624
|
|
Taxes
|
|
|
|
|
|
|
|
|
|
Current tax expense
|
|
|
|
922,010
|
|
|
|
|
3,843,937
|
|
|
|
|
13,474
|
|
Deferred tax expense (benefit)
|
|
|
|
(2,869,563
|
)
|
|
|
|
(4,069,500
|
)
|
|
|
|
2,936,044
|
|
Income tax expense (benefit), net
|
|
|
|
(1,947,553
|
)
|
|
|
|
(225,563
|
)
|
|
|
|
2,949,518
|
|
Net Income
|
|
|
|
13,937,117
|
|
|
|
|
8,570,013
|
|
|
|
|
5,969,106
|
|
Less: Net Income attributable to non-controlling interest
|
|
|
|
1,617,206
|
|
|
|
|
1,556,157
|
|
|
|
|
1,466,767
|
|
Net Income attributable to CorEnergy Stockholders
|
|
|
$
|
12,319,911
|
|
|
|
$
|
7,013,856
|
|
|
|
$
|
4,502,339
|
|
Preferred dividend requirements
|
|
|
|
3,848,828
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Net Income attributable to Common Stockholders
|
|
|
$
|
8,471,083
|
|
|
|
$
|
7,013,856
|
|
|
|
$
|
4,502,339
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
$
|
13,937,117
|
|
|
|
$
|
8,570,013
|
|
|
|
$
|
5,969,106
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
Changes in fair value of qualifying hedges attributable to CorEnergy
stockholders
|
|
|
|
(262,505
|
)
|
|
|
|
(324,101
|
)
|
|
|
|
777,403
|
|
Changes in fair value of qualifying hedges attributable to
non-controlling interest
|
|
|
|
(61,375
|
)
|
|
|
|
(75,780
|
)
|
|
|
|
181,762
|
|
Net Change in Other Comprehensive Income (Loss)
|
|
|
$
|
(323,880
|
)
|
|
|
$
|
(399,881
|
)
|
|
|
$
|
959,165
|
|
Total Comprehensive Income
|
|
|
|
13,613,237
|
|
|
|
|
8,170,132
|
|
|
|
|
6,928,271
|
|
Less: Comprehensive income attributable to non-controlling interest
|
|
|
|
1,555,831
|
|
|
|
|
1,480,377
|
|
|
|
|
1,648,529
|
|
Comprehensive Income attributable to CorEnergy Stockholders
|
|
|
$
|
12,057,406
|
|
|
|
$
|
6,689,755
|
|
|
|
$
|
5,279,742
|
|
Earnings Per Common Share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.79
|
|
|
|
$
|
1.06
|
|
|
|
$
|
0.93
|
|
Diluted
|
|
|
$
|
0.79
|
|
|
|
$
|
1.06
|
|
|
|
$
|
0.93
|
|
Weighted Average Shares of Common Stock Outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
10,685,892
|
|
|
|
|
6,605,715
|
|
|
|
|
4,829,879
|
|
Diluted
|
|
|
|
10,685,892
|
|
|
|
|
6,605,715
|
|
|
|
|
4,829,879
|
|
Dividends declared per share
|
|
|
$
|
2.750
|
|
|
|
$
|
2.570
|
|
|
|
$
|
1.875
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Consolidated Financial Statements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CorEnergy Infrastructure Trust, Inc.
