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CorEnergy Announces Second Quarter 2019 Results
KANSAS CITY, MO - July 31, 2019 - CorEnergy Infrastructure Trust, Inc. ("CorEnergy" or the "Company") today announced financial results for the second quarter, ended June 30, 2019.
Second Quarter Performance Summary
Second quarter financial highlights are as follows:
 
For the Three Months Ended
 
June 30, 2019
 
 
 
Per Share
 
Total
 
Basic
 
Diluted
Net Income (Attributable to Common Stockholders)1
$
7,511,146

 
$
0.59

 
$
0.59

NAREIT Funds from Operations (NAREIT FFO)1
$
13,022,420

 
$
1.02

 
$
0.96

Funds From Operations (FFO)1
$
13,029,332

 
$
1.02

 
$
0.96

Adjusted Funds From Operations (AFFO)1
$
13,589,336

 
$
1.06

 
$
0.99

Dividends Declared to Common Stockholders
 
 
$
0.75

 
 
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
MoGas FERC Rate Case: The MoGas Pipeline rate case filed with the Federal Energy Regulatory Commission (FERC) is nearing a conclusion as all parties have reached settlement on all issues. This settlement is pending final order by the FERC.
Maintained Dividend: Declared common stock dividend of $0.75 per share ($3.00 annualized) for the second quarter 2019, in line with the previous 15 quarterly dividends
"The second quarter was very productive for CorEnergy. We continued assessing assets to acquire and building relationships with potential operators, as well as reviewing opportunities to strengthen our balance sheet," said CorEnergy Chairman and Chief Executive Officer Dave Schulte. "Most significantly, we are nearing the conclusion of our FERC rate case for the MoGas Pipeline. Our team has worked diligently for over two years to prepare for and present the case. We are pleased to have come to agreeable terms for all the interested parties."
Portfolio Update
MoGas Pipeline: MoGas and all intervenors in its FERC rate case, filed May 31, 2018, have agreed in principle on new rates that will provide approximately $14.8 million of annual revenue. The settlement is pending before the FERC.

1

The following information was filed by Corenergy Infrastructure Trust, Inc. (CORR) on Wednesday, July 31, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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