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 CorEnergy Releases Fourth Quarter and Fiscal 2015 Results
   Monday, March 14, 2016 5:15:00 PM ET

CorEnergy Infrastructure Trust, Inc. (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 Margin(2) 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. (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
                                                                                                             $    509,226,215                                                                                   $    260,280,029
  Leased property, net of accumulated
   depreciation of
  $33,869,263 and $19,417,025
                                                                                                               --                                                                                          8,247,916
  Leased property held for sale, net of
   accumulated
  depreciation of $0 and $5,878,933
                                                                                                                  119,629,978                                                                                        122,820,122
  Property and equipment, net of accumulated
   depreciation of
  $5,948,988 and $2,623,020
                                                                                                                    7,675,626                                                                                         20,687,962
  Financing notes and related accrued interest
   receivable, net
  of reserve of $13,784,137 and $0
  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
                                                                                                                    4,697,672                                                                                          4,384,975
  Intangibles and deferred costs, net of
   accumulated
  amortization of $2,774,706 and
   $2,271,080
  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
                                                                                                             $     56,250,000                                                                                     --
  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
                                                                                                                       11,940                                                                                              9,321
  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)
  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                                                                      (262,505 )                                                                                         (324,101 )                                                                                          777,403
stockholders
Changes in fair value of qualifying hedges attributable to                                                              (61,375 )                                                                       (75,780 )                                                                       181,762  
non-controlling interest
                                                                                                               -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
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                                                                                      Accumulated Other                                                                                      Retained                                                                                        Non-Controlling                                                                                         Total
                                                                                                                                                                                                                                                                                                                                                                                                                                               Paid-in                                                                                         Comprehensive                                                                                        Earnings                                                                                           Interest
                                                                                                                                                                                                                                                                                                                                                                                                                                               Capital                                                                                            Income
                                                                                              ----------------------------------------------------------------------------------------                                               ----------------------------------
                                                                                                  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                                                                     805                                                                             1                                                                --                                                                --                                                                                             29,999                                                                                     --                                                                                     --                                                                                     --                                                                                             30,000
compensation plan
Distributions to Non-controlling interest                                                     --                                                                --                                                                --                                                                --                                                                                     --                                                                                     --                                                                                     --                                                                                         (2,737,712 )                                                                                       (2,737,712 )
Reinvestment of dividends paid to common                                                               3,973                                                                             4                                                                --                                                                --                                                                                            140,104                                                                                     --                                                                                     --                                                                                     --                                                                                            140,108
stockholders
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                                                    --                                                                --                                                                    56,250,000                                                                --                                                                                         (2,039,524 )                                                                                   --                                                                                     --                                                                                     --                                                                                         54,210,476
preferred stock,
7.375% - redemption value
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                                                                   2,677                                                                             3                                                                --                                                                --                                                                                             89,997                                                                                     --                                                                                     --                                                                                     --                                                                                             90,000
compensation plan
Distributions to Non-controlling interest                                                     --                                                                --                                                                --                                                                --                                                                                     --                                                                                     --                                                                                     --                                                                                         (2,486,464 )                                                                                       (2,486,464 )
Reinvestment of dividends paid to common                                                              28,510                                                         29                                             --                                             --                                                      817,886                                               --                                               --                                               --                                                      817,915  
stockholders
                                                                                              --------------                                           -------------------- --------------                                           -------------------- --------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
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                                                                          (371,323 )                                                                                          960,384                                                                                           (567,276 )
     of income
     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                                                                        --                                                                                         10,806,879                                                                                          5,580,985
     equity securities
     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                                                                              $ --                                                                                   $ --                                                                                   $        (68,417 )
  intangibles and deferred costs
  Change in accounts payable and accrued expenses related to                                                                              $       (614,880 )                                                                                 $        270,615                                                                                   $     (1,545,163 )
  acquisition expenditures
  Change in accounts payable and accrued expenses related to issuance                                                                     $        (39,248 )                                                                                 $         39,248                                                                                   $ --
  of financing and other notes receivable
                                                                                                                                                                                                                                                                                                                              
Non-Cash Financing Activities
  Change in accounts payable and accrued expenses related to the                                                                          $        (72,685 )                                                                                 $         72,685                                                                                   $       (523,094 )
  issuance of common equity
  Change in accounts payable and accrued expenses related to debt                                                                         $        (43,039 )                                                                                 $       (176,961 )                                                                                 $        116,383
  financing costs
  Reinvestment of distributions by common stockholders in additional                                                                      $        817,915                                                                                   $        140,108                                                                                   $        108,119
  common shares
                                                                                                                                                                                                                                                                                                                                                                  
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                                               (749,940 )                                                                  (840,910 )                                                                      (924,571 )
  accretion)
                                                                                                             -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- -------------- --------------------
     Net Operations (excluding depreciation, amortization and ARO                                              14,076,376                                                2,415,245                                                    1,073,808  
     accretion)
                                                                                                             -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- -------------- --------------------
    Total Lease Revenue, Security Distributions, Financing Revenue                                                              $ 64,881,008                                                                                   $ 33,671,841                                                                                   $     25,434,213
    and Operating Results
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 )
                                                                                                                                          371,323                                                                                     --                                                                                     --
  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
  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,                                                                  2,234,767                                                                                          2,259,428                                                                                          2,268,117
  ARO accretion and interest expense
  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                                                                $      4,502,339  
                                                                                                                 ==================== =========== ====================                                           ==================== ============== ====================                                           ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                         

(1)NAREIT 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.

(2)Contribution 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.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160314006394r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160314006394/en/

SOURCE: CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc. 
Investor Relations 
Lesley Robertshaw, 877-699-CORR (2677) 
info@corridortrust.com


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