Exhibit 99.1
 
CorEnergy Releases First Quarter 2016 Results

KANSAS CITY, Mo. -- CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) (“CorEnergy” or the “Company”) today announced financial results for the first quarter ended March 31, 2016.

Recent Developments

· Declared common stock dividend of $0.75 per share ($3.00 annualized) in the first quarter

· Delivered Adjusted Funds from Operations (AFFO)1 of $1.07 per share

· Refinanced the Pinedale Credit Facility

· Completed ~$475,000 of share repurchases under the $10 million Share Repurchase Authorization during April 2016

· All tenants continue to make timely rent payments

“Our strategy for identifying and acquiring critical assets, underpinned by valuable reserves, has demonstrated durability through a very volatile market so far. Even as the REIT model for infrastructure ownership is tested by Chapter 11 filings of our largest tenants’ parent companies, we expect to continue to receive rents supporting the stability of our dividends,” said Dave Schulte, Chief Executive Officer of CorEnergy. “We will remain vigilant throughout the bankruptcy proceedings. Concurrently, we continue assessing acquisition opportunities and strengthening our financing structure.”

First Quarter 2016 Performance Summary

Results for the first quarter of 2016 included Total Revenue of $22.3 million and Contribution Margin2 of $21.2 million. CorEnergy believes Contribution Margin is a better reflection of the Company’s operating performance, because it eliminates the impact of commodity purchases and sales, as well as direct operating expenses, of certain assets.

AFFO for first quarter 2016 was $12.8 million, or $1.07 per share (basic) and $0.96 (diluted). Management uses AFFO as a measure of long-term sustainable operational performance.  AFFO in excess of dividends is used for debt repayment and reinvestments necessary to sustain our dividend over the long term. For completeness, we present other measures of income in the table below:


   
First Quarter
Ended March 31, 2016
 
         
Per Share
 
   
Total
   
Basic
   
Diluted
 
Net Income (Attributable to Common Stockholders)1
 
$
2,354,012
   
$
0.20
   
$
0.20
 
NAREIT Funds from Operations (NAREIT FFO)1
 
$
7,032,310
   
$
0.59
   
$
0.59
 
Funds From Operations (FFO)1
 
$
8,069,586
   
$
0.68
   
$
0.65
 
Adjusted Funds From Operations (AFFO)1
 
$
12,783,433
   
$
1.07
   
$
0.96
 

NAREIT FFO, 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. Reconciliations of NAREIT FFO, FFO and AFFO, as presented, to Net Income Attributable to CorEnergy Stockholders and Contribution Margin, also a non-GAAP term, are included at the end of this press release. See Notes 1 and 2 at the end of this press release for additional information.

Portfolio Update

Grand Isle Gathering System: On April 14, 2016, the parent company of our tenant of the GIGS, Energy XXI Ltd, and substantially all of its directly and indirectly owned subsidiaries filed for Chapter 11 reorganization. Our tenant, Energy XXI GIGS Services, LLC has not filed for bankruptcy and continues to make timely payments of rent.

Pinedale LGS: On April 29, 2016, the parent company of our tenant of the Pinedale LGS, Ultra Petroleum Corp., filed for Chapter 11 reorganization. Our tenant, Ultra Wyoming LGS, LLC was included in the filing. We have received no indication that during the bankruptcy process it will seek to reject the current lease agreement. Ultra Wyoming has continued making timely payments of rent.

Salt Water Disposal Financing Notes: CorEnergy’s financing revenue did not reflect any interest payments from the Black Bison Loans for the first quarter of 2016. The Company, as previously announced, foreclosed in the first quarter on 100% of the equity of the borrower of Black Bison, which is now categorized as “Held for Sale.”

CorEnergy recorded a non-cash provision for loan loss in the first quarter related to its Four Wood note. The net investment, as of March 31, 2016, was approximately $1.5 million. The Company is currently in discussions with the borrower to determine the appropriate payment schedule going forward.

Dividend Update

Common Stock

A first-quarter common stock cash dividend of $0.75 ($3.00 annualized) was declared on April 27, 2016, payable on May 31, 2016. CorEnergy maintains a quarterly common stock dividend payment cycle of February, May, August and November.

