CorEnergy Announces Fiscal Year 2018 Results
KANSAS CITY, Mo.–(BUSINESS WIRE)–CorEnergy Infrastructure Trust, Inc. (“CorEnergy” or the “Company”)
today announced financial results for the fiscal year ended December 31,
2018.
Fiscal Year 2018 Performance Summary
Fiscal Year 2018 financial highlights are as follows:
| For the Year Ended | ||||||||||||||
| December 31, 2018 | ||||||||||||||
| Per Share | ||||||||||||||
| Total | Basic | Diluted | ||||||||||||
| Net Income (Attributable to Common Stockholders)1 | $ | 34,163,499 | $ | 2.86 | $ | 2.79 | ||||||||
| NAREIT Funds from Operations (NAREIT FFO)1 | $ | 46,796,201 | $ | 3.92 | $ | 3.61 | ||||||||
| Funds From Operations (FFO)1 | $ | 47,959,311 | $ | 4.02 | $ | 3.69 | ||||||||
| Adjusted Funds From Operations (AFFO)1 | $ | 49,024,120 | $ | 4.11 | $ | 3.70 | ||||||||
| Dividends Declared to Common Stockholders | $ | 3.00 | ||||||||||||
| 1 |
Management uses AFFO as a measure of long-term sustainable operational performance. NAREIT FFO, FFO, and AFFO are non-GAAP measures. Reconciliations of NAREIT FFO, FFO and AFFO, as presented, to Net Income Attributable to CorEnergy Stockholders are included at the end of this press release. See Note 1 for additional information. |
|
Recent Developments
-
Sale of Portland Terminal to tenant, Zenith
Energy: Sold the Portland Terminal Facility and the Company’s
remaining interest in the Joliet Terminal to Zenith Energy for an
aggregate consideration of $61 million -
Exchange of Convertible Debt: Exchanged
$43.8 million face amount of the Company’s 7% Convertible Senior Notes
for an aggregate of 837,040 shares of common stock and $19.8 million
in cash -
Repurchase of Preferred Equity:
Repurchased $4.5 million par value of the Company’s 7.375% Series A
Preferred Stock -
Maintained dividend: Declared common
stock dividend of $0.75 per share ($3.00 annualized) for the fourth
quarter 2018, in line with the previous 13 quarterly dividends
“CorEnergy entered 2019 a different company than it began 2018, having
sold the Portland Terminal to our tenant, an asset which returned rates
in the mid-teens since its purchase in January 2014. Recently, we
deleveraged our capital structure through the repurchase of preferred
equity and the exchange of convertible debt,” said CorEnergy President,
Chairman and CEO Dave Schulte. “We engaged in several deep dives of
evaluating asset acquisitions which, while not ultimately resulting in a
transaction, allowed our team to stretch our understanding of which
assets best fit our risk-return profile. In 2019, we expect to continue
our disciplined approach in assessing real property assets to add to our
portfolio.”
Portfolio Update
Grand Isle Gathering System: On October 18,
2018, the parent company of the tenant of the GIGS, EGC, completed its
previously announced acquisition by the privately-held Gulf of Mexico
operator, Cox Oil, for approximately $332 million. The tenant continues
to utilize the system and make timely rent payments.
Pinedale Liquids Gathering System: UPL made
strides to strengthen its balance sheet in 2018 and refocused its
drilling plan on vertical wells, following mixed results from horizontal
well testing. Utilization of the Pinedale LGS generated $4.3 million of
variable rent revenue in 2018, despite UPL’s financial results being
adversely affected by lower realized natural gas prices. CorEnergy
intends to utilize excess cash flows such as these to reduce its
leverage profile and / or invest in new assets.
MoGas Pipeline: On May 31, 2018, MoGas
filed a general rate case before the FERC with a proposed revenue
requirement of approximately $20.0 million, annually. The proposed rates
went into effect on December 1, 2018, subject to refund upon final
ruling. The FERC rate case remains ongoing.
Omega Pipeline: Omega and its third-party
consultants are reviewing potential projects, including those for its
utility energy services contract (UESC) at Fort Leonard Wood in
south-central Missouri. The UESC initiative is expected to last four to
five years and will produce incremental earnings.
Portland Terminal: On December 21, 2018,
CorEnergy sold the Portland Terminal Facility to its tenant, Zenith
Energy, as well as its remaining interest in the Joliet Terminal, for an
aggregate consideration of $61 million. The Company had purchased the
Portland Terminal in January 2014 for $42 million and invested an
additional $10 million for improvements in the asset.
