Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Feb. 26, 2020 |
Jun. 28, 2019 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CorEnergy Infrastructure Trust, Inc. | ||
Entity Central Index Key | 0001347652 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | false | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 506,662,643 | ||
Entity Common Stock, Shares Outstanding | 13,651,521 |
Consolidated Balance Sheets (Parenthetical) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Accumulated depreciation, leased property | $ 105,825,816 | $ 87,154,095 |
Accumulated depreciation, property and equipment | 19,304,610 | 15,969,346 |
Accumulated amortization, deferred costs | 1,956,710 | 1,290,236 |
Reserve for financing notes and related accrued interest receivable | $ 600,000 | $ 600,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | |
Preferred stock, authorized (in shares) | 10,000,000 | |
Preferred stock, outstanding (in shares) | 50,197 | |
Capital stock non-convertible, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Capital stock non-convertible, shares issued (in shares) | 13,638,916 | 11,960,225 |
Capital stock non-convertible, shares outstanding (in shares) | 13,638,916 | 11,960,225 |
Capital stock non-convertible, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Series A Cumulative Redeemable Preferred Stock | ||
Preferred stock interest rate | 7.375% | 7.375% |
Preferred stock, liquidation preference | $ 125,493,175 | $ 125,555,675 |
Preferred stock, liquidation preference (in dollars per share) | $ 2,500 | $ 2,500 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 50,197 | 50,222 |
Preferred stock, outstanding (in shares) | 50,197 | 50,222 |
Convertible Debt | ||
Unamortized discount and debt issuance costs | $ 3,768,504 | $ 1,180,729 |
Secured Debt | ||
Deferred debt financing costs, net | $ 158,070 | $ 210,891 |
Consolidated Statements of Income and Comprehensive Income - USD ($) |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Revenue | |||||||
Lease revenue | $ 67,050,506 | ||||||
Lease revenue | $ 18,487,661 | $ 18,391,983 | $ 18,275,859 | $ 17,591,859 | $ 72,747,362 | $ 68,803,804 | |
Total Revenue | 22,900,039 | 22,636,705 | 22,150,016 | 21,544,838 | 85,945,570 | 89,231,598 | 88,749,377 |
Expenses | |||||||
Transportation and distribution expenses | 1,861,329 | 2,241,999 | 1,534,524 | 1,572,896 | 5,242,244 | 7,210,748 | 6,729,707 |
General and administrative | 4,161,533 | 3,046,481 | 3,107,776 | 2,727,057 | 10,596,848 | 13,042,847 | 10,786,497 |
Depreciation, amortization and ARO accretion expense | 6,078,582 | 6,289,459 | 6,290,082 | 6,289,330 | 22,581,942 | 24,947,453 | 24,047,710 |
Provision for loan gain | (536,867) | 0 | 0 | 500,000 | 0 | (36,867) | 0 |
Total Expenses | 11,564,577 | 11,577,939 | 10,932,382 | 11,089,283 | 38,421,034 | 45,164,181 | 41,563,914 |
Operating Income | 11,335,462 | 11,058,766 | 11,217,634 | 10,455,555 | 47,524,536 | 44,067,417 | 47,185,463 |
Other Income (Expense) | |||||||
Net distributions and other income | 41,503 | 5,627 | 55,714 | 3,951 | 1,328,853 | 106,795 | 680,091 |
Net realized and unrealized gain (loss) on other equity securities | (48,028) | (930,147) | (881,100) | 13,966 | 0 | (1,845,309) | 1,531,827 |
Interest expense | (3,168,583) | (3,183,589) | (3,196,248) | (3,210,590) | (10,578,711) | (12,759,010) | (12,378,514) |
Gain on the sale of leased property, net | 11,723,257 | 0 | 0 | 0 | 0 | 11,723,257 | 0 |
Loss on extinguishment of debt | (33,960,565) | 0 | (336,933) | ||||
Total Other Expense | 8,548,149 | (4,108,109) | (4,021,634) | (3,192,673) | (43,210,423) | (2,774,267) | (10,503,529) |
Income before income taxes | 19,883,611 | 6,950,657 | 7,196,000 | 7,262,882 | 4,314,113 | 41,293,150 | 36,681,934 |
Taxes | |||||||
Current tax expense (benefit) | (530,659) | (8,393) | (10,785) | (35,549) | (120,024) | (585,386) | 2,831,658 |
Deferred tax expense (benefit) | (81,725) | (738,274) | (604,064) | (409,277) | 354,642 | (1,833,340) | (486,340) |
Income tax expense (benefit), net | (612,384) | (746,667) | (614,849) | (444,826) | 234,618 | (2,418,726) | 2,345,318 |
Net Income | 4,079,495 | 43,711,876 | 34,336,616 | ||||
Less: Net Income attributable to non-controlling interest | 0 | 0 | 1,733,826 | ||||
Net Income attributable to CorEnergy Stockholders | 20,495,995 | 7,697,324 | 7,810,849 | 7,707,708 | 4,079,495 | 43,711,876 | 32,602,790 |
Preferred dividend requirements | 2,357,752 | 2,396,875 | 2,396,875 | 2,396,875 | 9,255,468 | 9,548,377 | 7,953,988 |
Net Income (Loss) attributable to Common Stockholders | $ 18,138,243 | $ 5,300,449 | $ 5,413,974 | $ 5,310,833 | (5,175,973) | 34,163,499 | 24,648,802 |
Net Income | 4,079,495 | 43,711,876 | 34,336,616 | ||||
Other comprehensive income: | |||||||
Changes in fair value of qualifying hedges / AOCI attributable to CorEnergy stockholders | 0 | 0 | 11,196 | ||||
Changes in fair value of qualifying hedges / AOCI attributable to non-controlling interest | 0 | 0 | 2,617 | ||||
Net Change in Other Comprehensive Income | 0 | 0 | 13,813 | ||||
Total Comprehensive Income | 4,079,495 | 43,711,876 | 34,350,429 | ||||
Less: Comprehensive income attributable to non-controlling interest | 0 | 0 | 1,736,443 | ||||
Comprehensive Income attributable to CorEnergy Stockholders | $ 4,079,495 | $ 43,711,876 | $ 32,613,986 | ||||
Earnings (Loss) Per Common Share: | |||||||
Basic (in dollars per share) | $ 1.52 | $ 0.44 | $ 0.45 | $ 0.45 | $ (0.40) | $ 2.86 | $ 2.07 |
Diluted (in dollars per share) | $ 1.32 | $ 0.44 | $ 0.45 | $ 0.45 | $ (0.40) | $ 2.79 | $ 2.07 |
Weighted Average Shares of Common Stock Outstanding: | |||||||
Basic (in shares) | 13,041,613 | 11,935,021 | 11,900,516 | ||||
Diluted (in shares) | 13,041,613 | 15,389,180 | 11,900,516 | ||||
Dividends declared per share (in dollars per share) | $ 3.000 | $ 3.000 | $ 3.000 | ||||
Transportation and distribution revenue | |||||||
Revenue | |||||||
Revenue | $ 4,412,378 | $ 4,244,722 | $ 3,874,157 | $ 3,952,979 | $ 18,778,237 | $ 16,484,236 | $ 19,945,573 |
Financing revenue | |||||||
Revenue | |||||||
Revenue | $ 116,827 | $ 0 | $ 0 |
Consolidated Statements of Equity - USD ($) |
Total |
Capital Stock |
Preferred Stock |
Additional Paid-in Capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings (Deficit) |
Non-Controlling Interest |
Series A Cumulative Redeemable Preferred Stock |
Series A Cumulative Redeemable Preferred Stock
Preferred Stock
|
Series A Cumulative Redeemable Preferred Stock
Additional Paid-in Capital
|
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2016 | 11,886,216 | ||||||||||||||||
Beginning balance at Dec. 31, 2016 | $ 433,909,480 | $ 11,886 | $ 56,250,000 | $ 350,217,746 | $ (11,196) | $ 0 | $ 27,441,044 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income | 34,336,616 | 32,602,790 | 1,733,826 | ||||||||||||||
Amortization related to de-designated cash flow hedges | 13,813 | 11,196 | 2,617 | ||||||||||||||
Total Comprehensive Income | 34,350,429 | 11,196 | 32,602,790 | 1,736,443 | |||||||||||||
Issuance of Series A preferred stock | $ 71,161,531 | $ 73,750,000 | $ (2,588,469) | ||||||||||||||
Series A preferred stock dividends | (8,227,734) | (727,001) | (7,500,733) | ||||||||||||||
Common stock dividends | (35,694,200) | (10,592,143) | (25,102,057) | ||||||||||||||
Common stock issued under director's compensation plan (in shares) | 1,979 | ||||||||||||||||
Common stock issued under director's compensation plan | 67,500 | $ 2 | 67,498 | ||||||||||||||
Distributions to Non-controlling interest | (1,833,650) | (1,833,650) | |||||||||||||||
Purchase of non-controlling interest | (32,910,032) | (5,566,195) | (27,343,837) | ||||||||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 27,635 | ||||||||||||||||
Reinvestment of dividends paid to common stockholders | 962,308 | $ 28 | 962,280 | ||||||||||||||
Ending balance (in shares) at Dec. 31, 2017 | 11,915,830 | ||||||||||||||||
Ending balance at Dec. 31, 2017 | 461,785,632 | $ 11,916 | 130,000,000 | 331,773,716 | 0 | 0 | 0 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income | 43,711,876 | 43,711,876 | |||||||||||||||
Total Comprehensive Income | 43,711,876 | ||||||||||||||||
Series A preferred stock dividends | (9,587,500) | (9,587,500) | |||||||||||||||
Preferred stock repurchases | [1] | (4,275,553) | (4,444,325) | 158,218 | 10,554 | ||||||||||||
Common stock dividends | (35,793,889) | (10,806,660) | (24,987,229) | ||||||||||||||
Common stock issued under director's compensation plan (in shares) | 1,807 | ||||||||||||||||
Common stock issued under director's compensation plan | 67,500 | $ 2 | 67,498 | ||||||||||||||
Common stock issued upon conversion of convertible notes (in shares) | 1,271 | ||||||||||||||||
Common stock issued upon conversion of convertible notes | 42,654 | $ 1 | 42,653 | 0 | |||||||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 41,317 | ||||||||||||||||
Reinvestment of dividends paid to common stockholders | $ 1,509,830 | $ 41 | 1,509,789 | ||||||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 11,960,225 | 11,960,225 | [2] | ||||||||||||||
Ending balance at Dec. 31, 2018 | [2] | $ 455,011,305 | $ 11,960 | 125,555,675 | 320,295,969 | 0 | 9,147,701 | 0 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income | 4,079,495 | 4,079,495 | 0 | ||||||||||||||
Total Comprehensive Income | 4,079,495 | ||||||||||||||||
Series A preferred stock dividends | (9,255,121) | (4,627,561) | (4,627,560) | ||||||||||||||
Preferred stock repurchases | [3] | (60,550) | (62,500) | 2,195 | (245) | ||||||||||||
Common stock dividends | (39,504,487) | (21,293,224) | (18,211,263) | ||||||||||||||
Common stock issued upon exchange of convertible notes (in shares) | 1,540,472 | ||||||||||||||||
Common stock issued upon exchange of convertible notes | 61,871,302 | $ 1,540 | 61,869,762 | ||||||||||||||
Common stock issued upon conversion of convertible notes (in shares) | 127,143 | ||||||||||||||||
Common stock issued upon conversion of convertible notes | 4,193,664 | $ 128 | 4,193,536 | ||||||||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 11,076 | ||||||||||||||||
Reinvestment of dividends paid to common stockholders | $ 403,831 | $ 11 | 403,820 | ||||||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 13,638,916 | 13,638,916 | |||||||||||||||
Ending balance at Dec. 31, 2019 | $ 476,739,439 | $ 13,639 | $ 125,493,175 | $ 360,844,497 | $ 0 | $ (9,611,872) | $ 0 | ||||||||||
|
Consolidated Statements of Equity (Parenthetical) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Statement of Stockholders' Equity [Abstract] | ||
Increase (decrease) in preferred dividends | $ 245 | $ (10,554) |
Consolidated Statements of Cash Flow - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Operating Activities | |||
Net Income | $ 4,079,495 | $ 43,711,876 | $ 34,336,616 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred income tax, net | 354,642 | (1,845,710) | (486,340) |
Depreciation, amortization and ARO accretion | 23,808,083 | 26,361,907 | 25,708,891 |
Gain on sale of leased property, net | 0 | (11,723,257) | 0 |
Provision for loan gain | 0 | (36,867) | 0 |
Loss on extinguishment of debt | 33,960,565 | 0 | 336,933 |
Non-cash settlement of accounts payable | 0 | 0 | (221,609) |
(Gain) loss on sale of equipment | (7,390) | (8,416) | 4,203 |
Net distributions and other income, including recharacterization of income | 0 | 0 | 148,649 |
Net realized and unrealized (gain) loss on other equity securities | 0 | 1,845,309 | (1,531,827) |
Loss on settlement of asset retirement obligation | 0 | 310,941 | 0 |
Common stock issued under directors' compensation plan | 0 | 67,500 | 67,500 |
Changes in assets and liabilities: | |||
Increase in deferred rent receivables | (3,915,347) | (7,038,848) | (7,184,005) |
(Increase) decrease in accounts and other receivables | 940,009 | (1,297,207) | 752,848 |
(Increase) decrease in prepaid expenses and other assets | (136,108) | 73,505 | (16,717) |
Increase (decrease) in management fee payable | (161,663) | 83,187 | 13,402 |
Increase (decrease) in accounts payable and other accrued liabilities | 2,517,069 | 476,223 | (225,961) |
Increase (decrease) in income tax liability | 0 | (2,204,626) | 2,204,626 |
Increase (decrease) in unearned revenue | 339,749 | (152,777) | 2,884,362 |
Net cash provided by operating activities | 61,779,104 | 48,622,740 | 56,791,571 |
Investing Activities | |||
Proceeds from the sale of leased property | 0 | 55,553,975 | 0 |
Proceeds from sale of other equity securities | 0 | 449,067 | 7,591,166 |
Purchases of property and equipment, net | (372,934) | (105,357) | (116,595) |
Proceeds from asset sale | 7,000 | 17,999 | 0 |
Principal payment on financing note receivable | 65,000 | 236,867 | 0 |
Principal payment on note receivable | 5,000,000 | 0 | 0 |
Return of capital on distributions received | 0 | 663,939 | 120,906 |
Net cash provided by investing activities | 4,699,066 | 56,816,490 | 7,595,477 |
Financing Activities | |||
Debt financing costs | (372,759) | (264,010) | (1,462,741) |
Net offering proceeds on Series A preferred stock | 0 | 0 | 71,161,531 |
Cash paid for extinguishment of convertible notes | (78,939,743) | 0 | 0 |
Net offering proceeds on convertible debt | 116,355,125 | 0 | 0 |
Repurchases of Series A preferred stock | (60,550) | (4,275,553) | 0 |
Dividends paid on Series A preferred stock | (9,255,121) | (9,587,500) | (8,227,734) |
Dividends paid on common stock | (39,100,656) | (34,284,059) | (34,731,892) |
Distributions to non-controlling interest | 0 | 0 | (1,833,650) |
Advances on revolving line of credit | 0 | 0 | 10,000,000 |
Payments on revolving line of credit | 0 | 0 | (54,000,000) |
Proceeds from term debt | 0 | 0 | 41,000,000 |
Principal payments on secured credit facilities | (3,528,000) | (3,528,000) | (45,600,577) |
Purchase of non-controlling interest | 0 | 0 | (32,800,000) |
Net cash used in financing activities | (14,901,704) | (51,939,122) | (56,495,063) |
Net Change in Cash and Cash Equivalents | 51,576,466 | 53,500,108 | 7,891,985 |
Cash and Cash Equivalents at beginning of period | 69,287,177 | 15,787,069 | 7,895,084 |
Cash and Cash Equivalents at end of period | 120,863,643 | 69,287,177 | 15,787,069 |
Supplemental Disclosure of Cash Flow Information | |||
Interest paid | 6,834,439 | 11,200,835 | 10,780,150 |
Income taxes paid (net of refunds) | 89,433 | 2,136,563 | 199,772 |
Non-Cash Investing Activities | |||
Note receivable in consideration of the sale of leased property | 0 | 5,000,000 | 0 |
Investment in other equity securities | 0 | 0 | (1,161,034) |
Non-Cash Financing Activities | |||
Change in accounts payable and accrued expenses related to debt financing costs | 0 | (255,037) | 255,037 |
Reinvestment of distributions by common stockholders in additional common shares | 403,831 | 1,509,830 | 962,308 |
Common stock issued upon exchange and conversion of convertible notes | $ 66,064,966 | $ 42,654 | $ 0 |
Introduction and Basis of Presentation |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
INTRODUCTION AND BASIS OF PRESENTATION | INTRODUCTION AND BASIS OF PRESENTATION Introduction CorEnergy Infrastructure Trust, Inc. (referred to as "CorEnergy" or "the Company"), was organized as a Maryland corporation and commenced operations on December 8, 2005. The Company's common shares are listed on the New York Stock Exchange ("NYSE") under the symbol "CORR" and its depositary shares representing Series A Preferred Stock are listed on the NYSE under the symbol "CORR PrA". The Company is primarily focused on acquiring and financing real estate assets within the U.S. energy infrastructure sector and concurrently entering into long-term triple-net participating leases with energy companies. The Company also may provide other types of capital, including loans secured by energy infrastructure assets. Targeted assets include pipelines, storage tanks, transmission lines, and gathering systems, among others. These sale-leaseback or real property mortgage transactions provide the energy company with a source of capital that is an alternative to other sources such as corporate borrowing, bond offerings, or equity offerings. Many of the Company's leases contain participation features in the financial performance or value of the underlying infrastructure real property asset. The triple-net lease structure requires that the tenant pay all operating expenses of the business conducted by the tenant, including real estate taxes, insurance, utilities, and expenses of maintaining the asset in good working order. CorEnergy considers its investments in these energy infrastructure assets to be a single business segment and reports them accordingly in its financial statements. Basis of Presentation The accompanying consolidated financial statements include CorEnergy accounts and the accounts of its wholly-owned subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") set forth in the Accounting Standards Codification ("ASC"), as published by the Financial Accounting Standards Board ("FASB"), and with the Securities and Exchange Commission ("SEC") instructions to Form 10-K. The accompanying consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. There were no adjustments that, in the opinion of management, were not of a normal and recurring nature. All intercompany transactions and balances have been eliminated in consolidation, and the Company's net earnings have been reduced by the portion of net earnings attributable to non-controlling interests, when applicable. The FASB issued ASU 2015-02 Consolidations (Topic 810) - Amendments to the Consolidation Analysis ("ASU 2015-02"), which amended previous consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities are considered a variable interest entity ("VIE") unless the limited partners hold substantive kick-out rights or participating rights. Management determined that Pinedale LP and Grand Isle Corridor LP are VIEs under the amended guidance because the limited partners of both partnerships lack both substantive kick-out rights and participating rights. As such, management evaluated the qualitative criteria under FASB ASC Topic 810 in conjunction with ASU 2015-02 to make a determination whether these partnerships should be consolidated in the Company's financial statements. ASC Topic 810-10 requires the primary beneficiary of a variable interest entity's activities to consolidate the VIE. The primary beneficiary is identified as the enterprise that has a) the power to direct the activities of the VIE that most significantly impact the entity's economic performance and b) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. The standard requires an ongoing analysis to determine whether the variable interest gives rise to a controlling financial interest in the VIE. Based on the general partners' roles and rights as afforded by the partnership agreements and its exposure to losses and benefits of each of the partnerships through its significant limited partner interests, management determined that CorEnergy is the primary beneficiary of both Pinedale LP and Grand Isle Corridor LP. Based upon this evaluation and the Company's 100 percent ownership interest in Pinedale LP (2018-2019) and Grand Isle Corridor LP (2017-2019) and the majority ownership interest in Pinedale LP (2017) of the limited partnership interests, the consolidated financial statements presented include full consolidation with respect to both partnerships. |
Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES A. Use of Estimates – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. B. Leased Property and Leases – In February of 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02" or "ASC 842"), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The Company adopted ASC 842 effective January 1, 2019 using the modified retrospective approach by applying the transition provisions at the beginning of the period of adoption. The adoption of the new standard resulted in the recording of right-of-use assets and lease liabilities of approximately $75 thousand each, included in prepaid expenses and other assets and accounts payable and other accrued liabilities, respectively, as of January 1, 2019. There was no difference between the right-of-use assets and lease liabilities resulting in an adjustment to retained earnings. Refer to Note 3 ("Leased Properties And Leases") for further details of the ASC 842 adoption impact. The standard did not materially impact the Company's Consolidated Statements of Income and had no impact on the Consolidated Statements of Cash Flows. The Company will continue to apply legacy guidance in ASC 840, "Leases," including its disclosure requirements, in the comparative periods presented in the year of adoption. In adopting ASC 842, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the carry forward of historical lease classification. For the underlying lessee asset class related to single-use office space, the Company also elected the lessee separation and allocation practical expedient to not separate lease and non-lease components and instead to account for each separate lease component and non-lease component as a single lease component. For the underlying lessor asset class related to pipelines residing on military bases, the Company elected the lessor separation and allocation practical expedient to not separate lease and non-lease components and instead to account for each separate lease component and non-lease component as a single lease component if the non-lease components otherwise will be accounted for in accordance with the revenue standard, and both the following criteria are met: (i) the timing and pattern of revenue recognition are the same for the non-lease component(s) and the related lease component and (ii) the lease component will be classified as an operating lease. Additionally, the Company elected the practical expedient related to land easements, allowing the carry forward of accounting treatment for land easements on existing agreements, which are currently accounted for within property, plant and equipment. The Company's current leased properties are classified as operating leases and are recorded as leased property, net of accumulated depreciation, in the Consolidated Balance Sheets. Initial direct costs incurred in connection with the creation and execution of a lease prior to January 1, 2019 are capitalized and amortized over the lease term. The Company did not reassess initial indirect cost as it elected the package of practical expedients. Subsequent to January 1, 2019, initial direct costs under ASC 842 are incremental costs of a lease that would not have been incurred if the lease had not been obtained and may include commissions or payments made to an existing tenant as an incentive to terminate its lease. Base rent related to the Company's leased property is recognized on a straight-line basis over the term of the lease when collectability is probable. Participating rent is recognized when it is earned, based on the achievement of specified performance criteria. Base and participating rent are recorded as lease revenue in the Consolidated Statements of Income. Rental payments received in advance are classified as unearned revenue and included as a liability within the Consolidated Balance Sheets. Unearned revenue is amortized ratably over the lease period as revenue recognition criteria are met. Rental payments received in arrears are accrued and classified as deferred rent receivable and included in assets within the Consolidated Balance Sheets. Under the Company's triple-net leases, the tenant is required to pay property taxes and insurance directly to the applicable third-party provider. Consistent with guidance in ASC 842, the Company will present the cost and the lessee's direct payment to the third-party under the triple-net leases on a net basis in the Consolidated Statements of Income. C. Property and Equipment – Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the asset. Expenditures for repairs and maintenance are charged to operations as incurred, and improvements, which extend the useful lives of assets, are capitalized and depreciated over the remaining estimated useful life of the asset. The Company initially records long-lived assets at their purchase price plus any direct acquisition costs, unless the transaction is accounted for as a business combination, in which case the acquisition costs are expensed as incurred. If the transaction is accounted for as a business combination, the Company allocates the purchase price to the acquired tangible and intangible assets and liabilities based on their estimated fair values. D. Long-Lived Asset Impairment – The Company's long-lived assets consist primarily of a subsea midstream pipeline system, liquids gathering system and natural gas pipelines that have been obtained through asset acquisitions and a business combination. Management continually monitors its business, the business environment and performance of its operations to determine if an event has occurred that indicates that the carrying value of a long-lived asset may be impaired. When a triggering event occurs, which is a determination that involves judgment, management utilizes cash flow projections to assess its ability to recover the carrying value of its assets based on the Company's long-lived assets' ability to generate future cash flows on an undiscounted basis. This differs from the evaluation of goodwill, for which the recoverability assessment utilizes fair value estimates that include discounted cash flows in the estimation process and accordingly any goodwill impairment recognized may not be indicative of a similar impairment of the related underlying long-lived assets. Management's projected cash flows of long-lived assets are primarily based on contractual cash flows relating to existing leases that extend many years into the future. If those cash flow projections indicate that the long-lived asset's carrying value is not recoverable, management records an impairment charge for the excess of carrying value of the asset over its fair value. The estimate of fair value considers a number of factors, including the potential value that would be received if the asset were sold, discount rates and projected cash flows. Due to the imprecise nature of these projections and assumptions, actual results can differ from management's estimates. There were no impairments of long-lived assets recorded during the years ended December 31, 2019, 2018 or 2017. E. Financing Notes Receivable – Financing notes receivable are presented at face value plus accrued interest receivable and deferred loan origination costs and net of related direct loan origination income. Each quarter the Company reviews its financing notes receivable to determine if the balances are realizable based on factors affecting the collectability of those balances. Factors may include credit quality, timeliness of required periodic payments, past due status and management discussions with obligors. The Company evaluates the collectability of both interest and principal of each of its loans to determine if an allowance is needed. An allowance will be recorded when based on current information and events, the Company determines it is probable that it will be unable to collect all amounts due according to the existing contractual terms. If the Company does determine an allowance is necessary, the amount deemed uncollectable is expensed in the period of determination. An insignificant delay or shortfall in the amount of payments does not necessarily result in the recording of an allowance. Generally, when interest and/or principal payments on a loan become past due, or if the Company does not otherwise expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will typically cease recognizing financing revenue on that loan until all principal and interest have been brought current. Interest income recognition is resumed if and when the previously reserved-for financing notes become contractually current and performance has been demonstrated. Payments received subsequent to the recording of an allowance will be recorded as a reduction to principal. During the years ended December 31, 2019, 2018 and 2017, the Company recorded provisions for loan gain of approximately $0, $37 thousand and $0, respectively. The Company's financing notes receivable are discussed more fully in Note 5 ("Financing Notes Receivable"). F. Investment Securities – The Company's investments in securities were classified as other equity securities and represented interests in private companies which the Company elected to report at fair value under the fair value option. These investments were subject to restrictions on resale, have no established trading market and were valued on a quarterly basis. Because of the inherent uncertainty of valuation, the fair values of such investments, which were determined in accordance with procedures approved by the Company's Board of Directors, may differ materially from the values that would have been used had a ready market existed for the investments. The Company determines fair value to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has determined the principal market, or the market in which the Company exits its private portfolio investments with the greatest volume and level of activity, to be the private secondary market. Typically, private companies are bought and sold based on multiples of EBITDA, cash flows, net income, revenues, or in limited cases, book value. For private company investments, value is often realized through a liquidity event. As a result of the sale or disposition of the Company's other equity securities in 2018, the Company no longer holds investments in other equity securities as of December 31, 2019 and 2018. G. Fair Value Measurements – FASB ASC 820, Fair Value Measurements and Disclosure ("ASC 820"), defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Various inputs are used in determining the fair value of the Company's assets and liabilities. These inputs are summarized in the three broad levels listed below:
See Note 10 ("Fair Value") for further discussion of the Company's fair value measurements. H. Cash and Cash Equivalents – The Company maintains cash balances at financial institutions in amounts that regularly exceed FDIC insured limits. The Company's cash equivalents are comprised of short-term, liquid money market instruments. I. Accounts and other receivables – Accounts receivable are presented at face value net of an allowance for doubtful accounts within accounts and other receivables on the balance sheet. Accounts are considered past due based on the terms of sale with the customers. The Company reviews accounts for collectability based on an analysis of specific outstanding receivables, current economic conditions and past collection experience. For the years ended December 31, 2019 and 2018, the Company determined that an allowance for doubtful accounts was not necessary. J. Deferred rent receivables – Lease receivables are determined according to the terms of the lease agreements entered into by the Company and its lessees, as discussed within Note 3 ("Leased Properties And Leases"). Lease receivables primarily represent timing differences between straight-line revenue recognition and contractual lease receipts. As of December 31, 2019, lease payments by the Company's tenants have remained timely and without lapse. K. Goodwill – Goodwill represents the excess of the amount paid for the MoGas business over the fair value of the net identifiable assets acquired. To comply with ASC 350, Intangibles - Goodwill and Other ("ASC 350"), the Company performs an impairment test for goodwill annually, or more frequently in the event that a triggering event has occurred. December 31st is the Company's annual testing date associated with its MoGas reporting unit. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies how an entity is required to test goodwill for impairment by eliminating step two from the goodwill impairment test. Effective January 1, 2017, the Company elected to early adopt this standard. In accordance with ASC 350, a company may elect to perform a qualitative assessment to determine whether the quantitative impairment test is required. If the company elects to perform a qualitative assessment, the quantitative impairment test is required only if the conclusion is that it is more likely than not that the reporting unit's fair value is less than its carrying amount. If a company bypasses the qualitative assessment, the quantitative goodwill impairment test should be followed in step one. Step one compares the fair value of the reporting unit to its carrying value to identify and measure any potential impairment. The reporting unit fair value is based upon consideration of various valuation methodologies, one of which is projecting future cash flows discounted at rates commensurate with the risks involved ("Discounted Cash Flow" or "DCF"). Assumptions used in a DCF require the exercise of significant judgment, including judgment about appropriate discount rates and terminal values, growth rates and the amount and timing of expected future cash flows. Forecasted cash flows require management to make judgments and assumptions, including estimates of future volumes and rates. Declines in volumes or rates from those forecasted, or other changes in assumptions, may result in a change in management's estimate and result in an impairment. For the year ended December 31, 2019 annual impairment test, management proceeded directly to the step one quantitative approach as a result of the MoGas FERC rate case settlement approved in August of 2019. As of the December 31, 2019 testing date, the fair value of the MoGas reporting unit was determined to be greater than its carrying value and no impairment was recorded. The Company elected to perform a qualitative goodwill impairment assessment for the years ended December 31, 2018 and 2017. In performing the qualitative assessment, the Company analyzed the key drivers and other external factors that impact the business in order to determine if any significant events, transactions or other factors had occurred or were expected to occur that would impair earnings or competitiveness, therefore impairing the fair value of the MoGas reporting unit. After assessing the totality of events and circumstances, it was determined that it was not more likely than not that the fair value of the MoGas reporting unit was less than the carrying value, and so it was not necessary to perform the quantitative step one valuation. Key drivers that were considered in the qualitative evaluation of the MoGas reporting unit included: general economic conditions, continued recovery of the energy markets, natural gas pricing, input costs, liquidity and capital resources and customer outlook. L. Debt Discount and Debt Issuance Costs – Costs incurred for the issuance of new debt are capitalized and amortized into interest expense over the debt term. Issuance costs related to long-term debt are recorded as a direct deduction from the carrying amount of that debt liability, net of accumulated amortization. Issuance costs related to line-of-credit arrangements however, are presented as an asset instead of a direct deduction from the carrying amount of the debt. In accordance with ASC 470, Debt ("ASC 470"), the Company recorded its Convertible Notes at the aggregate principal amount, less discount. The Company is amortizing the debt discount over the life of the Convertible Notes as additional non-cash interest expense utilizing the effective interest method. Refer to Note 11 ("Debt") for additional information. M. Asset Retirement Obligations – The Company follows ASC 410-20, Asset Retirement Obligations, which requires that an asset retirement obligation ("ARO") associated with the retirement of a long-lived asset be recognized as a liability in the period in which it is incurred and becomes determinable, with an offsetting increase in the carrying amount of the associated asset. The Company recognized an existing ARO in conjunction with the acquisition of the GIGS in June of 2015. The Company measures changes in the ARO liability due to passage of time by applying an interest method of allocation to the amount of the liability at the beginning of the period. The increase in the carrying amount of the liability is recognized as an expense classified as an operating item in the Consolidated Statements of Income, hereinafter referred to as ARO accretion expense. The Company periodically reassesses the timing and amount of cash flows anticipated associated with the ARO and adjusts the fair value of the liability accordingly under the guidance in ASC 410-20. The fair value of the obligation at the acquisition date was capitalized as part of the carrying amount of the related long-lived assets and is being depreciated over the asset's remaining useful life. The useful lives of most pipeline gathering systems are primarily derived from available supply resources and ultimate consumption of those resources by end users. Adjustments to the ARO resulting from reassessments of the timing and amount of cash flows will result in changes to the retirement costs capitalized as part of the carrying amount of the asset. Upon decommissioning of the ARO or a portion thereof, the Company reduces the fair value of the liability and recognizes a (gain) loss on settlement of ARO as an operating item in the Consolidated Statements of Income for the difference between the liability and actual decommissioning costs incurred. Refer to Note 12 ("Asset Retirement Obligation") for additional information. N. Revenue Recognition – In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09" or "ASC 606"), which became effective for all public entities on January 1, 2018. ASC 606 supersedes previously existing revenue recognition standards with a single model unless those contracts are within the scope of other standards (e.g. leases). The model requires an entity to recognize as revenue the amount of consideration to which it expects to be entitled for the transfer of promised goods or services to customers. A substantial portion of the Company's revenue consists of rental income from leasing arrangements, which is specifically excluded from ASC 606. However, the Company's transportation and distribution revenue is within the scope of the new guidance. The Company adopted ASC 606 effective on January 1, 2018 using the modified retrospective method. The Company elected to apply the guidance only to open contracts as of the effective date. The Company recognized the cumulative effect of applying the new standard as an adjustment to the opening balance of stockholders' equity. The comparative information has not been restated and continues to be reported under accounting standards in effect for those periods. Refer to Note 4 ("Transportation And Distribution Revenue") for further discussion of the transition impact and related disclosures under ASC 606. Specific recognition policies for the Company's revenue items are as follows:
O. Transportation and distribution expense – Included here are both MoGas' costs of operating and maintaining the natural gas transmission line and Omega's costs of operating and maintaining the natural gas distribution system. These costs are incurred both internally and externally. The internal costs relate to system control, pipeline operations, maintenance, insurance and taxes. Other internal costs include payroll for employees associated with gas control, field employees and management. The external costs consist of professional services such as audit and accounting, legal and regulatory and engineering. Historically, Omega's amounts paid for gas and propane delivered to customers were presented as cost of sales. Beginning February 1, 2016, under a new contract with the DOD, amounts paid by Omega for gas and propane are netted against sales and are presented in the transportation and distribution revenue line. See paragraph (N) above. P. Other Income Recognition – Specific policies for the Company's other income items are as follows:
Q. Asset Acquisition Expenses – Costs incurred in connection with the research of real property acquisitions not accounted for as business combinations are expensed until it is determined that the acquisition of the real property is probable. Upon such determination, costs incurred in connection with the acquisition of the property are capitalized as described in paragraph (C) above. Deferred costs related to an acquisition that the Company has determined, based on management's judgment, not to pursue are expensed in the period in which such determination is made. Costs incurred in connection with a business combination are expensed as incurred. R. Offering Costs – Offering costs related to the issuance of common or preferred stock are charged to additional paid-in capital when the stock is issued. S. Earnings Per Share – Basic earnings per share ("EPS") is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the period except for periods of net loss for which no common share equivalents are included because their effect would be anti-dilutive. Dilutive common equivalent shares consist of shares issuable upon conversion of the Convertible Notes calculated using the if-converted method. T. Federal and State Income Taxation – In 2013 the Company qualified for REIT status, and in March 2014 elected (effective as of January 1, 2013), to be treated as a REIT for federal income tax purposes. Because certain of its assets may not produce REIT-qualifying income or be treated as interests in real property, those assets are held in wholly-owned TRSs in order to limit the potential that such assets and income could prevent the Company from qualifying as a REIT. As a REIT, the Company holds and operates certain of its assets through one or more wholly-owned TRSs. The Company's use of TRSs enables it to continue to engage in certain businesses while complying with REIT qualification requirements and also allows it to retain income generated by these businesses for reinvestment without the requirement of distributing those earnings. In the future, the Company may elect to reorganize and transfer certain assets or operations from its TRSs to the Company or other subsidiaries, including qualified REIT subsidiaries. The Company's other equity securities are limited partnerships or limited liability companies which are treated as partnerships for federal and state income tax purposes. As a limited partner, the Company reports its allocable share of taxable income in computing its own taxable income. To the extent held by a TRS, the TRS's tax expense or benefit is included in the Consolidated Statements of Income based on the component of income or gains and losses to which such expense or benefit relates. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. It is expected that for the year ended December 31, 2019, and future periods, any deferred tax liability or asset generated will be related entirely to the assets and activities of the Company's TRSs. If the Company ceased to qualify as a REIT, the Company, as a C corporation, would be obligated to pay federal and state income tax on its taxable income. U. Recent Accounting Pronouncements – In June of 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses ("ASU 2016-13"), which introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. The new model, referred to as the current expected credit losses ("CECL model"), will apply to financial assets subject to credit losses and measured at amortized cost, and certain off-balance sheet credit exposures. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November of 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates, which deferred the effective dates of these standards for certain entities. Based on the guidance for smaller reporting companies, the effective date of ASU 2016-13 is deferred for the Company until fiscal year 2023, and the Company has elected to defer adoption of this standard. Although the Company has elected to defer adoption of ASU 2016-13, it will continue to evaluate the potential impact of the standard on its consolidated financial statements. As part of its ongoing assessment work, the Company has formed an implementation team, completed training on the CECL model and has begun developing policies, processes and internal controls. |
Leased Properties and Leases |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASED PROPERTIES AND LEASES | LEASED PROPERTIES AND LEASES The Company primarily acquires mid-stream and downstream assets in the U.S. energy sector such as pipelines, storage terminals, and gas and electric distribution systems and leases these assets to operators under triple-net leases. These leases typically include a contracted base rent with escalation clauses and participating rents that are tied to contract-specific criteria. Base rents under the Company's leases are structured on an estimated fair market value rent structure over the initial term, which includes assumptions related to the terminal value of the assets and expectations of tenant renewals. At the conclusion of the initial lease term, the Company's leases may contain fair market value repurchase options or fair market rent renewal terms. These clauses also act as safeguards against the Company's tenants pursuing activities which would undermine or degrade the value of the assets faster than the underlying reserves are depleted. Participating rents are structured to provide exposure to the successful commercial activity of the tenant, and as such, also provide protection in the event that the economic life of the assets is reduced based on accelerated production by the Company's tenants. While the Company is primarily a lessor, certain of its operating subsidiaries are lessees and have entered into lease agreements as discussed further below. LESSOR - LEASED PROPERTIES As of December 31, 2019, the Company had two significant leases. The properties, located in Wyoming, Louisiana and the Gulf of Mexico, are leased on a triple-net basis to major tenants, described in the table below. These major tenants are responsible for the payment of all taxes, maintenance, repairs, insurance and other operating expenses relating to the leased properties. The long-term, triple-net leases generally have an initial term of 11 to 15 years with options for renewals. Lease payments are scheduled to increase at varying intervals during the initial term of the leases. The following table summarizes the significant leased properties, major tenants and lease terms:
The Company also concluded that Omega's long-term contract with the Department of Defense ("DOD") to provide natural gas distribution to Fort Leonard Wood through Omega's pipeline distribution system on the military post meets the definition of a lease under ASC 842. Omega is the lessor in the contract and the lease is classified as an operating lease. The Company noted the non-lease component is the predominant component in the lease, and the timing and pattern of transfer of the lease component and the associated non-lease component are the same. As discussed in Note 2 ("Significant Accounting Policies"), the Company elected a practical expedient that allows lessors to not separate lease and related non-lease components if the non-lease components otherwise would be accounted for in accordance with the revenue standard under ASC 606. With the election of this practical expedient, the Company continues to account for the DOD contract under the revenue standard. In the second quarter of 2019, the Company started a system improvement project on Omega's pipeline distribution system, which is considered a "built to suit" transaction under ASC 842. The system improvement project is a separate lease component and the DOD is deemed to control the system improvement due to certain contract provisions. As a result, the Company is accounting for the costs of the system improvement as a financing arrangement, which is included in accounts and other receivables in the Consolidated Balance Sheets. The margin the Company earns on the system improvement project is a non-lease component accounted for under the revenue standard. Refer to Note 2 ("Significant Accounting Policies") for further details. The future contracted minimum rental receipts for all leases as of December 31, 2019, are as follows:
The table below displays the Company's individually significant leases as a percentage of total leased properties and total lease revenues for the periods presented:
The following table reflects the depreciation and amortization included in the accompanying Consolidated Statements of Income associated with the Company's leases and leased properties:
The following table reflects the deferred costs that are included in the accompanying Consolidated Balance Sheets associated with the Company's leased properties:
TENANT INFORMATION Substantially all of the lease tenants' financial results are driven by exploiting naturally occurring oil and natural gas hydrocarbon deposits beneath the Earth's surface. As a result, the tenants' financial results are highly dependent on the performance of the oil and natural gas industry, which is highly competitive and subject to volatility. During the terms of the leases, management monitors the credit quality of its tenants by reviewing their published credit ratings, if available, reviewing publicly available financial statements, or reviewing financial or other operating statements, monitoring news reports regarding the tenants and their respective businesses and monitoring the timeliness of lease payments and the performance of other financial covenants under their leases. Ultra Petroleum On March 14, 2017, the bankruptcy court issued an order confirming its plan of reorganization and on April 12, 2017, UPL emerged from bankruptcy. UPL is currently subject to the reporting requirements under the Exchange Act and is required to file with the SEC annual reports containing audited financial statements and quarterly reports containing unaudited financial statements. Its SEC filings can be found at www.sec.gov. Its common stock traded on the NASDAQ under the symbol UPL until August 8, 2019 at which time it commenced trading on the OTCQX marketplace under the symbol UPLC. The Company makes no representation as to the accuracy or completeness of the audited and unaudited financial statements of UPL but has no reason to doubt the accuracy or completeness of such information. In addition, UPL has no duty, contractual or otherwise, to advise the Company of any events that might have occurred subsequent to the date of such financial statements which could affect the significance or accuracy of such information. None of the information in the public reports of UPL that are filed with the SEC is incorporated by reference into, or in any way form, a part of this filing. Energy Gulf Coast/Cox Oil Prior to October 29, 2018, EGC was subject to the reporting requirements of the Exchange Act and was required to file with the SEC annual reports containing audited financial statements and quarterly reports containing unaudited financial statements. So long as EGC remained a public reporting company, the Grand Isle Lease Agreement provided this requirement was fulfilled by EGC making its financial statements and reports publicly available through the SEC’s EDGAR system, in lieu of delivering such information directly to the Company. On October 18, 2018, EGC was acquired by an affiliate of privately-held Cox Oil. Upon the filing by EGC of a Form 15 with the SEC on October 29, 2018, EGC's SEC reporting obligations were suspended and it ceased to file such reports. The Company believes the terms of the Grand Isle Lease Agreement require copies of certain financial statement information be provided that the Company is required to file pursuant to SEC Regulation S-X, as described in Section 2340 of the SEC Financial Reporting Manual. When EGC's financial information ceased to be publicly available, the Company encouraged officials of EGC and Cox Oil and, through Company counsel, the legal counsel to such entities, to satisfy their obligations under the Grand Isle Lease Agreement to provide the required information to the Company for inclusion in its SEC reports. To date, EGC and Cox Oil have refused to fulfill these obligations. The Company sought to enforce the obligations of EGC and Cox Oil and obtained a temporary restraining order ("TRO") from a Texas state court, mandating that they deliver the required EGC financial statements for the year ended December 31, 2018. The TRO was stayed pending an appeal by EGC and Cox Oil and, pursuant to its own terms, had lapsed by the time that appeal was denied on January 6, 2020. The case has been remanded to the trial court for further proceedings. The Company is requesting a hearing for as early in April 2020 as possible to obtain a temporary injunction mandating our tenant deliver the required financial statements, and will continue to pursue all viable options to obtain and file the necessary financial statements. The Company expects to file the financial statement information that is required by Regulation S-X by amendment to its Annual Reports on Form 10-K for the years ended December 31, 2018 and 2019, once such information is made available in accordance with the terms of the lease. EGC's SEC filings prior to October 29, 2018 can be found at www.sec.gov. The Company makes no representation as to the accuracy or completeness of the audited and unaudited financial statements of EGC but has no reason to doubt the accuracy or completeness of such information. In addition, EGC has no duty, contractual or otherwise, to advise the Company of any events that might have occurred subsequent to the date of such financial statements which could affect the significance or accuracy of such information. None of the information in the public reports of EGC that are filed with the SEC is incorporated by reference into, or in any way form, a part of this filing. Sale of the Portland Terminal Facility On December 21, 2018, the Company entered into a Purchase and Sale Agreement with Zenith Energy Terminals Holdings, LLC ("Zenith Terminals"), the Company's tenant under the Portland Lease Agreement, to sell the Portland Terminal Facility and remaining interest in the Joliet Terminal ("Joliet") for an aggregate consideration of $61.0 million, net of transaction costs. Of the negotiated sale price of $61.0 million, approximately $56.0 million was paid in cash at closing, with the balance of $5.0 million in a promissory note, which was paid on January 7, 2019. The sale of the Portland Terminal Facility effectively terminated the Portland Lease Agreement, dated January 14, 2014, between the Company and Zenith Terminals. The consideration was allocated to the Portland Terminal Facility ($60.6 million) and Joliet ($0.4 million) based on fair value information utilized in negotiating the transaction. As of December 21, 2018, the Portland Terminal Facility had a carrying value of $45.7 million. The sale of the Portland Terminal Facility resulted in a gain on sale of leased asset of approximately $11.7 million, net of deferred rent receivable of approximately $3.2 million. Prior to the sale of the Joliet interest, the equity interest was valued at its transacted value of $1.2 million from the required reinvestment during the Arc Logistics merger with Zenith in December 2017. The sale of the Joliet interest resulted in a realized loss on other equity securities of approximately $715 thousand. Both the gain on sale of leased asset, net and the realized loss on other equity securities are included as items in other income (expense) in the Consolidated Statements of Income for the year ended December 31, 2018. Refer to Note 10 ("Fair Value") for additional information on the sale of the interest in Joliet. Acquisition of Pinedale LGS Non-Controlling Interest On December 29, 2017, Pinedale LP I, a wholly-owned subsidiary of the Company, purchased Prudential's 18.95 percent non-controlling equity interest in Pinedale LP for considerations of approximately $32.9 million. The carrying value of Prudential's non-controlling interest at the transaction date was $27.3 million. As the transaction resulted in an increase in the Company's interest in Pinedale LP, but not a change in control, the purchase was accounted for as an equity transaction. The difference between the fair value of the purchase consideration and the carrying value of the non-controlling interest of $5.6 million was recognized in additional paid-in-capital and attributable to the Company. Upon closing the transaction, the Company indirectly owns 100 percent of Pinedale LP through its wholly-owned subsidiaries Pinedale GP and Pinedale LP I and there is no longer a noncontrolling interest in the Company's consolidated financial statements. LESSEE - LEASED PROPERTIES The Company's operating subsidiaries currently lease single-use office space and equipment with remaining lease terms of less than one year, some of which may include renewal options. These leases are classified as operating leases and immaterial to the consolidated financial statements. The Company recognizes lease expense in the Consolidated Statements of Income on a straight-line basis over the remaining lease term. In accordance with ASC 842 transition disclosure requirements, the cumulative effect of changes made to the Consolidated Balance Sheets as of January 1, 2019 for the adoption of ASC 842 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASED PROPERTIES AND LEASES | LEASED PROPERTIES AND LEASES The Company primarily acquires mid-stream and downstream assets in the U.S. energy sector such as pipelines, storage terminals, and gas and electric distribution systems and leases these assets to operators under triple-net leases. These leases typically include a contracted base rent with escalation clauses and participating rents that are tied to contract-specific criteria. Base rents under the Company's leases are structured on an estimated fair market value rent structure over the initial term, which includes assumptions related to the terminal value of the assets and expectations of tenant renewals. At the conclusion of the initial lease term, the Company's leases may contain fair market value repurchase options or fair market rent renewal terms. These clauses also act as safeguards against the Company's tenants pursuing activities which would undermine or degrade the value of the assets faster than the underlying reserves are depleted. Participating rents are structured to provide exposure to the successful commercial activity of the tenant, and as such, also provide protection in the event that the economic life of the assets is reduced based on accelerated production by the Company's tenants. While the Company is primarily a lessor, certain of its operating subsidiaries are lessees and have entered into lease agreements as discussed further below. LESSOR - LEASED PROPERTIES As of December 31, 2019, the Company had two significant leases. The properties, located in Wyoming, Louisiana and the Gulf of Mexico, are leased on a triple-net basis to major tenants, described in the table below. These major tenants are responsible for the payment of all taxes, maintenance, repairs, insurance and other operating expenses relating to the leased properties. The long-term, triple-net leases generally have an initial term of 11 to 15 years with options for renewals. Lease payments are scheduled to increase at varying intervals during the initial term of the leases. The following table summarizes the significant leased properties, major tenants and lease terms:
The Company also concluded that Omega's long-term contract with the Department of Defense ("DOD") to provide natural gas distribution to Fort Leonard Wood through Omega's pipeline distribution system on the military post meets the definition of a lease under ASC 842. Omega is the lessor in the contract and the lease is classified as an operating lease. The Company noted the non-lease component is the predominant component in the lease, and the timing and pattern of transfer of the lease component and the associated non-lease component are the same. As discussed in Note 2 ("Significant Accounting Policies"), the Company elected a practical expedient that allows lessors to not separate lease and related non-lease components if the non-lease components otherwise would be accounted for in accordance with the revenue standard under ASC 606. With the election of this practical expedient, the Company continues to account for the DOD contract under the revenue standard. In the second quarter of 2019, the Company started a system improvement project on Omega's pipeline distribution system, which is considered a "built to suit" transaction under ASC 842. The system improvement project is a separate lease component and the DOD is deemed to control the system improvement due to certain contract provisions. As a result, the Company is accounting for the costs of the system improvement as a financing arrangement, which is included in accounts and other receivables in the Consolidated Balance Sheets. The margin the Company earns on the system improvement project is a non-lease component accounted for under the revenue standard. Refer to Note 2 ("Significant Accounting Policies") for further details. The future contracted minimum rental receipts for all leases as of December 31, 2019, are as follows:
The table below displays the Company's individually significant leases as a percentage of total leased properties and total lease revenues for the periods presented:
The following table reflects the depreciation and amortization included in the accompanying Consolidated Statements of Income associated with the Company's leases and leased properties:
The following table reflects the deferred costs that are included in the accompanying Consolidated Balance Sheets associated with the Company's leased properties:
TENANT INFORMATION Substantially all of the lease tenants' financial results are driven by exploiting naturally occurring oil and natural gas hydrocarbon deposits beneath the Earth's surface. As a result, the tenants' financial results are highly dependent on the performance of the oil and natural gas industry, which is highly competitive and subject to volatility. During the terms of the leases, management monitors the credit quality of its tenants by reviewing their published credit ratings, if available, reviewing publicly available financial statements, or reviewing financial or other operating statements, monitoring news reports regarding the tenants and their respective businesses and monitoring the timeliness of lease payments and the performance of other financial covenants under their leases. Ultra Petroleum On March 14, 2017, the bankruptcy court issued an order confirming its plan of reorganization and on April 12, 2017, UPL emerged from bankruptcy. UPL is currently subject to the reporting requirements under the Exchange Act and is required to file with the SEC annual reports containing audited financial statements and quarterly reports containing unaudited financial statements. Its SEC filings can be found at www.sec.gov. Its common stock traded on the NASDAQ under the symbol UPL until August 8, 2019 at which time it commenced trading on the OTCQX marketplace under the symbol UPLC. The Company makes no representation as to the accuracy or completeness of the audited and unaudited financial statements of UPL but has no reason to doubt the accuracy or completeness of such information. In addition, UPL has no duty, contractual or otherwise, to advise the Company of any events that might have occurred subsequent to the date of such financial statements which could affect the significance or accuracy of such information. None of the information in the public reports of UPL that are filed with the SEC is incorporated by reference into, or in any way form, a part of this filing. Energy Gulf Coast/Cox Oil Prior to October 29, 2018, EGC was subject to the reporting requirements of the Exchange Act and was required to file with the SEC annual reports containing audited financial statements and quarterly reports containing unaudited financial statements. So long as EGC remained a public reporting company, the Grand Isle Lease Agreement provided this requirement was fulfilled by EGC making its financial statements and reports publicly available through the SEC’s EDGAR system, in lieu of delivering such information directly to the Company. On October 18, 2018, EGC was acquired by an affiliate of privately-held Cox Oil. Upon the filing by EGC of a Form 15 with the SEC on October 29, 2018, EGC's SEC reporting obligations were suspended and it ceased to file such reports. The Company believes the terms of the Grand Isle Lease Agreement require copies of certain financial statement information be provided that the Company is required to file pursuant to SEC Regulation S-X, as described in Section 2340 of the SEC Financial Reporting Manual. When EGC's financial information ceased to be publicly available, the Company encouraged officials of EGC and Cox Oil and, through Company counsel, the legal counsel to such entities, to satisfy their obligations under the Grand Isle Lease Agreement to provide the required information to the Company for inclusion in its SEC reports. To date, EGC and Cox Oil have refused to fulfill these obligations. The Company sought to enforce the obligations of EGC and Cox Oil and obtained a temporary restraining order ("TRO") from a Texas state court, mandating that they deliver the required EGC financial statements for the year ended December 31, 2018. The TRO was stayed pending an appeal by EGC and Cox Oil and, pursuant to its own terms, had lapsed by the time that appeal was denied on January 6, 2020. The case has been remanded to the trial court for further proceedings. The Company is requesting a hearing for as early in April 2020 as possible to obtain a temporary injunction mandating our tenant deliver the required financial statements, and will continue to pursue all viable options to obtain and file the necessary financial statements. The Company expects to file the financial statement information that is required by Regulation S-X by amendment to its Annual Reports on Form 10-K for the years ended December 31, 2018 and 2019, once such information is made available in accordance with the terms of the lease. EGC's SEC filings prior to October 29, 2018 can be found at www.sec.gov. The Company makes no representation as to the accuracy or completeness of the audited and unaudited financial statements of EGC but has no reason to doubt the accuracy or completeness of such information. In addition, EGC has no duty, contractual or otherwise, to advise the Company of any events that might have occurred subsequent to the date of such financial statements which could affect the significance or accuracy of such information. None of the information in the public reports of EGC that are filed with the SEC is incorporated by reference into, or in any way form, a part of this filing. Sale of the Portland Terminal Facility On December 21, 2018, the Company entered into a Purchase and Sale Agreement with Zenith Energy Terminals Holdings, LLC ("Zenith Terminals"), the Company's tenant under the Portland Lease Agreement, to sell the Portland Terminal Facility and remaining interest in the Joliet Terminal ("Joliet") for an aggregate consideration of $61.0 million, net of transaction costs. Of the negotiated sale price of $61.0 million, approximately $56.0 million was paid in cash at closing, with the balance of $5.0 million in a promissory note, which was paid on January 7, 2019. The sale of the Portland Terminal Facility effectively terminated the Portland Lease Agreement, dated January 14, 2014, between the Company and Zenith Terminals. The consideration was allocated to the Portland Terminal Facility ($60.6 million) and Joliet ($0.4 million) based on fair value information utilized in negotiating the transaction. As of December 21, 2018, the Portland Terminal Facility had a carrying value of $45.7 million. The sale of the Portland Terminal Facility resulted in a gain on sale of leased asset of approximately $11.7 million, net of deferred rent receivable of approximately $3.2 million. Prior to the sale of the Joliet interest, the equity interest was valued at its transacted value of $1.2 million from the required reinvestment during the Arc Logistics merger with Zenith in December 2017. The sale of the Joliet interest resulted in a realized loss on other equity securities of approximately $715 thousand. Both the gain on sale of leased asset, net and the realized loss on other equity securities are included as items in other income (expense) in the Consolidated Statements of Income for the year ended December 31, 2018. Refer to Note 10 ("Fair Value") for additional information on the sale of the interest in Joliet. Acquisition of Pinedale LGS Non-Controlling Interest On December 29, 2017, Pinedale LP I, a wholly-owned subsidiary of the Company, purchased Prudential's 18.95 percent non-controlling equity interest in Pinedale LP for considerations of approximately $32.9 million. The carrying value of Prudential's non-controlling interest at the transaction date was $27.3 million. As the transaction resulted in an increase in the Company's interest in Pinedale LP, but not a change in control, the purchase was accounted for as an equity transaction. The difference between the fair value of the purchase consideration and the carrying value of the non-controlling interest of $5.6 million was recognized in additional paid-in-capital and attributable to the Company. Upon closing the transaction, the Company indirectly owns 100 percent of Pinedale LP through its wholly-owned subsidiaries Pinedale GP and Pinedale LP I and there is no longer a noncontrolling interest in the Company's consolidated financial statements. LESSEE - LEASED PROPERTIES The Company's operating subsidiaries currently lease single-use office space and equipment with remaining lease terms of less than one year, some of which may include renewal options. These leases are classified as operating leases and immaterial to the consolidated financial statements. The Company recognizes lease expense in the Consolidated Statements of Income on a straight-line basis over the remaining lease term. In accordance with ASC 842 transition disclosure requirements, the cumulative effect of changes made to the Consolidated Balance Sheets as of January 1, 2019 for the adoption of ASC 842 were as follows:
|
Transportation and Distribution Revenue |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation and Distribution Revenue | TRANSPORTATION AND DISTRIBUTION REVENUE The Company's contracts related to transportation and distribution revenue are primarily comprised of a mix of natural gas supply, transportation and distribution performance obligations, as well as limited performance obligations related to system maintenance and improvement. Refer to Note 2 ("Significant Accounting Policies") for additional details on the Company's revenue recognition guidance under ASC 606. Based on a downward revision of the rate during the Company's contract with Spire, ASC 606 requires the Company to record the contractual transaction price, and therefore aggregate revenue, from the contract ratably over the term of the contract. Accordingly, on January 1, 2018, the Company recorded a cumulative adjustment to recognize a contract liability of approximately $3.3 million, and a corresponding reduction to beginning equity (net of deferred tax impact). The adjustment reflects the difference in amounts previously recognized as invoiced, versus cumulative revenues earned under the contract on a straight-line basis in accordance with ASC 606, as of the date of adoption. The contract liability continued to accumulate additional unrecognized performance obligations at a rate of approximately $992 thousand per quarter until the contractual rate decrease took effect in November 2018. Following the rate decline, recognized performance obligations exceeded amounts invoiced and the contract liability began to decline at a rate of approximately $138 thousand per quarter and will continue to decline at the same rate through the end of the contract in October 2030. As of December 31, 2019, the revenue allocated to the remaining performance obligation under this contract is approximately $58.1 million. The table below summarizes the Company's contract liability balance related to its transportation and distribution revenue contracts as of December 31, 2019 and 2018:
The Company's contract asset balance was $206 thousand and $181 thousand as of December 31, 2019 and 2018, respectively. The contract asset balance is included in prepaid expenses and other assets in the Consolidated Balance Sheets. The following is a breakout of the Company's transportation and distribution revenue for the years ended December 31, 2019, 2018 and 2017:
|
Financing Notes Receivable |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Receivables [Abstract] | |
FINANCING NOTES RECEIVABLE | FINANCING NOTES RECEIVABLE Four Wood Financing Note Receivable On December 31, 2014, Four Wood Corridor entered into loan agreements with SWD Enterprises, which were placed on non-accrual status during the first quarter of 2016. On December 12, 2018, Four Wood Corridor granted SWD Enterprises approval to sell real and personal property that provide saltwater disposal services for the oil and natural gas industry to Compass SWD, LLC ("Compass SWD") in exchange for Compass SWD executing a loan agreement with Four Wood Corridor for $1.3 million (the "Compass REIT Loan") and approximately $237 thousand in cash consideration, net of costs facilitating the close. The Compass REIT Loan was scheduled to mature on June 15, 2019 with interest accruing on the outstanding principal at an annual rate of LIBOR plus 6 percent. As a result of the transaction, SWD Enterprises was released from their loan agreements, and the Company recognized a provision for loan gain of $37 thousand in the Consolidated Statements of Income for the year ended December 31, 2018. On June 12, 2019, Four Wood Corridor entered into an amended and restated Compass REIT Loan. The amended note has a two-year term maturing on June 30, 2021 with monthly principal payments of approximately $11 thousand and interest accruing on the outstanding principal at an annual rate of 8.5 percent. The amended and restated Compass REIT Loan is secured by real and personal property that provides saltwater disposal services for the oil and natural gas industry and pledged ownership interests of Compass SWD members. As of December 31, 2019 and December 31, 2018, the Compass REIT Loan was valued at $1.2 million and $1.3 million, respectively. |
Income Taxes |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes. Components of the Company's deferred tax assets and liabilities as of December 31, 2019 and 2018, are as follows:
As of December 31, 2019, the total deferred tax assets and liabilities presented above relate to the Company's TRSs. The Company recognizes the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained upon examination by the tax authorities based on the technical merits of the tax position. The Company's policy is to record interest and penalties on uncertain tax positions as part of tax expense. Tax years subsequent to the year ended December 31, 2015, remain open to examination by federal and state tax authorities. For the year ending December 31, 2019, the Company generated a capital loss carryforward resulting from the liquidation of Lightfoot. The amount of the carryforward for tax purposes was approximately $500 thousand, and if not utilized, this carryforward will expire as of December 31, 2024. Management assessed the available evidence and determined that it is more likely than not that the capital loss carryforward will not be utilized prior to expiration. Due to the uncertainty of realizing this deferred tax asset, a valuation allowance of $105 thousand was recorded equal to the amount of the tax benefit of this carryforward at December 31, 2019. In the future, if the Company concludes, based on existence of sufficient evidence, that it should realize more or less of its deferred tax assets, the valuation allowance will be adjusted accordingly in the period such conclusion is made. The Tax Cuts and Jobs Act (the "2017 Tax Act") was enacted on December 22, 2017. The 2017 Tax Act reduced the US federal corporate tax rate from 35 percent to 21 percent. The 2017 Tax Act also repealed the alternative minimum tax for corporations. In December 2018, the Company completed its accounting for the tax effects of enactment of the 2017 Tax Act as allowed under SEC Staff Accounting Bulletin 118. The Company remeasured deferred tax assets and liabilities based on the updated rates at which they are expected to reverse in the future, which resulted in a $1.3 million transition adjustment that reduced net deferred tax assets. One of the Company's TRSs qualifies for the regulated utility and real property business exceptions under the new proposed treasury regulations for Section 163(j). Therefore, previously disqualified interest from years prior to 2018 was deducted and resulted in a reclassification from other deferred tax assets to deferred tax assets for net operating loss carryforwards during the year ended December 31, 2018. Refer to additional discussion of the Company's net operating loss carryforwards below. The Company will continue to assess the impact of new tax legislation, as well as any future regulations and updates provided by the tax authorities. Total income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rate of 21 percent for the years ended December 31, 2019 and December 31, 2018 and 35 percent for the year ended December 31, 2017, to income or loss from operations and other income and expense for the years presented, as follows:
Total income taxes are computed by applying the federal statutory rate of 21 percent plus a blended state income tax rate. Corridor Public and Corridor Private had a blended state rate of approximately 5.53 percent and 3.78 percent for the years ended December 31, 2018 and 2017, respectively. In the first quarter of 2019, the state rate for Corridor Public and Corridor Private was adjusted to zero for current and future state liabilities. The decrease in the state rate was the result of the 2018 sale or disposition of assets within the investments held by Corridor Private. CorEnergy BBWS had a blended state income tax rate of approximately 5 percent for the years ended December 31, 2019 and 2018 due to its operations in Missouri. CorEnergy BBWS did not record a provision for state income taxes for the year ended December 31, 2017 because it only operated in Wyoming, which does not have state income tax. Because Corridor MoGas primarily only operates in the state of Missouri, a blended state income tax rate of 5 percent was used for the operation of the TRS for the years ended December 31, 2019, 2018 and 2017. For CorEnergy BBWS and Corridor MoGas, the blended state rate includes the enacted decrease in the Missouri state income tax rate effective in 2020. As a result of the decreased rate, additional deferred state income taxes of $315 thousand resulting from the application of the newly enacted rate to existing deferred balances was recorded in the first quarter of 2019. Prior to its reorganization to a QRS at the end of 2017, Mowood Corridor, Inc. had a blended state income tax rate of 5 percent for the year ended December 31, 2017. For the years ended December 31, 2019, 2018 and 2017, all of the income tax expense (benefit) presented above relates to the assets and activities held in the Company's TRSs. The components of income tax expense (benefit) include the following for the periods presented:
As of December 31, 2019 and 2018, the TRSs had a cumulative net operating loss of $23.5 million and $17.1 million, respectively. Net operating losses of $19.8 million generated during the years ended December 31, 2019 and 2018 may be carried forward indefinitely, subject to limitation. Net operating losses generated for years prior to December 31, 2018 may be carried forward for 20 years. If not utilized, the net operating loss will expire as follows: $328 thousand, $176 thousand, $1.2 million and $2.0 million in the years ending December 31, 2034, 2035, 2036 and 2037, respectively. The aggregate cost of securities for federal income tax purposes and securities with unrealized appreciation and depreciation, were as follows:
The Company provides the following tax information to its common stockholders pertaining to the character of distributions paid during tax years 2019, 2018 and 2017. For a common stockholder that received all distributions in cash during 2019, 65.1 percent will be treated as ordinary dividend income, 32.9 percent will be treated as return of capital and 2.0 percent will be treated as capital gain distributions. Of the ordinary dividend income, none will be treated as qualified dividend income for a non-corporate taxpayer; all of the ordinary dividend income may be taken into account on an individual's section 199A deduction, subject to the applicable holding period. Of the capital gain distribution, 100.0 percent is subject to a maximum 20 percent federal income tax rate. The per share characterization by quarter is reflected in the following tables:
The Company provides the following tax information to its preferred stockholders pertaining to the character of distributions paid during the 2019, 2018 and 2017 tax years. For a preferred stockholder that received all distributions in cash during 2019, 96.9 percent will be treated as ordinary dividend income, none will be treated as return of capital and 3.1 percent will be treated as capital gain distributions. Of the ordinary dividend income, none will be treated as qualified dividend income for a non-corporate taxpayer; all of the ordinary dividend income may be taken into account on an individual's section 199A deduction, subject to the applicable holding period. Of the capital gain distribution, 100.0 percent is subject to a maximum 20 percent federal income tax rate. The per share characterization by quarter is reflected in the following tables:
The Company elected, effective for the 2013 tax year, to be treated as a REIT for federal income tax purposes. The Company's REIT election, assuming continued compliance with the applicable tests, will continue in effect for subsequent tax years. The Company satisfied the annual income test and the quarterly asset tests necessary for us to qualify to be taxed as a REIT for 2019, 2018 and 2017. Distributions made during 2017 were treated as qualifying dividend income related to taxable dividends received from the Company's TRSs that were received and distributed in the same year. |
Property and Equipment |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment consist of the following:
Depreciation expense was $3.4 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Concentrations |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentrations | CONCENTRATIONS The Company has customer concentrations through major tenants at its two significant leased properties as discussed fully in Note 3 ("Leased Properties And Leases"). In addition to these lease concentrations, contracted transportation revenues from the Company's subsidiary, MoGas, to its largest customer, Spire (formally Laclede Gas Company), represented approximately 7 percent, 6 percent and 11 percent of consolidated revenues for the years ended December 31, 2019, 2018 and 2017, respectively. The Company's contracted transportation revenues with Spire beginning with the year ended December 31, 2018 were impacted by the adoption of ASC 606, which required the Company to record the contract with Spire on a straight-line basis and record a transition adjustment on January 1, 2018. Refer to Note 4 ("Transportation And Distribution Revenue") for additional details. |
Management Agreement |
12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||
Agreements [Abstract] | |||||||||||||||||
MANAGEMENT AGREEMENT | MANAGEMENT AGREEMENT The Company has executed a Management Agreement with Corridor InfraTrust Management, LLC ("Corridor"), a related party. Under the Management Agreement, Corridor (i) presents the Company with suitable acquisition opportunities consistent with the investment policies and objectives of the Company, (ii) is responsible for the day-to-day operations of the Company and (iii) performs such services and activities relating to the assets and operations of the Company as may be appropriate. The Management Agreement, which does not have a specific term and will remain in place unless terminated by the Company or Corridor in accordance with its terms, does give a majority of the stockholders of the Company, or two-thirds of the independent directors, the ability to terminate the agreement for any reason on thirty (30) days' prior written notice, so long as that notice is delivered with a termination payment equal to three times the base management fee and incentive fee paid to the manager in the last four quarters. The terms of the Management Agreement provide for a quarterly management fee to be paid to Corridor equal to 0.25 percent (1.00 percent annualized) of the value of the Company's Managed Assets as of the end of each quarter. "Managed Assets" means the total assets of the Company (including any securities receivables, other personal property or real property purchased with or attributable to any borrowed funds) minus (A) the initial invested value of all non-controlling interests, (B) the value of any hedged derivative assets, (C) any prepaid expenses and (D) all of the accrued liabilities other than (1) deferred taxes and (2) debt entered into for the purpose of leverage. For purposes of the definition of Managed Assets, the Company's securities portfolio will be valued at then current market value. For purposes of the definition of Managed Assets, other personal property and real property assets will include real and other personal property owned and the assets of the Company invested, directly or indirectly, in equity interests in or loans secured by real estate or personal property (including acquisition related costs and acquisition costs that may be allocated to intangibles or are unallocated), valued at the aggregate historical cost, before reserves for depreciation, amortization, impairment charges or bad debts or other similar noncash reserves. In light of previous provisions for loan losses on certain of the Company's energy infrastructure financing investments, the Manager voluntarily recommended, and the Company agreed, that effective on and after the Company's March 31, 2016 balance sheet date, solely for the purpose of computing the value of the Company's Managed Assets in calculating the quarterly management fee under the terms of the Management Agreement, that portion of the Management Fee attributable to such loans shall be based on the estimated net realizable value of the loans, which shall not exceed the amount invested in the loans as of the end of the quarter for which the Management Fee is to be calculated. The Management Agreement also provides for payment of a quarterly incentive fee of 10 percent of the increase in distributions paid over a distribution threshold equal to $0.625 per share per quarter, and requires that at least half of any incentive fees that are paid be reinvested in the Company's common stock. The foregoing description of the terms of the May 1, 2015 Management Agreement is qualified in its entirety by reference to the full terms of such agreement, which is incorporated by reference as an exhibit to this Report. During the years ended December 31, 2019 and 2017, the Company and the Manager agreed to the following modifications to the fee arrangements described above:
Fees incurred under the Management Agreement for the years ended December 31, 2019, 2018 and 2017 were $6.8 million, $7.6 million and $7.2 million, respectively, and are reported in the General and Administrative line item on the Consolidated Statements of Income. The Company pays Corridor, as the Company's Administrator pursuant to an Administrative Agreement, an administrative fee equal to an annual rate of 0.04 percent of the value of the Company's Managed Assets, with a minimum annual fee of $30 thousand. Fees incurred under the Administrative Agreement for the years ended December 31, 2019, 2018 and 2017 were $264 thousand, $280 thousand and $269 thousand, respectively, and are reported in the General and Administrative line item on the Consolidated Statements of Income. |
Fair Value |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE | FAIR VALUE As a result of the sale or disposition of the Company's equity securities in 2018, there are no assets or liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018. The changes for all Level 3 securities measured at fair value on a recurring basis using significant unobservable inputs for the year ended December 31, 2018, are as follows:
The Company utilizes the beginning of reporting period method for determining transfers between levels. There were no transfers between levels 1, 2 or 3 for the years ended December 31, 2019 and 2018. Valuation Techniques and Unobservable Inputs The Company's other equity securities, which represent securities issued by private companies, were classified as Level 3 assets and the Company elected to report at fair value under the fair value option. Significant judgment was required in selecting the assumptions used to determine the fair values of these investments. Lightfoot The Company's Lightfoot investment consisted of a 6.6 percent and 1.5 percent equity interest in Lightfoot LP and Lightfoot GP, respectively. On December 21, 2017, Zenith closed its acquisition of Arc Logistics. Subsequent to closing of the transaction, the Company received $7.6 million in cash proceeds related to its pro rata portion of the sale proceeds of Lightfoot, including proceeds related to Arc Logistics common units, the unconditional interest in Gulf LNG and membership interests in Arc Logistics GP. Amounts received are net of approximately $1.2 million related to the Company's required reinvestment in Joliet. On March 1, 2016, an affiliate of Gulf LNG received a Notice of Disagreement and Disputed Statements and a Notice of Arbitration from Eni USA, one of the two companies that had entered into a terminal use agreement for capacity of the liquefied natural gas facility owned by Gulf LNG and its subsidiaries. On June 29, 2018, the arbitration panel delivered its award, and the panel's ruling calls for the termination of the agreement and Eni USA's payment of compensation to Gulf LNG. On September 25, 2018, Gulf LNG filed a lawsuit against Eni USA in the Delaware Court of Chancery to enforce the award. Further, on September 28, 2018, Gulf LNG filed a lawsuit against Eni S.p.A. in the Supreme Court of the State of New York in New York County to enforce a guarantee agreement entered by Eni S.p.A. in connection with the terminal use agreement. During the third quarter of 2018, the fair value of the Lightfoot investment was reduced to zero due to additional market information. In the fourth quarter of 2018, the Company received a distribution representing a return of capital totaling approximately $667 thousand due to the disposition of the remaining asset interest. The Company recognized a realized loss of $1.1 million for the year ended December 31, 2018. The loss is recorded in net realized and unrealized gain (loss) on other equity securities in the Consolidated Statements of Income. During the fourth quarter of 2019, Lightfoot LP and Lightfoot GP were fully liquidated. Joliet On December 21, 2018, the Company sold its 0.6 percent interest in Joliet, along with the Portland Terminal Facility, to Zenith Terminals for approximately $446 thousand. The sale resulted in a realized loss on other equity securities of approximately $715 thousand included in net realized and unrealized gain (loss) on other equity securities in the Consolidated Statements of Income for the year ended December 31, 2018. The following section describes the valuation methodologies used by the Company for estimating fair value for financial instruments not recorded at fair value, but fair value is included for disclosure purposes only, as required under disclosure guidance related to the fair value of financial instruments. Cash and Cash Equivalents — The carrying value of cash, amounts due from banks, federal funds sold and securities purchased under resale agreements approximates fair value. Financing Notes Receivable — The financing notes receivable are valued on a non-recurring basis. The financing notes receivable are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Financing notes with carrying values that are not expected to be recovered through future cash flows are written-down to their estimated net realizable value. Estimates of realizable value are determined based on unobservable inputs, including estimates of future cash flow generation and value of collateral underlying the notes. Secured Credit Facilities — The fair value of the Company's long-term variable-rate and fixed-rate debt under its secured credit facilities approximates carrying value. Unsecured Convertible Senior Notes — The fair value of the unsecured convertible senior notes is estimated using quoted market prices from either active (Level 1) or generally active (Level 2) markets.
