This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CorEnergy Releases First Quarter 2014 Results

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
        Total       Per Share
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

FFO and AFFO are non-GAAP measures presented in accordance with the guidelines for calculation and reporting issued by the National Association of Real Estate Investment Trusts. FFO represents net income (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 that is frequently used by securities analysts, investors and other interested parties. CorEnergy defines AFFO as FFO plus transaction costs, amortization of debt issuance costs, deferred leasing costs, above-market rent, and certain costs of a nonrecurring nature, less maintenance, capital expenditures (if any), amortization of debt premium and other adjustments as deemed appropriate. Management uses AFFO as a measure of long-term sustainable operational performance.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.20 -0.45%
FB $118.13 0.06%
GOOG $699.06 0.48%
TSLA $213.21 -4.20%
YHOO $37.14 3.20%


Chart of I:DJI
DOW 17,704.34 +53.08 0.30%
S&P 500 2,054.25 +3.13 0.15%
NASDAQ 4,728.9180 +3.2790 0.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs