Exhibit 99.1
 
CorEnergy Releases Fourth Quarter and Fiscal 2015 Results
 
KANSAS CITY, Mo. -- CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) (“CorEnergy” or the “Company”) today announced financial results for the fourth quarter and fiscal year ended December 31, 2015.
 
Recent Highlights and Subsequent Events
 
· Declared common stock dividend of $0.75 per share ($3.00 annualized) in the fourth quarter
 
o In 2015, paid $2.75 per share of common stock dividends
 
· Delivered Adjusted Funds from Operations (AFFO)1 of $3.77 per share in 2015
 
· Completed $10 million Portland Terminal construction project
 
· Extended the Pinedale Credit Facility through March 30, 2016
 
· Announced authorization to repurchase $10 million of common shares
 
· Entered into new 10-year agreement with DOD for Omega Pipeline
 
· Foreclosed on the Black Bison Financing Notes and took a further noncash charge to carrying value
 
“In 2015, CorEnergy completed the $257 million acquisition of the Grand Isle Gathering System. We also strengthened our financial position by issuing preferred and common equity and convertible notes, as well as by upsizing our revolver,” said Dave Schulte, Chief Executive Officer of CorEnergy. “We continue to demonstrate the resiliency of our revenue model based upon owning assets which are critical to the operations of our tenants.”
 
2015 Annual Performance Summary
 
Results for fiscal year 2015 included Total Revenue of $71.3 million and Contribution Margin2 of $64.9 million. CorEnergy believes Contribution Margin is a better reflection of our operating performance, because it eliminates the impact of commodity purchases and sales, as well as direct operating expenses of certain assets.  Contribution Margin for 2015 reflects the contribution of the Grand Isle Gathering System for only six months of the year.
 
AFFO for 2015 was $40.3 million, or $3.77 per share (basic) and $3.56 (diluted). Management uses AFFO as a measure of long-term sustainable operational performance.  AFFO in excess of dividends is used for debt repayment and reinvestments necessary to sustain our dividend over the long term. For completeness, we present other measures of income in the table below:
 

  
Fiscal Year
Ended December 31, 2015
 
     
Per Share
 
 
Total
 
(Basic)
 
(Diluted)
 
Net Income (Attributable to Common Stockholders)1
 
$
8,471,083
   
$
0.79
   
$
0.79
 
NAREIT Funds from Operation (NAREIT FFO)1
 
$
25,176,275
   
$
2.36
   
$
2.35
 
Funds From Operation (FFO)1
 
$
25,793,873
   
$
2.41
   
$
2.40
 
Adjusted Funds From Operations (AFFO)1
 
$
40,306,355
   
$
3.77
   
$
3.56
 

1,2 NAREIT FFO, FFO, and AFFO are non-GAAP measures presented in accordance with the guidelines for calculation and reporting issued by the National Association of Real Estate Investment Trusts. A reconciliation of NAREIT FFO, FFO and AFFO, as presented, to Net income attributable to CorEnergy stockholders and Contribution Margin, also a non-GAAP term, is included in the additional financial information attached to this press release.
 
Portfolio Update
 
Grand Isle Gathering System: On February 16, 2016, Energy XXI Ltd. (“EXXI”) elected not to make an interest payment that was due on its 8.25% Senior Notes due 2018 or any other debt instruments, beginning a 30-day grace period for payment. EXXI also stated that it expected operations to continue as normal while discussions with its lenders are ongoing. On March 4, 2016, EXXI announced that two subsidiaries of EXXI obtained waivers from creditors on certain clauses of their First Lien Credit Agreement.
 
Pinedale LGS: The 2015 annual adjustments for changes in the Consumer Price Index increased the base rent paid by the tenant, UPL, by 1.68%. On January 1, 2016 the base rent increased by 0.19% to approximately $20.7 million annually.
 
On March 2, 2016, UPL announced it had entered into an agreement with certain unsecured lenders to defer payment of interest and principal until, at the latest, April 30, 2016, thereby avoiding a default under the affected indebtedness during the deferral period.
 
MoGas Pipeline: On November 30, 2015, MoGas filed an application with FERC to approve the terms of a proposed lease of the assets to an affiliate. MoGas continues to generate most of its revenue from firm natural gas transportation services on firm contracted capacity with large utility companies located in Missouri and Illinois.
 
