· | Declared common stock dividend of $0.75 per share ($3.00 annualized) in the fourth quarter |
o | In 2015, paid $2.75 per share of common stock dividends |
· | Delivered Adjusted Funds from Operations (AFFO)1 of $3.77 per share in 2015 |
· | Completed $10 million Portland Terminal construction project |
· | Extended the Pinedale Credit Facility through March 30, 2016 |
· | Announced authorization to repurchase $10 million of common shares |
· | Entered into new 10-year agreement with DOD for Omega Pipeline |
· | Foreclosed on the Black Bison Financing Notes and took a further noncash charge to carrying value |
Fiscal Year
Ended December 31, 2015
|
||||||||||||
Per Share
|
||||||||||||
Total
|
(Basic)
|
(Diluted)
|
||||||||||
Net Income (Attributable to Common Stockholders)1
|
$
|
8,471,083
|
$
|
0.79
|
$
|
0.79
|
||||||
NAREIT Funds from Operation (NAREIT FFO)1
|
$
|
25,176,275
|
$
|
2.36
|
$
|
2.35
|
||||||
Funds From Operation (FFO)1
|
$
|
25,793,873
|
$
|
2.41
|
$
|
2.40
|
||||||
Adjusted Funds From Operations (AFFO)1
|
$
|
40,306,355
|
$
|
3.77
|
$
|
3.56
|
December 31, 2015
|
December 31, 2014
|
|||||||
Assets
|
||||||||
Leased property, net of accumulated depreciation of $33,869,263 and $19,417,025
|
$
|
509,226,215
|
$
|
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 $5,948,988 and $2,623,020
|
119,629,978
|
122,820,122
|
||||||
Financing notes and related accrued interest receivable, net of reserve of $13,784,137 and $0
|
7,675,626
|
20,687,962
|
||||||
Other equity securities, at fair value
|
8,393,683
|
9,572,181
|
||||||
Cash and cash equivalents
|
14,618,740
|
7,578,164
|
||||||
Accounts and other receivables
|
10,431,240
|
7,793,515
|
||||||
Intangibles and deferred costs, net of accumulated amortization of $2,774,706 and $2,271,080
|
4,697,672
|
4,384,975
|
||||||
Prepaid expenses and other assets
|
491,024
|
732,110
|
||||||
Deferred tax asset
|
1,606,976
|
—
|
||||||
Goodwill
|
1,718,868
|
1,718,868
|
||||||
Total Assets
|
$
|
678,490,022
|
$
|
443,815,842
|
||||
Liabilities and Equity
|
||||||||
Current maturities of long-term debt
|
$
|
66,132,000
|
$
|
3,528,000
|
||||
Long-term debt
|
151,243,153
|
63,532,000
|
||||||
Asset retirement obligation
|
12,839,042
|
—
|
||||||
Accounts payable and other accrued liabilities
|
2,317,774
|
3,935,307
|
||||||
Management fees payable
|
1,763,747
|
1,164,399
|
||||||
Deferred tax liability
|
—
|
1,262,587
|
||||||
Line of credit
|
—
|
32,141,277
|
||||||
Unearned revenue
|
—
|
711,230
|
||||||
Total Liabilities
|
$
|
234,295,716
|
$
|
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 December 31, 2015, and December 31, 2014
|
$
|
56,250,000
|
—
|
|||||
Capital stock, non-convertible, $0.001 par value; 11,939,697 and 9,321,010 shares issued and outstanding at December 31, 2015, and December 31, 2014 (100,000,000 shares authorized)
|
11,940
|
9,321
|
||||||
Additional paid-in capital
|
361,581,507
|
309,987,724
|
||||||
Accumulated other comprehensive income
|
190,797
|
453,302
|
||||||
Total CorEnergy Equity
|
418,034,244
|
310,450,347
|
||||||
Non-controlling Interest
|
26,160,062
|
27,090,695
|
||||||
Total Equity
|
444,194,306
|
337,541,042
|
||||||
Total Liabilities and Equity
|
$
|
678,490,022
|
$
|
443,815,842
|
For the Years Ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Revenue
|
||||||||||||
Lease revenue
|
$
|
48,086,072
|
$
|
28,223,765
|
$
|
22,552,976
|
||||||
Sales revenue
|
7,160,044
|
9,708,902
|
8,733,044
|
|||||||||
Financing revenue
|
1,697,550
|
1,077,813
|
—
|
|||||||||
Transportation revenue
|
14,345,269
|
1,298,093
|
—
|
|||||||||
Total Revenue
|
71,288,935
|
40,308,573
|
31,286,020
|
|||||||||
Expenses
|
||||||||||||
Cost of sales (excluding depreciation expense)
|
2,819,212
|
7,291,968
|
6,734,665
|
|||||||||
Depreciation, amortization and ARO accretion expense
|
18,766,551
|
13,195,255
|
11,491,285
|
|||||||||
Provision for loan losses
|
13,784,137
|
—
|
—
|
|||||||||
Transportation, maintenance and general and administrative
|
3,859,785
|
458,872
|
—
|
|||||||||
Operating expenses
|
749,940
|
840,910
|
924,571
|
|||||||||
General and administrative
|
9,745,704
|
7,872,753
|
5,879,864
|
|||||||||
Total Expenses
|
49,725,329
|
29,659,758
|
25,030,385
|
|||||||||
Operating Income
|
$
|
21,563,606
|
$
|
10,648,815
|
$
|
6,255,635
|
||||||
Other Income (Expense)
|
||||||||||||
Net distributions and dividend income
|
$
|
1,270,755
|
$
|
1,836,783
|
$
|
584,814
|
||||||
Net realized and unrealized loss on trading securities
|
—
|
—
|
(251,213
|
)
|
||||||||
Net realized and unrealized gain (loss) on other equity securities
|
(1,063,613
|
)
|
(466,026
|
)
|
5,617,766
|
|||||||
Interest expense
|
(9,781,184
|
)
|
(3,675,122
|
)
|
(3,288,378
|
)
|
||||||
Total Other Income (Expense)
|
(9,574,042
|
)
|
(2,304,365
|
)
|
2,662,989
|
|||||||
Income before income taxes
|
11,989,564
|
8,344,450
|
8,918,624
|
|||||||||
Taxes
|
||||||||||||
Current tax expense
|
922,010
|
3,843,937
|
13,474
|
|||||||||
Deferred tax expense (benefit)
|
(2,869,563
|
)
|
(4,069,500
|
)
|
2,936,044
|
|||||||
Income tax expense (benefit), net
|
(1,947,553
|
)
|
(225,563
|
)
|
2,949,518
|
|||||||
Net Income
|
13,937,117
|
8,570,013
|
5,969,106
|
|||||||||
Less: Net Income attributable to non-controlling interest
|
1,617,206
|
1,556,157
|
1,466,767
|
|||||||||
Net Income attributable to CorEnergy Stockholders
|
$
|
12,319,911
|
$
|
7,013,856
|
$
|
4,502,339
|
||||||
Preferred dividend requirements
|
3,848,828
|
—
|
—
|
|||||||||
Net Income attributable to Common Stockholders
|
$
|
8,471,083
|
$
|
7,013,856
|
$
|
4,502,339
|
||||||
Net Income
|
$
|
13,937,117
|
$
|
8,570,013
|
$
|
5,969,106
|
||||||
Other comprehensive income (loss):
|
||||||||||||
Changes in fair value of qualifying hedges attributable to CorEnergy stockholders
|
(262,505
|
)
|
(324,101
|
)
|
777,403
|
|||||||
Changes in fair value of qualifying hedges attributable to non-controlling interest
|
(61,375
|
)
|
(75,780
|
)
|
181,762
|
|||||||
Net Change in Other Comprehensive Income (Loss)
|
$
|
(323,880
|
)
|
$
|
(399,881
|
)
|
$
|
959,165
|
||||
Total Comprehensive Income
|
13,613,237
|
8,170,132
|
6,928,271
|
|||||||||
Less: Comprehensive income attributable to non-controlling interest
|
1,555,831
|
1,480,377
|
1,648,529
|
|||||||||
Comprehensive Income attributable to CorEnergy Stockholders
|
$
|
12,057,406
|
$
|
6,689,755
|
$
|
5,279,742
|
||||||
Earnings Per Common Share:
|
||||||||||||
Basic
|
$
|
0.79
|
$
|
1.06
|
$
|
0.93
|
||||||
Diluted
|
$
|
0.79
|
$
|
1.06
|
$
|
0.93
|
||||||
Weighted Average Shares of Common Stock Outstanding:
|
||||||||||||
Basic
|
10,685,892
|
6,605,715
|
4,829,879
|
|||||||||
Diluted
|
10,685,892
|
6,605,715
|
4,829,879
|
|||||||||
Dividends declared per share
|
$
|
2.750
|
$
|
2.570
|
$
|
1.875
|
Capital Stock
|
Preferred Stock
|
Additional
Paid-in
Capital
|
Accumulated Other Comprehensive Income
|
Retained
Earnings
|
Non-Controlling
Interest
|
Total
|
||||||||||||||||||||||||||||||
Shares
|
Amount
|
Amount
|
Warrants
|
|||||||||||||||||||||||||||||||||
Balance at December 31, 2012
|
4,828,133
|
$
|
4,828
|
$
|
—
|
$
|
1,370,700
|
$
|
175,275,988
|
$
|
—
|
$
|
4,209,023
|
$
|
29,981,653
|
$
|
210,842,192
|
|||||||||||||||||||
Net Income
|
—
|
—
|
—
|
—
|
—
|
—
|
4,502,339
|
1,466,767
|
5,969,106
|
|||||||||||||||||||||||||||
Net change in cash flow hedges
|
—
|
—
|
—
|
—
|
—
|
777,403
|
—
|
181,762
|
959,165
|
|||||||||||||||||||||||||||
Total comprehensive income
|
—
|
—
|
—
|
—
|
—
|
777,403
|
4,502,339
|
1,648,529
|
6,928,271
|
|||||||||||||||||||||||||||
Common stock dividends
|
—
|
—
|
—
|
—
|
(1,923,760
|
)
|
—
|
(7,131,300
|
)
|
—
|
(9,055,060
|
)
|
||||||||||||||||||||||||
Distributions to Non-controlling interest
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(3,282,152
|
)
|
(3,282,152
|
)
|
|||||||||||||||||||||||||
Reinvestment of dividends paid to stockholders
|
3,099
|
3
|
—
|
—
|
108,116
|
—
|
—
|
—
|
108,119
|
|||||||||||||||||||||||||||
Balance at December 31, 2013
|
4,831,232
|
4,831
|
—
|
1,370,700
|
173,460,344
|
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
|
4,485,000
|
4,485
|
—
|
—
|
141,720,743
|
—
|
—
|
—
|
141,725,228
|
|||||||||||||||||||||||||||
Common stock dividends
|
—
|
—
|
—
|
—
|
(6,734,166
|
)
|
—
|
(8,593,918
|
)
|
—
|
(15,328,084
|
)
|
||||||||||||||||||||||||
Common stock issued under director's compensation plan
|
805
|
1
|
—
|
—
|
29,999
|
—
|
—
|
—
|
30,000
|
|||||||||||||||||||||||||||
Distributions to Non-controlling interest
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(2,737,712
|
)
|
(2,737,712
|
)
|
|||||||||||||||||||||||||
Reinvestment of dividends paid to common stockholders
|
3,973
|
4
|
—
|
—
|
140,104
|
—
|
—
|
—
|
140,108
|
|||||||||||||||||||||||||||
Warrant expiration
|
—
|
—
|
—
|
(1,370,700
|
)
|
1,370,700
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||
Balance at December 31, 2014
|
9,321,010
|
9,321
|
—
|
—
|
309,987,724
|
453,302
|
—
|
27,090,695
|
337,541,042
|
|||||||||||||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
—
|
—
|
12,319,911
|
1,617,206
|
13,937,117
|
|||||||||||||||||||||||||||
Net change in cash flow hedges
|
—
|
—
|
—
|
—
|
—
|
(262,505
|
)
|
—
|
(61,375
|
)
|
(323,880
|
)
|
||||||||||||||||||||||||
Total comprehensive income
|
—
|
—
|
—
|
—
|
—
|
(262,505
|
)
|
12,319,911
|
1,555,831
|
13,613,237
|
||||||||||||||||||||||||||
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
|
2,587,500
|
2,587
|
—
|
—
|
73,254,777
|
—
|
—
|
—
|
73,257,364
|
|||||||||||||||||||||||||||
Series A preferred stock dividends
|
—
|
—
|
—
|
—
|
—
|
—
|
(3,503,125
|
)
|
—
|
(3,503,125
|
)
|
|||||||||||||||||||||||||
Common stock dividends
|
—
|
—
|
—
|
—
|
(20,529,353
|
)
|
—
|
(8,816,786
|
)
|
—
|
(29,346,139
|
)
|
||||||||||||||||||||||||
Common stock issued under director's compensation plan
|
2,677
|
3
|
—
|
—
|
89,997
|
—
|
—
|
—
|
90,000
|
|||||||||||||||||||||||||||
Distributions to Non-controlling interest
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(2,486,464
|
)
|
(2,486,464
|
)
|
|||||||||||||||||||||||||
Reinvestment of dividends paid to common stockholders
|
28,510
|
29
|
—
|
—
|
817,886
|
—
|
—
|
—
|
817,915
|
|||||||||||||||||||||||||||
Balance at December 31, 2015
|
11,939,697
|
$
|
11,940
|
$
|
56,250,000
|
$
|
—
|
$
|
361,581,507
|
$
|
190,797
|
$
|
—
|
$
|
26,160,062
|
$
|
444,194,306
|
For the Years Ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Operating Activities
|
||||||||||||
Net Income
|
$
|
13,937,117
|
$
|
8,570,013
|
$
|
5,969,106
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Deferred income tax, net
|
(2,869,563
|
)
|
(4,069,500
|
)
|
2,936,044
|
|||||||
Depreciation, amortization and ARO accretion
|
20,662,297
|
14,289,017
|
12,339,704
|
|||||||||
Provision for loan loss
|
13,784,137
|
—
|
—
|
|||||||||
Net distributions and dividend income, including recharacterization of income
|
(371,323
|
)
|
960,384
|
(567,276
|
)
|
|||||||
Net realized and unrealized loss on trading securities
|
—
|
—
|
251,213
|
|||||||||
Net realized and unrealized (gain) loss on other equity securities
|
1,063,613
|
(1,357,496
|
)
|
(5,617,766
|
)
|
|||||||
Unrealized gain on derivative contract
|
(70,333
|
)
|
(70,720
|
)
|
(11,095
|
)
|
||||||
Common stock issued under directors compensation plan
|
90,000
|
30,000
|
—
|
|||||||||
Changes in assets and liabilities:
|
||||||||||||
Increase in accounts and other receivables
|
(2,273,092
|
)
|
(966,667
|
)
|
(1,856,528
|
)
|
||||||
Increase in financing note accrued interest receivable
|
(355,208
|
)
|
—
|
—
|
||||||||
(Increase) decrease in prepaid expenses and other assets
|
(37,462
|
)
|
96,743
|
272,194
|
||||||||
Increase in management fee payable
|
599,348
|
468,961
|
555,892
|
|||||||||
Increase (decrease) in accounts payable and other accrued liabilities
|
(847,683
|
)
|
(2,276,773
|
)
|
260,538
|
|||||||
Increase (decrease) in current income tax liability
|
—
|
583,361
|
(4,690,329
|
)
|
||||||||
Increase (decrease) in unearned revenue
|
(711,230
|
)
|
711,230
|
(2,133,685
|
)
|
|||||||
Net cash provided by operating activities
|
$
|
42,600,618
|
$
|
16,968,553
|
$
|
7,708,012
|
||||||
Investing Activities
