| 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, 2020 |
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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 12/31/20 |
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Date Acquired |
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Life on which depreciation in latest income statement is computed |
| United Property Systems (3) |
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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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$ |
216,951 |
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$ |
1,309,075 |
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2014 |
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40 years |
Grand Isle Gathering System (1)(2)(3)
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Gulf of Mexico |
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— |
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960,000 |
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258,471,397 |
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(189,187,246) |
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1,040,000 |
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69,204,151 |
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70,244,151 |
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6,615,216 |
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63,628,935 |
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2015 |
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15 years |
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$ |
— |
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$ |
1,170,000 |
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$ |
259,659,397 |
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$ |
(189,059,220) |
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$ |
1,250,000 |
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$ |
70,520,177 |
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$ |
71,770,177 |
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$ |
6,832,167 |
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$ |
64,938,010 |
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(1) In connection with the asset acquisition, Grand Isle Gathering System incurred acquisition costs of $1,931,396, of which 494,361 remain in the total asset balance post-impairment. Refer to Note 3 ("Leased Properties and Leases) for further details. |
(2) The negative subsequent adjustment relates to (i) the impairment of the Grand Isle Gathering System during 2020, (ii) downward revisions of the ARO based on periodic reevaluation as required under FASB ASC 410-20 and (iii) the settlement of a portion of the ARO when a segment of the GIGS pipeline system was decommissioned during the fourth quarter of 2018. |
(3) These two properties serve as collateral under the CorEnergy Credit Facility. There are no amounts outstanding on the credit facility as of December 31, 2020. Further, the CorEnergy Credit Facility was terminated on February 4, 2021. Refer to Note 11 ("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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2020 |
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2019 |
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2018 |
| Investment in real estate: |
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| Balance, beginning of year |
$ |
485,037,215 |
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$ |
485,368,450 |
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$ |
538,112,220 |
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Addition: Acquisitions and developments(1)
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361,196 |
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24,877 |
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3,599 |
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Deduction: Dispositions and other(2)(3)(4)(5)
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(413,628,234) |
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(356,112) |
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(52,747,369) |
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| Balance, end of year |
$ |
71,770,177 |
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$ |
485,037,215 |
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$ |
485,368,450 |
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| Accumulated depreciation: |
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| Balance, beginning of year |
$ |
105,825,816 |
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$ |
87,154,095 |
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$ |
72,155,753 |
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| Addition: Depreciation |
9,748,659 |
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18,671,721 |
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20,986,461 |
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Deduction: Dispositions and other(2)(3)(4)
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(108,742,308) |
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— |
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(5,988,119) |
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| Balance, end of year |
$ |
6,832,167 |
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$ |
105,825,816 |
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$ |
87,154,095 |
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| (1) Includes a change in estimate related to the ARO for the Grand Isle Gathering System in 2020. Refer to Note 12 ("Asset Retirement Obligation") for further details. |
(2) 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 3 ("Leased Properties and Leases") for further details. |
(3) 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 3 ("Leased Properties and Leases") for further details. |
(4) On December 21, 2018, the Company sold its Portland Terminal Facility with a net carrying value of $45.7 million (i.e. gross investment of $51.7 million less accumulated depreciation of $6.0 million). Refer to Note 3 ("Leased Properties and Leases") for further details. |
| (5) Includes a change in estimate related to the ARO for the Grand Isle Gathering System in 2019 and 2018. Refer to Note 12 ("Asset Retirement Obligation") for further details. |
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