Portland Terminal Facility: During the fourth quarter of 2015, CorEnergy completed the $10 million in planned capital improvements, resulting in a total increase in base rent of
 

approximately $96,000 per month. As of December 31, 2015, annual base rent is approximately $6.2 million.
 
Salt Water Disposal Financing Notes: CorEnergy’s financing revenue did not reflect any interest payments from the Black Bison Loan for the third or fourth quarters of 2015. CorEnergy recorded a non-cash provision for loan loss on the Black Bison Loan in the fourth quarter. The net investment, as of December 31, 2015, was approximately $2.0 million. Effective February 29, 2016, the Company foreclosed on 100% of the equity of the borrower of the Black Bison financing notes. In addition, SWD Enterprises recently advised CorEnergy that it has experienced a covenant default. The Company is in discussions to resolve the covenant default on approximately $4.9 million of financing notes.
 
Omega Pipeline: Omega entered into a new agreement with the Department of Defense (DoD) for an additional 10-year term on January 28, 2016. The pipeline will continue to provide natural gas and gas distribution services to Fort Leonard Wood in Missouri.
 
Dividend Update
 
Common Stock
 
A fourth quarter common stock cash dividend of $0.75 ($3.00, annualized) was declared on January 26, 2016, payable on February 29, 2016. CorEnergy maintains a quarterly common stock dividend payment cycle of February, May, August and November.
 
Preferred Stock
 
For the Company’s 7.375% Series A Cumulative Redeemable Preferred Stock, a cash dividend of $0.4609375 per depositary share was declared for the fourth quarter, payable on February 29, 2016. The preferred dividends, which equate to an annual payment of $1.84375 per depositary share, are paid on or about the last day of August, November, February and May.
 
Outlook
 
CorEnergy expects its energy infrastructure portfolio – the GIGS, Pinedale LGS, MoGas Pipeline, Portland Terminal Facility and Omega Pipeline – to continue to produce stable, recurring revenues. The Company believes these cash flows will support sustainable quarterly dividend payments of $0.75 ($3.00 per share annualized) through the end of 2016. Although CorEnergy has historically targeted dividend growth of 1-3% annually from existing contracts through inflation escalations and participating rents, the company is not expecting significant inflation-based or participating rents in 2016.
 

Historical dividend growth for the last three years since becoming a REIT has averaged approximately 7%, due to acquisitions.  The Company is evaluating a broad set of infrastructure opportunities in the range of $50 to $250 million per project. CorEnergy intends to finance these acquisitions through the use of capacity on its revolver, partnerships with co-investors, portfolio level debt and, if beneficial to existing stockholders, prudent preferred or common equity issuances. There can be no assurance that any of these acquisition opportunities will result in consummated transactions.
 
Fourth Quarter 2015 Earnings Conference Call
 
CorEnergy will host a conference call on Tuesday, March 15, 2016, at 1:00 p.m. Central Time to discuss its financial results. Please dial into the call at 877-407-8035 (for international, 1-201-689-8035) approximately five to ten minutes prior to the scheduled start time. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at www.corenergy.corridortrust.com.
 
A replay of the call will be available until 11:59 p.m. Central Time April 15, 2016 by dialing 877-660-6853 (for international, 1-201-612-7415). The Conference ID is 13631842.
 
About CorEnergy Infrastructure Trust, Inc.
 
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA), is a real estate investment trust (REIT) that owns essential midstream and downstream energy assets, such as pipelines, storage terminals, and transmission and distribution assets. We seek long-term contracted revenue from operators of our assets, primarily under triple net participating leases. For more information, please visit corenergy.corridortrust.com.
 
Forward-Looking Statements
 
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although CorEnergy believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in CorEnergy’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other
 

operating expenses and will be subject to the approval of CorEnergy’s Board of Directors and compliance with leverage covenants.
 
