Subsequent Events |
3 Months Ended |
|---|---|
Mar. 31, 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 and determined that no additional items require recognition or disclosure, except for the following, which all occurred on April 28, 2021:
Common Stock Dividend Declaration
The Company's Board of Directors declared a first 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 May 28, 2021 to stockholders of record on May 14, 2021.
Preferred Stock Dividend Declaration
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 May 28, 2021 to stockholders of record on May 14, 2021.
Class A-1 Units Dividend Declaration
The Company's Board of Directors also 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 unit.
Class A-2 Units Dividend Declaration
The Company's Board of Directors also authorized the declaration of dividends of $0.25 per share for its Series B Preferred stock, as if they were outstanding, intended to be payable in kind. Pursuant to the terms of Crimson's Third LLC Agreement, following approval by the Crimson Board of Managers of an amendment to enable payment in kind of distributions on Class A-2 units in the same manner as distributions on the underlying Series B Preferred, 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 cash distribution of $0.25 per unit, which is intended to be payable as an in kind distribution of an aggregate of 24,360 additional Class A-2 units to such holders based on a stated value of $25.00 per unit.
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