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CorEnergy Releases Second Quarter 2014 Results

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR) (“CorEnergy” or the “Company”) today announced financial results for the second quarter ended June 30, 2014.

Second Quarter Highlights and Subsequent Events
  • Declared second quarter 2014 dividend distribution of $0.130, payable on August 29, 2014
  • Reiterating annualized dividend guidance of no less than $0.52 per share
  • Joined the Russell 2000, Russell 3000, Russell Microcap and Russell Global Indexes
  • Amended and upsized the Black Bison secured financing transaction
  • Entered into a non-binding term sheet to upsize and replace existing credit facility

“Second quarter results reflect CorEnergy’s commitment to providing stable dividends, executing our strategy consistently and expanding partnerships with operating companies. We covered our $0.130 dividend with AFFO, while maintaining a low level of total debt,” said David Schulte, Chief Executive Officer of CorEnergy. “We are gaining visibility in the equity capital markets, including recent listings in the Russell and FTSE NAREIT indices. For the second half of the year, we have already closed a follow-on water disposal well acquisition financing and remain active in reviewing potential acquisitions.”

Quarterly Performance Review

CorEnergy reported total revenues of $9.0 million in the quarter ended June 30, 2014. A second quarter dividend of $0.130 was declared on July 31, 2014, and is payable on August 29, 2014. Total assets were $327.8 million and total stockholders' equity was $220.5 million as of June 30, 2014, compared to $283.9 million and $177.2 million, respectively, at Dec. 31, 2013. AFFO for the quarter ended June 30, 2014, was $0.14 per share as compared to $0.14 per share for the quarter ended March 31, 2014.
Second Quarter Ended June 30, 2014 Financial Summary
For the Three-Month Period Ended June 30, 2014
Total     Per Share
Net Income (attributable to CorEnergy Stockholders) $3,005,908 $0.10
Funds From Operations (FFO) $4,799,701 $0.15
Adjusted Funds From Operations (AFFO)   $4,470,169     $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.

Portfolio Update

Portland Terminal Facility

The Portland Terminal Facility, a multimodal petroleum products terminal in Oregon, is subject to a 15-year triple net participating lease. Beginning in August 2014, minimum lease payments will be $5 million per year. The base rent is expected to increase during the initial year of the lease based on a percentage of specified construction costs at the Portland Terminal Facility, estimated at $10 million. Assuming such improvements are completed, the base rent will increase by an ancillary amount of approximately $1.1 million per year in addition to the minimum lease payment of $5 million. As of June 30, 2014, additional spending on terminal-related projects totaled approximately $2.8 million.

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