Consolidated Balance Sheets
 
   
December 31, 2015
   
December 31, 2014
 
Assets
           
Leased property, net of accumulated depreciation of $33,869,263 and $19,417,025
 
$
509,226,215
   
$
260,280,029
 
Leased property held for sale, net of accumulated depreciation of $0 and $5,878,933
   
     
8,247,916
 
Property and equipment, net of accumulated depreciation of $5,948,988 and $2,623,020
   
119,629,978
     
122,820,122
 
Financing notes and related accrued interest receivable, net of reserve of $13,784,137 and $0
   
7,675,626
     
20,687,962
 
Other equity securities, at fair value
   
8,393,683
     
9,572,181
 
Cash and cash equivalents
   
14,618,740
     
7,578,164
 
Accounts and other receivables
   
10,431,240
     
7,793,515
 
Intangibles and deferred costs, net of accumulated amortization of $2,774,706 and $2,271,080
   
4,697,672
     
4,384,975
 
Prepaid expenses and other assets
   
491,024
     
732,110
 
Deferred tax asset
   
1,606,976
     
 
Goodwill
   
1,718,868
     
1,718,868
 
Total Assets
 
$
678,490,022
   
$
443,815,842
 
Liabilities and Equity
               
Current maturities of long-term debt
 
$
66,132,000
   
$
3,528,000
 
Long-term debt
   
151,243,153
     
63,532,000
 
Asset retirement obligation
   
12,839,042
     
 
Accounts payable and other accrued liabilities
   
2,317,774
     
3,935,307
 
Management fees payable
   
1,763,747
     
1,164,399
 
Deferred tax liability
   
     
1,262,587
 
Line of credit
   
     
32,141,277
 
Unearned revenue
   
     
711,230
 
Total Liabilities
 
$
234,295,716
   
$
106,274,800
 
Equity
               
Series A Cumulative Redeemable Preferred Stock 7.375%, $56,250,000 liquidation preference ($2,500 per share, $0.001 par value), 10,000,000 authorized; 22,500 and 0 issued and outstanding as of December 31, 2015, and December 31, 2014
 
$
56,250,000
     
 
Capital stock, non-convertible, $0.001 par value; 11,939,697 and 9,321,010 shares issued and outstanding at December 31, 2015, and December 31, 2014 (100,000,000 shares authorized)
   
11,940
     
9,321
 
Additional paid-in capital
   
361,581,507
     
309,987,724
 
Accumulated other comprehensive income
   
190,797
     
453,302
 
Total CorEnergy Equity
   
418,034,244
     
310,450,347
 
Non-controlling Interest
   
26,160,062
     
27,090,695
 
Total Equity
   
444,194,306
     
337,541,042
 
Total Liabilities and Equity
 
$
678,490,022
   
$
443,815,842
 
 

Consolidated Statements of Income and Comprehensive Income
 
   
For the Years Ended December 31,
 
   
2015
   
2014
   
2013
 
Revenue
                 
Lease revenue
 
$
48,086,072
   
$
28,223,765
   
$
22,552,976
 
Sales revenue
   
7,160,044
     
9,708,902
     
8,733,044
 
Financing revenue
   
1,697,550
     
1,077,813
     
 
Transportation revenue
   
14,345,269
     
1,298,093
     
 
Total Revenue
   
71,288,935
     
40,308,573
     
31,286,020
 
Expenses
                       
Cost of sales (excluding depreciation expense)
   
2,819,212
     
7,291,968
     
6,734,665
 
Depreciation, amortization and ARO accretion expense
   
18,766,551
     
13,195,255
     
11,491,285
 
Provision for loan losses
   
13,784,137
     
     
 
Transportation, maintenance and general and administrative
   
3,859,785
     
458,872
     
 
Operating expenses
   
749,940
     
840,910
     
924,571
 
General and administrative
   
9,745,704
     
7,872,753
     
5,879,864
 
Total Expenses
   
49,725,329
     
29,659,758
     
25,030,385
 
Operating Income
 
$
21,563,606
   
$
10,648,815
   
$
6,255,635
 
Other Income (Expense)
                       
Net distributions and dividend income
 
$
1,270,755
   
$
1,836,783
   
$
584,814
 
Net realized and unrealized loss on trading securities
   
     
     
(251,213
)
Net realized and unrealized gain (loss) on other equity securities
   
(1,063,613
)
   
(466,026
)
   
5,617,766
 
Interest expense
   
(9,781,184
)
   
(3,675,122
)
   
(3,288,378
)
Total Other Income (Expense)
   
(9,574,042
)
   
(2,304,365
)
   
2,662,989
 
Income before income taxes
   
11,989,564
     
8,344,450
     
8,918,624
 
Taxes
                       
Current tax expense
   
922,010
     
3,843,937
     
13,474
 
Deferred tax expense (benefit)
   