|
Consolidated Statements of Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Stock
|
|
|
Preferred Stock
|
|
|
|
|
|
Additional Paid-in Capital
|
|
|
Accumulated Other Comprehensive Income
|
|
|
Retained Earnings
|
|
|
Non-Controlling Interest
|
|
|
Total
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Amount
|
|
|
Warrants
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2012
|
|
|
4,828,133
|
|
|
$
|
4,828
|
|
|
$
|
—
|
|
|
$
|
1,370,700
|
|
|
|
$
|
175,275,988
|
|
|
|
$
|
—
|
|
|
|
$
|
4,209,023
|
|
|
|
$
|
29,981,653
|
|
|
|
$
|
210,842,192
|
|
Net Income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
4,502,339
|
|
|
|
|
1,466,767
|
|
|
|
|
5,969,106
|
|
Net change in cash flow hedges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
777,403
|
|
|
|
|
—
|
|
|
|
|
181,762
|
|
|
|
|
959,165
|
|
Total comprehensive income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
777,403
|
|
|
|
|
4,502,339
|
|
|
|
|
1,648,529
|
|
|
|
|
6,928,271
|
|
Common stock dividends
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
(1,923,760
|
)
|
|
|
|
—
|
|
|
|
|
(7,131,300
|
)
|
|
|
|
—
|
|
|
|
|
(9,055,060
|
)
|
Distributions to Non-controlling interest
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(3,282,152
|
)
|
|
|
|
(3,282,152
|
)
|
Reinvestment of dividends paid to stockholders
|
|
|
3,099
|
|
|
|
3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
108,116
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
108,119
|
|
Balance at December 31, 2013
|
|
|
4,831,232
|
|
|
|
4,831
|
|
|
|
—
|
|
|
|
1,370,700
|
|
|
|
|
173,460,344
|
|
|
|
|
777,403
|
|
|
|
|
1,580,062
|
|
|
|
|
28,348,030
|
|
|
|
|
205,541,370
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
7,013,856
|
|
|
|
|
1,556,157
|
|
|
|
|
8,570,013
|
|
Net change in cash flow hedges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(324,101
|
)
|
|
|
|
—
|
|
|
|
|
(75,780
|
)
|
|
|
|
(399,881
|
)
|
Total comprehensive income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(324,101
|
)
|
|
|
|
7,013,856
|
|
|
|
|
1,480,377
|
|
|
|
|
8,170,132
|
|
Net offering proceeds from issuance of common stock
|
|
|
4,485,000
|
|
|
|
4,485
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
141,720,743
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
141,725,228
|
|
Common stock dividends
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
(6,734,166
|
)
|
|
|
|
—
|
|
|
|
|
(8,593,918
|
)
|
|
|
|
—
|
|
|
|
|
(15,328,084
|
)
|
Common stock issued under director's compensation plan
|
|
|
805
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
29,999
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
30,000
|
|
Distributions to Non-controlling interest
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(2,737,712
|
)
|
|
|
|
(2,737,712
|
)
|
Reinvestment of dividends paid to common stockholders
|
|
|
3,973
|
|
|
|
4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
140,104
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
140,108
|
|
Warrant expiration
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,370,700
|
)
|
|
|
|
1,370,700
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Balance at December 31, 2014
|
|
|
9,321,010
|
|
|
|
9,321
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
309,987,724
|
|
|
|
|
453,302
|
|
|
|
|
—
|
|
|
|
|
27,090,695
|
|
|
|
|
337,541,042
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
12,319,911
|
|
|
|
|
1,617,206
|
|
|
|
|
13,937,117
|
|
Net change in cash flow hedges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(262,505
|
)
|
|
|
|
—
|
|
|
|
|
(61,375
|
)
|
|
|
|
(323,880
|
)
|
Total comprehensive income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(262,505
|
)
|
|
|
|
12,319,911
|
|
|
|
|
1,555,831
|
|
|
|
|
13,613,237
|
|
Issuance of Series A cumulative redeemable preferred stock,
7.375% - redemption value
|
|
|
—
|
|
|
|
—
|
|
|
|
56,250,000
|
|
|
|
—
|
|
|
|
|
(2,039,524
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
54,210,476
|
|
Net offering proceeds from issuance of common stock
|
|
|
2,587,500
|
|
|
|
2,587
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
73,254,777
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
73,257,364
|
|
Series A preferred stock dividends
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(3,503,125
|
)
|
|
|
|
—
|
|
|
|
|
(3,503,125
|
)
|
Common stock dividends
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
(20,529,353
|
)
|
|
|
|
—
|
|
|
|
|
(8,816,786
|
)
|
|
|
|
—
|
|
|
|
|
(29,346,139
|
)
|
Common stock issued under director's compensation plan
|
|
|
2,677
|
|
|
|
3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
89,997
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
90,000
|
|
Distributions to Non-controlling interest
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(2,486,464
|
)
|
|
|
|
(2,486,464
|
)
|
Reinvestment of dividends paid to common stockholders
|
|
|
28,510
|
|
|
|
29
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
817,886
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
817,915
|
|
Balance at December 31, 2015
|
|
|
11,939,697
|
|
|
$
|
11,940
|
|
|
$
|
56,250,000
|
|
|
$
|
—
|
|
|
|
$
|
361,581,507
|
|
|
|
$
|
190,797
|
|
|
|
$
|
—
|
|
|
|
$
|
26,160,062
|
|
|
|
$
|
444,194,306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CorEnergy Infrastructure Trust, Inc.
