Annual report pursuant to Section 13 and 15(d)

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

v3.6.0.2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
12 Months Ended
Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CorEnergy Infrastructure Trust, Inc.
 
 
 
 
 
 
Initial Cost to Company
 
Costs Capitalized Subsequent to Acquisition
 
Gross Amount Carried at Close of Period 12/31/16
 
 
 
 
 
 
 
 
Description
 
Location
 
Encumbrances
 
Land
 
Building & Fixtures
 
Improvements / Adjustments (4)
 
Land
 
Building & Fixtures
 
Total
 
Accumulated Depreciation
 
Investment in Real Estate, net, at 12/31/16
 
Date Acquired
 
Life on which depreciation in latest income statement is computed
Pinedale LGS1 6
 
Pinedale, WY
 
$
8,860,577

 
$
105,485,063

 
$
125,119,062

 

 
$
105,485,063

 
$
125,119,062

 
$
230,604,125

 
$
35,762,658

 
$
194,841,467

 
2012
 
26 years
Portland Terminal Facility2 5
 
Portland, OR
 
13,417,612

 
13,700,000

 
27,961,956

 
10,000,000

 
13,700,000

 
37,961,956

 
51,661,956

 
3,468,690

 
48,193,266

 
2014
 
30 years
United Property Systems 5
 
St. Louis, MO
 
380,066

 
210,000

 
1,188,000

 
65,371

 
210,000

 
1,253,371

 
1,463,371

 
65,094

 
1,398,277

 
2014
 
40 years
Grand Isle Gathering System 3 4 5
 
Gulf of Mexico
 
66,942,322

 
960,000

 
258,471,397

 
(1,682,763
)
 
960,000

 
256,788,634

 
257,748,634

 
12,923,275

 
244,825,359

 
2015
 
30 years
 
 
 
 
$
89,600,577

 
$
120,355,063

 
$
412,740,415

 
$
8,382,608

 
$
120,355,063

 
$
421,123,023

 
$
541,478,086

 
$
52,219,717

 
$
489,258,369

 
 
 
 
(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, LCP Oregon Holdings incurred acquisition costs of $1,777,956, which are included in the total asset balance.
(3) 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.
(4) Initial costs associated with the GIGS asset include amounts capitalized related to an acquired asset retirement obligation (ARO). The negative subsequent adjustment relates to a downward revision of the ARO based on periodic reevaluation as required under FASB ASC 410-20.
(5) These 3 properties are covered by the CorEnergy Credit Facility. The amount outstanding at December 31, 2016, is $36.7 million under the term loan and $44.0 million under the revolver, which have been allocated on a pro rata basis among these properties based on total gross amount carried at the close of December 31, 2016.
(6) The amount outstanding at the Pinedale Credit Facility is $8,860,578, which represents Prudential's 18.95% share. CorEnergy's 81.05% share equals $37,897,082 which is eliminated in consolidation.
NOTES TO SCHEDULE III - CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION
Reconciliation of Real Estate and Accumulated Depreciation
 
For the Years Ended December 31,
 
2016
 
2015
 
2014
Investment in real estate:
 
 
 
 
 
Balance, beginning of year
$
543,095,478

 
$
293,823,903

 
$
244,975,206

Addition: Acquisitions and developments
65,373

 
263,398,424

 
48,848,697

Deduction: Dispositions and other1
(1,682,765
)
 
(14,126,849
)
 

Balance, end of year
$
541,478,086

 
$
543,095,478

 
$
293,823,903

Accumulated depreciation:
 
 
 
 
 
Balance, beginning of year
$
33,869,263

 
$
25,295,958

 
$
12,754,588

Addition: Depreciation
18,350,454

 
15,021,908

 
12,541,370

Deduction: Dispositions and other

 
(6,448,603
)
 

Balance, end of year
$
52,219,717

 
$
33,869,263

 
$
25,295,958

(1) The Grand Isle Gathering System had a change in estimate related to the ARO in 2016.

The aggregate cost of the properties is approximately $10,858,436 lower for federal income tax purposes at December 31, 2016. The tax basis of the properties is unaudited.