CorEnergy Infrastructure Trust, Inc. (NYSE: CORR) (“the Company”) today announced financial results for the third quarter ended September 30, 2013.
Third Quarter Highlights and Subsequent Events
- Declared third quarter dividend of $0.125 per share, paid on October 4, 2013
- Reiterated expectation for annualized dividend payments of no less than $0.50 per share
- Successful IPO from legacy private company, Lightfoot’s Arc Logistics Partners LP (NYSE: ARCX)
- Maintained stable revenue stream from the Pinedale LGS for third consecutive quarter
- Continued to meet asset requirements for Real Estate Investment Trust (REIT) status
Quarterly Performance Review
CorEnergy reported total revenues of $7.6 million in the quarter ended September 30, 2013. A third quarter dividend of $0.125 was declared on September 18, 2013 and paid on October 4, 2013. Total assets were $284.4 million and total stockholders’ equity was $204.2 million as of September 30, 2013, compared to $288.7 million and $207.5 million, respectively, at June 30, 2013. The modest decrease in total assets is primarily due to the second quarter dividend payment made in July. The decrease in stockholders’ equity is primarily due to the timing of the third quarter dividend payment. Net income attributable to common stockholders was $439 thousand, or $0.02 per common share.“CorEnergy delivered another quarter of consistent performance across our business – stable revenues, sustained dividend distributions and strong operating fundamentals,” said David Schulte, Chief Executive Officer of CorEnergy. “As our strategy takes hold, we continue to make progress with asset operators and other potential partners. With a large and growing opportunity set, a disciplined investment philosophy and a cohesive management team, we remain focused on our strategy of building a diverse portfolio of energy infrastructure assets.” Because a majority of the company’s assets are now REIT-qualifying, management believes that non-GAAP performance measures utilized by REITs, including Funds from Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”), also provide useful insights into CorEnergy’s operational performance.
|Third Quarter Ended September 30, 2013 Financial Summary|
|For the Three Month Period Ended September 30, 2013|
|Net Income (attributable to CorEnergy Stockholders)||$ 439,452||$0.020|
|Funds From Operations (FFO)||$3,062,274||$0.130|
|Adjusted Funds From Operations (AFFO)||$3,336,584||$0.140|
|Dividends Paid to Stockholders (on October 4, 2013)||$3,018,990||$0.125|