Preferred Stock

For the Company’s 7.375% Series A Cumulative Redeemable Preferred Stock, a cash dividend of $0.4609375 per depositary share was declared for the first quarter, payable on May 31, 2016. The preferred dividends, which equate to an annual payment of $1.84375 per depositary share, are paid on or about the last day of February, May, August and November.

Outlook

CorEnergy expects its energy infrastructure portfolio – the GIGS, Pinedale LGS, MoGas Pipeline, Portland Terminal Facility and Omega Pipeline – to continue to produce stable, recurring revenues. The Company believes these cash flows will support sustainable quarterly dividend payments of $0.75 ($3.00 per share annualized). Although CorEnergy has historically targeted dividend growth of 1-3% annually from existing contracts through inflation escalations and participating rents, the company is not expecting significant inflation-based or participating rents in 2016.

The Company is evaluating a broad set of infrastructure opportunities in the range of $50 to $250 million per project. CorEnergy intends to finance these acquisitions through the use of capacity on its revolver, partnerships with co-investors, portfolio level debt and, if beneficial to existing stockholders, prudent preferred or common equity issuances. There can be no assurance that any of these acquisition opportunities will result in consummated transactions.

First Quarter 2016 Earnings Conference Call

CorEnergy will host a conference call on Wednesday, May 11, 2016, at 1:00 p.m. Central Time to discuss its financial results. Please dial into the call at 877-407-8035 (for international, 1-201-689-8035) approximately five to ten minutes prior to the scheduled start time. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at www.corenergy.corridortrust.com.

A replay of the call will be available until 11:59 p.m. Eastern Time June 11, 2016 by dialing 877-660-6853 (for international, 1-201-612-7415). The Conference ID is 13635746.

About CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc. primarily owns U.S. infrastructure assets used by energy companies under long-term triple net participating leases. These utility-like assets include pipelines, storage tanks, transmission lines and gathering systems. Our structure as a Real Estate Investment Trust (REIT) offers US and non-US investors direct exposure to energy infrastructure in a tax-efficient manner. CorEnergy’s objective is to provide stockholders with a stable and growing cash dividend, supported by long-term contracted revenue.

Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although CorEnergy believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in CorEnergy’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy’s Board of Directors and compliance with leverage covenants.

Consolidated Balance Sheets
 
             
   
March 31, 2016
   
December 31, 2015
 
Assets
           
Leased property, net of accumulated depreciation of $38,124,111 and $33,869,263
 
$
504,971,367
   
$
509,226,215
 
Assets held for sale, less costs to sell
   
1,839,007
     
 
Property and equipment, net of accumulated depreciation of $6,840,717 and $5,948,988
   
118,971,300
     
119,629,978
 
Financing notes and related accrued interest receivable, net of reserve of $4,100,000 and $13,784,137
   
1,500,000
     
7,675,626
 
Other equity securities, at fair value
   
6,837,442
     
8,393,683
 
Cash and cash equivalents
   
12,849,652
     
14,618,740
 
Accounts and other receivables
   
13,714,978
     
10,431,240
 
Deferred costs, net of accumulated amortization of $1,435,213 and $2,717,609
   
3,957,987
     
4,187,271
 
Prepaid expenses and other assets
   
825,369
     
491,024
 
Deferred tax asset
   
2,184,371
     
1,606,976
 
Goodwill
   
1,718,868
     
1,718,868
 
Total Assets
 
$
669,370,341
   
$
677,979,621
 
Liabilities and Equity
               
Current maturities of long-term debt
 
$
3,600,000
   
$
66,132,000
 
Current maturities of long-term debt - related party
   
668,556
     
 
Long-term debt, net of deferred debt costs
   
150,052,573
     
150,732,752
 
Long-term debt - related party
   
10,417,194
     
 
Asset retirement obligation
   
13,023,124
     
12,839,042
 
Accounts payable and other accrued liabilities
   
4,673,640
     
2,317,774
 
Management fees payable
   
1,894,112
     
1,763,747
 
Liabilities held for sale
   
439,007
     
 
Line of credit
   
44,000,000
     
 
Unearned revenue
   
2,761,202
     
 
Total Liabilities
 
$
231,529,408
   
$
233,785,315
 
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 issued and outstanding as of March 31, 2016, and December 31, 2015
 
