Corenergy Infrastructure Trust, Inc. (CORR) 10-K Annual Report March 2022

KANSAS CITY, MO - March 14, 2022 - CorEnergy Infrastructure Trust, Inc. (“CorEnergy” or the “Company”) today announced financial results for the fourth quarter 2021 and fiscal year ended December 31, 2021.

Fourth Quarter 2021 and Recent Highlights

•Reported consolidated revenue of $35.8 million for the three months ended December 31, 2021.

•Average transported crude oil volumes decreased 3.7% from third quarter.

•The fourth quarter revenue reflected the full benefit of the third quarter’s tariff increase, mitigating the impact of volume declines.

•The Company published its inaugural ESG report.

•Declared a fourth quarter 2021 Common Stock dividend of $0.05 per share and a 7.375% Series A Cumulative Redeemable Preferred Stock dividend of $0.4609375 per depositary share. Both dividends were paid on February 28, 2022, to stockholders of record on February 14, 2022.

Management Commentary

"In 2021 CorEnergy overcame the pandemic-related challenges of 2020 and we are now positioned for the future. We were able to transition our business model to a low-cost structure; owning and operating energy pipelines and storage assets. We optimized our capital structure for the benefit of our stockholders, internalized our REIT manager, and positioned our business for future growth. The benefits of these efforts were apparent in the third and fourth quarter run rate, as we established our new baseline in volumes and revenue that demonstrated our ability to fully cover our dividend expectations,” said Dave Schulte, Chief Executive Officer. “We expect to continue to earn and pay our $0.20 annualized common dividend in 2022, with potential for modest long-term growth. We published our inaugural ESG report, confirming that we have always operated responsibly and are positioned to grow in the new energy transition marketplace as well as through incremental acquisitions."

The following information was filed by Corenergy Infrastructure Trust, Inc. (CORR) on Monday, March 14, 2022 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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Inside Corenergy Infrastructure Trust, Inc.'s 10-K Annual Report:

Revenue - Product Highlight
On September 16, 2021, the Company had a resale shelf registration statement declared effective by the SEC, pursuant to which it registered the following securities that were issued in connection with the Internalization for resale by the Contributors: 1,837,607 shares of Common Stock (including both (i) 1,153,846 shares of Common Stock issued at the closing of the Internalization and (ii) up to 683,761 additional shares of Common Stock which may be acquired by the Contributors upon the conversion of outstanding shares of our unlisted Class B Common Stock issued at the closing of the Internalization) and 170,213 depositary shares each representing 1/100th fractional interest of a share of 7.375% Series A Cumulative Redeemable Preferred Stock, par value $0.001 per share issued at the closing of the Internalization.

