· | Acquired Grand Isle Gathering System (GIGS) for total consideration of $259 million, diversifying portfolio of energy infrastructure |
· | Announced intention to increase common stock dividend 11.1% to $0.15 per share quarterly ($0.60 annualized) |
· | Expanded capital structure through new convertible debt issue, follow-on equity offering and larger credit facility |
· | Declared common stock dividend of $0.135 per share ($0.54 annualized) for second quarter, as expected |
· | Delivered Adjusted Funds from Operations (AFFO) of $0.14 per share (basic) and $0.13 per share (diluted) in quarter |
· | Reiterated CorEnergy’s long-term annual growth target of 3-5% in common stock dividends |
Second Quarter Ended June 30, 2015 Financial Summary
|
||||||||||||
For the Quarter Ended June 30, 2015
|
||||||||||||
Per Share
|
||||||||||||
Total
|
Basic
|
Diluted
|
||||||||||
Net Income (attributable to Common Stockholders)
|
$
|
3,148,029
|
$
|
0.07
|
$
|
0.06
|
||||||
NAREIT Funds from Operations (NAREIT FFO)
|
$
|
6,217,218
|
$
|
0.13
|
$
|
0.13
|
||||||
Funds From Operations (FFO)
|
$
|
6,150,117
|
$
|
0.13
|
$
|
0.12
|
||||||
Adjusted Funds From Operations (AFFO)
|
$
|
6,491,184
|
$
|
0.14
|
$
|
0.13
|
||||||
|
June 30, 2015
|
December 31, 2014
|
|||||||
Assets
|
(Unaudited)
|
|||||||
Leased property, net of accumulated depreciation of $24,695,831 and $19,417,025
|
$
|
517,027,594
|
$
|
260,280,029
|
||||
Leased property held for sale, net of accumulated depreciation of $0 and $5,878,933
|
—
|
8,247,916
|
||||||
Property and equipment, net of accumulated depreciation of $4,288,676 and $2,623,020
|
121,174,286
|
122,820,122
|
||||||
Financing notes and related accrued interest receivable, net
|
21,033,590
|
20,687,962
|
||||||
Other equity securities, at fair value
|
10,099,805
|
9,572,181
|
||||||
Cash and cash equivalents
|
12,440,444
|
7,578,164
|
||||||
Accounts and other receivables
|
8,053,108
|
7,793,515
|
||||||
Intangibles and deferred costs, net of accumulated amortization of $2,975,892 and $2,271,080
|
4,267,094
|
4,384,975
|
||||||
Prepaid expenses and other assets
|
662,898
|
732,110
|
||||||
Goodwill
|
1,718,868
|
1,718,868
|
||||||
Total Assets
|
$
|
696,477,687
|
$
|
443,815,842
|
||||
Liabilities and Equity
|
||||||||
Current maturities of long-term debt
|
$
|
3,528,000
|
$
|
3,528,000
|
||||
Long-term debt
|
173,030,500
|
63,532,000
|
||||||
Asset retirement obligation
|
12,152,096
|
—
|
||||||
Accounts payable and other accrued liabilities
|
3,789,615
|
3,935,307
|
||||||
Management fees payable
|
1,212,358
|
1,164,399
|
||||||
Income Tax Liability
|
292,214
|
—
|
||||||
Deferred tax liability
|
993,853
|
1,262,587
|
||||||
Line of credit
|
42,149,925
|
32,141,277
|
||||||
Unearned revenue
|
—
|
711,230
|
||||||
Total Liabilities
|
$
|
237,148,561
|
$
|
106,274,800
|
||||
Equity
|
||||||||