$
56,250,000
     
56,250,000
 
Capital stock, non-convertible, $0.001 par value; 11,951,757 and 11,939,697 shares issued and outstanding at March 31, 2016, and December 31, 2015 (100,000,000 shares authorized)
   
11,952
     
11,940
 
Additional paid-in capital
   
355,140,047
     
361,581,507
 
Accumulated other comprehensive income
   
(20,279
)
   
190,797
 
Total CorEnergy Equity
   
411,381,720
     
418,034,244
 
Non-controlling Interest
   
26,459,213
     
26,160,062
 
Total Equity
   
437,840,933
     
444,194,306
 
Total Liabilities and Equity
 
$
669,370,341
   
$
677,979,621
 


Consolidated Statements of Income
 
   
For The Three Months Ended
 
   
March 31, 2016
   
March 31, 2015
 
Revenue
           
Lease revenue
 
$
16,996,072
   
$
7,336,101
 
Transportation and distribution revenue
   
5,099,451
     
3,649,735
 
Financing revenue
   
162,344
     
660,392
 
Sales revenue
   
     
2,341,655
 
Total Revenue
   
22,257,867
     
13,987,883
 
Expenses
               
Transportation and distribution expenses
   
1,362,325
     
1,197,968
 
Cost of Sales
   
     
1,248,330
 
General and administrative
   
3,289,852
     
2,568,519
 
Depreciation, amortization and accretion expense
   
5,296,818
     
4,048,832
 
Provision for loan losses
   
4,645,188
     
 
Total Expenses
   
14,594,183
     
9,063,649
 
Operating Income
 
$
7,663,684
   
$
4,924,234
 
Other Income (Expense)
               
Net distributions and dividend income
 
$
375,573
   
$
590,408
 
Net realized and unrealized gain (loss) on other equity securities
   
(1,628,752
)
   
449,798
 
Interest expense
   
(3,926,009
)
   
(1,147,272
)
Total Other Income (Expense)
   
(5,179,188
)
   
(107,066
)
Income before income taxes
   
2,484,496
     
4,817,168
 
Taxes
               
Current tax expense
   
(677,731
)
   
435,756
 
Deferred tax expense (benefit)
   
(577,395
)
   
(115,391
)
Income tax expense (benefit), net
   
(1,255,126
)
   
320,365
 
Net Income
   
3,739,622
     
4,496,803
 
Less: Net Income attributable to non-controlling interest
   
348,501
     
410,175
 
Net Income attributable to CorEnergy Stockholders
 
$
3,391,121
   
$
4,086,628
 
Preferred dividend requirements
   
1,037,109
     
737,500
 
Net Income attributable to Common Stockholders
 
$
2,354,012
   
$
3,349,128
 
                 
Net Income
 
$
3,739,622
   
$
4,496,803
 
Other comprehensive income (loss):
               
Changes in fair value of qualifying hedges attributable to CorEnergy stockholders
   
(211,076
)
   
(276,107
)
Changes in fair value of qualifying hedges attributable to non-controlling interest
   
(49,350
)
   
(64,555
)
Net Change in Other Comprehensive Income (Loss)
 
$
(260,426
)
 
$
(340,662
)
Total Comprehensive Income
   
3,479,196
     
4,156,141
 
Less: Comprehensive income attributable to non-controlling interest
   
299,151
     
345,620
 
Comprehensive Income attributable to CorEnergy Stockholders
 
$
3,180,045
   
$
3,810,521
 
Earnings Per Common Share:
               
Basic
 
$
0.20
   
$
0.36
 
Diluted
 
$
0.20
   
$
0.36
 
Weighted Average Shares of Common Stock Outstanding:
               
Basic
   
11,943,938
     
9,322,652
 
Diluted
   
11,943,938
     
9,322,652
 
Dividends declared per share
 
$
0.750
   
$
0.650
 


Consolidated Statements of Equity
 
                                                 
   
Capital Stock
   
Preferred Stock
   
Additional
Paid-in
Capital
   
Accumulated
Other
Comprehensive
Income
   
Retained
Earnings
   
Non-Controlling
Interest
   
Total
 
   
Shares
   
Amount
   
Amount
 
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
 
Net income
   
     
     