|
||||||||||||
Proceeds from sale of long-term investment of trading and other equity securities
|
—
|
10,806,879
|
5,580,985
|
|||||||||
Proceeds from sale of leased property held for sale
|
7,678,246
|
—
|
—
|
|||||||||
Deferred lease costs
|
(336,141
|
)
|
—
|
(74,037
|
)
|
|||||||
Acquisition expenditures
|
(251,513,344
|
)
|
(168,204,309
|
)
|
(1,834,036
|
)
|
||||||
Purchases of property and equipment, net
|
(138,918
|
)
|
(11,970
|
)
|
(40,670
|
)
|
||||||
Proceeds from sale of property and equipment
|
—
|
948
|
5,201
|
|||||||||
Increase in financing notes receivable
|
(524,037
|
)
|
(20,648,714
|
)
|
—
|
|||||||
Principal payment on financing note receivable
|
100,000
|
—
|
—
|
|||||||||
Return of capital on distributions received
|
121,578
|
981,373
|
1,772,776
|
|||||||||
Net cash (used) provided by investing activities
|
$
|
(244,612,616
|
)
|
$
|
(177,075,793
|
)
|
$
|
5,410,219
|
||||
Financing Activities
|
||||||||||||
Payments on lease obligation
|
—
|
—
|
(20,698
|
)
|
||||||||
Debt financing costs
|
(1,617,991
|
)
|
(3,269,429
|
)
|
(144,798
|
)
|
||||||
Net offering proceeds on Series A preferred stock
|
54,210,476
|
—
|
—
|
|||||||||
Net offering proceeds on common stock
|
73,184,679
|
141,797,913
|
(523,094
|
)
|
||||||||
Net offering proceeds on convertible debt
|
111,262,500
|
—
|
—
|
|||||||||
Dividends paid on Series A preferred stock
|
(3,503,125
|
)
|
—
|
—
|
||||||||
Dividends paid on common stock
|
(28,528,224
|
)
|
(15,187,976
|
)
|
(8,946,941
|
)
|
||||||
Distributions to non-controlling interest
|
(2,486,464
|
)
|
(2,737,712
|
)
|
(3,282,152
|
)
|
||||||
Advances on revolving line of credit
|
45,392,332
|
34,676,948
|
221,332
|
|||||||||
Payments on revolving line of credit
|
(77,533,609
|
)
|
(2,617,606
|
)
|
(139,397
|
)
|
||||||
Proceeds from term debt
|
45,000,000
|
—
|
—
|
|||||||||
Principal payments on term debt
|
(1,800,000
|
)
|
—
|
—
|
||||||||
Principal payments on credit facility
|
(4,528,000
|
)
|
(2,940,000
|
)
|
—
|
|||||||
Net cash (used) provided by financing activities
|
$
|
209,052,574
|
$
|
149,722,138
|
$
|
(12,835,748
|
)
|
|||||
Net Change in Cash and Cash Equivalents
|
$
|
7,040,576
|
$
|
(10,385,102
|
)
|
$
|
282,483
|
|||||
Cash and Cash Equivalents at beginning of period
|
7,578,164
|
17,963,266
|
17,680,783
|
|||||||||
Cash and Cash Equivalents at end of period
|
$
|
14,618,740
|
$
|
7,578,164
|
$
|
17,963,266
|
||||||
Supplemental Disclosure of Cash Flow Information
|
||||||||||||
Interest paid
|
$
|
7,873,333
|
$
|
2,762,903
|
$
|
2,651,355
|
||||||
Income taxes paid (net of refunds)
|
$
|
747,406
|
$
|
3,260,576
|
$
|
4,637,068
|
||||||
Non-Cash Investing Activities
|
||||||||||||
Change in accounts payable and accrued expenses related to intangibles and deferred costs
|
$
|
—
|
$
|
—
|
$
|
(68,417
|
)
|
|||||
Change in accounts payable and accrued expenses related to acquisition expenditures
|
$
|
(614,880
|
)
|
$
|
270,615
|
$
|
(1,545,163
|
)
|
||||
Change in accounts payable and accrued expenses related to issuance of financing and other notes receivable
