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CorEnergy Releases Second Quarter 2013 Financial Results

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR) (“the Company”), today announced financial results for the second quarter ended June 30, 2013.

Second Quarter Highlights and Subsequent Events

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Stable revenue delivered by Pinedale LGS for second consecutive quarter

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Declared second quarter dividend of $0.125 per share, paid on July 5, 2013

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Reiterated annualized dividend payments of no less than $0.50 per share

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Second quarter assets meet requirements for Real Estate Investment Trust (REIT) status

 

Quarterly Performance Review

CorEnergy reported total revenues of $7.6 million in the quarter ended June 30, 2013. A second quarter dividend of $0.125 was declared on May 29, 2013 and subsequently paid on July 5, 2013. Total assets were $288.7 million and total CorEnergy stockholders’ equity was $207.5 million as of June 30, 2013, compared to $289.6 million and $210.7 million respectively at March 31, 2013. The modest decrease in total assets is primarily due to a decrease in the fair value of privately-held investment securities. The decrease in stockholders’ equity is primarily due to the timing of the quarterly dividend declaration of $0.125 per share. Net income attributable to common stockholders was $70 thousand, or $0.003 per common share. Net income was adversely affected during the second quarter due to the recognition of a tax expense on gains related to a sale of liquid securities.

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