|
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
For the Years Ended December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2013
|
Operating Activities
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
$
|
13,937,117
|
|
|
|
$
|
8,570,013
|
|
|
|
$
|
5,969,106
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
Deferred income tax, net
|
|
|
|
(2,869,563
|
)
|
|
|
|
(4,069,500
|
)
|
|
|
|
2,936,044
|
|
Depreciation, amortization and ARO accretion
|
|
|
|
20,662,297
|
|
|
|
|
14,289,017
|
|
|
|
|
12,339,704
|
|
Provision for loan loss
|
|
|
|
13,784,137
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Net distributions and dividend income, including recharacterization
of income
|
|
|
|
(371,323
|
)
|
|
|
|
960,384
|
|
|
|
|
(567,276
|
)
|
Net realized and unrealized loss on trading securities
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
251,213
|
|
Net realized and unrealized (gain) loss on other equity securities
|
|
|
|
1,063,613
|
|
|
|
|
(1,357,496
|
)
|
|
|
|
(5,617,766
|
)
|
Unrealized gain on derivative contract
|
|
|
|
(70,333
|
)
|
|
|
|
(70,720
|
)
|
|
|
|
(11,095
|
)
|
Common stock issued under directors compensation plan
|
|
|
|
90,000
|
|
|
|
|
30,000
|
|
|
|
|
—
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Increase in accounts and other receivables
|
|
|
|
(2,273,092
|
)
|
|
|
|
(966,667
|
)
|
|
|
|
(1,856,528
|
)
|
Increase in financing note accrued interest receivable
|
|
|
|
(355,208
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
(Increase) decrease in prepaid expenses and other assets
|
|
|
|
(37,462
|
)
|
|
|
|
96,743
|
|
|
|
|
272,194
|
|
Increase in management fee payable
|
|
|
|
599,348
|
|
|
|
|
468,961
|
|
|
|
|
555,892
|
|
Increase (decrease) in accounts payable and other accrued liabilities
|
|
|
|
(847,683
|
)
|
|
|
|
(2,276,773
|
)
|
|
|
|
260,538
|
|
Increase (decrease) in current income tax liability
|
|
|
|
—
|
|
|
|
|
583,361
|
|
|
|
|
(4,690,329
|
)
|
Increase (decrease) in unearned revenue
|
|
|
|
(711,230
|
)
|
|
|
|
711,230
|
|
|
|
|
(2,133,685
|
)
|
Net cash provided by operating activities
|
|
|
$
|
42,600,618
|
|
|
|
$
|
16,968,553
|
|
|
|
$
|
7,708,012
|
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of long-term investment of trading and other
equity securities
|
|
|
|
—
|
|
|
|
|
10,806,879
|
|
|
|
|
5,580,985
|
|
Proceeds from sale of leased property held for sale
|
|
|
|
7,678,246
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Deferred lease costs
|
|
|
|
(336,141
|
)
|
|
|
|
—
|
|
|
|
|
(74,037
|
)
|
Acquisition expenditures
|
|
|
|
(251,513,344
|
)
|
|
|
|
(168,204,309
|
)
|
|
|
|
(1,834,036
|
)
|
Purchases of property and equipment, net
|
|
|
|
(138,918
|
)
|
|
|
|
(11,970
|
)
|
|
|
|
(40,670
|
)
|
Proceeds from sale of property and equipment
|
|
|
|
—
|
|
|
|
|
948
|
|
|
|
|
5,201
|
|
Increase in financing notes receivable
|
|
|
|
(524,037
|
)
|
|
|
|
(20,648,714
|
)
|
|
|
|
—
|
|
Principal payment on financing note receivable
|
|
|
|
100,000
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Return of capital on distributions received
|
|
|
|
121,578
|
|
|
|
|
981,373
|
|
|
|
|
1,772,776
|
|
Net cash (used) provided by investing activities
|
|
|
$
|
(244,612,616
|
)
|
|
|
$
|
(177,075,793
|
)
|
|
|
$
|
5,410,219
|
|
Financing Activities
|
|
|
|
|
|
|
|
|
|