     
     
     
3,391,121
     
348,501
     
3,739,622
 
Net change in cash flow hedges
   
     
     
     
     
(211,076
)
   
     
(49,350
)
   
(260,426
)
Total comprehensive income
   
     
     
     
     
(211,076
)
   
3,391,121
     
299,151
     
3,479,196
 
Series A preferred stock dividends
   
     
     
     
     
     
(1,037,109
)
   
     
 
Common stock dividends
   
     
     
     
(6,600,761
)
   
     
(2,354,012
)
   
     
(8,954,773
)
Reinvestment of dividends paid to common stockholders
   
12,060
     
12
     
     
159,301
     
     
     
     
159,313
 
Balance at March 31, 2016 (Unaudited)
   
11,951,757
   
$
11,952
   
$
56,250,000
   
$
355,140,047
   
$
(20,279
)
 
$
   
$
26,459,213
   
$
437,840,933
 


Consolidated Statements of Cash Flows
           
   
For the Three Months Ended
 
   
March 31, 2016
   
March 31, 2015
 
Operating Activities
           
Net Income
 
$
3,739,622
   
$
4,496,803
 
Adjustments to reconcile net income to net cash provided by operating activities:
               
Deferred income tax, net
   
(577,395
)
   
(115,391
)
Depreciation, amortization and ARO accretion
   
5,945,501
     
4,426,559
 
Provision for loan loss
   
4,645,188
     
 
Net distributions and dividend income, including recharacterization of income
   
(117,004
)
   
(371,323
)
Net realized and unrealized (gain) loss on other equity securities
   
1,628,751
     
(449,798
)
Unrealized gain on derivative contract
   
(71,363
)
   
(16,880
)
Common stock issued under directors compensation plan
   
     
30,000
 
Changes in assets and liabilities:
               
Increase in accounts and other receivables
   
(3,240,409
)
   
(352,029
)
(Increase) decrease in financing note accrued interest receivable
   
95,114
     
(200,167
)
Increase in prepaid expenses and other assets
   
(161,354
)
   
(295,441
)
Increase in management fee payable
   
130,365
     
61,756
 
Increase (decrease) in accounts payable and other accrued liabilities
   
1,935,402
     
(821,951
)
Increase (decrease) in current income tax liability
   
     
480,637
 
Increase (decrease) in unearned revenue
   
2,761,202
     
(711,230
)
Net cash provided by operating activities
 
$
16,713,620
   
$
6,161,545
 
Investing Activities
               
Acquisition expenditures
   
     
(2,041,642
)
Purchases of property and equipment, net
   
(101,919
)
   
(16,464
)
Proceeds from asset foreclosure
   
223,451
     
 
Increase in financing notes receivable
   
(202,000
)
   
(31,442
)
Return of capital on distributions received
   
1,165
     
29,864
 
Net cash used by investing activities
 
$
(79,303
)
 
$
(2,059,684
)
Financing Activities
               
Debt financing costs
   
(224,586
)
   
(53,705
)
Net offering proceeds on Series A preferred stock
   
     
54,137,791
 
Dividends paid on Series A preferred stock
   
(1,037,109
)
   
 
Dividends paid on common stock
   
(8,795,460
)
   
(5,991,083
)
Distributions to non-controlling interest
   
     
(680,748
)
Advances on revolving line of credit
   
44,000,000
     
1,945,361
 
Payments on revolving line of credit
   
     
(33,521,055
)
Principal payments on term debt
   
(900,000
)
   
 
Principal payments on credit facility
   
(51,446,250
)
   
(882,000
)
Net cash (used) provided by financing activities
 
$
(18,403,405
)
 
$
14,954,561
 
Net Change in Cash and Cash Equivalents
 
$
(1,769,088
)
 
$
19,056,422
 
Cash and Cash Equivalents at beginning of period
   
14,618,740
     
7,578,164
 
Cash and Cash Equivalents at end of period
 
$
12,849,652
   
$
26,634,586
 
                 
Supplemental Disclosure of Cash Flow Information
               
Interest paid
 
$
1,398,422
   
$
943,101
 
Income taxes paid (net of refunds)
 