Series A Cumulative Redeemable Preferred Stock 7.375%, $56,250,000 liquidation preference ($2,500 per share, $0.001 par value), 10,000,000 authorized; 22,500 and 0 issued and outstanding as of June 30, 2015, and December 31, 2014
|
$
|
56,250,000
|
$
|
—
|
||||
Capital stock, non-convertible, $0.001 par value; 59,611,472 and 46,605,055 shares issued and outstanding at June 30, 2015, and December 31, 2014 (100,000,000 shares authorized)
|
59,611
|
46,605
|
||||||
Additional paid-in capital
|
376,102,899
|
309,950,440
|
||||||
Accumulated other comprehensive income
|
195,397
|
453,302
|
||||||
Total CorEnergy Equity
|
432,607,907
|
310,450,347
|
||||||
Non-controlling Interest
|
26,721,219
|
27,090,695
|
||||||
Total Equity
|
459,329,126
|
337,541,042
|
||||||
Total Liabilities and Equity
|
$
|
696,477,687
|
$
|
443,815,842
|
For The Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||
June 30,
2015
|
June 30,
2014
|
June 30,
2015
|
June 30,
2014
|
|||||||||||||
Revenue
|
||||||||||||||||
Lease revenue
|
$
|
6,799,879
|
$
|
7,065,677
|
$
|
14,135,980
|
$
|
13,828,085
|
||||||||
Sales revenue
|
1,665,908
|
1,813,607
|
4,007,563
|
5,073,137
|
||||||||||||
Financing revenue
|
668,904
|
139,728
|
1,329,296
|
165,347
|
||||||||||||
Transportation revenue
|
3,546,979
|
—
|
7,196,714
|
—
|
||||||||||||
Total Revenue
|
12,681,670
|
9,019,012
|
26,669,553
|
19,066,569
|
||||||||||||
Expenses
|
||||||||||||||||
Cost of sales (excluding depreciation expense)
|
569,958
|
1,384,998
|
1,818,288
|
4,092,356
|
||||||||||||
Management fees
|
1,167,522
|
761,265
|
2,339,496
|
1,545,133
|
||||||||||||
Acquisition expense and professional fees
|
416,591
|
286,246
|
1,658,546
|
701,591
|
||||||||||||
Depreciation and amortization expense
|
3,495,986
|
3,220,253
|
7,544,818
|
6,367,231
|
||||||||||||
Transportation, maintenance and general and administrative
|
1,076,352
|
—
|
2,067,960
|
—
|
||||||||||||
Operating expenses
|
195,673
|
213,533
|
402,033
|
436,274
|
||||||||||||
Other expenses
|
321,216
|
287,449
|
475,806
|
521,191
|
||||||||||||
Total Expenses
|
7,243,298
|
6,153,744
|
16,306,947
|
13,663,776
|
||||||||||||
Operating Income
|
$
|
5,438,372
|
$
|
2,865,268
|
$
|
10,362,606
|
$
|
5,402,793
|
||||||||
Other Income (Expense)
|
||||||||||||||||
Net distributions and dividend income
|
$
|
193,410
|
$
|
5,988
|
$
|
783,818
|
$
|
11,044
|
||||||||
Net realized and unrealized gain on other equity securities
|
43,385
|
2,084,026
|
493,183
|
3,378,208
|
||||||||||||
Interest expense
|
(1,126,888
|
)
|
(819,360
|
)
|
(2,274,160
|
)
|
(1,646,337
|
)
|
||||||||
Total Other Income (Expense)
|
(890,093
|
)
|
1,270,654
|
(997,159
|
)
|
1,742,915
|
||||||||||
Income before income taxes
|
4,548,279
|
4,135,922
|
9,365,447
|
7,145,708
|
||||||||||||
Taxes
|
||||||||||||||||
Current tax expense
|
104,479
|
—
|
540,235
|
854,075
|
||||||||||||
Deferred tax benefit
|
(153,342
|
)
|
742,879
|
(268,733
|
)
|
402,317
|
||||||||||
Income tax expense, net
|
(48,863
|
)
|
742,879
|
271,502
|
1,256,392
|
|||||||||||
Net Income
|
4,597,142
|
3,393,043
|
9,093,945
|
5,889,316
|
||||||||||||
Less: Net Income attributable to non-controlling interest
|
412,004
|
387,135
|
822,179
|
778,249
|
||||||||||||
Net Income available to CorEnergy Stockholders
|
$
|
4,185,138
|
$
|
3,005,908
|
$
|
8,271,766
|
$
|
5,111,067
|
||||||||
Preferred dividend requirements
|
1,037,109
|
—
|
1,774,609
|
—
|
||||||||||||
Net Income attributable to Common Stockholders
|
$
|
3,148,029
|
$
|
3,005,908
|
$
|
6,497,157
|
$
|
5,111,067
|
||||||||
Net Income
|
$
|
4,597,142
|
$
|
3,393,043
|
$
|
9,093,945
|
$
|
5,889,316
|
||||||||
Other comprehensive income:
|
||||||||||||||||
Changes in fair value of qualifying hedges attributable to CorEnergy stockholders
|
18,202
|
(270,838
|
)
|
(257,905
|
)
|
(341,458
|
)
|
|||||||||
Changes in fair value of qualifying hedges attributable to non-controlling interest
|
4,256
|
(63,324
|
)
|
(60,299
|
)
|
(79,835
|
)
|
|||||||||
Net Change in Other Comprehensive Income
|
$
|
22,458
|
$
|
(334,162
|
)
|
$
|
(318,204
|
)
|
$
|
(421,293
|
)
|
|||||
Total Comprehensive Income
|
4,619,600
|
3,058,881
|
8,775,741
|
5,468,023
|
||||||||||||
Less: Comprehensive income attributable to non-controlling interest
|
416,260
|
323,811
|
761,880
|
698,414
|
||||||||||||
Comprehensive Income attributable to CorEnergy Stockholders
|
$
|
4,203,340
|
$
|
2,735,070
|
$
|
8,013,861
|
$
|
4,769,609
|
||||||||
Earnings Per Common Share:
|
||||||||||||||||
Basic
|
$
|
0.07
|
$
|
0.10
|
$
|
0.14
|
$
|
0.17
|
||||||||
Diluted
|
$
|
0.06
|
$
|
0.10
|
$
|
0.14
|
$
|
0.17
|
||||||||
Weighted Average Shares of Common Stock Outstanding:
|
||||||||||||||||
Basic
|
47,618,765
|
31,637,568
|
47,118,789
|
30,810,060
|
||||||||||||
Diluted
|
49,317,067
|
31,637,568
|
47,972,632
|
30,810,060
|
||||||||||||
Dividends declared per share
|
$
|
0.14
|
$
|
0.13
|
$
|
0.27
|
$
|
0.25
|
Capital Stock
|
Preferred Stock
|
Accumulated | ||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Amount
|
Warrants
|
Additional Paid- in Capital
|
Other Comprehensive Income
|
Retained Earnings
|
Non-Controlling Interest
|
Total
|
||||||||||||||||||||||||||||
Balance at December 31, 2013
|
$
|
24,156,163
|
$
|
24,156
|
$
|
-
|
$
|
1,370,700
|
$
|
173,441,019
|
$
|
777,403
|
$
|
1,580,062
|
$
|
28,348,030
|
$
|
205,541,370
|
||||||||||||||||||
Net Income
|
-
|
-
|
-
|
-
|
-
|
-
|
7,013,856
|
1,556,157
|
8,570,013
|
|||||||||||||||||||||||||||
Net change in cash flow hedges
|
-
|
-
|
-
|
-
|
-
|
(324,101
|
)
|
-
|
(75,780
|
)
|
(399,881
|
)
|
||||||||||||||||||||||||
Total comprehensive income
|
-
|
-
|
-
|
-
|
-
|
(324,101
|
)
|
7,013,856
|
1,480,377
|
8,170,132
|
||||||||||||||||||||||||||
Net offering proceeds from issuance of common stock
|
22,425,000
|
22,425
|
-
|
-
|
141,702,803
|
-
|
-
|
-
|
141,725,228
|
|||||||||||||||||||||||||||
Dividends
|
-
|
-
|
-
|
-
|
(6,734,166
|
)
|
-
|
(8,593,918
|
)
|
-
|
(15,328,084
|
)
|
||||||||||||||||||||||||
Common stock issued under director's compensation plan
|
4,027
|
4
|
-
|
-
|
29,996
|
-
|
-
|
-
|
30,000
|
|||||||||||||||||||||||||||
Distributions to Non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,737,712
|
)
|
(2,737,712
|
)
|
|||||||||||||||||||||||||
Reinvestment of dividends paid to stockholders
|
19,865
|
20
|
-
|
-
|
140,088
|
-
|
-
|
-
|
140,108
|
|||||||||||||||||||||||||||
Warrant expiration
|
-
|
-
|
-
|
(1,370,700
|
)
|
1,370,700
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Balance at December 31, 2014
|
46,605,055
|
46,605
|
-
|
-
|
309,950,440
|
453,302
|
-
|
27,090,695
|
337,541,042
|
|||||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
-
|
8,271,766
|
822,179
|
9,093,945
|
|||||||||||||||||||||||||||
Net change in cash flow hedges
|
-
|
-
|
-
|
-
|
-
|
(257,905
|
)
|
-
|
(60,299
|
)
|
(318,204
|
)
|
||||||||||||||||||||||||
Total comprehensive income
|
-
|
-
|
-
|
-
|
-
|
(257,905
|
)
|
8,271,766
|
761,880
|
8,775,741
|
||||||||||||||||||||||||||
Issuance of Series A cumulative redeemable preferred stock, 7.375% - redemption value
|
-
|
-
|
56,250,000
|
-
|
(2,039,524
|
)
|
-
|
-
|
-
|
54,210,476
|
||||||||||||||||||||||||||
Net offering proceeds from issuance of common stock
|
12,937,500
|
12,938
|
-
|
-
|
73,242,135
|
-
|
-
|
-
|
73,255,073
|
|||||||||||||||||||||||||||
Series A preferred stock dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,428,906
|
)
|
-
|
(1,428,906
|
)
|
|||||||||||||||||||||||||
Common stock dividends
|
-
|
-
|
-
|
-
|
(5,510,616
|
)
|
-
|
(6,842,860
|
)
|
-
|
(12,353,476
|
)
|
||||||||||||||||||||||||
Common stock issued under director's compensation plan
|
8,794
|
8
|
-
|
-
|
59,992
|
-
|
-
|
-
|
60,000
|
|||||||||||||||||||||||||||
Distributions to Non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,131,356
|
)
|
(1,131,356
|
)
|
|||||||||||||||||||||||||
Reinvestment of dividends paid to common stockholders
|
60,123
|
60
|
-
|
-
|
400,472
|
-
|
-
|
-
|
400,532
|
|||||||||||||||||||||||||||
Balance at June 30, 2015 (Unaudited)
|
$
|
59,611,472
|
$
|
59,611
|
$
|
56,250,000
|
$
|
-
|
$
|
376,102,899
|
$
|
195,397
|
$
|
-
|
$
|
26,721,219
|
$
|
459,329,126
|
For The Six Months Ended
|
||||||||
June 30,
2015
|
June 30,
2014
|
|||||||
Operating Activities
|
||||||||
Net Income
|
$
|
9,093,945
|
$
|
5,889,316
|
||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||
Deferred income tax, net
|
(268,734
|
)
|
402,318
|
|||||
Depreciation and amortization
|
8,216,190
|
6,802,882
|
||||||
Net distributions and dividend income, including recharacterization of income
|
(371,323
|
)
|
-
|
|||||
Net realized and unrealized gain on other equity securities
|
(493,183
|
)
|
(3,378,208
|
)
|
||||
Unrealized gain on derivative contract
|
(34,529
|
)
|
(34,932
|
)
|
||||
Common stock issued under directors compensation plan
|
60,000
|
-
|
||||||
Changes in assets and liabilities:
|
-
|
|||||||
(Increase) decrease in accounts and other receivables
|
22,280
|
563,997
|
||||||
Increase in financing note accrued interest receivable
|
(342,874
|
)
|
-
|
|||||
Increase in prepaid expenses and other assets
|
(198,215
|
)
|
(94,053
|
)
|
||||
Increase in management fee payable
|
47,959
|
-
|
||||||
Decrease in accounts payable and other accrued liabilities
|
(702,221
|
)
|
(366,777
|
)
|
||||
Increase in current income tax liability
|
292,214
|
421,887
|
||||||
Increase (decrease) in unearned revenue
|
(711,230
|
)
|
2,133,686
|
|||||
Net cash provided by operating activities
|
$
|
14,610,279
|
$
|
12,340,116
|
||||
Investing Activities
|
||||||||
Proceeds from sale of leased property held for sale
|
7,678,246
|
-
|
||||||
Acquisition expenditures
|
(249,925,974
|
)
|
(43,536,044
|
)
|
||||
Purchases of property and equipment
|
(19,820
|
)
|
-
|
|||||
Increase in financing notes receivable
|
(39,248
|
)
|
(4,299,356
|
)
|
||||
Return of capital on distributions received
|
55,009
|
832,744
|
||||||
Net cash used in investing activities
|
$
|
(242,251,787
|
)
|
$
|
(47,002,656
|
)
|
||
Financing Activities
|
||||||||
Debt financing costs
|
(132,041
|
)
|
(220,000
|
)
|
||||
Net offering proceeds on Series A Preferred Stock
|
54,210,476
|
-
|
||||||
Net offering proceeds on common stock
|
73,431,411
|
45,624,563
|
||||||
Net offering proceeds on convertible debt
|
111,262,500
|
-
|
||||||
Dividends paid on Series A preferred Stock
|
(1,428,906
|
)
|
-
|
|||||
Dividends paid on Common Stock
|
(11,952,944
|
)
|
(7,039,176
|
)
|
||||
Distributions to non-controlling interest
|
(1,131,356
|
)
|
(1,421,562
|
)
|
||||
Advances on revolving line of credit
|
45,072,666
|
2,535,671
|
||||||
Payments on revolving line of credit
|
(35,064,018
|
)
|
(2,617,606
|
)
|
||||
Principal payment on credit facility
|
(1,764,000
|
)
|
(1,176,000
|
)
|
||||
Net cash provided by financing activities
|
$
|
232,503,788
|
$
|
35,685,890
|
||||
Net Change in Cash and Cash Equivalents
|
$
|
4,862,280
|
$
|
1,023,350
|
||||
Cash and Cash Equivalents at beginning of period
|
7,578,164
|
17,963,266
|
||||||
Cash and Cash Equivalents at end of period
|
$
|
12,440,444
|
$
|
18,986,616
|
||||
Supplemental Disclosure of Cash Flow Information
|
||||||||
Interest paid
|
$
|
1,734,846
|
$
|
1,399,619
|
||||
Income taxes paid (net of refunds)
|
$
|
(2,999
|
)
|
$
|
432,187
|
|||
Non-Cash Operating Activities
|
||||||||
Change in accounts payable and accrued expenses related to prepaid assets and other expense
|
$
|
16,248
|
$