Payments on lease obligation
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(20,698
|
)
|
Debt financing costs
|
|
|
|
(1,617,991
|
)
|
|
|
|
(3,269,429
|
)
|
|
|
|
(144,798
|
)
|
Net offering proceeds on Series A preferred stock
|
|
|
|
54,210,476
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Net offering proceeds on common stock
|
|
|
|
73,184,679
|
|
|
|
|
141,797,913
|
|
|
|
|
(523,094
|
)
|
Net offering proceeds on convertible debt
|
|
|
|
111,262,500
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Dividends paid on Series A preferred stock
|
|
|
|
(3,503,125
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
Dividends paid on common stock
|
|
|
|
(28,528,224
|
)
|
|
|
|
(15,187,976
|
)
|
|
|
|
(8,946,941
|
)
|
Distributions to non-controlling interest
|
|
|
|
(2,486,464
|
)
|
|
|
|
(2,737,712
|
)
|
|
|
|
(3,282,152
|
)
|
Advances on revolving line of credit
|
|
|
|
45,392,332
|
|
|
|
|
34,676,948
|
|
|
|
|
221,332
|
|
Payments on revolving line of credit
|
|
|
|
(77,533,609
|
)
|
|
|
|
(2,617,606
|
)
|
|
|
|
(139,397
|
)
|
Proceeds from term debt
|
|
|
|
45,000,000
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Principal payments on term debt
|
|
|
|
(1,800,000
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
Principal payments on credit facility
|
|
|
|
(4,528,000
|
)
|
|
|
|
(2,940,000
|
)
|
|
|
|
—
|
|
Net cash (used) provided by financing activities
|
|
|
$
|
209,052,574
|
|
|
|
$
|
149,722,138
|
|
|
|
$
|
(12,835,748
|
)
|
Net Change in Cash and Cash Equivalents
|
|
|
$
|
7,040,576
|
|
|
|
$
|
(10,385,102
|
)
|
|
|
$
|
282,483
|
|
Cash and Cash Equivalents at beginning of period
|
|
|
|
7,578,164
|
|
|
|
|
17,963,266
|
|
|
|
|
17,680,783
|
|
Cash and Cash Equivalents at end of period
|
|
|
$
|
14,618,740
|
|
|
|
$
|
7,578,164
|
|
|
|
$
|
17,963,266
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information
|
|
|
|
|
|
|
|
|
|
Interest paid
|
|
|
$
|
7,873,333
|
|
|
|
$
|
2,762,903
|
|
|
|
$
|
2,651,355
|
|
Income taxes paid (net of refunds)
|
|
|
$
|
747,406
|
|
|
|
$
|
3,260,576
|
|
|
|
$
|
4,637,068
|
|
|
|
|
|
|
|
|
|
|
|
Non-Cash Investing Activities
|
|
|
|
|
|
|
|
|
|
Change in accounts payable and accrued expenses related to
intangibles and deferred costs
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
(68,417
|
)
|
Change in accounts payable and accrued expenses related to
acquisition expenditures
|
|
|
$
|
(614,880
|
)
|
|
|
$
|
270,615
|
|
|
|
$
|
(1,545,163
|
)
|
Change in accounts payable and accrued expenses related to issuance
of financing and other notes receivable
|
|
|
$
|
(39,248
|
)
|
|
|
$
|
39,248
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Non-Cash Financing Activities
|
|
|
|
|
|
|
|
|
|
Change in accounts payable and accrued expenses related to the
issuance of common equity
|
|
|
$
|
(72,685
|
)
|
|
|
$
|
72,685
|
|
|
|
$
|
(523,094
|
)
|
Change in accounts payable and accrued expenses related to debt
financing costs
|
|
|
$
|
(43,039
|
)
|
|
|
$
|
(176,961
|
)
|
|
|
$
|
116,383
|
|
Reinvestment of distributions by common stockholders in additional
common shares
|
|
|
$
|
817,915
|
|
|
|
$
|
140,108
|
|
|
|
$
|
108,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Consolidated Financial
Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CorEnergy Infrastructure Trust, Inc.