Outlook
CorEnergy regularly assesses its ability to pay and grow its dividend to
common stockholders above the current $0.75 per quarter. The Company
targets long-term revenue growth of 1-3% annually from existing
contracts through inflation-based and participating rent adjustments and
additional growth from acquisitions. CorEnergy believes that a number of
actions can be taken to adequately offset the lost revenue from the sale
of the Portland Terminal, which could include a combination of i)
additional investments in revenue generating assets and / or ii)
deleveraging of the Company’s balance sheet through preferred equity and
convertible debt repurchases, at attractive prices. There can be no
assurance that any potential acquisition opportunities will result in
consummated transactions.
Dividend Declaration
Common Stock: A fourth quarter 2018
dividend of $0.75 per share (or $3.00 per share annualized) was declared
for CorEnergy’s common stock. The dividend is payable on February 28,
2019, to stockholders of record on February 14, 2019.
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. The preferred stock
dividend, which equates to an annual dividend payment of $1.84375 per
depositary share, is payable on February 28, 2019, to stockholders of
record on February 14, 2019.
Fiscal Year 2018 Earnings Conference Call
CorEnergy will host a conference call on Thursday, February 28, 2019, 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 corenergy.reit.
A replay of the call will be available until 1:00 p.m. Central Time on
March 28, 2019 by dialing 877-481-4010 (for international,
1-919-882-2331). The Conference ID is 43972. A replay of the conference
call will also be available on the Company’s website.
About CorEnergy Infrastructure Trust, Inc.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA), is a real
estate investment trust (REIT) that owns critical energy assets, such as
pipelines, storage terminals, and transmission and distribution assets.
We receive long-term contracted revenue from operators of our assets,
primarily under triple-net participating leases. For more information,
please visit corenergy.reit.
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.
Notes
1NAREIT FFO represents net income (computed in accordance
with GAAP), excluding gains (or losses) from sales of depreciable
operating property, impairment losses of depreciable properties, real
estate-related depreciation and amortization (excluding amortization of
deferred financing costs or loan origination costs) and after
adjustments for unconsolidated partnerships and non-controlling
interests. Adjustments for non-controlling 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 (gain) loss on extinguishment of
debt, provision for loan (gain) loss, net of tax, transaction costs,
amortization of debt issuance costs, amortization of deferred lease
costs, accretion of asset retirement obligation, amortization of above
market leases, income tax expense (benefit) unrelated to securities
investments, non-cash costs associated with derivative instruments,
(gain) loss on the settlement of ARO, and certain costs of a
nonrecurring nature, less maintenance, capital expenditures (if any),
amortization of debt premium, and other adjustments as deemed
appropriate by Management. Reconciliations of NAREIT FFO, FFO Adjusted
for Securities Investments and AFFO to Net Income Attributable to
CorEnergy Stockholders are included in the additional financial
information attached to this press release.
| Consolidated Balance Sheets | |||||||||
| December 31, 2018 | December 31, 2017 | ||||||||
| Assets | |||||||||
|
Leased property, net of accumulated depreciation of $87,154,095 and $72,155,753 |
$ | 398,214,355 | $ | 465,956,467 | |||||
|
Property and equipment, net of accumulated depreciation of $15,969,346 and $12,643,636 |
109,881,552 | 113,158,872 | |||||||
|