|
-
|
||||
Non-Cash Investing Activities
|
||||||||
Change in accounts payable and accrued expenses related to intangibles and deferred costs
|
$
|
297,831
|
$
|
-
|
||||
Change in accounts payable and accrued expenses related to acquisition expenditures
|
$
|
(51,699
|
)
|
$
|
627,970
|
|||
Change in accounts payable and accrued expenses related to issuance of financing and other notes receivable
|
$
|
(39,248
|
)
|
$
|
-
|
|||
Non-Cash Financing Activities
|
||||||||
Change in accounts payable and accrued expenses related to the issuance of equity
|
$
|
176,338
|
$
|
-
|
||||
Change in accounts payable and accrued expenses related to debt financing costs
|
$
|
157,059
|
$
|
(220,000
|
)
|
|||
Reinvestment of distributions by common stockholders in additional common shares
|
$
|
400,532
|
$
|
61,329
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||||||
June 30,
2015
|
June 30,
2014
|
June 30,
2015
|
June 30,
2014
|
Pro Forma June 30,
2015 (1)
|
||||||||||||||||
Net Income attributable to CorEnergy Stockholders
|
$
|
4,185,138
|
$
|
3,005,908
|
$
|
8,271,766
|
$
|
5,111,067
|
$
|
18,064,724
|
||||||||||
Less:
|
||||||||||||||||||||
Preferred Dividend Requirements
|
$
|
1,037,109
|
—
|
$
|
1,774,609
|
—
|
$
|
2,074,219
|
||||||||||||
Net Income attributable to Common Stockholders
|
$
|
3,148,029
|
$
|
3,005,908
|
$
|
6,497,157
|
$
|
5,111,067
|
$
|
15,990,505
|
||||||||||
Add:
|
||||||||||||||||||||
Depreciation
|
$
|
3,480,644
|
$
|
3,204,911
|
$
|
7,514,134
|
$
|
6,336,548
|
$
|
11,312,298
|
||||||||||
Less:
|
||||||||||||||||||||
Non-Controlling Interest attributable to NAREIT FFO reconciling items
|
$
|
411,455
|
$
|
411,455
|
$
|
822,909
|
$
|
822,910
|
$
|
822,909
|
||||||||||
NAREIT funds from operations (NAREIT FFO)
|
$
|
6,217,218
|
$
|
,799,364
|
$
|
13,188,382
|
$
|
10,624,705
|
$
|
26,479,894
|
||||||||||
Add:
|
||||||||||||||||||||
Distributions received from investment securities
|
$
|
218,557
|
$
|
347,472
|
$
|
467,506
|
$
|
843,788
|
$
|
467,506
|
||||||||||
Income tax expense (benefit), net
|
$
|
(48,863
|
)
|
$
|
742,879
|
$
|
271,502
|
$
|
1,256,392
|
$
|
271,502
|
|||||||||
Less:
|
||||||||||||||||||||
Net distributions and dividend income
|
$
|
193,410
|
$
|
5,988
|
$
|
783,818
|
$
|
11,044
|
$
|
783,818
|
||||||||||
Net realized and unrealized gain on other equity securities
|
$
|
43,385
|
$
|
2,084,026
|
$
|
493,183
|
$
|
3,378,208
|
$
|
493,183
|
||||||||||
Funds from operations adjusted for securities investments (FFO)
|
$
|
6,150,117
|
$
|
4,799,701
|
$
|
12,650,389
|
$
|
9,335,633
|
$
|
25,941,901
|
||||||||||
Add:
|
||||||||||||||||||||
Transaction costs
|
$
|
74,551
|
$
|
$20,732
|
$
|
747,298
|
$
|
36,949
|
$
|
747,298
|
||||||||||
Amortization of debt issuance costs
|
$
|
307,930
|
$
|
144,840
|
$
|
613,640
|
$
|
289,680
|
$
|
711,568
|
||||||||||
Amortization of deferred lease costs
|
$
|
15,342
|
$
|
15,342
|
$
|
30,684
|
$
|
30,683
|
$
|
30,684
|
||||||||||
Amortization of above market leases
|
—
|
$
|
72,985
|
$
|
72,987
|
$
|
145,969
|
—
|
||||||||||||
Noncash costs associated with derivative instruments
|
$
|
(34,529
|
)
|
$
|
(17,443
|
)
|
$
|
(51,409
|
)
|
$
|
(34,932
|
)
|
$
|
(51,409
|
)
|
|||||
Less:
|
||||||||||||||||||||
EIP Lease Adjustment
|
—
|
$
|
542,809
|
$
|
542,809
|
$
|
1,085,618
|
—
|
||||||||||||
Non-Controlling Interest attributable to AFFO reconciling items
|
$
|
22,227
|
$
|
23,179
|
$
|
45,511
|
$
|
46,349
|
$
|
45,511
|
||||||||||
Adjusted funds from operations (AFFO)
|
$
|
6,491,184
|
$
|
4,470,169
|
$
|
13,475,269
|
$
|
8,672,015
|
$
|
27,334,531
|
||||||||||
Weighted Average Shares of Common Stock Outstanding:
|
||||||||||||||||||||
Basic
|
47,618,765
|
31,637,568
|
47,118,789
|
30,810,060
|
59,565,267
|
|||||||||||||||
Diluted
|
49,317,067
|
31,637,568
|
47,972,632
|
30,810,060
|
76,989,515
|
|||||||||||||||
NAREIT FFO attributable to Common Stockholders
|
||||||||||||||||||||
Basic
|
$
|
0.13
|
$
|
0.18
|
$
|
0.28
|
$
|
0.34
|
$
|
0.44
|
||||||||||
Diluted
|
$
|
0.13
|
$
|
0.18
|
$
|
0.27
|
$
|
0.34
|
$
|
0.40
|
||||||||||
FFO attributable to Common Stockholders
|
||||||||||||||||||||
Basic
|
$
|
0.13
|
$
|
0.15
|
$
|
0.27
|
$
|
0.30
|
$
|
0.44
|
||||||||||
Diluted (2)
|
$
|
0.12
|
$
|
0.15
|
$
|
0.26
|
$
|
0.30
|
$
|
0.39
|
||||||||||
AFFO attributable to Common Stockholders
|
||||||||||||||||||||
Basic
|
$
|
0.14
|
$
|
0.14
|
$
|
0.29
|
$
|
0.28
|
$
|
0.46
|
||||||||||
Diluted (2)
|
$
|
0.13
|
$
|
0.14
|
$
|
0.28
|
$
|
0.28
|
$
|
0.41
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||||||
June 30,
2015
|
June 30,
2014
|
June 30,
2015
|
June 30,
2014
|
Pro Forma June 30,
2015 (1)
|
||||||||||||||||
Lease Revenue, Security Distributions, Financing Revenue, and Operating Results
|
||||||||||||||||||||
Leases:
|
||||||||||||||||||||
Lease revenue
|
$
|
6,799,879
|
$
|
7,065,677
|
$
|
14,135,980
|
$
|
13,828,085
|
$
|
33,886,021
|
||||||||||
Other Equity Securities:
|
||||||||||||||||||||
Net cash distributions received
|
218,557
|
347,472
|
467,506
|
843,788
|
467,506
|
|||||||||||||||
Financing:
|
||||||||||||||||||||
Financing revenue
|
668,904
|
139,728
|
1,329,296
|
165,347
|
1,329,296
|
|||||||||||||||
Operations:
|
||||||||||||||||||||
Sales revenue
|
1,665,908
|
1,813,607
|
4,007,563
|
5,073,137
|
4,007,563
|
|||||||||||||||
Transportation revenue
|
3,546,979
|
—
|
7,196,714
|
—
|
7,196,714
|
|||||||||||||||
Cost of sales
|
(569,958
|
)
|
(1,384,998
|
)
|
(1,818,288
|
)
|
(4,092,356
|
)
|
(1,818,288
|
)
|
||||||||||
Transportation, maintenance and general and administrative
|
(1,076,352
|
)
|
—
|
(2,067,960
|
)
|
—
|
(2,067,960
|
)
|
||||||||||||
Operating expenses (excluding depreciation and amortization)
|
(195,673
|
)
|
(213,533
|
)
|
(402,033
|
)
|
(436,274
|
)
|
(402,033
|
)
|
||||||||||
Net Operations (excluding depreciation and amortization)
|
3,370,904
|
215,076
|
6,915,996
|
544,507
|
6,915,996
|
|||||||||||||||
Total Lease Revenue, Security Distributions, Financing Revenue and Operating Results
|
$
|
11,058,244
|
$
|
7,767,953
|
$
|
22,848,778
|
$
|
15,381,727
|
$
|
42,598,819
|
||||||||||
Expenses
|
(1,905,329
|
)
|
(1,334,960
|
)
|
(4,473,848
|
)
|
(2,767,915
|
)
|
(5,991,110
|
)
|
||||||||||
Non-Controlling Interest attributable to Adjusted EBITDA Items
|
(971,678
|
)
|
(952,244
|
)
|
(1,941,665
|
)
|
(1,908,658
|
)
|
(1,941,665
|
)
|
||||||||||
Adjusted EBITDA
|
$
|
8,181,237
|
$
|
5,480,749
|
$
|
16,433,265
|
$
|
10,705,154
|
$
|
34,666,044
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||||||
June 30,
2015
|
June 30,
2014
|
June 30,
2015
|
June 30,
2014
|
Pro Forma June 30,
2015 (2)
|
||||||||||||||||
Adjusted EBITDA
|
$
|
8,181,237
|
$
|
5,480,749
|
$
|
16,433,265
|
$
|
10,705,154
|
$
|
34,666,044
|
||||||||||
Other Adjustments:
|
||||||||||||||||||||
Distributions and dividends received in prior period previously deemed a return of capital (recorded as a cost reduction) and reclassified as income in a subsequent period
|
—
|
(341,484
|
)
|
371,323
|
(832,744
|
)
|
371,323
|
|||||||||||||
Net realized and unrealized gain on securities, noncash portion
|
18,238
|
2,084,026
|
438,172
|
3,378,208
|
438,172
|
|||||||||||||||
Depreciation & amortization
|
(3,495,986
|
)
|
(3,220,253
|
)
|
(7,544,818
|
)
|
(6,367,231
|
)
|
(11,342,982
|
)
|
||||||||||
Interest expense, net
|
(1,126,888
|
)
|
(819,360
|
)
|
(2,274,160
|
)
|
(1,646,337
|
)
|
(6,915,817
|
)
|
||||||||||
Non-controlling interest attributable to depreciation, amortization and interest expense
|
559,674
|
565,109
|
1,119,486
|
1,130,409
|
1,119,486
|
|||||||||||||||
Income tax benefit (expense)
|
48,863
|
(742,879
|
)
|
(271,502
|
)
|
(1,256,392
|
)
|
(271,502
|
)
|
|||||||||||
Preferred dividend requirements
|
(1,037,109
|
)
|
—
|
(1,774,609
|
)
|
—
|
(2,074,219
|
)
|
||||||||||||
Income Attributable to Common Stockholders
|
$
|
3,148,029
|
$
|
3,005,908
|
$
|
6,497,157
|
$
|
5,111,067
|
$
|
15,990,505
|
||||||||||
Weighted Average Shares of Common Stock Outstanding:
|
||||||||||||||||||||
Basic
|
47,618,765
|
31,637,568
|
47,118,789
|
30,810,060
|
59,565,267
|
|||||||||||||||
Diluted
|
49,317,067
|
31,637,568
|
47,972,632
|
30,810,060
|
76,989,515
|
|||||||||||||||
Net earnings per share:
|
||||||||||||||||||||
Basic
|
$
|
0.07
|
$
|
0.10
|
$
|
0.14
|
$
|
0.17
|
$
|
0.27
|
||||||||||
Diluted (3)
|
$
|
0.06
|
$
|
0.10
|
$
|
0.14
|
$
|
0.17
|
$
|
0.26
|
||||||||||
AFFO per share:(1)
|
||||||||||||||||||||
Basic
|
$
|
0.14
|
$
|
0.14
|
$
|
0.29
|
$
|
0.28
|
$
|
0.46
|
||||||||||
Diluted (3)
|
$
|
0.13
|
$
|
0.14
|
$
|
0.28
|
$
|
0.28
|
$
|
0.41
|