CorEnergy Infrastructure Trust, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Intangibles

Intangibles

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

The Company has recorded an intangible lease asset, related to the PNM Lease Agreement, for the fair value of the amount by which the remaining contractual lease payments exceed market lease rates at the time of acquisition. The intangible lease asset is being amortized on a straight-line basis over the life of the lease term, which expires on April 1, 2015. Annual amortization of the intangible lease asset totaling $292 thousand for the years ended December 31, 2014, December 31, 2013, and November 30, 2012, and monthly amortization of $24 thousand for the one-month transition period ended December 31, 2012, is reflected in the accompanying Consolidated Statements of Income as a reduction to lease revenue. These same amounts are included in Amortization expense in the accompanying Consolidated Statements of Cash Flows. Refer to Note 4 for further discussion around the PNM Purchase Agreement.



Intangible Lease Asset
	December 31, 2014			December 31, 2013
Intangible lease asset	$	1,094,771		$	1,094,771
Accumulated amortization	(1,021,784		)	(729,847		)
Net intangible lease asset	$	72,987		$	364,924



Remaining Estimated Amortization On Intangibles
Year ending December 31,	Amount
2015	72,987
Total	$	72,987