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