|
Debt |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT The following is a summary of debt facilities and balances as of December 31, 2019 and 2018:
CorEnergy Credit Facilities Prior to 2017, the Company had a credit facility with Regions Bank (as lender and administrative agent for the other participating lenders) providing borrowing capacity of $153.0 million, consisting of (i) the CorEnergy Revolver of $105.0 million, (ii) the CorEnergy Term Loan of $45.0 million and (iii) the MoGas Revolver of $3.0 million. On July 28, 2017, the Company entered into an amendment and restatement of the CorEnergy Credit Facility with Regions Bank (as lender and administrative agent for other participating lenders). The amended facility provides for borrowing commitments of up to $161.0 million, consisting of (i) $160.0 million on the CorEnergy Revolver, subject to borrowing base limitations, and (ii) $1.0 million on the MoGas Revolver, as detailed below. The amended facility has 5-year term maturing on July 28, 2022, and provided for a springing maturity on February 28, 2020, and thereafter, if the Company failed to meet certain liquidity requirements from the springing maturity date through the maturity of the Company's 7.00% Convertible Notes on June 15, 2020. This springing maturity would have been triggered on the first date on or after February 28, 2020 that both (i) the outstanding principal amount of the 7.00% Convertible Notes exceeded $28,750,000 and (ii) the Company's unrestricted cash liquidity (including, for purposes of this calculation, the undrawn portion of the Borrowing Base then available for borrowing under the CorEnergy Credit Facility) was less than the sum of (x) the outstanding principal amount of the 7.00% Convertible Notes plus (y) $5,000,000. The Company will not trigger the springing maturity as a result of the 7.00% Convertible Note exchange completed in August of 2019, which reduced the outstanding principal balance of the 7.00% Convertible Notes below the springing maturity threshold. Refer to "Convertible Debt" section below for further details on convertible debt transactions during 2019. Borrowings under the credit facility will generally bear interest on the outstanding principal amount using a LIBOR pricing grid that is expected to equal a LIBOR rate plus an applicable margin of 2.75 percent to 3.75 percent, based on the Company's senior secured recourse leverage ratio. Total availability is subject to a borrowing base. The CorEnergy Credit Facility contains, among other restrictions, certain financial covenants including the maintenance of certain financial ratios, as well as default and cross-default provisions customary for transactions of this nature (with applicable customary grace periods). As of December 31, 2019, the Company was in compliance with all covenants of the CorEnergy Credit Facility. The CorEnergy Credit Facility is secured by substantially all of the assets owned by the Company and its subsidiaries other than (i) the assets held by Mowood, LLC, Omega, Pinedale LP and Pinedale GP (the "Unrestricted Subs") and (ii) the equity investments in the Unrestricted Subs. As of December 31, 2019, the Company had approximately $136.4 million and $1.0 million of availability under the CorEnergy Revolver and MoGas Revolver, respectively. MoGas Revolver In conjunction with the MoGas Transaction, MoGas and United Property Systems, as co-borrowers, entered into a revolving credit agreement dated November 24, 2014 ("the MoGas Revolver") with certain lenders, including Regions Bank as agent for such lenders. Following subsequent amendments and restatements made on July 8, 2015 and July 28, 2017, in connection with the amendments and restatements of the CorEnergy Credit Facility discussed above, commitments under the MoGas Revolver were reduced from the original level of $3.0 million to a current total of $1.0 million. The MoGas Revolver is secured by the assets held at MoGas and has a maturity date of July 28, 2022. Interest accrues under the MoGas Revolver at the same rate and pursuant to the same terms as it accrues under the CorEnergy Revolver. As of December 31, 2019, the co-borrowers were in compliance with all covenants, and there were no borrowings against the MoGas Revolver. Mowood/Omega Revolver On July 31, 2015, a $1.5 million revolving line of credit ("Mowood/Omega Revolver") was established with Regions Bank with a maturity date of July 31, 2016. Following annual extensions, the current maturity of the facility has been amended and extended to July 31, 2020. The Mowood/Omega Revolver is used by Omega for working capital and general business purposes and is guaranteed and secured by the assets of Omega. Interest accrues at LIBOR plus 4 percent and is payable monthly in arrears with no unused fee. There was no outstanding balance at December 31, 2019. Amended Pinedale Term Credit Facility On December 20, 2012, Pinedale LP closed on a $70.0 million secured term credit facility with a lender that provided for monthly payments of principal and interest and was secured by the Pinedale LGS. The credit facility accrued interest at a variable annual rate linked to LIBOR. On March 4, 2016, the Company obtained a consent from its lenders under the CorEnergy Credit Facility, which permitted the Company to utilize the CorEnergy Credit Facility to refinance the Company's pro rata share of the remaining balance of the Pinedale secured term credit facility. On March 30, 2016, the Company and Prudential (collectively, "the Refinancing Lenders"), refinanced the remaining $58.5 million principal balance of the $70.0 million credit facility (on a pro rata basis equal to their respective equity interests in Pinedale LP, with the Company's 81.05 percent share being approximately $47.4 million) and executed a series of agreements assigning the credit facility to the Refinancing Lenders, with CorEnergy Infrastructure Trust, Inc. as Agent for the Refinancing Lenders. The Company's portion of the debt and interest was eliminated in consolidation and Prudential's portion of the debt was shown as a related-party liability. Pinedale LP automatically entered into a Cash Control Period (as defined in the credit facility) with the Refinancing Lenders upon the April 29, 2016 bankruptcy filing by Ultra Wyoming and its parent guarantor, Ultra Petroleum. During a Cash Control Period, the Company as Agent swept all funds for the repayment of accrued interest, scheduled principal payments and principal prepayments on the loans. Ultra Petroleum emerged from bankruptcy in April 2017, resulting in the end of the Cash Control Period and, in May 2017, Pinedale LP resumed distributions. For the year ended December 31, 2017, pursuant to these additional cash sweep provisions, an additional $4.4 million was distributed (pro rata, based on ownership percentages) to the Refinancing Lenders as a reduction to the outstanding principal. On December 29, 2017, Pinedale LP entered into the Amended Pinedale Term Credit Facility with Prudential and a group of lenders affiliated with Prudential as the sole lenders and Prudential serving as administrative agent. Under the terms of the Amended Term Credit Facility, Pinedale LP was provided with a 5-year $41.0 million term loan facility, bearing interest at a fixed rate of 6.5 percent, which matures on December 29, 2022. Principal payments of $294 thousand, plus accrued interest, are payable monthly. The Amended Pinedale Term Credit Facility was utilized to pay off the balance due to the Refinancing Lenders under the previously existing Pinedale LP credit facility. Outstanding balances under the facility are secured by the Pinedale LGS assets. The Amended Pinedale Term Credit Facility contains, among other restrictions, specific financial covenants including the maintenance of certain financial coverage ratios and a minimum net worth requirement which, along with other provisions of the credit facility, limit cash dividends and loans by Pinedale LP to the Company. At December 31, 2019, the net assets of Pinedale LP were $131.5 million and Pinedale LP was in compliance with all of the financial covenants of the Amended Pinedale Term Credit Facility. Deferred Financing Costs A summary of deferred financing cost amortization expenses for the years ended December 31, 2019, 2018 and 2017 is as follows:
CorEnergy Credit Facilities Prior to the July 28, 2017 credit facility amendment and restatement, previously existing deferred financing costs related to the CorEnergy Credit Facility were approximately $1.8 million, of which approximately $1.6 million continue to be deferred and amortized under the amended and restated facility. Additionally, the Company incurred approximately $1.3 million in new debt issuance costs which have been deferred and are being amortized over the term of the new facility. The total deferred financing costs of $2.9 million are being amortized on a straight-line basis over the 5-year term of the amended and restated CorEnergy Credit Facility. Approximately $234 thousand of existing deferred costs and new debt issuance costs were expensed as a loss on extinguishment of debt related to the amendment and restatement in the Consolidated Statements of Income for the year ended December 31, 2017. Amended Pinedale Term Credit Facility In connection with entering into the Amended Pinedale Term Credit Facility, Pinedale LP incurred approximately $367 thousand in new debt issuance costs, of which $264 thousand were deferred and are being amortized on a straight-line basis over the 5-year term of the Amended Pinedale Term Credit Facility. The remaining $103 thousand was expensed as a loss on extinguishment of debt in the Consolidated Statements of Income for the year ended December 31, 2017. Contractual Payments The remaining contractual principal payments as of December 31, 2019 under the Amended Pinedale Term Credit Facility are as follows:
Convertible Debt 7.00% Convertible Notes On June 29, 2015, the Company completed a public offering of $115.0 million aggregate principal amount of 7.00% Convertible Senior Notes Due 2020 (the "7.00% Convertible Notes"). The Convertible Notes mature on June 15, 2020 and bear interest at a rate of 7.0 percent per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2015. The 7.00% Convertible Notes were initially issued with an underwriters' discount of $3.7 million which is being amortized over the life of the 7.00% Convertible Notes. Additionally, the Company incurred approximately $241 thousand in debt issuance costs associated with the 7.00% Convertible Notes which are being amortized over the life of the notes. Holders may convert their 7.00% Convertible Notes into shares of the Company's common stock at their option until the close of business on the second scheduled trading day immediately preceding the maturity date. The initial conversion rate for the 7.00% Convertible Notes will be 30.3030 shares of common stock per $1,000 principal amount of the 7.00% Convertible Notes, equivalent to an initial conversion price of $33.00 per share of common stock. Such conversion rate will be subject to adjustment in certain events as specified in the Indenture. On May 23, 2016, the Company repurchased $1.0 million of its 7.00% Convertible Notes on the open market. During the year ended December 31, 2018, certain holders elected to convert approximately $42 thousand of 7.00% Convertible Notes for 1,271 shares of CorEnergy common stock. On January 16, 2019, the Company agreed with three holders of its 7.00% Convertible Notes, pursuant to privately negotiated agreements, to exchange $43.8 million face amount of such notes for an aggregate of 837,040 shares of the Company's common stock, par value $0.001 per share, plus aggregate cash consideration of $19.8 million, including $315 thousand of interest expense. The Company's agent and lenders under the CorEnergy Credit Facility provided a consent for the convertible note exchange. The Company recorded a loss on extinguishment of debt of approximately $5.0 million in the Consolidated Statements of Income for the first quarter of 2019. The loss on extinguishment of debt included the write-off of a portion of the underwriter's discount and deferred debt costs of $409 thousand and $27 thousand, respectively. On August 15, 2019, the Company used a portion of the net proceeds from the offering of the 5.875% Convertible Notes discussed further below, together with shares of its common stock, to exchange $63.9 million face amount of its 7.00% Convertible Notes pursuant to privately negotiated agreements with three holders. The total cash and stock consideration for the exchange was valued at approximately $93.2 million. This included an aggregate of 703,432 shares of common stock plus cash consideration of approximately $60.2 million, including $733 thousand of interest expense. The Company recorded a loss on extinguishment of debt of approximately $28.9 million in the Consolidated Statements of Income for the third quarter of 2019. The loss on extinguishment of debt included the write-off of a portion of the underwriter's discount and deferred debt costs of $360 thousand and $24 thousand, respectively. Collectively, for the two exchange transactions described above, the Company recorded a loss on extinguishment of debt of $34.0 million for the year ended December 31, 2019. Additionally, during the year ended December 31, 2019, certain holders elected to convert $4.2 million of 7.00% Convertible Notes for approximately 127,143 shares of common stock, respectively. As of December 31, 2019, the Company has $2.1 million aggregate principal amount of 7.00% Convertible Notes outstanding. Subsequent to December 31, 2019, certain holders elected to convert $416 thousand of 7.00% Convertible Notes for approximately 12,605 shares of common stock. At the present time, the remaining 7.00% Convertible Notes may not be redeemed prior to the maturity date without the consent of the agent and lenders under the CorEnergy Credit Facility. However, upon the occurrence of a fundamental change (as defined in the Indenture), holders may require the Company to repurchase all or a portion of the 7.00% Convertible Notes for cash at a price equal to 100 percent of the principal amount of the 7.00% Convertible Notes to be purchased plus any accrued and unpaid interest, if any, to, but excluding, the applicable fundamental change repurchase date as prescribed in the Indenture. In addition, in certain circumstances the Company will increase the conversion rate for a holder that converts the 7.00% Convertible Notes in connection with any of a specified set of corporate events, each of which is deemed to constitute a make-whole adjustment event pursuant to the terms of the Indenture. The 7.00% Convertible Notes rank equal in right of payment to any other current and future unsecured obligations of the Company and senior in right of payment to any other current and future indebtedness of the Company that is contractually subordinated to the 7.00% Convertible Notes. The 7.00% Convertible Notes are structurally subordinated to all liabilities (including trade payables) of the Company's subsidiaries. The 7.00% Convertible Notes are effectively junior to all of the Company's existing or future secured debt, to the extent of the value of the collateral securing such debt. 5.875% Convertible Notes On August 12, 2019, the Company completed a private placement offering of $120.0 million aggregate principal amount of 5.875% Convertible Senior Notes due 2025 (the "5.875% Convertible Notes") to the initial purchasers of such notes for cash in reliance on an exemption from registration provided by Section 4(a)(2) of the Securities Act. The initial purchasers then resold the 5.875% Convertible Notes for cash equal to 100 percent of the aggregate principal amount thereof to qualified institutional buyers, as defined in Rule 144A under the Securities Act, in reliance on an exemption from registration provided by Rule 144A. The 5.875% Convertible Notes mature on August 15, 2025 and bear interest at a rate of 5.875 percent per annum, payable semiannually in arrears on February 15 and August 15 of each year, beginning on February 15, 2020. The 5.875% Convertible Notes were issued with an initial purchasers' discount of $3.5 million, which is being amortized over the life of the notes. The Company also incurred approximately $508 thousand of deferred debt costs in issuing the 5.875% Convertible Notes, which are also being amortized over the life of the notes. Holders may convert all or any portion of their 5.875% Convertible Notes into shares of the Company's common stock at their option at any time prior to the close of business on the business day immediately preceding the maturity date. The initial conversion rate for the 5.875% Convertible Notes is 20.0 shares of common stock per $1,000 principal amount of the 5.875% Convertible Notes, equivalent to an initial conversion price of $50.00 per share of the Company's common stock. Such conversion rate will be subject to adjustment in certain events as specified in the Indenture. Upon the occurrence of a make-whole fundamental change (as defined in the Indenture), holders may require the Company to repurchase for cash all or any portion of their 5.875% Convertible Notes at a fundamental change repurchase price equal to 100 percent of the principal amount of the 5.875% Convertible Notes to be repurchased, plus any accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date as prescribed in the Indenture. Following the occurrence of a make- whole fundamental change, or if the Company delivers a notice of redemption (as discussed below), the Company will, in certain circumstances, increase the applicable conversion rate for a holder that elects to convert its notes in connection with such make-whole fundamental change or notice of redemption. The Company may not redeem the 5.875% Convertible Notes prior to August 15, 2023. On or after August 15, 2023, the Company may redeem for cash all or part of the 5.875% Convertible Notes, at its option, if the last reported sale price of its common stock has been at least 125 percent of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will equal 100 percent of the principal amount of the 5.875% Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The 5.875% Convertible Notes rank equal in right of payment to any other current and future unsecured obligations, including the 7.00% Convertible Notes, of the Company and senior in right of payment to any other current and future indebtedness of the Company that is contractually subordinated to the 5.875% Convertible Notes. The 5.875% Convertible Notes are structurally subordinated to all liabilities (including trade payables) of the Company’s subsidiaries. The 5.875% Convertible Notes are effectively junior to all of the Company’s existing or future secured debt, to the extent of the value of the collateral securing such debt. The following is a summary of the impact of Convertible Notes on interest expense for the years ended December 31, 2019, 2018 and 2017:
Including the impact of the convertible debt discount and related deferred debt issuance costs, (i) the effective interest rate on the 7.00% Convertible Notes was approximately 7.7 percent for each of the years ended December 31, 2019, 2018 and 2017 and (ii) the effective interest rate on the 5.875% Convertible Notes is approximately 6.4 percent for the year ended December 31, 2019. |
Asset Retirement Obligation |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation | ASSET RETIREMENT OBLIGATION A component of the consideration exchanged to purchase the GIGS assets in June 2015 was the assumption of the seller's asset retirement obligation ("ARO") associated with such assets. The ARO represents the estimated costs of decommissioning the GIGS pipelines and onshore oil receiving and separation facilities in Grand Isle, Louisiana at retirement. The Company recognized the ARO at its estimated fair value on the date of acquisition with a corresponding ARO asset capitalized as part of the carrying amount of the related long-lived assets to be depreciated over the assets' remaining useful lives. The Company's tenant, EGC Tenant, has an ARO related to the platform which is currently attached to the GIGS pipelines. If in the future, EGC Tenant is unable to fulfill their obligation, the Company may be required to assume the liability for the related asset removal costs. In periods subsequent to the initial measurement of an ARO, the Company recognizes changes in the liability resulting from (a) the passage of time through accretion expense and (b) revisions to either the timing or the amount of the estimate of undiscounted cash flows based on periodic revaluations. Future expected cash flows are based on subjective estimates and assumptions, which inherently include significant uncertainties which are beyond the Company's control. These assumptions represent Level 3 inputs in the fair value hierarchy. The Company has no assets that are legally restricted for purposes of settling asset retirement obligations. In December 2019 and 2018, the Company revised its estimates to reflect a decrease in (i) average marketplace rates for labor and other costs, (ii) for the expected timing of work and for (iii) recent decommissioning estimates. During the fourth quarter of 2018, the Company decommissioned a segment of the GIGS pipeline system. The Company incurred decommissioning costs of approximately $939 thousand compared to the estimated segment ARO liability of $628 thousand resulting in a loss on settlement of ARO of $311 thousand. The loss on settlement of ARO is recorded in general and administrative expenses in the Consolidated Statements of Income for the year ended December 31, 2018. For the year ended December 31, 2019, the change in estimate did not result in any charge to income. The following table is a reconciliation of the asset retirement obligation as of December 31, 2019 and 2018:
|
Stockholder's Equity |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Equity [Abstract] | |
STOCKHOLDER'S EQUITY | STOCKHOLDERS' EQUITY PREFERRED STOCK The Company's authorized preferred stock consists of 10.0 million shares having a par value of $0.001 per share. On January 27, 2015, the Company sold, in an underwritten public offering, 2,250,000 depositary shares, each representing 1/100th of a share of 7.375% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock"). Pursuant to this offering, the Company issued 22,500 whole shares of Series A Preferred Stock and received net cash proceeds of approximately $54.2 million. On April 18, 2017, the Company closed a follow-on underwritten public offering of 2,800,000 depository shares, each representing 1/100th of a share of 7.375% Series A Preferred Stock, at a price of $25.00 per depository share. On May 10, 2017, the Company sold an additional 150,000 depository shares at a public offering price of $25.00 per depository share in connection with the underwriters' exercise of their over-allotment option to purchase additional shares. Total proceeds from the offering were approximately $71.2 million, after deducting underwriting discounts and other offering expenses. A portion of the proceeds from the offering were utilized to repay $44.0 million in outstanding borrowings under the CorEnergy Revolver. Following the offering, the Company had a total of 5,200,000 depository shares outstanding, or 52,000 whole shares. The depositary shares pay an annual dividend of $1.84375 per share, equivalent to 7.375 percent of the $25.00 liquidation preference. The depositary shares may be redeemed on or after January 27, 2020, at the Company's option, in whole or in part, at the $25.00 liquidation preference plus all accrued and unpaid dividends to, but not including, the date of redemption. The depositary shares have no stated maturity, are not subject to any sinking fund or mandatory redemption and are not convertible into any other securities of the Company except in connection with certain changes of control. Holders of the depositary shares generally have no voting rights, except for limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not consecutive) and in certain other circumstances. The depositary shares representing the Series A Preferred Stock trade on the NYSE under the ticker "CORRPrA." The Company's Board of Directors authorized a share repurchase program for the Company to buy up to $10.0 million of its depository shares of Series A Preferred Stock, which commenced August 6, 2018. Purchases were made through the program until it expired on August 5, 2019. During 2018, the Company repurchased 177,773 depository shares for approximately $4.3 million in cash. During 2019, the Company repurchased 2,500 depository shares of Series A Preferred Stock for approximately $61 thousand in cash. As of December 31, 2019, the Company had a total of 5,019,727 depository shares outstanding, or approximately 50,197 whole shares, with an aggregate par value of $50.20. See Note 16 ("Subsequent Events"), for further information regarding the declaration of a dividend on the Series A Preferred Stock. COMMON STOCK As of December 31, 2019, the Company had 13,638,916 of common shares issued and outstanding. See Note 16 ("Subsequent Events"), for further information regarding the declaration of a dividend on the common stock. SHELF REGISTRATION On October 30, 2018, the Company filed a shelf registration statement with the SEC, pursuant to which it registered 1,000,000 shares of common stock for issuance under its dividend reinvestment plan. As of December 31, 2019, the Company has issued 22,003 shares of common stock under its dividend reinvestment plan pursuant to the shelf, resulting in remaining availability (subject to the current limitation discussed below) of approximately 977,997 shares of common stock. On November 9, 2018, the Company had a new shelf registration statement declared effective by the SEC replacing the Company's previously filed shelf registration statement, pursuant to which it may publicly offer additional debt or equity securities with an aggregate offering price of up to $600.0 million. As of December 31, 2019, the Company has not issued any securities under this new shelf registration statement, so total availability remains at $600.0 million. As described elsewhere in this Report, EGC and Cox Oil have refused to provide the financial statement information concerning EGC required to be filed by the Company pursuant to SEC Regulation S-X. At least until it is able to file these EGC financial statements, the Company does not expect to be able to use this shelf registration statement, or the shelf registration statement filed for its dividend reinvestment plan, to sell its securities. As previously disclosed in the Company's Current Report on Form 8-K filed on April 24, 2019, the Company has suspended its dividend reinvestment plan. The Company has engaged in dialogue with the staff of the SEC in an effort to shorten the period during which it does not use its registration statements. The Company does not expect this period to be shortened until the EGC financial statement information has been received and filed. |
Earnings Per Share |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share data is computed based on the weighted-average number of shares of common stock outstanding during the periods. Diluted EPS data is computed based on the weighted-average number of shares of common stock outstanding, including all potentially issuable shares of common stock. Diluted EPS for the years ended December 31, 2019 and 2017 excludes the impact to income and the number of shares outstanding from the conversion of the 7.00% Convertible Senior Notes and the 5.875% Convertible Senior Notes, as applicable, because such impact is antidilutive. Under the if converted method, and after consideration of the common shares issued in the Convertible Notes exchanges and conversions discussed in Note 11 ("Debt"), the 7.00% Convertible Senior Notes and 5.875% Convertible Senior Notes would result in an additional 2,463,394 common shares outstanding for the year ended December 31, 2019. For the year ended December 31, 2018, the dilutive shares include 3,453,273 common shares outstanding from the if-converted method for the 7.00% Convertible Notes. For the year ended December 31, 2017, the if-converted method would have resulted in an additional 3,454,545 common shares outstanding.
|
Quarterly Financial Data (Unaudited) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) | QUARTERLY FINANCIAL DATA (Unaudited)
|
Subsequent Events |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
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: Common Stock Dividend On January 22, 2020, the Company's Board of Directors declared a 2019 fourth quarter dividend of $0.75 per share for CorEnergy common stock. The dividend will be paid on February 28, 2020, to stockholders of record on February 14, 2020. Preferred Stock Dividend On January 22, 2020, the Company's Board of Directors also declared a dividend of $0.4609375 per depositary share for its 7.375% Series A Preferred Stock. The preferred stock dividend will be paid on February 28, 2020, to stockholders of record on February 14, 2020. |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT CorEnergy Infrastructure Trust, Inc.
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CorEnergy Infrastructure Trust, Inc. - Continued
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CorEnergy Infrastructure Trust, Inc. - Continued
NOTES TO SCHEDULE I CONDENSED FINANCIAL STATEMENTS NOTE A - BASIS OF PRESENTATION In the parent-company-only financial statements, the Company's investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. The parent-company-only financial statements should be read in conjunction with the Company's consolidated financial statements. NOTE B - DIVIDENDS FROM SUBSIDIARIES Cash dividends paid to CorEnergy Infrastructure Trust, Inc. from the Company's consolidated subsidiaries were $55.4 million, $110.1 million and $46.8 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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.
NOTES TO SCHEDULE III - CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION Reconciliation of Real Estate and Accumulated Depreciation
The aggregate cost of the properties is approximately $7.2 million lower for federal income tax purposes at December 31, 2019. The tax basis of the properties is unaudited. |
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - CorEnergy Infrastructure Trust, Inc.
NOTES TO SCHEDULE IV - CONSOLIDATED MORTGAGE LOANS ON REAL ESTATE Reconciliation of Mortgage Loans on Real Estate
|
Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include CorEnergy accounts and the accounts of its wholly-owned subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") set forth in the Accounting Standards Codification ("ASC"), as published by the Financial Accounting Standards Board ("FASB"), and with the Securities and Exchange Commission ("SEC") instructions to Form 10-K. The accompanying consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. There were no adjustments that, in the opinion of management, were not of a normal and recurring nature. All intercompany transactions and balances have been eliminated in consolidation, and the Company's net earnings have been reduced by the portion of net earnings attributable to non-controlling interests, when applicable. The FASB issued ASU 2015-02 Consolidations (Topic 810) - Amendments to the Consolidation Analysis ("ASU 2015-02"), which amended previous consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities are considered a variable interest entity ("VIE") unless the limited partners hold substantive kick-out rights or participating rights. Management determined that Pinedale LP and Grand Isle Corridor LP are VIEs under the amended guidance because the limited partners of both partnerships lack both substantive kick-out rights and participating rights. As such, management evaluated the qualitative criteria under FASB ASC Topic 810 in conjunction with ASU 2015-02 to make a determination whether these partnerships should be consolidated in the Company's financial statements. ASC Topic 810-10 requires the primary beneficiary of a variable interest entity's activities to consolidate the VIE. The primary beneficiary is identified as the enterprise that has a) the power to direct the activities of the VIE that most significantly impact the entity's economic performance and b) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. The standard requires an ongoing analysis to determine whether the variable interest gives rise to a controlling financial interest in the VIE. Based on the general partners' roles and rights as afforded by the partnership agreements and its exposure to losses and benefits of each of the partnerships through its significant limited partner interests, management determined that CorEnergy is the primary beneficiary of both Pinedale LP and Grand Isle Corridor LP. Based upon this evaluation and the Company's 100 percent ownership interest in Pinedale LP (2018-2019) and Grand Isle Corridor LP (2017-2019) and the majority ownership interest in Pinedale LP (2017) of the limited partnership interests, the consolidated financial statements presented include full consolidation with respect to both partnerships. |
||||||||||||||||||||||||
Use of Estimates | Use of Estimates – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
||||||||||||||||||||||||
Leased Property and Leases | Leased Property and Leases – In February of 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02" or "ASC 842"), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The Company adopted ASC 842 effective January 1, 2019 using the modified retrospective approach by applying the transition provisions at the beginning of the period of adoption. The adoption of the new standard resulted in the recording of right-of-use assets and lease liabilities of approximately $75 thousand each, included in prepaid expenses and other assets and accounts payable and other accrued liabilities, respectively, as of January 1, 2019. There was no difference between the right-of-use assets and lease liabilities resulting in an adjustment to retained earnings. Refer to Note 3 ("Leased Properties And Leases") for further details of the ASC 842 adoption impact. The standard did not materially impact the Company's Consolidated Statements of Income and had no impact on the Consolidated Statements of Cash Flows. The Company will continue to apply legacy guidance in ASC 840, "Leases," including its disclosure requirements, in the comparative periods presented in the year of adoption. In adopting ASC 842, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the carry forward of historical lease classification. For the underlying lessee asset class related to single-use office space, the Company also elected the lessee separation and allocation practical expedient to not separate lease and non-lease components and instead to account for each separate lease component and non-lease component as a single lease component. For the underlying lessor asset class related to pipelines residing on military bases, the Company elected the lessor separation and allocation practical expedient to not separate lease and non-lease components and instead to account for each separate lease component and non-lease component as a single lease component if the non-lease components otherwise will be accounted for in accordance with the revenue standard, and both the following criteria are met: (i) the timing and pattern of revenue recognition are the same for the non-lease component(s) and the related lease component and (ii) the lease component will be classified as an operating lease. Additionally, the Company elected the practical expedient related to land easements, allowing the carry forward of accounting treatment for land easements on existing agreements, which are currently accounted for within property, plant and equipment. The Company's current leased properties are classified as operating leases and are recorded as leased property, net of accumulated depreciation, in the Consolidated Balance Sheets. Initial direct costs incurred in connection with the creation and execution of a lease prior to January 1, 2019 are capitalized and amortized over the lease term. The Company did not reassess initial indirect cost as it elected the package of practical expedients. Subsequent to January 1, 2019, initial direct costs under ASC 842 are incremental costs of a lease that would not have been incurred if the lease had not been obtained and may include commissions or payments made to an existing tenant as an incentive to terminate its lease. Base rent related to the Company's leased property is recognized on a straight-line basis over the term of the lease when collectability is probable. Participating rent is recognized when it is earned, based on the achievement of specified performance criteria. Base and participating rent are recorded as lease revenue in the Consolidated Statements of Income. Rental payments received in advance are classified as unearned revenue and included as a liability within the Consolidated Balance Sheets. Unearned revenue is amortized ratably over the lease period as revenue recognition criteria are met. Rental payments received in arrears are accrued and classified as deferred rent receivable and included in assets within the Consolidated Balance Sheets. Under the Company's triple-net leases, the tenant is required to pay property taxes and insurance directly to the applicable third-party provider. Consistent with guidance in ASC 842, the Company will present the cost and the lessee's direct payment to the third-party under the triple-net leases on a net basis in the Consolidated Statements of Income. |
||||||||||||||||||||||||
Property and Equipment | Property and Equipment – Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the asset. Expenditures for repairs and maintenance are charged to operations as incurred, and improvements, which extend the useful lives of assets, are capitalized and depreciated over the remaining estimated useful life of the asset. The Company initially records long-lived assets at their purchase price plus any direct acquisition costs, unless the transaction is accounted for as a business combination, in which case the acquisition costs are expensed as incurred. If the transaction is accounted for as a business combination, the Company allocates the purchase price to the acquired tangible and intangible assets and liabilities based on their estimated fair values. |
||||||||||||||||||||||||
Long-Lived Asset Impairment | Long-Lived Asset Impairment – The Company's long-lived assets consist primarily of a subsea midstream pipeline system, liquids gathering system and natural gas pipelines that have been obtained through asset acquisitions and a business combination. Management continually monitors its business, the business environment and performance of its operations to determine if an event has occurred that indicates that the carrying value of a long-lived asset may be impaired. When a triggering event occurs, which is a determination that involves judgment, management utilizes cash flow projections to assess its ability to recover the carrying value of its assets based on the Company's long-lived assets' ability to generate future cash flows on an undiscounted basis. This differs from the evaluation of goodwill, for which the recoverability assessment utilizes fair value estimates that include discounted cash flows in the estimation process and accordingly any goodwill impairment recognized may not be indicative of a similar impairment of the related underlying long-lived assets. Management's projected cash flows of long-lived assets are primarily based on contractual cash flows relating to existing leases that extend many years into the future. If those cash flow projections indicate that the long-lived asset's carrying value is not recoverable, management records an impairment charge for the excess of carrying value of the asset over its fair value. The estimate of fair value considers a number of factors, including the potential value that would be received if the asset were sold, discount rates and projected cash flows. Due to the imprecise nature of these projections and assumptions, actual results can differ from management's estimates. |
||||||||||||||||||||||||
Financing Notes Receivable | Financing Notes Receivable – Financing notes receivable are presented at face value plus accrued interest receivable and deferred loan origination costs and net of related direct loan origination income. Each quarter the Company reviews its financing notes receivable to determine if the balances are realizable based on factors affecting the collectability of those balances. Factors may include credit quality, timeliness of required periodic payments, past due status and management discussions with obligors. The Company evaluates the collectability of both interest and principal of each of its loans to determine if an allowance is needed. An allowance will be recorded when based on current information and events, the Company determines it is probable that it will be unable to collect all amounts due according to the existing contractual terms. If the Company does determine an allowance is necessary, the amount deemed uncollectable is expensed in the period of determination. An insignificant delay or shortfall in the amount of payments does not necessarily result in the recording of an allowance. Generally, when interest and/or principal payments on a loan become past due, or if the Company does not otherwise expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will typically cease recognizing financing revenue on that loan until all principal and interest have been brought current. Interest income recognition is resumed if and when the previously reserved-for financing notes become contractually current and performance has been demonstrated. Payments received subsequent to the recording of an allowance will be recorded as a reduction to principal. |
||||||||||||||||||||||||
Investment Securities | Investment Securities – The Company's investments in securities were classified as other equity securities and represented interests in private companies which the Company elected to report at fair value under the fair value option. These investments were subject to restrictions on resale, have no established trading market and were valued on a quarterly basis. Because of the inherent uncertainty of valuation, the fair values of such investments, which were determined in accordance with procedures approved by the Company's Board of Directors, may differ materially from the values that would have been used had a ready market existed for the investments. The Company determines fair value to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has determined the principal market, or the market in which the Company exits its private portfolio investments with the greatest volume and level of activity, to be the private secondary market. Typically, private companies are bought and sold based on multiples of EBITDA, cash flows, net income, revenues, or in limited cases, book value. For private company investments, value is often realized through a liquidity event. |
||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements – FASB ASC 820, Fair Value Measurements and Disclosure ("ASC 820"), defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Various inputs are used in determining the fair value of the Company's assets and liabilities. These inputs are summarized in the three broad levels listed below:
|
||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents – The Company maintains cash balances at financial institutions in amounts that regularly exceed FDIC insured limits. The Company's cash equivalents are comprised of short-term, liquid money market instruments. |
||||||||||||||||||||||||
Accounts and other receivables/Deferred rent receivables | Accounts and other receivables – Accounts receivable are presented at face value net of an allowance for doubtful accounts within accounts and other receivables on the balance sheet. Accounts are considered past due based on the terms of sale with the customers. The Company reviews accounts for collectability based on an analysis of specific outstanding receivables, current economic conditions and past collection experience. For the years ended December 31, 2019 and 2018, the Company determined that an allowance for doubtful accounts was not necessary. J. Deferred rent receivables – Lease receivables are determined according to the terms of the lease agreements entered into by the Company and its lessees, as discussed within Note 3 ("Leased Properties And Leases"). Lease receivables primarily represent timing differences between straight-line revenue recognition and contractual lease receipts. |
||||||||||||||||||||||||
Goodwill | Goodwill – Goodwill represents the excess of the amount paid for the MoGas business over the fair value of the net identifiable assets acquired. To comply with ASC 350, Intangibles - Goodwill and Other ("ASC 350"), the Company performs an impairment test for goodwill annually, or more frequently in the event that a triggering event has occurred. December 31st is the Company's annual testing date associated with its MoGas reporting unit. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies how an entity is required to test goodwill for impairment by eliminating step two from the goodwill impairment test. Effective January 1, 2017, the Company elected to early adopt this standard. In accordance with ASC 350, a company may elect to perform a qualitative assessment to determine whether the quantitative impairment test is required. If the company elects to perform a qualitative assessment, the quantitative impairment test is required only if the conclusion is that it is more likely than not that the reporting unit's fair value is less than its carrying amount. If a company bypasses the qualitative assessment, the quantitative goodwill impairment test should be followed in step one. Step one compares the fair value of the reporting unit to its carrying value to identify and measure any potential impairment. The reporting unit fair value is based upon consideration of various valuation methodologies, one of which is projecting future cash flows discounted at rates commensurate with the risks involved ("Discounted Cash Flow" or "DCF"). Assumptions used in a DCF require the exercise of significant judgment, including judgment about appropriate discount rates and terminal values, growth rates and the amount and timing of expected future cash flows. Forecasted cash flows require management to make judgments and assumptions, including estimates of future volumes and rates. Declines in volumes or rates from those forecasted, or other changes in assumptions, may result in a change in management's estimate and result in an impairment. For the year ended December 31, 2019 annual impairment test, management proceeded directly to the step one quantitative approach as a result of the MoGas FERC rate case settlement approved in August of 2019. As of the December 31, 2019 testing date, the fair value of the MoGas reporting unit was determined to be greater than its carrying value and no impairment was recorded. The Company elected to perform a qualitative goodwill impairment assessment for the years ended December 31, 2018 and 2017. In performing the qualitative assessment, the Company analyzed the key drivers and other external factors that impact the business in order to determine if any significant events, transactions or other factors had occurred or were expected to occur that would impair earnings or competitiveness, therefore impairing the fair value of the MoGas reporting unit. After assessing the totality of events and circumstances, it was determined that it was not more likely than not that the fair value of the MoGas reporting unit was less than the carrying value, and so it was not necessary to perform the quantitative step one valuation. Key drivers that were considered in the qualitative evaluation of the MoGas reporting unit included: general economic conditions, continued recovery of the energy markets, natural gas pricing, input costs, liquidity and capital resources and customer outlook. |
||||||||||||||||||||||||
Debt Discount and Debt Issuance Costs | Debt Discount and Debt Issuance Costs – Costs incurred for the issuance of new debt are capitalized and amortized into interest expense over the debt term. Issuance costs related to long-term debt are recorded as a direct deduction from the carrying amount of that debt liability, net of accumulated amortization. Issuance costs related to line-of-credit arrangements however, are presented as an asset instead of a direct deduction from the carrying amount of the debt. In accordance with ASC 470, Debt ("ASC 470"), the Company recorded its Convertible Notes at the aggregate principal amount, less discount. The Company is amortizing the debt discount over the life of the Convertible Notes as additional non-cash interest expense utilizing the effective interest method. |
||||||||||||||||||||||||
Asset Retirement Obligations | Asset Retirement Obligations – The Company follows ASC 410-20, Asset Retirement Obligations, which requires that an asset retirement obligation ("ARO") associated with the retirement of a long-lived asset be recognized as a liability in the period in which it is incurred and becomes determinable, with an offsetting increase in the carrying amount of the associated asset. The Company recognized an existing ARO in conjunction with the acquisition of the GIGS in June of 2015. The Company measures changes in the ARO liability due to passage of time by applying an interest method of allocation to the amount of the liability at the beginning of the period. The increase in the carrying amount of the liability is recognized as an expense classified as an operating item in the Consolidated Statements of Income, hereinafter referred to as ARO accretion expense. The Company periodically reassesses the timing and amount of cash flows anticipated associated with the ARO and adjusts the fair value of the liability accordingly under the guidance in ASC 410-20. The fair value of the obligation at the acquisition date was capitalized as part of the carrying amount of the related long-lived assets and is being depreciated over the asset's remaining useful life. The useful lives of most pipeline gathering systems are primarily derived from available supply resources and ultimate consumption of those resources by end users. Adjustments to the ARO resulting from reassessments of the timing and amount of cash flows will result in changes to the retirement costs capitalized as part of the carrying amount of the asset. Upon decommissioning of the ARO or a portion thereof, the Company reduces the fair value of the liability and recognizes a (gain) loss on settlement of ARO as an operating item in the Consolidated Statements of Income for the difference between the liability and actual decommissioning costs incurred. |
||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition – In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09" or "ASC 606"), which became effective for all public entities on January 1, 2018. ASC 606 supersedes previously existing revenue recognition standards with a single model unless those contracts are within the scope of other standards (e.g. leases). The model requires an entity to recognize as revenue the amount of consideration to which it expects to be entitled for the transfer of promised goods or services to customers. A substantial portion of the Company's revenue consists of rental income from leasing arrangements, which is specifically excluded from ASC 606. However, the Company's transportation and distribution revenue is within the scope of the new guidance. The Company adopted ASC 606 effective on January 1, 2018 using the modified retrospective method. The Company elected to apply the guidance only to open contracts as of the effective date. The Company recognized the cumulative effect of applying the new standard as an adjustment to the opening balance of stockholders' equity. The comparative information has not been restated and continues to be reported under accounting standards in effect for those periods. Refer to Note 4 ("Transportation And Distribution Revenue") for further discussion of the transition impact and related disclosures under ASC 606. Specific recognition policies for the Company's revenue items are as follows:
|
||||||||||||||||||||||||
Transportation and distribution expense | Transportation and distribution expense – Included here are both MoGas' costs of operating and maintaining the natural gas transmission line and Omega's costs of operating and maintaining the natural gas distribution system. These costs are incurred both internally and externally. The internal costs relate to system control, pipeline operations, maintenance, insurance and taxes. Other internal costs include payroll for employees associated with gas control, field employees and management. The external costs consist of professional services such as audit and accounting, legal and regulatory and engineering. Historically, Omega's amounts paid for gas and propane delivered to customers were presented as cost of sales. Beginning February 1, 2016, under a new contract with the DOD, amounts paid by Omega for gas and propane are netted against sales and are presented in the transportation and distribution revenue line. |
||||||||||||||||||||||||
Other Income Recognition | Other Income Recognition – Specific policies for the Company's other income items are as follows:
|
||||||||||||||||||||||||
Asset Acquisition Expenses | Asset Acquisition Expenses – Costs incurred in connection with the research of real property acquisitions not accounted for as business combinations are expensed until it is determined that the acquisition of the real property is probable. Upon such determination, costs incurred in connection with the acquisition of the property are capitalized as described in paragraph (C) above. Deferred costs related to an acquisition that the Company has determined, based on management's judgment, not to pursue are expensed in the period in which such determination is made. Costs incurred in connection with a business combination are expensed as incurred. |
||||||||||||||||||||||||
Offering Costs | Offering Costs – Offering costs related to the issuance of common or preferred stock are charged to additional paid-in capital when the stock is issued. |
||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share – Basic earnings per share ("EPS") is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the period except for periods of net loss for which no common share equivalents are included because their effect would be anti-dilutive. Dilutive common equivalent shares consist of shares issuable upon conversion of the Convertible Notes calculated using the if-converted method. |
||||||||||||||||||||||||
Federal and State Income Taxation | Federal and State Income Taxation – In 2013 the Company qualified for REIT status, and in March 2014 elected (effective as of January 1, 2013), to be treated as a REIT for federal income tax purposes. Because certain of its assets may not produce REIT-qualifying income or be treated as interests in real property, those assets are held in wholly-owned TRSs in order to limit the potential that such assets and income could prevent the Company from qualifying as a REIT. As a REIT, the Company holds and operates certain of its assets through one or more wholly-owned TRSs. The Company's use of TRSs enables it to continue to engage in certain businesses while complying with REIT qualification requirements and also allows it to retain income generated by these businesses for reinvestment without the requirement of distributing those earnings. In the future, the Company may elect to reorganize and transfer certain assets or operations from its TRSs to the Company or other subsidiaries, including qualified REIT subsidiaries. The Company's other equity securities are limited partnerships or limited liability companies which are treated as partnerships for federal and state income tax purposes. As a limited partner, the Company reports its allocable share of taxable income in computing its own taxable income. To the extent held by a TRS, the TRS's tax expense or benefit is included in the Consolidated Statements of Income based on the component of income or gains and losses to which such expense or benefit relates. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. It is expected that for the year ended December 31, 2019, and future periods, any deferred tax liability or asset generated will be related entirely to the assets and activities of the Company's TRSs. If the Company ceased to qualify as a REIT, the Company, as a C corporation, would be obligated to pay federal and state income tax on its taxable income. |
||||||||||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements – In June of 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses ("ASU 2016-13"), which introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. The new model, referred to as the current expected credit losses ("CECL model"), will apply to financial assets subject to credit losses and measured at amortized cost, and certain off-balance sheet credit exposures. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November of 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates, which deferred the effective dates of these standards for certain entities. Based on the guidance for smaller reporting companies, the effective date of ASU 2016-13 is deferred for the Company until fiscal year 2023, and the Company has elected to defer adoption of this standard. Although the Company has elected to defer adoption of ASU 2016-13, it will continue to evaluate the potential impact of the standard on its consolidated financial statements. As part of its ongoing assessment work, the Company has formed an implementation team, completed training on the CECL model and has begun developing policies, processes and internal controls. |
Leased Properties and Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Leased Properties, Major Tenants and Lease Terms | The following table summarizes the significant leased properties, major tenants and lease terms:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Receipts | The future contracted minimum rental receipts for all leases as of December 31, 2019, are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Significant Leases | The table below displays the Company's individually significant leases as a percentage of total leased properties and total lease revenues for the periods presented:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Depreciation, Amortization and Accretion | The following table reflects the depreciation and amortization included in the accompanying Consolidated Statements of Income associated with the Company's leases and leased properties:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Lease Costs | The following table reflects the deferred costs that are included in the accompanying Consolidated Balance Sheets associated with the Company's leased properties:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative Effect of Changes for ASC 842 Adoption | In accordance with ASC 842 transition disclosure requirements, the cumulative effect of changes made to the Consolidated Balance Sheets as of January 1, 2019 for the adoption of ASC 842 were as follows:
|
Transportation and Distribution Revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Contract Liability Balance | The table below summarizes the Company's contract liability balance related to its transportation and distribution revenue contracts as of December 31, 2019 and 2018:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedules of Concentration of Risk | The following is a breakout of the Company's transportation and distribution revenue for the years ended December 31, 2019, 2018 and 2017:
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of deferred tax assets and liabilities | Components of the Company's deferred tax assets and liabilities as of December 31, 2019 and 2018, are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total income tax expense | Total income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rate of 21 percent for the years ended December 31, 2019 and December 31, 2018 and 35 percent for the year ended December 31, 2017, to income or loss from operations and other income and expense for the years presented, as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of income tax expense | The components of income tax expense (benefit) include the following for the periods presented:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate cost of securities for federal income tax purposes and securities with unrealized appreciation and depreciation | The aggregate cost of securities for federal income tax purposes and securities with unrealized appreciation and depreciation, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid | The per share characterization by quarter is reflected in the following tables:
The per share characterization by quarter is reflected in the following tables:
|
Property and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and equipment consist of the following:
|
Fair Value (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Level 3 Securities on Recurring Basis | The changes for all Level 3 securities measured at fair value on a recurring basis using significant unobservable inputs for the year ended December 31, 2018, are as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying and Fair Value Amounts |
|
Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following is a summary of debt facilities and balances as of December 31, 2019 and 2018:
A summary of deferred financing cost amortization expenses for the years ended December 31, 2019, 2018 and 2017 is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | The remaining contractual principal payments as of December 31, 2019 under the Amended Pinedale Term Credit Facility are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of convertible debt | The following is a summary of the impact of Convertible Notes on interest expense for the years ended December 31, 2019, 2018 and 2017:
|
Asset Retirement Obligation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of asset retirement obligations | The following table is a reconciliation of the asset retirement obligation as of December 31, 2019 and 2018:
|
Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of basic and diluted earnings per share |
|
Quarterly Financial Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information |
|
Introduction and Basis of Presentation - Narrative (Details) |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Pinedale LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest percentage | 100.00% | 100.00% | |
Grand Isle Corridor LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest percentage | 100.00% | 100.00% | 100.00% |
Significant Accounting Policies Significant Accounting Policies - Additional Information (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Jan. 01, 2019 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Impairments of long-lived assets | $ 0 | $ 0 | $ 0 | |||||
Provision for loan gain | $ (536,867) | $ 0 | $ 0 | $ 500,000 | $ 0 | $ (36,867) | $ 0 | |
ASU 2016-02 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Operating lease, right-of-use assets | $ 75,000 | |||||||
Operating lease liabilities | $ 75,000 |
Leased Properties and Leases - Leased Properties (Details) bbl / d in Thousands |
12 Months Ended | |
---|---|---|
Jan. 01, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
a
bbl / d
facility
leased_property
mi
|
|
Sale Leaseback Transaction [Line Items] | ||
Number of significant leased properties | leased_property | 2 | |
Operating Subsidiaries | ||
Sale Leaseback Transaction [Line Items] | ||
Remaining lease term | 1 year | |
Grand Isle Gathering System | ||
Sale Leaseback Transaction [Line Items] | ||
Initial term | 11 years | |
Renewal term | 9 years | |
Renewal term, percentage of remaining useful life | 75.00% | |
Current monthly rent payments | $ 2,860,917 | |
Expected future monthly rent payments | $ 3,223,917 | |
Length of offshore pipeline (in miles) | mi | 137 | |
Pipeline capacity (in bbl/day) | bbl / d | 120 | |
Number of acres in the onshore terminal and saltwater disposal system (in acres) | a | 16 | |
Estimated useful life | 27 years | |
Pinedale LGS | ||
Sale Leaseback Transaction [Line Items] | ||
Initial term | 15 years | |
Renewal term | 5 years | |
Current monthly rent payments | $ 1,812,307 | |
Length of offshore pipeline (in miles) | mi | 150 | |
Number of storage facilities | facility | 4 | |
Estimated useful life | 26 years | |
Minimum | ||
Sale Leaseback Transaction [Line Items] | ||
Initial term | 11 years | |
Maximum | ||
Sale Leaseback Transaction [Line Items] | ||
Initial term | 15 years | |
Forecast | Pinedale LGS | ||
Sale Leaseback Transaction [Line Items] | ||
Current monthly rent payments | $ 1,844,748 |
Leased Properties and Leases - Future Minimum Lease Receipts (Details) |
Dec. 31, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
2020 | $ 65,772,473 |
2021 | 71,734,473 |
2022 | 70,711,973 |
2023 | 67,663,973 |
2024 | 65,874,973 |
Thereafter | 129,321,920 |
Total | $ 471,079,785 |
Leased Properties and Leases - Significant Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Pinedale LGS | |||
Operating Leased Assets [Line Items] | |||
Percentage of total leased properties | 44.40% | 44.50% | |
Percentage of leased property revenue | 39.20% | 35.20% | 31.20% |
Variable rent | $ 4,600 | $ 4,300 | $ 587 |
Grand Isle Gathering System | |||
Operating Leased Assets [Line Items] | |||
Percentage of total leased properties | 55.30% | 55.20% | |
Percentage of leased property revenue | 60.60% | 55.90% | 59.10% |
Portland Terminal Facility | |||
Operating Leased Assets [Line Items] | |||
Percentage of total leased properties | 0.00% | 0.00% | |
Percentage of leased property revenue | 0.00% | 8.80% | 9.60% |
Leased Properties and Leases - Amortization, Depreciation Expense, Accretion Expense (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Sale Leaseback Transaction [Line Items] | |||
Depreciation Expense | $ 3,400,000 | $ 3,400,000 | $ 3,400,000 |
ARO Accretion Expense | 443,969 | 499,562 | |
All Properties [Member] | |||
Sale Leaseback Transaction [Line Items] | |||
Depreciation Expense | 18,671,720 | 20,986,461 | 19,935,994 |
Amortization Expense - Deferred Lease Costs | 91,932 | 91,932 | 91,932 |
ARO Accretion Expense | 443,969 | 499,562 | 663,065 |
Net Deferred Lease Costs | 687,736 | 779,668 | |
GIGS | |||
Sale Leaseback Transaction [Line Items] | |||
Depreciation Expense | 9,763,163 | 10,836,590 | 9,754,596 |
Amortization Expense - Deferred Lease Costs | 30,564 | 30,564 | 30,564 |
ARO Accretion Expense | 443,969 | 499,562 | 663,065 |
Net Deferred Lease Costs | 198,755 | 229,319 | |
Pinedale | |||
Sale Leaseback Transaction [Line Items] | |||
Depreciation Expense | 8,869,440 | 8,869,440 | 8,869,440 |
Amortization Expense - Deferred Lease Costs | 61,368 | 61,368 | 61,368 |
Net Deferred Lease Costs | 488,981 | 550,349 | |
Portland Terminal Facility | |||
Sale Leaseback Transaction [Line Items] | |||
Depreciation Expense | 0 | 1,243,769 | 1,275,660 |
United Property Systems | |||
Sale Leaseback Transaction [Line Items] | |||
Depreciation Expense | $ 39,117 | $ 36,662 | $ 36,298 |
Leased Properties and Leases - Sale of the Portland Terminal Facility (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 21, 2018 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain on sale of leased property | $ 11,723,257 | $ 0 | $ 0 | $ 0 | $ 0 | $ 11,723,257 | $ 0 | |
Deferred rent receivable | $ 25,942,755 | $ 29,858,102 | $ 25,942,755 | |||||
Joliet Terminal | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Investments | $ 1,200,000 | |||||||
Realized loss on sale of investment | (715,000) | |||||||
Disposed of by Sale, Not Discontinued Operations | Zenith Energy Terminals Holdings | Portland Terminal Facility and Joliet Terminal | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal consideration | 61,000,000 | |||||||
Proceeds from the sale of leased property | 56,000,000 | |||||||
Note receivable | 5,000,000 | |||||||
Disposed of by Sale, Not Discontinued Operations | Zenith Energy Terminals Holdings | Portland Terminal Facility | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal consideration | 60,600,000 | |||||||
Gain on sale of leased property | 11,700,000 | |||||||
Deferred rent receivable | 3,200,000 | |||||||
Disposed of by Sale, Not Discontinued Operations | Zenith Energy Terminals Holdings | Joliet Terminal | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal consideration | 400,000 | |||||||
Portland Terminal Facility | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Property investment | $ 45,700,000 |
Leased Properties and Leases - Pinedale LGS Acquisition (Details) $ in Millions |
Dec. 29, 2017
USD ($)
|
---|---|
Pinedale LP | |
Noncontrolling Interest [Line Items] | |
Difference in fair value of purchase consideration and carrying amount | $ 5.6 |
Controlling economic interest | 100.00% |
Pinedale LP | Pinedale LP I | |
Noncontrolling Interest [Line Items] | |
Purchase price | $ 32.9 |
Pinedale LGS | Limited Partner | Prudential | |
Noncontrolling Interest [Line Items] | |
Ownership percentage | 18.95% |
Noncontrolling economic interest | $ 27.3 |
Leased Properties and Leases Cumulative Effect of Changes for ASC 842 Adoption (Details) - USD ($) |
Dec. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Prepaid expenses and other assets | $ 804,341 | $ 743,118 | $ 668,584 |
Accounts payable and other accrued liabilities | 6,000,981 | 3,568,024 | 3,493,490 |
Retained earnings (deficit) | $ (9,611,872) | 9,147,701 | $ 9,147,701 |
ASU 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Prepaid expenses and other assets | 74,534 | ||
Accounts payable and other accrued liabilities | 74,534 | ||
Retained earnings (deficit) | $ 0 |
Transportation and Distribution Revenue - Contract Liability Balance (Details) - USD ($) |
11 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jan. 01, 2018 |
Nov. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Change In Contract With Customer, Liability [Roll Forward] | ||||
Beginning Balance | $ 6,552,049 | |||
Unrecognized Performance Obligations | $ 992,000 | |||
Ending Balance | 6,891,798 | $ 6,552,049 | ||
Transportation and distribution revenue | ||||
Change In Contract With Customer, Liability [Roll Forward] | ||||
Beginning Balance | $ 0 | $ 0 | 6,522,354 | 0 |
Cumulative Transition Adjustment Upon Adoption of ASC 606 | $ 3,307,109 | |||
Unrecognized Performance Obligations | 887,916 | 3,307,109 | ||
Recognized Performance Obligations | (559,480) | (91,864) | ||
Ending Balance | $ 6,850,790 | $ 6,522,354 |
Transportation and Distribution Revenue - Additional Information (Details) - USD ($) $ in Thousands |
11 Months Ended | 12 Months Ended | 143 Months Ended | |||
---|---|---|---|---|---|---|
Jan. 01, 2018 |
Nov. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Oct. 31, 2030 |
|
Concentration Risk [Line Items] | ||||||
Cumulative adjustment for ASC 606 adoption | $ 3,300 | |||||
Unrecognized performance obligations | $ 992 | |||||
Remaining performance obligation | $ 58,100 | |||||
Contract asset balance | $ 206 | $ 181 | ||||
Natural gas transportation contracts | Product and services | Revenue | ||||||
Concentration Risk [Line Items] | ||||||
Concentration percentage | 67.80% | 64.30% | 71.50% | |||
Natural gas distribution contracts | Product and services | Revenue | ||||||
Concentration Risk [Line Items] | ||||||
Concentration percentage | 25.50% | 26.80% | 20.40% | |||
Forecast | ||||||
Concentration Risk [Line Items] | ||||||
Recognized performance obligations quarterly | $ 138 |
Financing Notes Receivable - Four Wood Financing Note Receivable (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 12, 2019 |
Dec. 12, 2018 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Cash consideration | $ 237,000 | $ 7,000 | $ 17,999 | $ 0 | |||||
Provision for loan gain | $ (536,867) | $ 0 | $ 0 | $ 500,000 | 0 | (36,867) | $ 0 | ||
Monthly principal payments | $ 11,000 | ||||||||
SWD Enterprises | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Provision for loan gain | (37,000) | ||||||||
Compass REIT Loan | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing receivable | $ 1,300,000 | $ 1,300,000 | $ 1,200,000 | $ 1,300,000 | |||||
Debt instrument term | 2 years | ||||||||
Effective interest rate | 8.50% | ||||||||
LIBOR | Compass REIT Loan | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Basis spread on variable rate | 6.00% |
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Deferred Tax Assets: | ||
Deferred contract revenue | $ 1,529,473 | $ 1,691,899 |
Net operating loss carryforwards | 5,622,052 | 5,424,671 |
Loan loss provision | 0 | 263,508 |
Accrued liabilities | 424,604 | 83,325 |
Capital loss carryforward | 104,595 | 0 |
Other | 6,184 | 12,370 |
Sub-total | 7,686,908 | 7,475,773 |
Valuation allowance | (104,595) | 0 |
Sub-total | 7,582,313 | 7,475,773 |
Deferred Tax Liabilities: | ||
Cost recovery of leased and fixed assets | (2,953,319) | (2,508,547) |
Other | (35,433) | (19,023) |
Sub-total | (2,988,752) | (2,527,570) |
Total net deferred tax asset | $ 4,593,561 | $ 4,948,203 |
Income Taxes - Additional Information (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Contingency [Line Items] | ||||
Valuation allowance | $ 104,595 | $ 0 | ||
Adjustment which reduced net deferred tax assets | 1,300,000 | |||
Deferred state income tax expense (benefit) | 370,482 | (411,048) | $ 19,413 | |
NOL not subject to expiration | 19,800,000 | 19,800,000 | ||
NOL expiring in 2034 if not utilized | 328,000 | |||
NOL expiring in 2035 if not utilized | 176,000 | |||
NOL expiring in 2036 if not utilized | 1,200,000 | |||
NOL expiring in 2037 if not utilized | 2,000,000 | |||
Subsidiaries | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss for federal income tax purposes | 23,500,000 | $ 17,100,000 | ||
State | Missouri | ||||
Income Tax Contingency [Line Items] | ||||
Blended state tax rate | 5.00% | 5.00% | ||
Deferred state income tax expense (benefit) | $ 315,000 | |||
Capital Loss Carryforward | ||||
Income Tax Contingency [Line Items] | ||||
Carryforward for tax purposes | $ 500,000 | |||
Corridor Public and Corridor Private | State | ||||
Income Tax Contingency [Line Items] | ||||
Blended state tax rate | 0.00% | 5.53% | 3.78% | |
CorEnergy BBWS | State | Missouri | ||||
Income Tax Contingency [Line Items] | ||||
Blended state tax rate | 5.00% | |||
Corridor MoGas | State | Missouri | ||||
Income Tax Contingency [Line Items] | ||||
Blended state tax rate | 5.00% |
Income Taxes - Income Tax Benefit (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Total income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rates net investment income and net realized and unrealized gains on investments | |||||||||||
Application of statutory income tax rate | $ 904,111 | $ 8,671,562 | $ 12,231,838 | ||||||||
State income taxes, net of federal tax benefit | 409,839 | (583,186) | 352,708 | ||||||||
Income of Real Estate Investment Trust not subject to tax | (941,900) | (10,339,520) | (11,975,853) | ||||||||
