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 ReviewCorEnergy 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|
|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|