Financial - Earnings Highlight
Management compensates for the limitations of Adjusted Net Income, CAD, and Adjusted EBITDA as analytical tools by reviewing the comparable GAAP measures, understanding the differences between non-GAAP measures compared to (as applicable) operating income (loss), net income (loss) and net cash provided by operating activities, and incorporating this knowledge into its decision-making processes.
Financial - Income Highlight
The income tax expense in the current year period is primarily the result of an increase in the valuation allowance for certain federal and state net operating loss carryforwards at Corridor MoGas, Inc.
Financial - Expense Highlight
IMPACT OF INFLATION AND DEFLATION In 2021, we experienced significant increases in the cost of energy, transportation and distribution, these inflationary trends have and may continue to have a material adverse impact on our results of operations.
Financial - Expense Highlight
Adjusted EBITDA is further adjusted for depreciation, amortization and ARO accretion expense; income tax expense (benefit) and interest expense.
Revenue - Product
Transportation and distribution revenue for...Read more
Financial - Debt
These supplemental measures are used...Read more
Financial - Debt
Adjusted EBITDA We believe the...Read more
Financial - Shares
Effective July 7, 2021, following...Read more
Financial - Earnings
These metrics, which are significant...Read more
Financial - Earnings
Our presentation of CAD represents...Read more
Revenue - Product
For additional information concerning the...Read more
Financial - Income
The income tax benefit recorded...Read more
M & A - Other
Acquisition and professional fees for...Read more
Financial - Shares
Subsequent to the initial closing,...Read more
Financial - Earnings
EBITDAre, as established by NAREIT,...Read more
Revenue - Product
We believe these characteristics provide...Read more
Legal - Other
Effective February 1, 2021, in...Read more
Financial - Expense
Transportation and distribution expenses were...Read more
Financial - Shares
For each fiscal quarter ending...Read more
Financial - Cash Flow
This differs from the evaluation...Read more
Revenue - Product
The $96.6 million increase was...Read more
Revenue - Product
The $96.6 million increase was...Read more
Other - Other
Upon the occurrence of an...Read more
Financial - Expense
Other expenses for the for...Read more
Financial - Earnings
Glossary of Defined Terms Adjusted...Read more
Financial - Expense
The most significant components of...Read more
Financial - Income
Because certain of our assets...Read more
Other - Other
Expenditures for repairs and maintenance...Read more
Revenue - Geography
Our method of calculating these...Read more
Financial - Expense
Adjusted EBITDA is a supplemental...Read more
Other - Other
We also believe that our...Read more
Other - Other
Continued growth of our asset...Read more
Other - Other
Adjusted EBITDA presented by other...Read more
Financial - Expense
The increase in depreciation expense...Read more
Other - Other
When performing a qualitative assessment,...Read more
Revenue - Product
We are also expanding our...Read more
Other - Other
We believe that investors benefit...Read more
Financial - Dividend
The prorated dividend on the...Read more
M & A - Other
Crimson Transaction On February 4,...Read more
Financial - Income
FEDERAL AND STATE INCOME TAXATION...Read more
Financial - Dividend
While regular REIT dividends are...Read more
Revenue - Product
Prior to February 2021, we...Read more
Financial - Debt
For the year ended December...Read more
M & A - Other
RECENT DEVELOPMENTS Current Year 2021...Read more
Revenue - Product
(4) As of December 31,...Read more
Financial - Expense
The increase in other expenses...Read more
Other - Other
In many cases, these forward-looking...Read more
Financial - Earnings
Investors should not rely on...Read more
Financial - Debt
Revolving and Term Credit Facilities...Read more
Financial - Cash Flow
The determination of fair value...Read more
Revenue - Product
Construction was completed during the...Read more
M & A - Other
In June 2021, the final...Read more
Other - Other
The rate increase became effective...Read more
Other - Other
The rate increase became effective...Read more
Revenue - Product
In the year ended December...Read more
Financial - Dividend
Glossary of Defined Terms Class...Read more
Financial - Debt
Quarterly, we plan on distributing...Read more
Other - Other
However, the operations of the...Read more
Financial - Dividend
In no event will the...Read more
Revenue - Product
Consolidated revenues were $128.1 million...Read more
Revenue - Product
Organic growth projects include, for...Read more
Financial - Income
Our use of TRSs enables...Read more
Other - Other
Our presentation of EBITDAre is...Read more
Other - Other
Additionally, our liquidity and capitalization...Read more
Financial - Debt
On November 17, 2021, we...Read more
Financial - Shares
On June 29, 2021, the...Read more
Financial - Shares
The Company may not authorize...Read more
Financial - Earnings
As such, these performance measures...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Corenergy Infrastructure Trust, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 4.4: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: CORR
CIK: 1347652
Form Type: 10-K Annual Report
Accession Number: 0001347652-22-000020
Submitted to the SEC: Mon Mar 14 2022 5:14:54 PM EST
Accepted by the SEC: Mon Mar 14 2022
Period: Friday, December 31, 2021
Industry: Real Estate Investment Trusts

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Corenergy Infrastructure Trust, Inc. (CORR) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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