(2,869,563
)
   
(4,069,500
)
   
2,936,044
 
Income tax expense (benefit), net
   
(1,947,553
)
   
(225,563
)
   
2,949,518
 
Net Income
   
13,937,117
     
8,570,013
     
5,969,106
 
Less: Net Income attributable to non-controlling interest
   
1,617,206
     
1,556,157
     
1,466,767
 
Net Income attributable to CorEnergy Stockholders
 
$
12,319,911
   
$
7,013,856
   
$
4,502,339
 
Preferred dividend requirements
   
3,848,828
     
     
 
Net Income attributable to Common Stockholders
 
$
8,471,083
   
$
7,013,856
   
$
4,502,339
 
                         
Net Income
 
$
13,937,117
   
$
8,570,013
   
$
5,969,106
 
Other comprehensive income (loss):
                       
Changes in fair value of qualifying hedges attributable to CorEnergy stockholders
   
(262,505
)
   
(324,101
)
   
777,403
 
Changes in fair value of qualifying hedges attributable to non-controlling interest
   
(61,375
)
   
(75,780
)
   
181,762
 
Net Change in Other Comprehensive Income (Loss)
 
$
(323,880
)
 
$
(399,881
)
 
$
959,165
 
Total Comprehensive Income
   
13,613,237
     
8,170,132
     
6,928,271
 
Less: Comprehensive income attributable to non-controlling interest
   
1,555,831
     
1,480,377
     
1,648,529
 
Comprehensive Income attributable to CorEnergy Stockholders
 
$
12,057,406
   
$
6,689,755
   
$
5,279,742
 
Earnings Per Common Share:
                       
Basic
 
$
0.79
   
$
1.06
   
$
0.93
 
Diluted
 
$
0.79
   
$
1.06
   
$
0.93
 
Weighted Average Shares of Common Stock Outstanding:
                       
Basic
   
10,685,892
     
6,605,715
     
4,829,879
 
Diluted
   
10,685,892
     
6,605,715
     
4,829,879
 
Dividends declared per share
 
$
2.750
   
$
2.570
   
$
1.875
 
 

Consolidated Statements of Equity
 
   
Capital Stock
   
Preferred Stock
         
Additional
Paid-in
Capital
   
Accumulated Other Comprehensive Income
   
Retained
Earnings
   
Non-Controlling
Interest
   
Total
 
   
Shares
   
Amount
   
Amount
   
Warrants
 
Balance at December 31, 2012
   
4,828,133
   
$
4,828
   
$
   
$
1,370,700
   
$
175,275,988
   
$
   
$
4,209,023
   
$
29,981,653
   
$
210,842,192
 
Net Income
   
     
     
     
     
     
     
4,502,339
     
1,466,767
     
5,969,106
 
Net change in cash flow hedges
   
     
     
     
     
     
777,403
     
     
181,762
     
959,165
 
Total comprehensive income
   
     
     
     
     
     
777,403
     
4,502,339
     
1,648,529
     
6,928,271
 
Common stock dividends
   
     
     
     
     
(1,923,760
)
   
     
(7,131,300
)
   
     
(9,055,060
)
Distributions to Non-controlling interest
   
     
     
     
     
     
     
     
(3,282,152
)
   
(3,282,152
)
Reinvestment of dividends paid to stockholders
   
3,099
     
3
     
     
     
108,116
     
     
     
     
108,119
 
Balance at December 31, 2013
   
4,831,232
     
4,831
     
     
1,370,700
     
173,460,344
     
777,403
     
1,580,062
     
28,348,030
     
205,541,370
 
Net income
   
     
     
     
     
     
     
7,013,856
     
1,556,157
     
8,570,013
 
Net change in cash flow hedges
   
     
     
     
     
     
(324,101
)
   
     
(75,780
)
   
(399,881
)
Total comprehensive income
   
     
     
     
     
     
(324,101
)
   
7,013,856
     
1,480,377
     
8,170,132
 
Net offering proceeds from issuance of common stock
   
4,485,000
     
4,485
     
     
     
141,720,743
     
     
     
     
141,725,228
 
Common stock dividends
   
     
     
     
     
(6,734,166
)
   