|
NAREIT FFO, FFO Adjusted for Securities Investment and AFFO
Reconciliation
|
|
|
|
|
|
|
|
For the Years Ended December 31,
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2013
|
Net Income attributable to CorEnergy Stockholders
|
|
|
$
|
12,319,911
|
|
|
|
$
|
7,013,856
|
|
|
|
$
|
4,502,339
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Preferred Dividend Requirements
|
|
|
|
3,848,828
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Net Income attributable to Common Stockholders
|
|
|
|
8,471,083
|
|
|
|
|
7,013,856
|
|
|
|
|
4,502,339
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
18,351,011
|
|
|
|
|
13,133,886
|
|
|
|
|
11,429,980
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Non-Controlling Interest attributable to NAREIT FFO reconciling items
|
|
|
|
1,645,819
|
|
|
|
|
1,645,820
|
|
|
|
|
1,645,601
|
|
NAREIT funds from operations (NAREIT FFO)
|
|
|
|
25,176,275
|
|
|
|
|
18,501,922
|
|
|
|
|
14,286,718
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Distributions received from investment securities
|
|
|
|
1,021,010
|
|
|
|
|
1,941,757
|
|
|
|
|
1,789,893
|
|
Income tax expense (benefit) from investment securities
|
|
|
|
(196,270
|
)
|
|
|
|
656,498
|
|
|
|
|
2,659,928
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Net distributions and dividend income
|
|
|
|
1,270,755
|
|
|
|
|
1,823,522
|
|
|
|
|
567,276
|
|
Net realized and unrealized gain (loss) on trading securities
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(251,213
|
)
|
Net realized and unrealized gain (loss) on other equity securities
|
|
|
|
(1,063,613
|
)
|
|
|
|
(466,026
|
)
|
|
|
|
5,617,766
|
|
Funds from operations adjusted for securities investments (FFO)
|
|
|
|
25,793,873
|
|
|
|
|
19,742,681
|
|
|
|
|
12,802,710
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Provision for loan losses, net of tax
|
|
|
|
12,526,701
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Transaction costs
|
|
|
|
870,128
|
|
|
|
|
929,188
|
|
|
|
|
806,083
|
|
Amortization of debt issuance costs
|
|
|
|
1,822,760
|
|
|
|
|
801,825
|
|
|
|
|
556,300
|
|
Amortization of deferred lease costs
|
|
|
|
76,498
|
|
|
|
|
61,369
|
|
|
|
|
61,305
|
|
Accretion of asset retirement obligation
|
|
|
|
339,042
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Income tax expense (benefit)
|
|
|
|
(493,847
|
)
|
|
|
|
(882,061
|
)
|
|
|
|
289,590
|
|
Amortization of above market leases
|
|
|
|
72,987
|
|
|
|
|
291,937
|
|
|
|
|
291,940
|
|
Unrealized (gain) loss associated with derivative instruments
|
|
|
|
(70,333
|
)
|
|
|
|
(70,720
|
)
|
|
|
|
40,290
|
|
Nonrecurring personnel costs
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
113,232
|
|
Less:
|
|
|
|
|
|
|
|
|
|
EIP Lease Adjustment
|
|
|
|
542,809
|
|
|
|
|
2,171,236
|
|
|
|
|
2,171,236
|
|
Non-Controlling Interest attributable to AFFO reconciling items
|
|
|
|
88,645
|
|
|
|
|
92,785
|
|
|
|
|
121,436
|
|
Adjusted funds from operations (AFFO)
|
|
|
$
|
40,306,355
|
|
|
|
$
|
18,610,198
|
|
|
|
$
|
12,668,778
