The Board of Directors of CorEnergy Infrastructure Trust, Inc. ("CorEnergy") (NYSE: CORR) today declared the Company's first quarter 2014 distribution of $0.129 per share, an increase of $0.004 from the prior quarter. The distribution is payable on May 22, 2014 to shareholders of record on May 14, 2014. The first quarter 2014 distribution is prorated for the partial quarter following the closing of the Portland Terminal Facility acquisition on January 21, 2014.
"We are pleased to announce an increase in our quarterly distribution as a result of our January 2014 acquisition of the Portland Terminal Facility,” said CorEnergy CEO, David Schulte. "We expect the Portland Terminal, along with our legacy investments, to support annualized distributions of no less than $0.52 per share (or $0.130 on a quarterly basis), largely derived from long-term contracted cash flows."
Due to a shift in the Company’s fiscal year-end, in connection with electing REIT status, the regular quarterly dividend payment schedule for calendar 2014 will vary from prior years. In an effort to continue its policy of sharing revenue growth with the Company's stockholders, the Board anticipates evaluating its dividend policy on a quarterly basis.
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