     
(8,593,918
)
   
     
(15,328,084
)
Common stock issued under director's compensation plan
   
805
     
1
     
     
     
29,999
     
     
     
     
30,000
 
Distributions to Non-controlling interest
   
     
     
     
     
     
     
     
(2,737,712
)
   
(2,737,712
)
Reinvestment of dividends paid to common stockholders
   
3,973
     
4
     
     
     
140,104
     
     
     
     
140,108
 
Warrant expiration
   
     
     
     
(1,370,700
)
   
1,370,700
     
     
     
     
 
Balance at December 31, 2014
   
9,321,010
     
9,321
     
     
     
309,987,724
     
453,302
     
     
27,090,695
     
337,541,042
 
Net income
   
     
     
     
     
     
     
12,319,911
     
1,617,206
     
13,937,117
 
Net change in cash flow hedges
   
     
     
     
     
     
(262,505
)
   
     
(61,375
)
   
(323,880
)
Total comprehensive income
   
     
     
     
     
     
(262,505
)
   
12,319,911
     
1,555,831
     
13,613,237
 
Issuance of Series A cumulative redeemable preferred stock, 7.375% - redemption value
   
     
     
56,250,000
     
     
(2,039,524
)
   
     
     
     
54,210,476
 
Net offering proceeds from issuance of common stock
   
2,587,500
     
2,587
     
     
     
73,254,777
     
     
     
     
73,257,364
 
Series A preferred stock dividends
   
     
     
     
     
     
     
(3,503,125
)
   
     
(3,503,125
)
Common stock dividends
   
     
     
     
     
(20,529,353
)
   
     
(8,816,786
)
   
     
(29,346,139
)
Common stock issued under director's compensation plan
   
2,677
     
3
     
     
     
89,997
     
     
     
     
90,000
 
Distributions to Non-controlling interest
   
     
     
     
     
     
     
     
(2,486,464
)
   
(2,486,464
)
Reinvestment of dividends paid to common stockholders
   
28,510
     
29
     
     
     
817,886
     
     
     
     
817,915
 
Balance at December 31, 2015
   
11,939,697
   
$
11,940
   
$
56,250,000
   
$
   
$
361,581,507
   
$
190,797
   
$
   
$
26,160,062
   
$
444,194,306
 
 

Consolidated Statements of Cash Flows
 
   
For the Years Ended December 31,
 
   
2015
   
2014
   
2013
 
Operating Activities
                 
Net Income
 
$
13,937,117
   
$
8,570,013
   
$
5,969,106
 
Adjustments to reconcile net income to net cash provided by operating activities:
                       
Deferred income tax, net
   
(2,869,563
)
   
(4,069,500
)
   
2,936,044
 
Depreciation, amortization and ARO accretion
   
20,662,297
     
14,289,017
     
12,339,704
 
Provision for loan loss
   
13,784,137
     
     
 
Net distributions and dividend income, including recharacterization of income
   
(371,323
)
   
960,384
     
(567,276
)
Net realized and unrealized loss on trading securities
   
     
     
251,213
 
Net realized and unrealized (gain) loss on other equity securities
   
1,063,613
     
(1,357,496
)
   
(5,617,766
)
Unrealized gain on derivative contract
   
(70,333
)
   
(70,720
)
   
(11,095
)
Common stock issued under directors compensation plan
   
90,000
     
30,000
     
 
Changes in assets and liabilities:
                       
Increase in accounts and other receivables
   
(2,273,092
)
   
(966,667
)
   
(1,856,528
)
Increase in financing note accrued interest receivable
   
(355,208
)
   
     
 
(Increase) decrease in prepaid expenses and other assets
   
(37,462
)
   
96,743
     
272,194
 
Increase in management fee payable
   
599,348
     
468,961
     
555,892
 
Increase (decrease) in accounts payable and other accrued liabilities
   
(847,683
)
   
(2,276,773
)
   
260,538
 
Increase (decrease) in current income tax liability
   
     
583,361
     
(4,690,329
)
Increase (decrease) in unearned revenue
   
(711,230
)
   
711,230
     
(2,133,685
)
Net cash provided by operating activities
 
$
42,600,618
   
$
16,968,553
   
$
7,708,012
 
Investing Activities
                       
Proceeds from sale of long-term investment of trading and other equity securities
   