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares of Common Stock Outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
10,685,892
|
|
|
|
|
6,605,715
|
|
|
|
|
4,829,879
|
|
Diluted
|
|
|
|
12,461,733
|
|
|
|
|
6,605,715
|
|
|
|
|
4,829,879
|
|
NAREIT FFO attributable to Common Stockholders
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
2.36
|
|
|
|
$
|
2.80
|
|
|
|
$
|
2.96
|
|
Diluted (1)
|
|
|
$
|
2.35
|
|
|
|
$
|
2.80
|
|
|
|
$
|
2.96
|
|
FFO attributable to Common Stockholders
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
2.41
|
|
|
|
$
|
2.99
|
|
|
|
$
|
2.65
|
|
Diluted (1)
|
|
|
$
|
2.40
|
|
|
|
$
|
2.99
|
|
|
|
$
|
2.65
|
|
AFFO attributable to Common Stockholders
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
3.77
|
|
|
|
$
|
2.82
|
|
|
|
$
|
2.62
|
|
Diluted (1)
|
|
|
$
|
3.56
|
|
|
|
$
|
2.82
|
|
|
|
$
|
2.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Diluted NAREIT FFO. FFO and AFFO for the year ended
December 31, 2015, excludes the impact to income of an add back
for interest expense on the 7% Convertible Senior Notes
outstanding and the number of outstanding shares from the
conversion of the 7.00% Convertible Senior Notes, because to do
so, would be antidilutive.
|
|
|
CorEnergy Infrastructure Trust, Inc.
|
Lease Revenue, Security Distributions, Financing Revenue, and
Operating Results
|
|
|
|
|
|
|
|
For the Years Ended December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2013
|
Lease Revenue, Security Distributions, Financing Revenue, and
Operating Results
|
|
|
|
|
|
|
|
|
|
Leases:
|
|
|
|
|
|
|
|
|
|
Lease revenue
|
|
|
$
|
48,086,072
|
|
|
|
$
|
28,223,765
|
|
|
|
$
|
22,552,976
|
|
Other Equity Securities:
|
|
|
|
|
|
|
|
|
|
Net cash distributions received
|
|
|
|
1,021,010
|
|
|
|
|
1,955,018
|
|
|
|
|
1,807,429
|
|
Financing:
|
|
|
|
|
|
|
|
|
|
Financing revenue
|
|
|
|
1,697,550
|
|
|
|
|
1,077,813
|
|
|
|
|
—
|
|
Operations:
|
|
|
|
|
|
|
|
|
|
Sales revenue
|
|
|
|
7,160,044
|
|
|
|
|
9,708,902
|
|
|
|
|
8,733,044
|
|
Transportation revenue
|
|
|
|
14,345,269
|
|
|
|
|
1,298,093
|
|
|
|
|
—
|
|
Cost of sales
|
|
|
|
(2,819,212
|
)
|
|
|
|
(7,291,968
|
)
|
|
|
|
(6,734,665
|
)
|
Transportation, maintenance and general and administrative
|
|
|
|
(3,859,785
|
)
|
|
|
|
(458,872
|
)
|
|
|
|
—
|
|
Operating expenses (excluding depreciation, amortization and ARO
accretion)
|
|
|
|
(749,940
|
)
|
|
|
|
(840,910
|
)
|
|
|
|
(924,571
|
)
|
Net Operations (excluding depreciation, amortization and ARO
accretion)
|
|
|
|
14,076,376
|
|
|
|
|
2,415,245
|
|
|
|
|
1,073,808
|
|
Total Lease Revenue, Security Distributions, Financing Revenue
and Operating Results
|
|
|
$
|
64,881,008
|
|
|
|
$
|
33,671,841
|
|
|
|
$
|
25,434,213
|
|
Expenses
|
|
|
|
(9,745,704
|
)
|
|
|
|
(7,872,753
|
)
|
|
|
|
(5,879,864
|
)
|
Non-Controlling Interest attributable to Adjusted EBITDA Items
|
|
|
|
(3,851,973
|
)
|
|
|
|
(3,815,585
|
)
|
|
|
|
(3,734,884
|
)
|
Adjusted EBITDA
|
|
|
$
|
51,283,331
|
|
|
|
$
|
21,983,503
|
|
|
|
$
|
15,819,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CorEnergy Infrastructure Trust, Inc.
