| 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, 2021 |
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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 |
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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 12/31/21 |
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Date Acquired |
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Life on which depreciation in latest income statement is computed |
United Property Systems (1) |
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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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$ |
128,026 |
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$ |
210,000 |
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$ |
1,316,026 |
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$ |
1,526,026 |
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$ |
258,207 |
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$ |
1,267,819 |
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2014 |
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40 years |
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$ |
— |
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$ |
210,000 |
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$ |
1,188,000 |
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$ |
128,026 |
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$ |
210,000 |
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$ |
1,316,026 |
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$ |
1,526,026 |
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$ |
258,207 |
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$ |
1,267,819 |
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(1) Property originally served as collateral under the CorEnergy Credit Facility. The CorEnergy Credit Facility was terminated on February 4, 2021. Refer to Note 14 ("Debt") for further details. |
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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2021 |
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2020 |
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2019 |
| Investment in real estate: |
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| Balance, beginning of year |
$ |
71,770,177 |
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$ |
485,037,215 |
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$ |
485,368,450 |
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Addition: Acquisitions and developments(2)
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— |
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361,196 |
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24,877 |
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Deduction: Dispositions and other(1)(3)(4)(5)
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(70,244,151) |
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(413,628,234) |
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(356,112) |
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| Balance, end of year |
$ |
1,526,026 |
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$ |
71,770,177 |
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$ |
485,037,215 |
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| Accumulated depreciation: |
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| Balance, beginning of year |
$ |
6,832,167 |
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$ |
105,825,816 |
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$ |
87,154,095 |
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| Addition: Depreciation |
182,116 |
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9,748,659 |
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18,671,721 |
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Deduction: Dispositions and other(1)(3)(4)
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(6,756,076) |
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(108,742,308) |
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— |
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| Balance, end of year |
$ |
258,207 |
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$ |
6,832,167 |
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$ |
105,825,816 |
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(1) On February 4, 2021, the Grand Isle Gathering System asset was used as partial consideration for the acquisition of its interest in Crimson resulting in its disposal with a net carrying value of $54.7 million (i.e. gross investment of $70.2 million less accumulated depreciation of $6.7 million and the asset retirement obligation value of $8.8 million ). Refer to Note 5 ("Leased Properties And Leases") for further details. |
| (2) Includes a change in estimate related to the ARO for the Grand Isle Gathering System in 2020. Refer to Note 14 ("Asset Retirement Obligation") for further details. |
(3) On March 31, 2020, the Company recognized a long-lived asset impairment for the Grand Isle Gathering System of $140.3 million (i.e. gross investment of $183.0 million less accumulated depreciation of $42.7 million). Refer to Note 5 ("Leased Properties And Leases") for further details. |
(4) On June 30, 2020, the Company sold the Pinedale LGS with a net carrying value of $164.5 million (i.e. gross investment of $230.6 million less accumulated depreciation of $66.1 million). Refer to Note 5 ("Leased Properties And Leases") for further details. |
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(5) Includes a change in estimate related to the ARO for the Grand Isle Gathering System in 2019. Refer to Note 15 ("Asset Retirement Obligation") for further details. |
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