Financing notes and related accrued interest receivable, net of reserve of $600,000 and $4,100,000 |
1,300,000 | 1,500,000 | |||||||
| Note receivable | 5,000,000 | — | |||||||
| Other equity securities, at fair value | — | 2,958,315 | |||||||
| Cash and cash equivalents | 69,287,177 | 15,787,069 | |||||||
| Deferred rent receivable | 25,942,755 | 22,060,787 | |||||||
| Accounts and other receivables | 5,083,243 | 3,786,036 | |||||||
|
Deferred costs, net of accumulated amortization of $1,290,236 and $623,764 |
2,838,443 | 3,504,916 | |||||||
| Prepaid expenses and other assets | 668,584 | 742,154 | |||||||
| Deferred tax asset, net | 4,948,203 | 2,244,629 | |||||||
| Goodwill | 1,718,868 | 1,718,868 | |||||||
| Total Assets | $ | 624,883,180 | $ | 633,418,113 | |||||
| Liabilities and Equity | |||||||||
|
Secured credit facilities, net of debt issuance costs of $210,891 and $254,646 |
37,261,109 | 40,745,354 | |||||||
|
Unsecured convertible senior notes, net of discount and debt issuance costs of $1,180,729 and $1,967,917 |
112,777,271 | 112,032,083 | |||||||
| Asset retirement obligation | 7,956,343 | 9,170,493 | |||||||
| Accounts payable and other accrued liabilities | 3,493,490 | 2,333,782 | |||||||
| Management fees payable | 1,831,613 | 1,748,426 | |||||||
| Income tax liability | — | 2,204,626 | |||||||
| Unearned revenue | 6,552,049 | 3,397,717 | |||||||
| Total Liabilities | $ | 169,871,875 | $ | 171,632,481 | |||||
| Equity | |||||||||
|
Series A Cumulative Redeemable Preferred Stock 7.375%, $125,555,675 and $130,000,000 liquidation preference ($2,500 per share, $0.001 par value), 10,000,000 authorized; 50,222 and 52,000 issued and outstanding at December 31, 2018 and December 31, 2017, respectively |
$ | 125,555,675 | $ | 130,000,000 | |||||
|
Capital stock, non-convertible, $0.001 par value; 11,960,225 and $11,915,830 shares issued and outstanding at December 31, 2018 and December 31, 2017 (100,000,000 shares authorized) |
11,960 | 11,916 | |||||||
| Additional paid-in capital | 320,295,969 | 331,773,716 | |||||||
| Retained earnings | 9,147,701 | — | |||||||
| Total Equity | 455,011,305 | 461,785,632 | |||||||
| Total Liabilities and Equity | $ | 624,883,180 | $ | 633,418,113 | |||||
| Consolidated Statements of Income and Comprehensive Income | |||||||||||||||
| For the Years Ended December 31, | |||||||||||||||
| 2018 | 2017 | 2016 | |||||||||||||
| Revenue | |||||||||||||||
| Lease revenue | $ | 72,747,362 | $ | 68,803,804 | $ | 67,994,130 | |||||||||
| Transportation and distribution revenue | 16,484,236 | 19,945,573 | 21,094,112 | ||||||||||||
| Financing revenue | — | — | 162,344 | ||||||||||||
| Total Revenue | 89,231,598 | 88,749,377 | 89,250,586 | ||||||||||||
| Expenses | |||||||||||||||
| Transportation and distribution expenses | 7,210,748 | 6,729,707 | 6,463,348 | ||||||||||||
| General and administrative | 13,042,847 | 10,786,497 | 12,270,380 | ||||||||||||
| Depreciation, amortization and ARO accretion expense | 24,947,453 | 24,047,710 | 22,522,871 | ||||||||||||
| Provision for loan (gain) loss | (36,867 | ) | — | 5,014,466 | |||||||||||
| Total Expenses | 45,164,181 | 41,563,914 | 46,271,065 | ||||||||||||
| Operating Income | $ | 44,067,417 | $ | 47,185,463 | $ | 42,979,521 | |||||||||
| Other Income (Expense) | |||||||||||||||
| Net distributions and dividend income | $ | 106,795 | $ | 680,091 | $ | 1,140,824 | |||||||||
| Net realized and unrealized gain (loss) on other equity securities | (1,845,309 | ) | 1,531,827 | 824,482 | |||||||||||
| Interest expense | (12,759,010 | ) | (12,378,514 | ) | (14,417,839 | ) | |||||||||
| Gain on the sale of leased property, net | 11,723,257 | — | — | ||||||||||||
| Loss on extinguishment of debt | — | (336,933 | ) | — | |||||||||||
| Total Other Expense | (2,774,267 | ) | (10,503,529 | ) | (12,452,533 | ) | |||||||||
| Income before income taxes | 41,293,150 | 36,681,934 | 30,526,988 | ||||||||||||
| Taxes | |||||||||||||||
| Current tax expense (benefit) | (585,386 | ) | 2,831,658 | (313,107 | ) | ||||||||||
| Deferred tax benefit | (1,833,340 | ) | (486,340 | ) | (151,313 | ) | |||||||||
| Income tax expense (benefit), net | (2,418,726 | ) | 2,345,318 | (464,420 | ) | ||||||||||
| Net Income | 43,711,876 | 34,336,616 | 30,991,408 | ||||||||||||
| Less: Net Income attributable to non-controlling interest | — | 1,733,826 | 1,328,208 | ||||||||||||
| Net Income attributable to CorEnergy Stockholders | $ | 43,711,876 | $ | 32,602,790 | $ | 29,663,200 | |||||||||
| Preferred dividend requirements | 9,548,377 | 7,953,988 | 4,148,437 | ||||||||||||
| Net Income attributable to Common Stockholders | $ | 34,163,499 | $ | 24,648,802 | $ | 25,514,763 | |||||||||
| Net Income | $ | 43,711,876 | $ | 34,336,616 | $ | 30,991,408 | |||||||||
| Other comprehensive income (loss): | |||||||||||||||
|
Changes in fair value of qualifying hedges / AOCI attributable to CorEnergy stockholders |
— | 11,196 | (201,993 | ) | |||||||||||
|
Changes in fair value of qualifying hedges / AOCI attributable to non-controlling interest |
— | 2,617 | (47,226 | ) | |||||||||||
| Net Change in Other Comprehensive Income (Loss) | $ | — | $ | 13,813 | $ | (249,219 | ) | ||||||||
| Total Comprehensive Income | 43,711,876 | 34,350,429 | 30,742,189 | ||||||||||||
| Less: Comprehensive income attributable to non-controlling interest | — | 1,736,443 | 1,280,982 | ||||||||||||
| Comprehensive Income attributable to CorEnergy Stockholders | $ | 43,711,876 | $ | 32,613,986 | $ | 29,461,207 | |||||||||
| Earnings Per Common Share: | |||||||||||||||
| Basic | $ | 2.86 | $ | 2.07 | $ | 2.14 | |||||||||
| Diluted | $ | 2.79 | $ | 2.07 | $ | 2.14 | |||||||||
| Weighted Average Shares of Common Stock Outstanding: | |||||||||||||||
| Basic | 11,935,021 | 11,900,516 | 11,901,985 | ||||||||||||
| Diluted | 15,389,180 | 11,900,516 | 11,901,985 | ||||||||||||
| Dividends declared per share | $ | 3.000 | $ | 3.000 | $ | 3.000 | |||||||||
| Consolidated Statements of Cash Flow | |||||||||||||||
| For the Years Ended December 31, | |||||||||||||||
| 2018 | 2017 | 2016 | |||||||||||||
| Operating Activities | |||||||||||||||
|
Net Income |
$ | 43,711,876 | $ | 34,336,616 | $ | 30,991,408 | |||||||||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||||||
| Deferred income tax, net | (1,845,710 | ) | (486,340 | ) | (151,313 | ) | |||||||||
| Depreciation, amortization and ARO accretion | 26,361,907 | 25,708,891 | 24,548,350 | ||||||||||||
| Gain on sale of leased property | (11,723,257 | ) | — | — | |||||||||||
| Provision for loan (gain) loss | (36,867 | ) | — | 5,014,466 | |||||||||||
| Loss on extinguishment of debt | — | 336,933 | — | ||||||||||||
| Non-cash settlement of accounts payable | — | (221,609 | ) | — | |||||||||||
| (Gain) loss on sale of equipment | (8,416 | ) | 4,203 | — | |||||||||||
| Gain on repurchase of convertible debt | — | — | (71,702 | ) | |||||||||||
|
Net distributions and dividend income, including recharacterization of income |
— | 148,649 | (117,004 | ) | |||||||||||
| Net realized and unrealized (gain) loss on other equity securities | 1,845,309 | (1,531,827 | ) | (781,153 | ) | ||||||||||
| Unrealized gain on derivative contract | — | — | (75,591 | ) | |||||||||||
| Settlement of derivative contract | — | — | (95,319 | ) | |||||||||||
| Loss on settlement of asset retirement obligation | 310,941 | — | — | ||||||||||||
| Common stock issued under directors compensation plan | 67,500 | 67,500 | 60,000 | ||||||||||||
| Changes in assets and liabilities: | |||||||||||||||
| Increase in deferred rent receivables | (7,038,848 | ) | (7,184,005 | ) | (8,360,036 | ) | |||||||||
| (Increase) decrease in accounts and other receivables | (1,297,207 | ) | 752,848 | (174,390 | ) | ||||||||||
| Decrease in financing note accrued interest receivable | — | — | 95,114 | ||||||||||||
| (Increase) decrease in prepaid expenses and other assets | 73,505 | (16,717 | ) | 329,735 | |||||||||||
| Increase (decrease) in management fee payable | 83,187 | 13,402 | (28,723 | ) | |||||||||||
| Increase (decrease) in accounts payable and other accrued liabilities | 476,223 | (225,961 | ) | (231,151 | ) | ||||||||||
| Increase (decrease) in income tax liability | (2,204,626 | ) | 2,204,626 | — | |||||||||||
| Increase (decrease) in unearned revenue | (152,777 | ) | 2,884,362 | 155,961 | |||||||||||
| Net cash provided by operating activities | $ | 48,622,740 | $ | 56,791,571 | $ | 51,108,652 | |||||||||
| Investing Activities | |||||||||||||||
| Proceeds from the sale of leased property | 55,553,975 | — | — | ||||||||||||
| Proceeds from sale of other equity securities | 449,067 | 7,591,166 | — | ||||||||||||
| Proceeds from assets and liabilities held for sale | — | — | 644,934 | ||||||||||||
| Purchases of property and equipment, net | (105,357 | ) | (116,595 | ) | (191,926 | ) | |||||||||
| Proceeds from asset foreclosure and sale | 17,999 | — | 223,451 | ||||||||||||
| Principal payment on financing note receivable | 236,867 | — | — | ||||||||||||
| Increase in financing notes receivable | — | — | (202,000 | ) | |||||||||||
| Return of capital on distributions received | 663,939 | 120,906 | 4,631 | ||||||||||||
| Net cash provided by investing activities | $ | 56,816,490 | $ | 7,595,477 | $ | 479,090 | |||||||||
| Financing Activities | |||||||||||||||
|
Debt financing costs |
(264,010 | ) | (1,462,741 | ) | (193,000 | ) | |||||||||
| Net offering proceeds on Series A preferred stock | — | 71,161,531 | — | ||||||||||||
| Repurchases of common stock | — | — | (2,041,851 | ) | |||||||||||
| Repurchases of convertible debt | — | — | (899,960 | ) | |||||||||||
| Repurchases of Series A preferred stock | (4,275,553 | ) | — | — | |||||||||||
| Dividends paid on Series A preferred stock | (9,587,500 | ) | (8,227,734 | ) | (4,148,437 | ) | |||||||||
| Dividends paid on common stock | (34,284,059 | ) | (34,731,892 | ) | (34,896,727 | ) | |||||||||
| Distributions to non-controlling interest | — | (1,833,650 | ) | — | |||||||||||
| Advances on revolving line of credit | — | 10,000,000 | 44,000,000 | ||||||||||||
| Payments on revolving line of credit | — | (54,000,000 | ) | — | |||||||||||
| Proceeds from term debt | — | 41,000,000 | — | ||||||||||||
| Principal payments on secured credit facilities | (3,528,000 | ) | (45,600,577 | ) | (60,131,423 | ) | |||||||||
| Purchase of non-controlling interest | — | (32,800,000 | ) | — | |||||||||||
| Net cash used in financing activities | $ | (51,939,122 | ) | $ | (56,495,063 | ) | $ | (58,311,398 | ) | ||||||
| Net Change in Cash and Cash Equivalents | $ | 53,500,108 | $ | 7,891,985 | $ | (6,723,656 | ) | ||||||||
| Cash and Cash Equivalents at beginning of period | 15,787,069 | 7,895,084 | 14,618,740 | ||||||||||||
| Cash and Cash Equivalents at end of period | $ | 69,287,177 | $ | 15,787,069 | $ | 7,895,084 | |||||||||
| Supplemental Disclosure of Cash Flow Information | |||||||||||||||
| Interest paid | $ | 11,200,835 | $ | 10,780,150 | $ | 12,900,901 | |||||||||
| Income taxes paid (net of refunds) | 2,136,563 | 199,772 | 37,736 | ||||||||||||
| Non-Cash Investing Activities | |||||||||||||||
| Note receivable in consideration of the sale of leased property | $ | 5,000,000 | $ | — | $ | — | |||||||||
| Investment in other equity securities | — | (1,161,034 | ) | — | |||||||||||
| Change in accounts and other receivables | — | — | (450,000 | ) | |||||||||||
|
Net change in Assets Held for Sale, Property and equipment, Prepaid expenses and other assets, Accounts payable and other accrued liabilities and Liabilities held for sale |
— | — | (1,776,549 | ) | |||||||||||
| Non-Cash Financing Activities | |||||||||||||||
|
Change in accounts payable and accrued expenses related to debt financing costs |
$ | (255,037 | ) | $ | 255,037 | $ | — | ||||||||
|
Reinvestment of distributions by common stockholders in additional common shares |
1,509,830 | 962,308 | 815,889 | ||||||||||||
| Common stock issued upon conversion of convertible notes | 42,654 | — | — | ||||||||||||
|
NAREIT FFO, FFO Adjusted for Securities Investment and AFFO Reconciliation (Unaudited) |
|||||||||||||||
| For the Years Ended December 31, | |||||||||||||||
| 2018 | 2017 | 2016 | |||||||||||||
| Net Income attributable to CorEnergy Stockholders | $ | 43,711,876 | $ | 32,602,790 | $ | 29,663,200 | |||||||||
| Less: | |||||||||||||||
| Preferred Dividend Requirements | 9,548,377 | 7,953,988 | 4,148,437 | ||||||||||||
| Net Income attributable to Common Stockholders | $ | 34,163,499 | $ | 24,648,802 | $ | 25,514,763 | |||||||||
| Add: | |||||||||||||||
| Depreciation | 24,355,959 | 23,292,713 | 21,704,275 | ||||||||||||
| Less: | |||||||||||||||
| Gain on the sale of leased property, net | 11,723,257 | — | — | ||||||||||||
| Non-Controlling Interest attributable to NAREIT FFO reconciling items | — | 1,632,546 | 1,645,819 | ||||||||||||
| NAREIT funds from operations (NAREIT FFO) | $ | 46,796,201 | $ | 46,308,969 | $ | 45,573,219 | |||||||||
| Add: | |||||||||||||||
| Distributions received from investment securities | 106,795 | 949,646 | 1,028,452 | ||||||||||||
| Income tax expense (benefit) from investment securities | (682,199 | ) | 1,000,084 | 760,036 | |||||||||||
| Less: | |||||||||||||||
| Net distributions and dividend income | 106,795 | 680,091 | 1,140,824 | ||||||||||||
| Net realized and unrealized gain (loss) on other equity securities | (1,845,309 | ) | 1,531,827 | 824,482 | |||||||||||
| Funds from operations adjusted for securities investments (FFO) | $ | 47,959,311 | $ | 46,046,781 | $ | 45,396,401 | |||||||||
| Add: | |||||||||||||||
| Loss of extinguishment of debt | — | 336,933 | — | ||||||||||||
| Provision for loan (gain) loss, net of tax | (36,867 | ) | — | 4,409,359 | |||||||||||
| Transaction costs | 521,311 | 592,068 | 520,487 | ||||||||||||
| Amortization of debt issuance costs | 1,414,457 | 1,661,181 | 2,025,478 | ||||||||||||
| Amortization of deferred lease costs | 91,932 | 91,932 | 91,932 | ||||||||||||
| Accretion of asset retirement obligation | 499,562 | 663,065 | 726,664 | ||||||||||||
| Non-cash (gain) loss associated with derivative instruments | — | 33,763 | (75,591 | ) | |||||||||||
| Loss on settlement of ARO | 310,941 | — | — | ||||||||||||
| Less: | |||||||||||||||
| Non-cash settlement of accounts payable | — | 221,609 | — | ||||||||||||
| Income tax (expense) benefit | 1,736,527 | (1,345,234 | ) | 619,349 | |||||||||||
| Non-Controlling Interest attributable to AFFO reconciling items | — | 13,154 | 37,113 | ||||||||||||
| Adjusted funds from operations (AFFO) | $ | 49,024,120 | $ | 50,536,194 | $ | 52,438,268 | |||||||||
| Weighted Average Shares of Common Stock Outstanding: | |||||||||||||||
| Basic | 11,935,021 | 11,900,516 | 11,901,985 | ||||||||||||
| Diluted | 15,389,180 | 15,355,061 | 15,368,370 | ||||||||||||
| NAREIT FFO attributable to Common Stockholders | |||||||||||||||
| Basic | $ | 3.92 | $ | 3.89 | $ | 3.83 | |||||||||
| Diluted (1) | $ | 3.61 | $ | 3.59 | $ | 3.54 | |||||||||
| FFO attributable to Common Stockholders | |||||||||||||||
| Basic | $ | 4.02 | $ | 3.87 | $ | 3.81 | |||||||||
| Diluted (1) | $ | 3.69 | $ | 3.57 | $ | 3.53 | |||||||||
| AFFO attributable to Common Stockholders | |||||||||||||||
| Basic | $ | 4.11 | $ | 4.25 | $ | 4.41 | |||||||||
| Diluted (2) | $ | 3.70 | $ | 3.81 | $ | 3.93 | |||||||||
|
(1) |
Diluted per share calculations include dilutive adjustments for |
|
|
(2) |
Diluted per share calculations include a dilutive adjustment |
|
Contacts
CorEnergy Infrastructure Trust, Inc.
Investor Relations
Lesley
Schorgl, 877-699-CORR (2677)
info@corenergy.reit