|
$
|
(39,248
|
)
|
$
|
39,248
|
$
|
—
|
|||||
Non-Cash Financing Activities
|
||||||||||||
Change in accounts payable and accrued expenses related to the issuance of common equity
|
$
|
(72,685
|
)
|
$
|
72,685
|
$
|
(523,094
|
)
|
||||
Change in accounts payable and accrued expenses related to debt financing costs
|
$
|
(43,039
|
)
|
$
|
(176,961
|
)
|
$
|
116,383
|
||||
Reinvestment of distributions by common stockholders in additional common shares
|
$
|
817,915
|
$
|
140,108
|
$
|
108,119
|
For the Years Ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Net Income attributable to CorEnergy Stockholders
|
$
|
12,319,911
|
$
|
7,013,856
|
$
|
4,502,339
|
||||||
Less:
|
||||||||||||
Preferred Dividend Requirements
|
3,848,828
|
—
|
—
|
|||||||||
Net Income attributable to Common Stockholders
|
8,471,083
|
7,013,856
|
4,502,339
|
|||||||||
Add:
|
||||||||||||
Depreciation
|
18,351,011
|
13,133,886
|
11,429,980
|
|||||||||
Less:
|
||||||||||||
Non-Controlling Interest attributable to NAREIT FFO reconciling items
|
1,645,819
|
1,645,820
|
1,645,601
|
|||||||||
NAREIT funds from operations (NAREIT FFO)
|
25,176,275
|
18,501,922
|
14,286,718
|
|||||||||
Add:
|
||||||||||||
Distributions received from investment securities
|
1,021,010
|
1,941,757
|
1,789,893
|
|||||||||
Income tax expense (benefit) from investment securities
|
(196,270
|
)
|
656,498
|
2,659,928
|
||||||||
Less:
|
||||||||||||
Net distributions and dividend income
|
1,270,755
|
1,823,522
|
567,276
|
|||||||||
Net realized and unrealized gain (loss) on trading securities
|
—
|
—
|
(251,213
|
)
|
||||||||
Net realized and unrealized gain (loss) on other equity securities
|
(1,063,613
|
)
|
(466,026
|
)
|
5,617,766
|
|||||||
Funds from operations adjusted for securities investments (FFO)
|
25,793,873
|
19,742,681
|
12,802,710
|
|||||||||
Add:
|
||||||||||||
Provision for loan losses, net of tax
|
12,526,701
|
—
|
—
|
|||||||||
Transaction costs
|
870,128
|
929,188
|
806,083
|
|||||||||
Amortization of debt issuance costs
|
1,822,760
|
801,825
|
556,300
|
|||||||||
Amortization of deferred lease costs
|
76,498
|
61,369
|
61,305
|
|||||||||
Accretion of asset retirement obligation
|
339,042
|
—
|
—
|
|||||||||
Income tax expense (benefit)
|
(493,847
|
)
|
(882,061
|
)
|
289,590
|
|||||||
Amortization of above market leases
|
72,987
|
291,937
|
291,940
|
|||||||||
Unrealized (gain) loss associated with derivative instruments
|
(70,333
|
)
|
(70,720
|
)
|
40,290
|
|||||||
Nonrecurring personnel costs
|
—
|
—
|
113,232
|
|||||||||
Less:
|
||||||||||||
EIP Lease Adjustment
|
542,809
|
2,171,236
|
2,171,236
|
|||||||||
Non-Controlling Interest attributable to AFFO reconciling items
|
88,645
|
92,785
|
121,436
|
|||||||||
Adjusted funds from operations (AFFO)
|
$
|
40,306,355
|
$
|
18,610,198
|
$
|
12,668,778
|
||||||
Weighted Average Shares of Common Stock Outstanding:
|
||||||||||||
Basic
|
10,685,892
|
6,605,715
|
4,829,879
|
|||||||||
Diluted
|
12,461,733
|
6,605,715
|
4,829,879
|
|||||||||