     
10,806,879
     
5,580,985
 
Proceeds from sale of leased property held for sale
   
7,678,246
     
     
 
Deferred lease costs
   
(336,141
)
   
     
(74,037
)
Acquisition expenditures
   
(251,513,344
)
   
(168,204,309
)
   
(1,834,036
)
Purchases of property and equipment, net
   
(138,918
)
   
(11,970
)
   
(40,670
)
Proceeds from sale of property and equipment
   
     
948
     
5,201
 
Increase in financing notes receivable
   
(524,037
)
   
(20,648,714
)
   
 
Principal payment on financing note receivable
   
100,000
     
     
 
Return of capital on distributions received
   
121,578
     
981,373
     
1,772,776
 
Net cash (used) provided by investing activities
 
$
(244,612,616
)
 
$
(177,075,793
)
 
$
5,410,219
 
Financing Activities
                       
Payments on lease obligation
   
     
     
(20,698
)
Debt financing costs
   
(1,617,991
)
   
(3,269,429
)
   
(144,798
)
Net offering proceeds on Series A preferred stock
   
54,210,476
     
     
 
Net offering proceeds on common stock
   
73,184,679
     
141,797,913
     
(523,094
)
Net offering proceeds on convertible debt
   
111,262,500
     
     
 
Dividends paid on Series A preferred stock
   
(3,503,125
)
   
     
 
Dividends paid on common stock
   
(28,528,224
)
   
(15,187,976
)
   
(8,946,941
)
Distributions to non-controlling interest
   
(2,486,464
)
   
(2,737,712
)
   
(3,282,152
)
Advances on revolving line of credit
   
45,392,332
     
34,676,948
     
221,332
 
Payments on revolving line of credit
   
(77,533,609
)
   
(2,617,606
)
   
(139,397
)
Proceeds from term debt
   
45,000,000
     
     
 
Principal payments on term debt
   
(1,800,000
)
   
     
 
Principal payments on credit facility
   
(4,528,000
)
   
(2,940,000
)
   
 
Net cash (used) provided by financing activities
 
$
209,052,574
   
$
149,722,138
   
$
(12,835,748
)
Net Change in Cash and Cash Equivalents
 
$
7,040,576
   
$
(10,385,102
)
 
$
282,483
 
Cash and Cash Equivalents at beginning of period
   
7,578,164
     
17,963,266
     
17,680,783
 
Cash and Cash Equivalents at end of period
 
$
14,618,740
   
$
7,578,164
   
$
17,963,266
 
                         
Supplemental Disclosure of Cash Flow Information
                       
Interest paid
 
$
7,873,333
   
$
2,762,903
   
$
2,651,355
 
Income taxes paid (net of refunds)
 
$
747,406
   
$
3,260,576
   
$
4,637,068
 
                         
Non-Cash Investing Activities
                       
Change in accounts payable and accrued expenses related to intangibles and deferred costs
 
$
   
$
   
$
(68,417
)
Change in accounts payable and accrued expenses related to acquisition expenditures
 
$
(614,880
)
 
$
270,615
   
$
(1,545,163
)
Change in accounts payable and accrued expenses related to issuance of financing and other notes receivable
 
$
(39,248
)
 
$
39,248
   
$
 
                         
Non-Cash Financing Activities
                       
Change in accounts payable and accrued expenses related to the issuance of common equity
 
$
(72,685
)
 
$
72,685
   
$
(523,094
)
Change in accounts payable and accrued expenses related to debt financing costs
 
$
(43,039
)
 
$
(176,961
)
 
$
116,383
 
Reinvestment of distributions by common stockholders in additional common shares
 
$
817,915
   
$
140,108
   
$
108,119
 
 

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
 
 

Lease Revenue, Security Distributions, Financing Revenue, and Operating Results
 
   
For the Years Ended December 31,
 
   
2015
   
2014
   
2013
 
Lease Revenue, Security Distributions, Financing Revenue, and Operating Results
                 
Leases:
                 
Lease revenue
 
$
48,086,072
   
$
28,223,765
   
$
22,552,976
 
Other Equity Securities:
                       
Net cash distributions received
   
1,021,010
     
1,955,018
     
1,807,429
 
Financing:
                       
Financing revenue
   
1,697,550
     
1,077,813
     
 
Operations:
                       
