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CorEnergy Releases Fiscal 2012 Financial Results

Stocks in this article: CORR

REIT Qualification

The Pinedale LGS is CorEnergy’s largest REIT-qualifying acquisition to date and serves as a cornerstone asset for its energy infrastructure real property strategy. CorEnergy anticipates that the Pinedale LGS (along with other Company holdings) will allow it to meet the income and assets tests necessary to qualify and elect to be taxed as a REIT for 2013. Because certain of CorEnergy's assets may not produce REIT-qualifying income or be treated as interests in real property, the Company has contributed those assets into taxable REIT subsidiaries.

On Feb. 5, 2013, CorEnergy’s Board of Directors approved a change in the Company’s fiscal year end from Nov. 30 to Dec. 31. As a result of the change, the Company will be reporting a Dec. 2012 fiscal month transition period, which will be separately reported in the Company’s Quarterly Report on Form 10-Q for the calendar quarter ending March 31, 2013 and in the Company’s Annual Report on Form 10-K for the calendar year ending Dec. 31, 2013.

Distribution Increase

On Feb. 5, 2013, CorEnergy’s Board of Directors declared a first quarter distribution of $0.125 per share to be paid on March 19, 2013 to stockholders of record on March 8, 2013. This represents a 14% increase from the previous quarter. CorEnergy believes that the Pinedale LGS and its legacy holdings should support 2013 annualized distributions of no less than $0.50 per share.

Pro Forma FFO and AFFO

Beginning in 2013, CorEnergy intends to make publicly available standard performance measures utilized by REITs, including Funds from Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”). FFO and AFFO are non-GAAP financial measures presented in accordance with the guidelines for calculation and reporting of FFO and AFFO issued by the National Association of Real Estate Investment Trusts (“NAREIT”).

FFO represents net income (loss) before allocation to minority interests (computed in accordance with GAAP, excluding gains (or losses) from sales of depreciable operating property, real estate-related depreciation and amortization (excluding amortization of deferred financing costs or loan origination costs)) and after adjustments for unconsolidated partnerships and joint ventures. The Company considers FFO an important supplemental measure of operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in evaluation of REITs, many of which present FFO when reporting their results.

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