Tax reform impact | 0 | 0 | 1,262,444 | ||||||||
Other | (137,432) | (167,582) | 474,181 | ||||||||
Income tax expense (benefit), net | $ (182,710) | $ (92,706) | $ 62,699 | $ 447,335 | $ (612,384) | $ (746,667) | $ (614,849) | $ (444,826) | $ 234,618 | $ (2,418,726) | $ 2,345,318 |
Income Taxes - Components of Income Tax Benefit (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Current tax expense (benefit) | |||||||||||
Federal | $ (159,381) | $ (413,248) | $ 2,498,363 | ||||||||
State (net of federal tax benefit) | 39,357 | (172,138) | 333,295 | ||||||||
Total current tax expense (benefit) | $ (472,498) | $ (1,270) | $ 0 | $ 353,744 | $ (530,659) | $ (8,393) | $ (10,785) | $ (35,549) | (120,024) | (585,386) | 2,831,658 |
Deferred tax expense (benefit) | |||||||||||
Federal | (15,840) | (1,422,292) | (505,753) | ||||||||
State (net of federal tax benefit) | 370,482 | (411,048) | 19,413 | ||||||||
Total deferred tax expense (benefit) | 289,788 | (91,436) | 62,699 | 93,591 | (81,725) | (738,274) | (604,064) | (409,277) | 354,642 | (1,833,340) | (486,340) |
Income tax expense (benefit), net | $ (182,710) | $ (92,706) | $ 62,699 | $ 447,335 | $ (612,384) | $ (746,667) | $ (614,849) | $ (444,826) | $ 234,618 | $ (2,418,726) | $ 2,345,318 |
Income Taxes - Aggregate Cost of Securities for Income Tax Purposes (Details) - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Aggregate cost for federal income tax purposes | $ 345,241 | $ 408,051 |
Gross unrealized appreciation | 0 | 0 |
Gross unrealized depreciation | 0 | 0 |
Net unrealized appreciation | $ 0 | $ 0 |
Income Taxes - Common and Preferred Stock Distribution (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | $ 3.000 | $ 3.000 | $ 3.000 |
Total Distribution per Share | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 3.0000 | 3.0000 | 3.0000 |
Preferred stock, dividends declared per share (in dollars per share) | 1.8436 | 1.8436 | 1.8436 |
Total Ordinary Dividends | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 1.9537 | 2.1384 | 2.3700 |
Preferred stock, dividends declared per share (in dollars per share) | 1.7872 | 1.3140 | 1.8436 |
Qualified Dividends | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.0000 | 0.0000 | 0.3140 |
Preferred stock, dividends declared per share (in dollars per share) | 0.0000 | 0.0000 | 0.2444 |
Capital Gain Distributions | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.0606 | 0.8616 | 0.0000 |
Preferred stock, dividends declared per share (in dollars per share) | 0.0564 | 0.5296 | 0.0000 |
Nondividend Distributions | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.9857 | 0.6300 | |
Preferred stock, dividends declared per share (in dollars per share) | 0.0000 | 0.0000 | |
Unrecaptured Section 1250 Gain | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.4028 | ||
Preferred stock, dividends declared per share (in dollars per share) | 0.2476 | ||
Section 199A Dividends | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 1.9537 | 2.1384 | |
Preferred stock, dividends declared per share (in dollars per share) | 1.7872 | 1.3140 | |
Installment One | Total Distribution per Share | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.7500 | 0.7500 | 0.7500 |
Preferred stock, dividends declared per share (in dollars per share) | 0.4609 | 0.4609 | 0.4609 |
Installment One | Total Ordinary Dividends | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.5803 | 0.5346 | 0.5925 |
Preferred stock, dividends declared per share (in dollars per share) | 0.4483 | 0.3285 | 0.4609 |
Installment One | Qualified Dividends | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.0000 | 0.0000 | 0.0785 |
Preferred stock, dividends declared per share (in dollars per share) | 0.0000 | 0.0000 | 0.0611 |
Installment One | Capital Gain Distributions | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.0156 | 0.2154 | 0.0000 |
Preferred stock, dividends declared per share (in dollars per share) | 0.0126 | 0.1324 | 0.0000 |
Installment One | Nondividend Distributions | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.1541 | 0.1575 | |
Preferred stock, dividends declared per share (in dollars per share) | 0.0000 | 0.0000 | |
Installment One | Unrecaptured Section 1250 Gain | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.1007 | ||
Preferred stock, dividends declared per share (in dollars per share) | 0.0619 | ||
Installment One | Section 199A Dividends | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.5803 | 0.5346 | |
Preferred stock, dividends declared per share (in dollars per share) | 0.4483 | 0.3285 | |
Installment Two | Total Distribution per Share | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.7500 | 0.7500 | 0.7500 |
Preferred stock, dividends declared per share (in dollars per share) | 0.4609 | 0.4609 | 0.4609 |
Installment Two | Total Ordinary Dividends | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.4578 | 0.5346 | 0.5925 |
Preferred stock, dividends declared per share (in dollars per share) | 0.4463 | 0.3285 | 0.4609 |
Installment Two | Qualified Dividends | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.0000 | 0.0000 | 0.0785 |
Preferred stock, dividends declared per share (in dollars per share) | 0.0000 | 0.0000 | 0.0611 |
Installment Two | Capital Gain Distributions | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.0150 | 0.2154 | 0.0000 |
Preferred stock, dividends declared per share (in dollars per share) | 0.0146 | 0.1324 | 0.0000 |
Installment Two | Nondividend Distributions | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.2772 | 0.1575 | |
Preferred stock, dividends declared per share (in dollars per share) | 0.0000 | 0.0000 | |
Installment Two | Unrecaptured Section 1250 Gain | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.1007 | ||
Preferred stock, dividends declared per share (in dollars per share) | 0.0619 | ||
Installment Two | Section 199A Dividends | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.4578 | 0.5346 | |
Preferred stock, dividends declared per share (in dollars per share) | 0.4463 | 0.3285 | |
Installment Three | Total Distribution per Share | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.7500 | 0.7500 | 0.7500 |
Preferred stock, dividends declared per share (in dollars per share) | 0.4609 | 0.4609 | 0.4609 |
Installment Three | Total Ordinary Dividends | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.4578 | 0.5346 | 0.5925 |
Preferred stock, dividends declared per share (in dollars per share) | 0.4463 | 0.3285 | 0.4609 |
Installment Three | Qualified Dividends | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.0000 | 0.0000 | 0.0785 |
Preferred stock, dividends declared per share (in dollars per share) | 0.0000 | 0.0000 | 0.0611 |
Installment Three | Capital Gain Distributions | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.0150 | 0.2154 | 0.0000 |
Preferred stock, dividends declared per share (in dollars per share) | 0.0146 | 0.1324 | 0.0000 |
Installment Three | Nondividend Distributions | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.2772 | 0.1575 | |
Preferred stock, dividends declared per share (in dollars per share) | 0.0000 | 0.0000 | |
Installment Three | Unrecaptured Section 1250 Gain | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.1007 | ||
Preferred stock, dividends declared per share (in dollars per share) | 0.0619 | ||
Installment Three | Section 199A Dividends | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.4578 | 0.5346 | |
Preferred stock, dividends declared per share (in dollars per share) | 0.4463 | 0.3285 | |
Installment Four | Total Distribution per Share | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.7500 | 0.7500 | 0.7500 |
Preferred stock, dividends declared per share (in dollars per share) | 0.4609 | 0.4609 | 0.4609 |
Installment Four | Total Ordinary Dividends | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.4578 | 0.5346 | 0.5925 |
Preferred stock, dividends declared per share (in dollars per share) | 0.4463 | 0.3285 | 0.4609 |
Installment Four | Qualified Dividends | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.0000 | 0.0000 | 0.0785 |
Preferred stock, dividends declared per share (in dollars per share) | 0.0000 | 0.0000 | 0.0611 |
Installment Four | Capital Gain Distributions | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.0150 | 0.2154 | 0.0000 |
Preferred stock, dividends declared per share (in dollars per share) | 0.0146 | 0.1324 | 0.0000 |
Installment Four | Nondividend Distributions | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.2772 | 0.1575 | |
Preferred stock, dividends declared per share (in dollars per share) | 0.0000 | $ 0.0000 | |
Installment Four | Unrecaptured Section 1250 Gain | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.1007 | ||
Preferred stock, dividends declared per share (in dollars per share) | 0.0619 | ||
Installment Four | Section 199A Dividends | |||
Dividends Payable [Line Items] | |||
Common stock, dividends declared per share (in dollars per share) | 0.4578 | 0.5346 | |
Preferred stock, dividends declared per share (in dollars per share) | $ 0.4463 | $ 0.3285 | |
Capital Stock | |||
Dividends Payable [Line Items] | |||
Ordinary income dividend percentage | 65.10% | ||
Return of capital percentage | 32.90% | ||
Capital gain percentage | 2.00% | ||
Qualified dividend income percentage | 0.00% | ||
Capital gain, percentage subject to maximum 20 percent tax rate | 100.00% | ||
Preferred Stock | |||
Dividends Payable [Line Items] | |||
Ordinary income dividend percentage | 96.90% | ||
Return of capital percentage | 0.00% | ||
Capital gain percentage | 3.10% | ||
Qualified dividend income percentage | 0.00% | ||
Capital gain, percentage subject to maximum 20 percent tax rate | 100.00% |
Property and Equipment (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Component of property and equipment | |||
Gross property and equipment | $ 126,160,287 | $ 125,850,898 | |
Less: accumulated depreciation | (19,304,610) | (15,969,346) | |
Net property and equipment | 106,855,677 | 109,881,552 | |
Depreciation Expense | 3,400,000 | 3,400,000 | $ 3,400,000 |
Land | |||
Component of property and equipment | |||
Gross property and equipment | 605,070 | 580,000 | |
Natural gas pipeline | |||
Component of property and equipment | |||
Gross property and equipment | 124,614,696 | 124,306,175 | |
Vehicles and trailers | |||
Component of property and equipment | |||
Gross property and equipment | 671,962 | 696,164 | |
Office equipment and computers | |||
Component of property and equipment | |||
Gross property and equipment | $ 268,559 | $ 268,559 |
Concentrations (Details) - leased_property |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Concentration Risk [Line Items] | |||
Number of significant leased properties | 2 | ||
Revenue from Contract with Customer | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Percentage of revenues | 7.00% | 6.00% | 11.00% |
Management Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Aug. 15, 2019 |
Aug. 12, 2019 |
Jun. 29, 2015 |
|
Management Agreement [Line Items] | ||||||
Percentage of directors to reach majority | 0.6667% | |||||
Number of days prior to written notice to terminate | 30 days | |||||
Percentage of fees of the last 4 quarters | 300.00% | |||||
Corridor Infra Trust Management | ||||||
Management Agreement [Line Items] | ||||||
Quarterly management fee percentage | 0.25% | |||||
Annual management fee percentage | 1.00% | |||||
Quarterly incentive fee percentage in relation to distribution threshold | 10.00% | |||||
Distribution threshold (in dollars per share) | $ 0.625 | |||||
Incentive fees waived | $ 470 | $ 100 | ||||
Incentive Fee | 658 | 595 | ||||
General and Administrative Expense | Corridor Infra Trust Management | ||||||
Management Agreement [Line Items] | ||||||
Management Fee | 6,800 | $ 7,600 | 7,200 | |||
Administrative Fee | $ 264 | $ 280 | $ 269 | |||
Administrative Agreement | ||||||
Management Agreement [Line Items] | ||||||
Annual rate percentage of managed assets | 0.04% | |||||
Minimum annual fee | $ 30 | |||||
5.875% Unsecured Convertible Senior Notes | Convertible Debt | ||||||
Management Agreement [Line Items] | ||||||
Effective interest rate | 5.875% | 0.00% | 5.875% | 5.875% | ||
7.00% Unsecured Convertible Senior Notes | Convertible Debt | ||||||
Management Agreement [Line Items] | ||||||
Effective interest rate | 7.00% | 7.00% | 7.00% |
Fair Value - Changes in Level 3 Securities on Recurring Basis (Details) - Level 3 |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair Value Beginning Balance | $ 2,958,315 |
Acquisitions | 0 |
Disposals | (449,067) |
Total Realized and Unrealized Losses Included in Net Income | (1,845,309) |
Return of Capital Adjustments Impacting Cost Basis of Securities | (663,939) |
Fair Value Ending Balance | 0 |
Changes in Unrealized Gains Included In Net Income, Relating to Securities Still Held | 0 |
Other equity securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair Value Beginning Balance | 2,958,315 |
Acquisitions | 0 |
Disposals | (449,067) |
Total Realized and Unrealized Losses Included in Net Income | (1,845,309) |
Return of Capital Adjustments Impacting Cost Basis of Securities | (663,939) |
Fair Value Ending Balance | 0 |
Changes in Unrealized Gains Included In Net Income, Relating to Securities Still Held | $ 0 |
Fair Value - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 21, 2017 |
Dec. 31, 2018 |
Dec. 31, 2018 |
Dec. 31, 2019 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from sale of interest | $ 7,600 | |||
Lightfoot Capital Partners LP | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity interest percentage | 6.60% | 6.60% | 6.60% | |
Lightfoot GP | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity interest percentage | 1.50% | 1.50% | 1.50% | |
Arc Terminal Joliet Holdings | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Required reinvestment | $ 1,200 | |||
Gulf LNG | Lightfoot GP | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from sale of interest | $ 667 | |||
Realized loss on sale of investment | $ (1,100) |
Fair Value - Joliet (Details) - Zenith Terminal Joliet Holdings $ in Thousands |
Dec. 21, 2018
USD ($)
|
---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Equity interest percentage | 0.60% |
Sale of investment | $ 446 |
Fair Value - Carrying and Fair Value Amounts (Details) - USD ($) |
Dec. 31, 2019 |
Aug. 15, 2019 |
Aug. 12, 2019 |
Dec. 31, 2018 |
Jun. 29, 2015 |
---|---|---|---|---|---|
Carrying Amount | Level 1 | |||||
Financial Assets: | |||||
Cash and cash equivalents | $ 120,863,643 | $ 69,287,177 | |||
Carrying Amount | Level 2 | |||||
Financial Liabilities: | |||||
Secured credit facilities | 33,785,930 | 37,261,109 | |||
Carrying Amount | Level 3 | |||||
Financial Assets: | |||||
Financing notes receivable | 1,235,000 | 1,300,000 | |||
Fair Value | Level 1 | |||||
Financial Assets: | |||||
Cash and cash equivalents | 120,863,643 | 69,287,177 | |||
Fair Value | Level 2 | |||||
Financial Liabilities: | |||||
Secured credit facilities | 33,785,930 | 37,261,109 | |||
Fair Value | Level 3 | |||||
Financial Assets: | |||||
Financing notes receivable | 1,235,000 | 1,300,000 | |||
7.00% Unsecured Convertible Senior Notes | Carrying Amount | Level 1 | |||||
Financial Liabilities: | |||||
Unsecured convertible senior notes | 2,084,178 | 112,777,271 | |||
7.00% Unsecured Convertible Senior Notes | Fair Value | Level 1 | |||||
Financial Liabilities: | |||||
Unsecured convertible senior notes | 2,820,832 | 119,378,982 | |||
5.875% Unsecured Convertible Senior Notes | Carrying Amount | Level 2 | |||||
Financial Liabilities: | |||||
Unsecured convertible senior notes | 116,239,318 | 0 | |||
5.875% Unsecured Convertible Senior Notes | Fair Value | Level 2 | |||||
Financial Liabilities: | |||||
Unsecured convertible senior notes | $ 122,508,000 | $ 0 | |||
Convertible Debt | 7.00% Unsecured Convertible Senior Notes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Effective interest rate | 7.00% | 7.00% | 7.00% | ||
Convertible Debt | 5.875% Unsecured Convertible Senior Notes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Effective interest rate | 5.875% | 5.875% | 5.875% | 0.00% |
Debt - Schedule of Debt (Details) - USD ($) |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jun. 12, 2019 |
Dec. 31, 2019 |
Aug. 15, 2019 |
Aug. 12, 2019 |
Dec. 31, 2018 |
Jul. 08, 2015 |
Jun. 29, 2015 |
Nov. 24, 2014 |
|
Debt Instrument [Line Items] | ||||||||
Quarterly Principal Payments | $ 11,000 | |||||||
Amount Outstanding | $ 156,036,000 | $ 151,430,000 | ||||||
Total | 152,109,426 | 150,038,380 | ||||||
Debt due within one year | 5,612,178 | 3,528,000 | ||||||
7.00% Unsecured Convertible Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized discount | 6,681 | 1,108,342 | ||||||
5.875% Unsecured Convertible Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized discount | 3,284,542 | 0 | ||||||
Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Total Commitment or Original Principal | $ 153,000,000 | |||||||
Line of Credit | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Total Commitment or Original Principal | $ 105,000,000 | |||||||
Line of Credit | Revolving Credit Facility | CorEnergy Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Total Commitment or Original Principal | 160,000,000 | |||||||
Quarterly Principal Payments | 0 | |||||||
Amount Outstanding | $ 0 | $ 0 | ||||||
Interest Rate, effective | 4.51% | 5.25% | ||||||
Line of Credit | Revolving Credit Facility | MoGas Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Total Commitment or Original Principal | $ 1,000,000 | $ 3,000,000.0 | ||||||
Quarterly Principal Payments | 0 | |||||||
Amount Outstanding | $ 0 | $ 0 | ||||||
Interest Rate, effective | 4.51% | 5.25% | ||||||
Line of Credit | Revolving Credit Facility | Omega Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Total Commitment or Original Principal | $ 1,500,000 | |||||||
Quarterly Principal Payments | 0 | |||||||
Amount Outstanding | $ 0 | $ 0 | ||||||
Interest Rate, effective | 5.76% | 6.50% | ||||||
Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred debt financing costs, net | $ 158,070 | $ 210,891 | ||||||
Total | 33,944,000 | |||||||
Secured Debt | Amended Pinedale Term Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | 33,944,000 | |||||||
Secured Debt | Term Loan | Amended Pinedale Term Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Total Commitment or Original Principal | 41,000,000 | |||||||
Quarterly Principal Payments | 882,000 | |||||||
Amount Outstanding | $ 33,944,000 | $ 37,472,000 | ||||||
Interest rate, fixed | 6.50% | 6.50% | ||||||
Convertible Debt | 7.00% Unsecured Convertible Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Total Commitment or Original Principal | $ 115,000,000 | $ 63,900,000.0 | $ 115,000,000.0 | |||||
Quarterly Principal Payments | 0 | |||||||
Amount Outstanding | $ 2,092,000 | $ 113,958,000 | ||||||
Interest rate, fixed | 7.00% | 7.00% | 7.00% | |||||
Deferred debt financing costs, net | $ 241,000 | |||||||
Unamortized discount | $ 3,700,000 | |||||||
Convertible Debt | 5.875% Unsecured Convertible Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Total Commitment or Original Principal | $ 120,000,000 | $ 120,000,000.0 | ||||||
Quarterly Principal Payments | 0 | |||||||
Amount Outstanding | $ 120,000,000 | $ 0 | ||||||
Interest rate, fixed | 5.875% | 5.875% | 5.875% | 0.00% | ||||
Unamortized discount | $ 3,500,000 | |||||||
Convertible Debt and Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred debt financing costs, net | $ 635,351 | $ 283,278 |
Debt - CorEnergy Credit Facilities (Details) - USD ($) |
Jul. 28, 2017 |
Dec. 31, 2019 |
Aug. 15, 2019 |
Dec. 31, 2018 |
Jul. 08, 2015 |
Jun. 29, 2015 |
Nov. 24, 2014 |
---|---|---|---|---|---|---|---|
Line of Credit Facility [Line Items] | |||||||
Long-term debt outstanding | $ 152,109,426 | $ 150,038,380 | |||||
Line of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Face amount | $ 153,000,000 | ||||||
Line of Credit | Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Face amount | 105,000,000 | ||||||
Line of Credit | Amended and Restated CorEnergy Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Face amount | $ 161,000,000 | ||||||
Debt instrument term | 5 years | ||||||
Line of Credit | Minimum | LIBOR | Amended and Restated CorEnergy Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Basis spread on variable rate | 2.75% | ||||||
Line of Credit | Maximum | LIBOR | Amended and Restated CorEnergy Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Basis spread on variable rate | 3.75% | ||||||
CorEnergy Revolver | Line of Credit | Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Face amount | 160,000,000 | ||||||
CorEnergy Revolver | Line of Credit | Amended and Restated CorEnergy Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Face amount | $ 160,000,000 | ||||||
Springing maturity trigger exceeds principal amount | 28,750,000 | ||||||
Springing maturity trigger unrestricted cash liquidity | 5,000,000 | ||||||
Remaining borrowing capacity | 136,400,000 | ||||||
MoGas Revolver | Line of Credit | Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Face amount | 1,000,000 | $ 3,000,000.0 | |||||
MoGas Revolver | Line of Credit | Amended and Restated CorEnergy Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Face amount | 1,000,000 | ||||||
Remaining borrowing capacity | $ 1,000,000 | 1,000,000 | |||||
Long-term debt outstanding | 0 | ||||||
7.00% Unsecured Convertible Senior Notes | Convertible Debt | |||||||
Line of Credit Facility [Line Items] | |||||||
Face amount | $ 115,000,000 | $ 63,900,000.0 | $ 115,000,000.0 | ||||
Interest rate, fixed | 7.00% | 7.00% | 7.00% | ||||
Parent Company | Line of Credit | Term Loan | |||||||
Line of Credit Facility [Line Items] | |||||||
Face amount | 45,000,000 | ||||||
Subsidiaries | Line of Credit | Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Face amount | $ 3,000,000 |
Debt - Mowood/Omega Revolver/ Amended Pinedale Credit Facility (Details) - USD ($) |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 29, 2017 |
Jul. 31, 2015 |
Dec. 31, 2017 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2016 |
Mar. 30, 2016 |
Jul. 08, 2015 |
Dec. 20, 2012 |
|
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | $ 152,109,426 | $ 150,038,380 | |||||||
Secured credit facilities, net | 33,785,930 | 37,261,109 | |||||||
Cash sweep provision distribution | $ 4,400,000 | ||||||||
Total assets | 651,455,794 | $ 624,883,180 | |||||||
Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount | $ 153,000,000 | ||||||||
Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 33,944,000 | ||||||||
Revolving Credit Facility | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount | $ 105,000,000 | ||||||||
Revolving Credit Facility | Line of Credit | Mowood/Omega Revolver | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 1,500,000.0 | ||||||||
Basis spread on variable rate | 4.00% | ||||||||
Long-term debt outstanding | 0 | ||||||||
Pinedale LP | Secured Term Credit Facility | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 70,000,000 | ||||||||
Secured credit facilities, net | $ 58,500,000 | ||||||||
Pinedale LP | Amended Pinedale Term Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Monthly principal periodic payment | $ 294,000 | ||||||||
Debt instrument term | 5 years | ||||||||
Face amount | $ 41,000,000.0 | ||||||||
Interest rate, fixed | 6.50% | ||||||||
Pinedale LGS | |||||||||
Debt Instrument [Line Items] | |||||||||
Total assets | $ 131,500,000 | ||||||||
Pinedale LGS | General Partner | Pinedale GP | |||||||||
Debt Instrument [Line Items] | |||||||||
Controlling economic interest | 81.05% | ||||||||