$
10,683
   
$
295,901
 
                 
Non-Cash Operating Activities
               
Change in accounts payable and accrued expenses related to prepaid assets and other expense
 
$
   
$
19,096
 
                 
Non-Cash Investing Activities
               
Change in accounts payable and accrued expenses related to acquisition expenditures
 
$
   
$
(13,597
)
Change in accounts payable and accrued expenses related to issuance of financing and other notes receivable
 
$
   
$
(39,248
)
Net change in Assets Held for Sale, Property and equipment, Prepaid expenses and other assets and Accounts payable and other accrued liabilities
 
$
(1,776,549
)
   
 
                 
Non-Cash Financing Activities
               
Change in accounts payable and accrued expenses related to the issuance of common equity
 
$
   
$
(72,685
)
Change in accounts payable and accrued expenses related to debt financing costs
 
$
   
$
8,509
 
Reinvestment of distributions by common stockholders in additional common shares
 
$
159,313
   
$
68,154
 


NAREIT FFO, FFO Adjusted for Securities Investment and AFFO Reconciliation
 
             
   
For the Three Months Ended
 
   
March 31, 2016
   
March 31, 2015
 
Net Income attributable to CorEnergy Stockholders
 
$
3,391,121
   
$
4,086,628
 
Less:
               
Preferred Dividend Requirements
   
1,037,109
     
737,500
 
Net Income attributable to Common Stockholders
   
2,354,012
     
3,349,128
 
Add:
               
Depreciation
   
5,089,753
     
4,033,490
 
Less:
               
Non-Controlling Interest attributable to NAREIT FFO reconciling items
   
411,455
     
411,455
 
NAREIT funds from operations (NAREIT FFO)
   
7,032,310
     
6,971,163
 
Add:
               
Distributions received from investment securities
   
259,734
     
248,949
 
Income tax expense (benefit) from investment securities
   
(475,637
)
   
412,864
 
Less:
               
Net distributions and dividend income
   
375,573
     
590,408
 
Net realized and unrealized gain (loss) on other equity securities
   
(1,628,752
)
   
449,798
 
Funds from operations adjusted for securities investments (FFO)
   
8,069,586
     
6,592,770
 
Add:
               
Provision for loan losses, net of tax
   
4,040,081
     
 
Transaction costs
   
36,915
     
672,747
 
Amortization of debt issuance costs
   
617,097
     
305,710
 
Amortization of deferred lease costs
   
22,983
     
15,342
 
Accretion of asset retirement obligation
   
184,082
     
 
Income tax expense (benefit)
   
(174,382
)
   
(92,499
)
Amortization of above market leases
   
     
72,987
 
Unrealized (gain) loss associated with derivative instruments
   
23,875
     
(16,880
)
Less:
               
EIP Lease Adjustment
   
     
542,809
 
Non-Controlling Interest attributable to AFFO reconciling items
   
36,804
     
23,284
 
Adjusted funds from operations (AFFO)
 
$
12,783,433
   
$
6,984,084
 
                 
Weighted Average Shares of Common Stock Outstanding:
               
Basic
   
11,943,938
     
9,322,652
 
Diluted
   
15,428,787
     
9,322,652
 
NAREIT FFO attributable to Common Stockholders
               
Basic
 
$
0.59
   
$
0.75
 
Diluted
 
$
0.59
   
$
0.75
 
FFO attributable to Common Stockholders
               
Basic
 
$
0.68
   
$
0.71
 
Diluted
 
$
0.65
   
$
0.71
 
AFFO attributable to Common Stockholders
               
Basic
 
$
1.07
   
$
0.75
 
Diluted
 
$
0.96
   
$
0.75
 


Lease Revenue, Security Distributions, Financing Revenue, and Operating Results
 
   
For the Three Months Ended
 
   
March 31, 2016
   
March 31, 2015
 
Lease Revenue, Security Distributions, Financing Revenue, and Operating Results
           
Leases:
           
Lease revenue
 
$
16,996,072
   
$
7,336,101
 
Other Equity Securities:
               
Net cash distributions received
   
259,734
     
248,949
 
Financing:
               
Financing revenue
   
162,344
     
660,392
 
Operations:
               
Transportation and distribution revenue (3)
   
