| SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CorEnergy Infrastructure Trust, Inc.
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Initial Cost to Company |
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Costs Capitalized Subsequent to Acquisition |
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Gross Amount Carried at Close of Period 12/31/16 |
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Description |
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Location |
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Encumbrances |
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Land |
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Building & Fixtures |
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Improvements / Adjustments (4)
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Land |
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Building & Fixtures |
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Total |
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Accumulated Depreciation |
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Investment in Real Estate, net, at 12/31/16 |
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Date Acquired |
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Life on which depreciation in latest income statement is computed |
Pinedale LGS1 6
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Pinedale, WY |
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$ |
8,860,577 |
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$ |
105,485,063 |
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$ |
125,119,062 |
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— |
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$ |
105,485,063 |
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$ |
125,119,062 |
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$ |
230,604,125 |
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$ |
35,762,658 |
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$ |
194,841,467 |
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2012 |
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26 years |
Portland Terminal Facility2 5
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Portland, OR |
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13,417,612 |
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13,700,000 |
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27,961,956 |
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10,000,000 |
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13,700,000 |
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37,961,956 |
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51,661,956 |
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3,468,690 |
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48,193,266 |
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2014 |
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30 years |
United Property Systems 5
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St. Louis, MO |
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380,066 |
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210,000 |
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1,188,000 |
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65,371 |
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210,000 |
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1,253,371 |
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1,463,371 |
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65,094 |
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1,398,277 |
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2014 |
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40 years |
Grand Isle Gathering System 3 4 5
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Gulf of Mexico |
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66,942,322 |
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960,000 |
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258,471,397 |
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(1,682,763 |
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960,000 |
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256,788,634 |
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257,748,634 |
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12,923,275 |
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244,825,359 |
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2015 |
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30 years |
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$ |
89,600,577 |
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$ |
120,355,063 |
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$ |
412,740,415 |
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$ |
8,382,608 |
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$ |
120,355,063 |
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$ |
421,123,023 |
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$ |
541,478,086 |
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$ |
52,219,717 |
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$ |
489,258,369 |
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(1) In connection with the asset acquisition, CorEnergy and Pinedale LP incurred acquisition costs of $2,557,910, which are included in the total asset balance. |
(2) In connection with the asset acquisition, LCP Oregon Holdings incurred acquisition costs of $1,777,956, which are included in the total asset balance. |
(3) In connection with the asset acquisition, Grand Isle Gathering System incurred acquisition costs of $1,931,396, which are included in the total asset balance. |
(4) Initial costs associated with the GIGS asset include amounts capitalized related to an acquired asset retirement obligation (ARO). The negative subsequent adjustment relates to a downward revision of the ARO based on periodic reevaluation as required under FASB ASC 410-20. |
(5) These 3 properties are covered by the CorEnergy Credit Facility. The amount outstanding at December 31, 2016, is $36.7 million under the term loan and $44.0 million under the revolver, which have been allocated on a pro rata basis among these properties based on total gross amount carried at the close of December 31, 2016. |
(6) The amount outstanding at the Pinedale Credit Facility is $8,860,578, which represents Prudential's 18.95% share. CorEnergy's 81.05% share equals $37,897,082 which is eliminated in consolidation. |
NOTES TO SCHEDULE III - CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION
Reconciliation of Real Estate and Accumulated Depreciation
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For the Years Ended December 31, |
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2016 |
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2015 |
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2014 |
Investment in real estate: |
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Balance, beginning of year |
$ |
543,095,478 |
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$ |
293,823,903 |
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$ |
244,975,206 |
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Addition: Acquisitions and developments |
65,373 |
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263,398,424 |
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48,848,697 |
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Deduction: Dispositions and other1
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(1,682,765 |
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(14,126,849 |
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— |
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Balance, end of year |
$ |
541,478,086 |
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$ |
543,095,478 |
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$ |
293,823,903 |
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Accumulated depreciation: |
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Balance, beginning of year |
$ |
33,869,263 |
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$ |
25,295,958 |
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$ |
12,754,588 |
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Addition: Depreciation |
18,350,454 |
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15,021,908 |
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12,541,370 |
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Deduction: Dispositions and other |
— |
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(6,448,603 |
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— |
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Balance, end of year |
$ |
52,219,717 |
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$ |
33,869,263 |
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$ |
25,295,958 |
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(1) The Grand Isle Gathering System had a change in estimate related to the ARO in 2016. |
The aggregate cost of the properties is approximately $10,858,436 lower for federal income tax purposes at December 31, 2016. The tax basis of the properties is unaudited.
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