CorEnergy Infrastructure Trust, Inc. (NYSE: CORR) (“CorEnergy” or the “Company”) today announced financial results for the first quarter ended March 31, 2014.
First Quarter Highlights and Subsequent Events
- Declared first quarter 2014 dividend distribution of $0.129, payable on May 22, 2014
- Reiterating annualized dividend guidance of no less than $0.52 per share – a 4% increase over the prior quarter
- Completed two transactions in the first quarter, the Portland Terminal Facility acquisition and Black Bison transaction
- Formally elected to be treated as a REIT for the 2013 tax year
“CorEnergy delivered an excellent first quarter by investing accretively, growing FFO and AFFO at a superior rate, increasing annualized dividend guidance by 4 percent and prudently managing our balance sheet,” said David Schulte, Chief Executive Officer of CorEnergy.
“Consistent with our disciplined growth strategy, we expanded our asset portfolio, closing two transactions in the first quarter. We also completed a highly successful follow-on equity offering. We are increasing our full-year outlook, reflecting the strength of CorEnergy’s business model and confidence around transaction execution.”Quarterly Performance Review CorEnergy reported total revenues of $10.0 million in the quarter ended March 31, 2014. A first quarter dividend of $0.129 was declared on April 30, 2014, and is payable on May 22, 2014. Total assets were $331.6 million and total stockholders' equity was $221.9 million as of March 31, 2014, compared to $283.9 million and $177.2 million, respectively, at Dec. 31, 2013. The increase in total assets and stockholders’ equity is primarily due to the acquisition and financing of the Portland Terminal Facility. Net income attributable to common stockholders was $2.1 million, or $0.07 per common share. Because the Company now operates as a REIT, 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. AFFO for the quarter ended March 31, 2014, was $0.14 per share as compared to $0.13 per share for the quarter ended Dec. 31, 2013.
|First Quarter Ended March 31, 2014 Financial Summary|
|For the Three Month Period Ended March 31, 2014|
|Net Income (attributable to CorEnergy Stockholders)||$||2,105,159||$||0.07|
|Funds From Operations (FFO)||$||4,535,932||$||0.15|
|Adjusted Funds From Operations (AFFO)||$||4,201,785||$||0.14|