|
Reconciliation of Adjusted EBITDA to Income Attributable to
Common Stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31,
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2013
|
Adjusted EBITDA
|
|
|
$
|
51,283,331
|
|
|
|
$
|
21,983,503
|
|
|
|
$
|
15,819,465
|
|
Other Adjustments:
|
|
|
|
|
|
|
|
|
|
Net distributions and dividend income not recorded as income
|
|
|
|
(121,578
|
)
|
|
|
|
(118,235
|
)
|
|
|
|
(1,222,615
|
)
|
Distributions and dividends received in prior period previously
deemed a return of capital (recorded as a cost reduction) and
reclassified as income in a subsequent period
|
|
|
|
371,323
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Net realized and unrealized gain on securities
|
|
|
|
(1,063,613
|
)
|
|
|
|
(466,026
|
)
|
|
|
|
5,366,553
|
|
Depreciation, amortization & ARO accretion
|
|
|
|
(18,766,551
|
)
|
|
|
|
(13,195,255
|
)
|
|
|
|
(11,491,285
|
)
|
Interest expense, net
|
|
|
|
(9,781,184
|
)
|
|
|
|
(3,675,122
|
)
|
|
|
|
(3,288,378
|
)
|
Provision for loan losses
|
|
|
|
(13,784,137
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
Non-controlling interest attributable to depreciation, amortization,
ARO accretion and interest expense
|
|
|
|
2,234,767
|
|
|
|
|
2,259,428
|
|
|
|
|
2,268,117
|
|
Income tax benefit (expense)
|
|
|
|
1,947,553
|
|
|
|
|
225,563
|
|
|
|
|
(2,949,518
|
)
|
Preferred dividend requirements
|
|
|
|
(3,848,828
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
Income Attributable to Common Stockholders
|
|
|
$
|
8,471,083
|
|
|
|
$
|
7,013,856
|
|
|
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$
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4,502,339
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1NAREIT FFO represents net income (computed in accordance
with GAAP), excluding gains (or losses) from sales of depreciable
operating property, impairment losses of depreciable properties, real
estate-related depreciation, amortization (excluding amortization of
deferred financing costs or loan origination costs) and after
adjustments for unconsolidated partnerships and noncontrolling
interests. Adjustments for noncontrolling interests are calculated on
the same basis. FFO as we have presented it here, is derived by further
adjusting NAREIT FFO for distributions received from investment
securities, income tax expense (benefit) from investment securities, net
distributions and dividend income and net realized and unrealized gain
or loss on other equity securities. CorEnergy defines AFFO as FFO
Adjusted for Securities Investment plus provision from loan losses, net
of tax, transaction costs, amortization of debt issuance costs,
amortization of deferred leasing costs, accretion of asset retirement
obligations, income tax expense (benefit) unrelated to securities
investments and provision for loan losses, above market rent, noncash
costs associated with derivative instruments and certain costs of
non-recurring nature, less maintenance, capital expenditures (if any)
amortization of debt premium and other adjustments as deemed appropriate
by management.
2Contribution Margin is a non-GAAP measure defined as Total
Lease Revenue, Security Distributions, Financing Revenue and Operating
Results, as reported in the MD&A section of CorEnergy’s Form 10-Q.
Management believes that Lease Revenue, Security Distributions,
Financing Revenue and Operating Results provides investors with
information that will assist them in analyzing the operating performance
of our leased assets, financing notes receivable, other equity
securities and operating entities. As it pertains to other equity
securities, the Company believes that net distributions received are
indicative of the operating performance of the assets. Reconciliations
of these results to Adjusted EBITDA and to Income Attributable to Common
Stockholders are included in the additional financial information
attached to this press release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160314006394/en/ Copyright Business Wire 2016
Source: Business Wire
(March 14, 2016 - 5:15 PM EDT)
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