5,099,451
     
5,991,390
 
Transportation and distribution expense (4)
   
(1,362,325
)
   
(2,446,298
)
Net Operations (excluding depreciation, amortization, and accretion)
   
3,737,126
     
3,545,092
 
Total Lease Revenue, Security Distributions, Financing Revenue, and Operating Results
 
$
21,155,276
   
$
11,790,534
 
General and administrative
   
(3,289,852
)
   
(2,568,519
)
Non-Controlling Interest attributable to Adjusted EBITDA Items
   
(944,527
)
   
(969,987
)
Adjusted EBITDA
 
$
16,920,897
   
$
8,252,028
 

(3) MoGas and Omega revenues have been combined and are presented net of Omega's natural gas and propane costs subsequent to the new contract with the DOD executed on January 28, 2016, effective February 1, 2016.  In accordance with GAAP, Omega's historical Sales revenue and Cost of sales for the three months ended March 31, 2015 are presented separately, on a gross basis, in the Consolidated Statements of Income and Comprehensive Income in this quarterly report on Form 10-Q.  For ease of comparison in this results of operations discussion, Omega's historical Sales revenue, Cost of sales and Operating expenses for the three months ended March 31, 2015 are presented on a gross basis and are included in the Transportation and distribution lines in this table.
 
(4) MoGas' transportation, maintenance and administrative expenses and Omega's operating expenses and cost of sales on non-DOD customers have been combined subsequent to the new contract with the DOD executed on January 28, 2016.

Reconciliation of Adjusted EBITDA to Income Attributable to Common Stockholders
 
   
For the Three Months Ended
 
   
March 31, 2016
   
March 31, 2015
 
Adjusted EBITDA
 
$
16,920,897
   
$
8,252,028
 
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
   
117,004
     
371,323
 
Net realized and unrealized gain (loss) on securities
   
(1,629,917
)
   
419,934
 
Depreciation, amortization & accretion
   
(5,296,818
)
   
(4,048,832
)
Interest expense, net
   
(3,926,009
)
   
(1,147,272
)
Provision for loan losses
   
(4,645,188
)
   
 
Non-controlling interest attributable to depreciation, amortization, accretion, and interest expense
   
596,026
     
559,812
 
Income tax benefit (expense)
   
1,255,126
     
(320,365
)
Preferred dividend requirements
   
(1,037,109
)
   
(737,500
)
Income Attributable to Common Stockholders
 
$
2,354,012
   
$
3,349,128
 

Notes

1NAREIT FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, impairment losses of depreciable properties, real estate-related depreciation, amortization (excluding amortization of deferred financing costs or loan origination costs) and after adjustments for unconsolidated partnerships and noncontrolling interests. Adjustments for noncontrolling interests are calculated on the same basis. FFO as we have presented it here, is derived by further adjusting NAREIT FFO for distributions received from investment securities, income tax expense (benefit) from investment securities, net distributions and dividend income and net realized and unrealized gain or loss on other equity securities. CorEnergy defines AFFO as FFO Adjusted for Securities Investment plus provision from loan losses, net of tax, transaction costs, amortization of debt issuance costs, amortization of deferred leasing costs, accretion of asset retirement obligations, income tax expense (benefit) unrelated to securities investments and provision for loan losses, above market rent, noncash costs associated with derivative instruments and certain costs of non-recurring nature, less maintenance, capital expenditures (if any) amortization of debt premium and other adjustments as deemed appropriate by management.

2Contribution Margin is a non-GAAP measure defined as Total Lease Revenue, Security Distributions, Financing Revenue and Operating Results, as reported in the MD&A section of CorEnergy’s Form 10-Q. Management believes that Lease Revenue, Security Distributions, Financing Revenue and Operating Results provides investors with information that will assist them in analyzing the operating performance of our leased assets, financing notes receivable, other equity securities and operating entities. As it pertains to other equity securities, the Company believes that net distributions received are indicative of the operating performance of the assets. Reconciliations of these results to Adjusted EBITDA and to Income Attributable to Common Stockholders are included in the additional financial information attached to this press release.

Contacts
CorEnergy Infrastructure Trust, Inc.
Investor Relations
Lesley Robertshaw, 877-699-CORR (2677)
info@corridortrust.com