NAREIT FFO attributable to Common Stockholders
|
||||||||||||
Basic
|
$
|
2.36
|
$
|
2.80
|
$
|
2.96
|
||||||
Diluted (1)
|
$
|
2.35
|
$
|
2.80
|
$
|
2.96
|
||||||
FFO attributable to Common Stockholders
|
||||||||||||
Basic
|
$
|
2.41
|
$
|
2.99
|
$
|
2.65
|
||||||
Diluted (1)
|
$
|
2.40
|
$
|
2.99
|
$
|
2.65
|
||||||
AFFO attributable to Common Stockholders
|
||||||||||||
Basic
|
$
|
3.77
|
$
|
2.82
|
$
|
2.62
|
||||||
Diluted (1)
|
$
|
3.56
|
$
|
2.82
|
$
|
2.62
|
For the Years Ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Lease Revenue, Security Distributions, Financing Revenue, and Operating Results
|
||||||||||||
Leases:
|
||||||||||||
Lease revenue
|
$
|
48,086,072
|
$
|
28,223,765
|
$
|
22,552,976
|
||||||
Other Equity Securities:
|
||||||||||||
Net cash distributions received
|
1,021,010
|
1,955,018
|
1,807,429
|
|||||||||
Financing:
|
||||||||||||
Financing revenue
|
1,697,550
|
1,077,813
|
—
|
|||||||||
Operations:
|
||||||||||||
Sales revenue
|
7,160,044
|
9,708,902
|
8,733,044
|
|||||||||
Transportation revenue
|
14,345,269
|
1,298,093
|
—
|
|||||||||
Cost of sales
|
(2,819,212
|
)
|
(7,291,968
|
)
|
(6,734,665
|
)
|
||||||
Transportation, maintenance and general and administrative
|
(3,859,785
|
)
|
(458,872
|
)
|
—
|
|||||||
Operating expenses (excluding depreciation, amortization and ARO accretion)
|
(749,940
|
)
|
(840,910
|
)
|
(924,571
|
)
|
||||||
Net Operations (excluding depreciation, amortization and ARO accretion)
|
14,076,376
|
2,415,245
|
1,073,808
|
|||||||||
Total Lease Revenue, Security Distributions, Financing Revenue and Operating Results
|
$
|
64,881,008
|
$
|
33,671,841
|
$
|
25,434,213
|
||||||
Expenses
|
(9,745,704
|
)
|
(7,872,753
|
)
|
(5,879,864
|
)
|
||||||
Non-Controlling Interest attributable to Adjusted EBITDA Items
|
(3,851,973
|
)
|
(3,815,585
|
)
|
(3,734,884
|
)
|
||||||
Adjusted EBITDA
|
$
|
51,283,331
|
$
|
21,983,503
|
$
|
15,819,465
|
For the Years Ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Adjusted EBITDA
|
$
|
51,283,331
|
$
|
21,983,503
|
$
|
15,819,465
|
||||||
Other Adjustments:
|
||||||||||||
Net distributions and dividend income not recorded as income
|
(121,578
|
)
|
(118,235
|
)
|
(1,222,615
|
)
|
||||||
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
|
371,323
|
—
|
—
|
|||||||||
Net realized and unrealized gain on securities
|
(1,063,613
|
)
|
(466,026
|
)
|
5,366,553
|
|||||||
Depreciation, amortization & ARO accretion
|
(18,766,551
|
)
|
(13,195,255
|
)
|
(11,491,285
|
)
|
||||||
Interest expense, net
|
(9,781,184
|
)
|
(3,675,122
|
)
|
(3,288,378
|
)
|
||||||
Provision for loan losses
|
(13,784,137
|
)
|
—
|
—
|
||||||||
Non-controlling interest attributable to depreciation, amortization, ARO accretion and interest expense
|
2,234,767
|
2,259,428
|
2,268,117
|
|||||||||
Income tax benefit (expense)
|
1,947,553
|
225,563
|
(2,949,518
|
)
|
||||||||
Preferred dividend requirements
|
(3,848,828
|
)
|
—
|
—
|
||||||||
Income Attributable to Common Stockholders
|
$
|
8,471,083
|
$
|
7,013,856
|
$
|
4,502,339
|