|6 Months Ended|
Jun. 30, 2021
|Subsequent Events [Abstract]|
|SUBSEQUENT EVENTS||SUBSEQUENT EVENTS
The Company performed an evaluation of subsequent events through the date of the issuance of these financial statements.
On July 6, 2021, the Company completed the Internalization transaction pursuant to which the Company acquired its manager, Corridor InfraTrust Management, LLC, following stockholder approval of the Internalization at the 2021 Annual Meeting. Pursuant to a Contribution Agreement, the Company issued to the Contributors, based on each Contributor's percentage ownership in Corridor, an aggregate of: (i) 1,153,846 shares of Common Stock, (ii) 683,761 shares of the newly created Class B Common Stock, and (iii) 170,213 depositary shares of the Company’s 7.375% Series A Cumulative Redeemable Preferred Stock.
As a result of the Internalization Transaction, the Company now (i) owns all material assets of Corridor used in the conduct of the business, and (ii) is managed by officers and employees who previously worked for Corridor. Additional information on the Internalization Transaction can be found on our Current Report in Form 8-K filed with the SEC on July 12, 2021.
Approval of Conversion of Series B Preferred Stock
Effective July 7, 2021, following stockholder approval at the 2021 Annual Meeting and in accordance with the terms of the Company's Series B Preferred Stock, the Company converted the right that the holders of Crimson Class A-2 Units would have had to exchange such units for shares of Series B Preferred Stock, into a right to exchange such units (following CPUC approval) into up to 8,733,048 shares of Class B Common Stock.
Common Stock Dividend Declaration
On July 28, 2021, the Company's Board of Directors declared a second quarter 2021 dividend of $0.05 per share for CorEnergy Common Stock, payable in cash or via the Company's DRIP. The dividend is payable on August 31, 2021 to stockholders of record on August 17, 2021.
Preferred Stock Dividend Declaration
On July 28, 2021, the Company's Board of Directors also declared a dividend of $0.4609375 per depositary share for its 7.375% Series A Preferred Stock, payable in cash. The preferred stock dividend is payable on August 31, 2021 to stockholders of record on August 17, 2021.
Class A-1 Units Distribution
On July 28, 2021, the Company's Board of Directors authorized the declaration of dividends of $0.5625 per share for its Series C Preferred stock, as if they were outstanding, payable in cash. Pursuant to the terms of Crimson's Third LLC Agreement, this determination by the Company's Board of Directors will entitle the holders of Crimson's outstanding Class A-1 Units to receive from Crimson a cash distribution of $0.5625 per share (prorated through the June 30, 2021 conversion date). The Class A-1 holders will also receive a prorated cash distribution, for the period June 30, 2021 to August 31, 2021 based on the declared Series A Preferred dividend.
Class A-2 Units Distribution
On July 28, 2021, the Company's Board of Directors authorized the declaration of dividends of $0.25 per share for its Series B Preferred stock, as if they were outstanding. Pursuant to the terms of Crimson's Third LLC Agreement this determination by the Company's Board of Directors will entitle the holders of Crimson's outstanding Class A-2 Units to receive from Crimson a distribution of $0.25 per unit (prorated through the June 30, 2021 conversion date). The distribution will be paid in-kind, as directed by the Articles Supplementary, based on a stated value of $25.00 per unit. The distribution will result in an additional 8,174 Class A-2 Units being issued to such holders. The Class A-2 unit holders will be eligible for a Class B Common Stock dividend starting in the third quarter of 2021.
Class A-3 Units
On July 28, 2021, the Board decided not to declare a dividend on Class B Common Stock, as if they were outstanding.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef