| 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 December 31, 2018 |
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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 12/31/18 |
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Date Acquired |
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Life on which depreciation in latest income statement is computed |
Pinedale LGS (1)(5) |
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Pinedale, WY |
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$ |
37,472,000 |
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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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$ |
53,501,538 |
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$ |
177,102,587 |
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2012 |
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26 years |
United Property Systems (4) |
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St. Louis, MO |
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— |
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210,000 |
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1,188,000 |
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78,621 |
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210,000 |
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1,266,621 |
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1,476,621 |
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138,096 |
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1,338,525 |
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2014 |
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40 years |
Grand Isle Gathering System (2)(3)(4)
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Gulf of Mexico |
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— |
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960,000 |
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258,471,397 |
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(6,143,693 |
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960,000 |
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252,327,704 |
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253,287,704 |
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33,514,461 |
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219,773,243 |
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2015 |
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27 years |
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$ |
37,472,000 |
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$ |
106,655,063 |
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$ |
384,778,459 |
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$ |
(6,065,072 |
) |
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$ |
106,655,063 |
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$ |
378,713,387 |
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$ |
485,368,450 |
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$ |
87,154,095 |
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$ |
398,214,355 |
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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, Grand Isle Gathering System incurred acquisition costs of $1,931,396, which are included in the total asset balance. |
(3) Initial costs associated with the GIGS asset include amounts capitalized related to an acquired asset retirement obligation (ARO). The negative subsequent adjustment relates to (i) downward revisions of the ARO based on periodic reevaluation as required under FASB ASC 410-20 and (ii) the settlement of a portion of the ARO when a segment of the GIGS pipeline system was decommissioned during the fourth quarter of 2018. |
(4) These 2 properties serve as collateral under the CorEnergy Credit Facility. There are no amounts outstanding on the credit facility as of December 31, 2018. |
(5) The amount outstanding for the Amended Pinedale Term Credit Facility is $37,472,000 as of December 31, 2018. |
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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2018 |
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2017 |
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2016 |
Investment in real estate: |
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Balance, beginning of year |
$ |
538,112,220 |
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$ |
541,478,086 |
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$ |
543,095,478 |
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Addition: Acquisitions and developments |
3,599 |
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9,649 |
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65,371 |
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Deduction: Dispositions and other(1)(2)
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(52,747,369 |
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(3,375,515 |
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(1,682,763 |
) |
Balance, end of year |
$ |
485,368,450 |
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$ |
538,112,220 |
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$ |
541,478,086 |
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Accumulated depreciation: |
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Balance, beginning of year |
$ |
72,155,753 |
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$ |
52,219,717 |
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$ |
33,869,263 |
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Addition: Depreciation |
20,986,461 |
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19,936,036 |
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18,350,454 |
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Deduction: Dispositions and other(2)
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(5,988,119 |
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— |
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— |
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Balance, end of year |
$ |
87,154,095 |
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$ |
72,155,753 |
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$ |
52,219,717 |
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(1) The Grand Isle Gathering System had a change in estimate related to the ARO in 2018, 2017 and 2016. Refer to Note 12 ("Asset Retirement Obligation") for further details. |
(2) On December 21, 2018, the Company sold its Portland Terminal Facility with a net carrying value of $45.7 million (i.e. gross investment of $51.7 million less accumulated depreciation of $6.0 million). Refer to Note 3 ("Leased Properties and Leases") for further details. |
The aggregate cost of the properties is approximately $4.2 million lower for federal income tax purposes at December 31, 2018. The tax basis of the properties is unaudited.
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