Sales revenue
   
7,160,044
     
9,708,902
     
8,733,044
 
Transportation revenue
   
14,345,269
     
1,298,093
     
 
Cost of sales
   
(2,819,212
)
   
(7,291,968
)
   
(6,734,665
)
Transportation, maintenance and general and administrative
   
(3,859,785
)
   
(458,872
)
   
 
Operating expenses (excluding depreciation, amortization and ARO accretion)
   
(749,940
)
   
(840,910
)
   
(924,571
)
Net Operations (excluding depreciation, amortization and ARO accretion)
   
14,076,376
     
2,415,245
     
1,073,808
 
Total Lease Revenue, Security Distributions, Financing Revenue and Operating Results
 
$
64,881,008
   
$
33,671,841
   
$
25,434,213
 
Expenses
   
(9,745,704
)
   
(7,872,753
)
   
(5,879,864
)
Non-Controlling Interest attributable to Adjusted EBITDA Items
   
(3,851,973
)
   
(3,815,585
)
   
(3,734,884
)
Adjusted EBITDA
 
$
51,283,331
   
$
21,983,503
   
$
15,819,465
 
 

Reconciliation of Adjusted EBITDA to Income Attributable to Common Stockholders
 
   
For the Years Ended December 31,
 
   
2015
   
2014
   
2013
 
Adjusted EBITDA
 
$
51,283,331
   
$
21,983,503
   
$
15,819,465
 
Other Adjustments:
                       
Net distributions and dividend income not recorded as income
   
(121,578
)
   
(118,235
)
   
(1,222,615
)
Distributions and dividends received in prior period previously deemed a return of capital (recorded as a cost reduction) and reclassified as income in a subsequent period
   
371,323
     
     
 
Net realized and unrealized gain on securities
   
(1,063,613
)
   
(466,026
)
   
5,366,553
 
Depreciation, amortization & ARO accretion
   
(18,766,551
)
   
(13,195,255
)
   
(11,491,285
)
Interest expense, net
   
(9,781,184
)
   
(3,675,122
)
   
(3,288,378
)
Provision for loan losses
   
(13,784,137
)
   
     
 
Non-controlling interest attributable to depreciation, amortization, ARO accretion and interest expense
   
2,234,767
     
2,259,428
     
2,268,117
 
Income tax benefit (expense)
   
1,947,553
     
225,563
     
(2,949,518
)
Preferred dividend requirements
   
(3,848,828
)
   
     
 
Income Attributable to Common Stockholders
 
$
8,471,083
   
$
7,013,856
   
$
4,502,339
 
 

1NAREIT FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, impairment losses of depreciable properties, real estate-related depreciation, amortization (excluding amortization of deferred financing costs or loan origination costs) and after adjustments for unconsolidated partnerships and noncontrolling interests. Adjustments for noncontrolling interests are calculated on the same basis. FFO as we have presented it here, is derived by further adjusting NAREIT FFO for distributions received from investment securities, income tax expense (benefit) from investment securities, net distributions and dividend income and net realized and unrealized gain or loss on other equity securities. CorEnergy defines AFFO as FFO Adjusted for Securities Investment plus provision from loan losses, net of tax, transaction costs, amortization of debt issuance costs, amortization of deferred leasing costs, accretion of asset retirement obligations, income tax expense (benefit) unrelated to securities investments and provision for loan losses, above market rent, noncash costs associated with derivative instruments and certain costs of non-recurring nature, less maintenance, capital expenditures (if any) amortization of debt premium and other adjustments as deemed appropriate by management.
 
2Contribution Margin is a non-GAAP measure defined as Total Lease Revenue, Security Distributions, Financing Revenue and Operating Results, as reported in the MD&A section of CorEnergy’s Form 10-Q. Management believes that Lease Revenue, Security Distributions, Financing Revenue and Operating Results provides investors with information that will assist them in analyzing the operating performance of our leased assets, financing notes receivable, other equity securities and operating entities. As it pertains to other equity securities, the Company believes that net distributions received are indicative of the operating performance of the assets. Reconciliations of these results to Adjusted EBITDA and to Income Attributable to Common Stockholders are included in the additional financial information attached to this press release.

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


The following information was filed by Corenergy Infrastructure Trust, Inc. (CORR) on Monday, March 14, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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