Value of economic interest | $ 47,400,000 |
Debt - Amortization of Deferred Financing Costs (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Line of Credit | CorEnergy Credit Facility | |||
Debt Instrument [Line Items] | |||
Deferred Debt Issuance Cost Amortization | $ 1,600,000 | ||
Interest Expense | Line of Credit | |||
Debt Instrument [Line Items] | |||
Deferred Debt Issuance Cost Amortization | $ 627,363 | $ 627,269 | 873,993 |
Interest Expense | Line of Credit | CorEnergy Credit Facility | |||
Debt Instrument [Line Items] | |||
Deferred Debt Issuance Cost Amortization | 574,542 | 574,541 | 873,601 |
Interest Expense | Secured Debt | Amended Pinedale Term Credit Facility | |||
Debt Instrument [Line Items] | |||
Deferred Debt Issuance Cost Amortization | $ 52,821 | $ 52,728 | $ 392 |
Debt - Amortization of Deferred Financing Costs Information (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 29, 2017 |
Jul. 28, 2017 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Line of Credit Facility [Line Items] | |||||||||
Loss on extinguishment of debt | $ 0 | $ 28,920,834 | $ 0 | $ 5,039,731 | $ 33,960,565 | $ 0 | $ 336,933 | ||
Amended Pinedale Term Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Loss on extinguishment of debt | 103,000 | ||||||||
Amended Pinedale Term Credit Facility | Pinedale LP | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Amortization of debt issuance costs | $ 264,000 | ||||||||
Debt instrument term | 5 years | ||||||||
Deferred debt financing costs, net | $ 367,000 | ||||||||
Line of Credit | CorEnergy Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Amortization of debt issuance costs | 1,600,000 | ||||||||
Deferred debt financing costs, net | $ 1,800,000 | 1,300,000 | |||||||
Line of Credit | Amended and Restated CorEnergy Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Amortization of debt issuance costs | 2,900,000 | ||||||||
Debt instrument term | 5 years | ||||||||
Loss on extinguishment of debt | $ 234,000 |
Debt - Long Term Debt Maturities (Details) - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Instrument [Line Items] | ||
Total | $ 152,109,426 | $ 150,038,380 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
2020 | 3,528,000 | |
2021 | 3,528,000 | |
2022 | 26,888,000 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total | $ 33,944,000 |
Debt - Convertible Debt Information (Details) |
2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 15, 2019
USD ($)
shares
|
Jan. 16, 2019
USD ($)
$ / shares
shares
|
May 23, 2016
USD ($)
|
Jun. 29, 2015
USD ($)
$ / shares
|
Feb. 27, 2020
USD ($)
shares
|
Dec. 31, 2019
USD ($)
$ / shares
|
Sep. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
Mar. 31, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
trading_day
$ / shares
shares
|
Dec. 31, 2018
USD ($)
$ / shares
shares
|
Dec. 31, 2017
USD ($)
|
Aug. 12, 2019
USD ($)
|
|
Debt Instrument [Line Items] | |||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Loss on extinguishment of debt | $ 0 | $ 28,920,834 | $ 0 | $ 5,039,731 | $ 33,960,565 | $ 0 | $ 336,933 | ||||||
7.00% Unsecured Convertible Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount of underwriter's discount | 6,681 | 6,681 | 1,108,342 | ||||||||||
5.875% Unsecured Convertible Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount of underwriter's discount | 3,284,542 | 3,284,542 | 0 | ||||||||||
Convertible Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest expense | 6,675,037 | $ 8,766,306 | 8,767,188 | ||||||||||
Convertible Debt | 7.00% Unsecured Convertible Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount | $ 63,900,000.0 | $ 115,000,000.0 | $ 115,000,000 | $ 115,000,000 | |||||||||
Effective interest rate | 7.00% | 7.00% | 7.00% | 7.00% | |||||||||
Amount of underwriter's discount | $ 3,700,000 | ||||||||||||
Deferred debt financing costs, net | $ 241,000 | ||||||||||||
Conversion ratio | 0.0303030 | ||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 33.00 | ||||||||||||
Repurchases of convertible debt | $ 60,200,000 | $ 19,800,000 | $ 1,000,000 | ||||||||||
Principal amount | $ 43,800,000 | $ 4,200,000 | $ 42,000 | ||||||||||
Shares issued (in shares) | shares | 703,432 | 837,040 | 127,143 | 1,271 | |||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||||||||
Percentage of principal amount redeemed | 100.00% | ||||||||||||
Interest expense | $ 733,000 | $ 315,000 | $ 3,696,003 | $ 8,766,306 | 8,767,188 | ||||||||
Loss on extinguishment of debt | 28,900,000 | 5,000,000 | 34,000,000 | ||||||||||
Write-off of underwriter's discount | 360,000 | 409,000 | 320,821 | 738,912 | 738,912 | ||||||||
Amortization of debt issuance costs | 24,000 | $ 27,000 | 21,004 | $ 48,276 | 48,276 | ||||||||
Debt conversion, exchanged instrument, amount | $ 93,200,000 | ||||||||||||
Convertible debt outstanding | $ 2,100,000 | 2,100,000 | |||||||||||
Convertible Debt | 7.00% Unsecured Convertible Senior Notes | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount | $ 416,000 | ||||||||||||
Shares issued (in shares) | shares | 12,605 | ||||||||||||
Convertible Debt | 5.875% Unsecured Convertible Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount | $ 120,000,000 | $ 120,000,000 | $ 120,000,000.0 | ||||||||||
Effective interest rate | 5.875% | 5.875% | 5.875% | 0.00% | 5.875% | ||||||||
Amount of underwriter's discount | $ 3,500,000 | ||||||||||||
Conversion ratio | 0.0200000 | ||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 50.00 | $ 50.00 | |||||||||||
Interest expense | $ 2,979,034 | $ 0 | 0 | ||||||||||
Write-off of underwriter's discount | 225,458 | 0 | 0 | ||||||||||
Amortization of debt issuance costs | $ 31,493 | $ 0 | $ 0 | ||||||||||
Redemption price in percentage | 100.00% | ||||||||||||
Deferred debt costs | $ 508,000 | ||||||||||||
Sale price of common stock, percentage | 125.00% | ||||||||||||
Number of trading days | trading_day | 20 | ||||||||||||
Number of consecutive trading days | trading_day | 30 |
Debt - Convertible Debt (Details) - Convertible Debt - USD ($) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Aug. 15, 2019 |
Jan. 16, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Aug. 12, 2019 |
Jun. 29, 2015 |
|
Debt Instrument [Line Items] | |||||||
Total Convertible Note Interest | $ 6,675,037 | $ 8,766,306 | $ 8,767,188 | ||||
7.00% Unsecured Convertible Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest Expense | 3,354,178 | 7,979,118 | 7,980,000 | ||||
Discount Amortization | $ 360,000 | $ 409,000 | 320,821 | 738,912 | 738,912 | ||
Deferred Debt Issuance Cost Amortization | 24,000 | 27,000 | 21,004 | 48,276 | 48,276 | ||
Total Convertible Note Interest | $ 733,000 | $ 315,000 | $ 3,696,003 | $ 8,766,306 | $ 8,767,188 | ||
Effective interest rate | 7.00% | 7.00% | 7.00% | ||||
Effective percentage | 7.70% | 7.70% | 7.70% | ||||
5.875% Unsecured Convertible Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest Expense | $ 2,722,083 | $ 0 | $ 0 | ||||
Discount Amortization | 225,458 | 0 | 0 | ||||
Deferred Debt Issuance Cost Amortization | 31,493 | 0 | 0 | ||||
Total Convertible Note Interest | $ 2,979,034 | $ 0 | $ 0 | ||||
Effective interest rate | 5.875% | 5.875% | 0.00% | 5.875% | |||
Effective percentage | 6.40% |
Asset Retirement Obligation (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Asset Retirement Obligation Disclosure [Abstract] | ||||
Decommissioning costs incurred | $ 939,000 | $ 939,000 | ||
Estimated segment ARO liability | 628,000 | 628,000 | ||
Loss on settlement of asset retirement obligation | 311,000 | $ 0 | 310,941 | $ 0 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning asset retirement obligation | 7,956,343 | 9,170,493 | ||
Liabilities assumed | 0 | 0 | ||
ARO accretion expense | 443,969 | 499,562 | ||
Liabilities settled | 0 | (628,300) | ||
Revision in cash flow estimates | (356,112) | (1,085,412) | ||
Ending asset retirement obligation | $ 7,956,343 | $ 8,044,200 | $ 7,956,343 | $ 9,170,493 |
Stockholder's Equity - Preferred Stock (Details) - USD ($) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
May 10, 2017 |
Apr. 18, 2017 |
Jan. 27, 2015 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Aug. 06, 2018 |
|
Class of Stock [Line Items] | |||||||
Preferred stock, authorized (in shares) | 10,000,000 | ||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | ||||||
Repurchases of Series A preferred stock | $ 60,550 | $ 4,275,553 | $ 0 | ||||
Preferred stock, outstanding (in shares) | 50,197 | ||||||
Series A Cumulative Redeemable Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 | |||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |||||
Preferred stock interest rate | 7.375% | 7.375% | |||||
Preferred stock, issued (in shares) | 22,500 | 50,197 | 50,222 | ||||
Net offering proceeds | $ 54,200,000 | ||||||
Preferred stock, liquidation preference (in dollars per share) | $ 2,500 | $ 2,500 | |||||
Preferred stock, outstanding (in shares) | 50,197 | 50,222 | |||||
Depositary Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, par value (in dollars per share) | $ 50.197 | ||||||
Percent equivalent of preferred shares | 1.00% | ||||||
Dividends (in dollars per share) | $ 1.84375 | ||||||
Preferred stock, liquidation preference (in dollars per share) | $ 25.00 | ||||||
Authorized amount of shares to be repurchased | $ 10,000,000 | ||||||
Repurchase of stock (in shares) | 177,773 | ||||||
Repurchases of Series A preferred stock | $ 4,300,000 | ||||||
Preferred stock, outstanding (in shares) | 5,019,727 | ||||||
Depositary Shares | Series A Cumulative Redeemable Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Repurchase of stock (in shares) | 2,500 | ||||||
Repurchases of Series A preferred stock | $ 61,000 | ||||||
Preferred Stock | Series A Cumulative Redeemable Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock interest rate | 7.375% | 7.375% | |||||
Underwritten Public Offering | Depositary Shares | |||||||
Class of Stock [Line Items] | |||||||
Shares sold in offering (in shares) | 150,000 | 2,800,000 | 2,250,000 | ||||
Sale of stock (in dollars per share) | $ 25.00 | $ 25.00 | |||||
Proceeds from sale of stock | $ 71,200,000 | ||||||
Shares outstanding (in shares) | 5,200,000 | ||||||
Underwritten Public Offering | Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Shares outstanding (in shares) | 52,000 | ||||||
Line of Credit | Revolving Credit Facility | CorEnergy Revolver | |||||||
Class of Stock [Line Items] | |||||||
Extinguishment of debt | $ 44,000,000 |
Stockholder's Equity - Common Stock (Details) - shares |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Equity [Abstract] | ||
Common shares issued (in shares) | 13,638,916 | 11,960,225 |
Common shares outstanding (in shares) | 13,638,916 | 11,960,225 |
Stockholder's Equity - Shelf Registration (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Oct. 30, 2018 |
Dec. 31, 2019 |
Nov. 09, 2018 |
|
Class of Stock [Line Items] | |||
Aggregate offering price of shelf registration | $ 600,000,000 | ||
Current availability | $ 600,000,000 | ||
Dividend Reinvestment Plan | |||
Class of Stock [Line Items] | |||
Reinvestment of distributions to stockholders (in shares) | 1,000,000 | 22,003 | |
Remaining availability (in shares) | 977,997 |
Earnings Per Share (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Aug. 15, 2019 |
Aug. 12, 2019 |
Jun. 29, 2015 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Net Income attributable to CorEnergy Stockholders | $ 9,807,728 | $ (19,419,600) | $ 9,824,926 | $ 3,866,441 | $ 20,495,995 | $ 7,697,324 | $ 7,810,849 | $ 7,707,708 | $ 4,079,495 | $ 43,711,876 | $ 32,602,790 | |||
Less: preferred dividend requirements | 2,313,780 | 2,313,780 | 2,313,780 | 2,314,128 | 2,357,752 | 2,396,875 | 2,396,875 | 2,396,875 | 9,255,468 | 9,548,377 | 7,953,988 | |||
Net Income (Loss) attributable to Common Stockholders | $ 7,493,948 | $ (21,733,380) | $ 7,511,146 | $ 1,552,313 | $ 18,138,243 | $ 5,300,449 | $ 5,413,974 | $ 5,310,833 | $ (5,175,973) | $ 34,163,499 | $ 24,648,802 | |||
Weighted average shares - basic (in shares) | 13,041,613 | 11,935,021 | 11,900,516 | |||||||||||
Basic earnings (loss) per share (in dollars per share) | $ 0.55 | $ (1.65) | $ 0.59 | $ 0.12 | $ 1.52 | $ 0.44 | $ 0.45 | $ 0.45 | $ (0.40) | $ 2.86 | $ 2.07 | |||
Net Income (Loss) attributable to Common Stockholders (from above) | $ 7,493,948 | $ (21,733,380) | $ 7,511,146 | $ 1,552,313 | $ 18,138,243 | $ 5,300,449 | $ 5,413,974 | $ 5,310,833 | $ (5,175,973) | $ 34,163,499 | $ 24,648,802 | |||
Add: After tax effect of convertible interest | 0 | 8,766,306 | 0 | |||||||||||
Income (Loss) attributable for dilutive securities | $ (5,175,973) | $ 42,929,805 | $ 24,648,802 | |||||||||||
Weighted average shares - diluted (in shares) | 13,041,613 | 15,389,180 | 11,900,516 | |||||||||||
Diluted earnings (loss) per share (in dollars per share) | $ 0.55 | $ (1.65) | $ 0.59 | $ 0.12 | $ 1.32 | $ 0.44 | $ 0.45 | $ 0.45 | $ (0.40) | $ 2.79 | $ 2.07 | |||
Increase (decrease) in preferred dividends | $ 245 | $ (10,554) | ||||||||||||
Convertible Debt | ||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Shares issued upon conversion (in shares) | 2,463,394 | 2,463,394 | ||||||||||||
Convertible Debt | 7.00% Unsecured Convertible Senior Notes | ||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Coupon rate percentage | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | |||||||||
Shares issued upon conversion (in shares) | 3,453,273 | 3,453,273 | 3,454,545 | |||||||||||
Convertible Debt | 5.875% Unsecured Convertible Senior Notes | ||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Coupon rate percentage | 5.875% | 0.00% | 5.875% | 0.00% | 5.875% | 5.875% |
Quarterly Financial Data (Unaudited) (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Revenue | |||||||||||
Lease revenue | $ 16,712,017 | $ 16,984,903 | $ 16,635,876 | $ 16,717,710 | $ 67,050,506 | ||||||
Total Revenue | 21,709,485 | 21,081,244 | 21,532,009 | 21,622,832 | $ 22,900,039 | $ 22,636,705 | $ 22,150,016 | $ 21,544,838 | 85,945,570 | $ 89,231,598 | $ 88,749,377 |
Expenses | |||||||||||
Transportation and distribution expenses | 1,376,152 | 1,116,194 | 1,246,755 | 1,503,143 | 1,861,329 | 2,241,999 | 1,534,524 | 1,572,896 | 5,242,244 | 7,210,748 | 6,729,707 |
General and administrative | 2,492,346 | 2,494,240 | 2,739,855 | 2,870,407 | 4,161,533 | 3,046,481 | 3,107,776 | 2,727,057 | 10,596,848 | 13,042,847 | 10,786,497 |
Depreciation, amortization and ARO accretion expense | 5,646,254 | 5,645,342 | 5,645,250 | 5,645,096 | 6,078,582 | 6,289,459 | 6,290,082 | 6,289,330 | 22,581,942 | 24,947,453 | 24,047,710 |
Provision for loan (gain) loss | (536,867) | 0 | 0 | 500,000 | 0 | (36,867) | 0 | ||||
Total Expenses | 9,514,752 | 9,255,776 | 9,631,860 | 10,018,646 | 11,564,577 | 11,577,939 | 10,932,382 | 11,089,283 | 38,421,034 | 45,164,181 | 41,563,914 |
Operating Income | 12,194,733 | 11,825,468 | 11,900,149 | 11,604,186 | 11,335,462 | 11,058,766 | 11,217,634 | 10,455,555 | 47,524,536 | 44,067,417 | 47,185,463 |
Other Income (Expense) | |||||||||||
Net distributions and other income | 426,797 | 360,182 | 285,259 | 256,615 | 41,503 | 5,627 | 55,714 | 3,951 | 1,328,853 | 106,795 | 680,091 |
Net realized and unrealized gain (loss) on other equity securities | (48,028) | (930,147) | (881,100) | 13,966 | 0 | (1,845,309) | 1,531,827 | ||||
Interest expense | (2,996,512) | (2,777,122) | (2,297,783) | (2,507,294) | (3,168,583) | (3,183,589) | (3,196,248) | (3,210,590) | (10,578,711) | (12,759,010) | (12,378,514) |
Gain on the sale of leased property, net | 11,723,257 | 0 | 0 | 0 | 0 | 11,723,257 | 0 | ||||
Loss on extinguishment of debt | 0 | (28,920,834) | 0 | (5,039,731) | (33,960,565) | 0 | (336,933) | ||||
Total Other Expense | (2,569,715) | (31,337,774) | (2,012,524) | (7,290,410) | 8,548,149 | (4,108,109) | (4,021,634) | (3,192,673) | (43,210,423) | (2,774,267) | (10,503,529) |
Income before income taxes | 9,625,018 | (19,512,306) | 9,887,625 | 4,313,776 | 19,883,611 | 6,950,657 | 7,196,000 | 7,262,882 | 4,314,113 | 41,293,150 | 36,681,934 |
Taxes | |||||||||||
Current tax expense (benefit) | (472,498) | (1,270) | 0 | 353,744 | (530,659) | (8,393) | (10,785) | (35,549) | (120,024) | (585,386) | 2,831,658 |
Deferred tax expense (benefit) | 289,788 | (91,436) | 62,699 | 93,591 | (81,725) | (738,274) | (604,064) | (409,277) | 354,642 | (1,833,340) | (486,340) |
Income tax expense (benefit), net | (182,710) | (92,706) | 62,699 | 447,335 | (612,384) | (746,667) | (614,849) | (444,826) | 234,618 | (2,418,726) | 2,345,318 |
Net Income attributable to CorEnergy Stockholders | 9,807,728 | (19,419,600) | 9,824,926 | 3,866,441 | 20,495,995 | 7,697,324 | 7,810,849 | 7,707,708 | 4,079,495 | 43,711,876 | 32,602,790 |
Preferred dividend requirements | 2,313,780 | 2,313,780 | 2,313,780 | 2,314,128 | 2,357,752 | 2,396,875 | 2,396,875 | 2,396,875 | 9,255,468 | 9,548,377 | 7,953,988 |
Net Income (Loss) attributable to Common Stockholders | $ 7,493,948 | $ (21,733,380) | $ 7,511,146 | $ 1,552,313 | $ 18,138,243 | $ 5,300,449 | $ 5,413,974 | $ 5,310,833 | $ (5,175,973) | $ 34,163,499 | $ 24,648,802 |
Earnings (Loss) Per Common Share: | |||||||||||
Basic (in dollars per share) | $ 0.55 | $ (1.65) | $ 0.59 | $ 0.12 | $ 1.52 | $ 0.44 | $ 0.45 | $ 0.45 | $ (0.40) | $ 2.86 | $ 2.07 |
Diluted (in dollars per share) | $ 0.55 | $ (1.65) | $ 0.59 | $ 0.12 | $ 1.32 | $ 0.44 | $ 0.45 | $ 0.45 | $ (0.40) | $ 2.79 | $ 2.07 |
Transportation and distribution revenue | |||||||||||
Revenue | |||||||||||
Revenue | $ 4,970,173 | $ 4,068,338 | $ 4,868,144 | $ 4,871,582 | $ 4,412,378 | $ 4,244,722 | $ 3,874,157 | $ 3,952,979 | $ 18,778,237 | $ 16,484,236 | $ 19,945,573 |
Financing revenue | |||||||||||
Revenue | |||||||||||
Revenue | $ 27,295 | $ 28,003 | $ 27,989 | $ 33,540 | $ 116,827 | $ 0 | $ 0 |
Subsequent Events (Details) - $ / shares |
12 Months Ended | ||||
---|---|---|---|---|---|
Jan. 22, 2020 |
Jan. 27, 2015 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Subsequent Event [Line Items] | |||||
Dividends declared per share (in dollars per share) | $ 3.000 | $ 3.000 | $ 3.000 | ||
Series A Cumulative Redeemable Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Coupon rate percentage | 7.375% | 7.375% | |||
Preferred Stock | Series A Cumulative Redeemable Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Coupon rate percentage | 7.375% | 7.375% | |||
Subsequent event | Common Stock | |||||
Subsequent Event [Line Items] | |||||
Dividends declared per share (in dollars per share) | $ 0.750 | ||||
Subsequent event | Depositary Shares | Series A Cumulative Redeemable Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Depositary stock, dividends declared per share (in dollars per share) | $ 0.4609375 | ||||
Subsequent event | Preferred Stock | Series A Cumulative Redeemable Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Coupon rate percentage | 7.375% |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Balance Sheet (Details) - USD ($) |
Dec. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Assets | |||
Leased property, net of accumulated depreciation of $1,296,598 and $1,112,218 | $ 379,211,399 | $ 398,214,355 | |
Cash and cash equivalents | 120,863,643 | 69,287,177 | |
Deferred costs, net of accumulated amortization of $1,198,023 and $712,182 | 2,171,969 | 2,838,443 | |
Prepaid expenses and other assets | 804,341 | $ 743,118 | 668,584 |
Total Assets | 651,455,794 | 624,883,180 | |
Liabilities and Equity | |||
Unsecured convertible senior notes, net of discount and debt issuance costs of $3,768,504 and $1,180,729 | 118,323,496 | 112,777,271 | |
Accounts payable and other accrued liabilities | 6,000,981 | 3,568,024 | 3,493,490 |
Management fees payable | 1,669,950 | 1,831,613 | |
Total Liabilities | 174,716,355 | 169,871,875 | |
Equity | |||
Series A Cumulative Redeemable Preferred Stock 7.375%, $125,493,175 and $125,555,675 liquidation preference ($2,500 per share, $0.001 par value), 10,000,000 authorized; 50,197 and 50,222 issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 125,493,175 | 125,555,675 | |
Capital stock, non-convertible, $0.001 par value; 13,638,916 and 11,960,225 shares issued and outstanding at December 31, 2019 and December 31, 2018 (100,000,000 shares authorized) | 13,639 | 11,960 | |
Additional paid-in capital | 360,844,497 | 320,295,969 | |
Retained earnings (deficit) | (9,611,872) | $ 9,147,701 | 9,147,701 |
Total Liabilities and Equity | 651,455,794 | 624,883,180 | |
Parent Company | |||
Assets | |||
Leased property, net of accumulated depreciation of $1,296,598 and $1,112,218 | 3,497,058 | 3,681,438 | |
Investments | 401,331,625 | 415,674,601 | |
Cash and cash equivalents | 113,264,989 | 64,574,701 | |
Due from subsidiary | 11,635,874 | 10,549,719 | |
Note receivable from subsidiary | 75,412,500 | 81,000,000 | |
Deferred costs, net of accumulated amortization of $1,198,023 and $712,182 | 1,283,744 | 1,769,585 | |
Prepaid expenses and other assets | 306,939 | 265,024 | |
Total Assets | 606,732,729 | 577,515,068 | |
Liabilities and Equity | |||
Unsecured convertible senior notes, net of discount and debt issuance costs of $3,768,504 and $1,180,729 | 118,323,496 | 112,777,271 | |
Accounts payable and other accrued liabilities | 3,180,010 | 1,075,045 | |
Management fees payable | 1,669,950 | 1,831,613 | |
Due to affiliate | 153,640 | 153,640 | |
Total Liabilities | 123,327,096 | 115,837,569 | |
Equity | |||
Series A Cumulative Redeemable Preferred Stock 7.375%, $125,493,175 and $125,555,675 liquidation preference ($2,500 per share, $0.001 par value), 10,000,000 authorized; 50,197 and 50,222 issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 125,493,175 | 125,555,675 | |
Capital stock, non-convertible, $0.001 par value; 13,638,916 and 11,960,225 shares issued and outstanding at December 31, 2019 and December 31, 2018 (100,000,000 shares authorized) | 13,639 | 11,960 | |
Additional paid-in capital | 367,510,691 | 326,962,163 | |
Retained earnings (deficit) | (9,611,872) | 9,147,701 | |
Total Equity | 483,405,633 | 461,677,499 | |
Total Liabilities and Equity | $ 606,732,729 | $ 577,515,068 |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Balance Sheet Parenthetical (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Jan. 27, 2015 |
|
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Accumulated depreciation, leased property | $ 105,825,816 | $ 87,154,095 | |
Accumulated amortization, deferred costs | $ 1,956,710 | $ 1,290,236 | |
Preferred stock, par value (in dollars per share) | $ 0.001 | ||
Preferred stock, authorized (in shares) | 10,000,000 | ||
Preferred stock, outstanding (in shares) | 50,197 | ||
Capital stock non-convertible, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Capital stock non-convertible, shares issued (in shares) | 13,638,916 | 11,960,225 | |
Capital stock non-convertible, shares outstanding (in shares) | 13,638,916 | 11,960,225 | |
Capital stock non-convertible, shares authorized | 100,000,000 | 100,000,000 | |
Convertible Debt | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Unamortized discount and debt issuance costs | $ 3,768,504 | $ 1,180,729 | |
Series A Cumulative Redeemable Preferred Stock | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Preferred stock interest rate | 7.375% | 7.375% | |
Preferred stock, liquidation preference | $ 125,493,175 | $ 125,555,675 | |
Preferred stock, liquidation preference (in dollars per share) | $ 2,500 | $ 2,500 | |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 | |
Preferred stock, issued (in shares) | 50,197 | 50,222 | 22,500 |
Preferred stock, outstanding (in shares) | 50,197 | 50,222 | |
Parent Company | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Accumulated depreciation, leased property | $ 1,296,598 | $ 1,112,218 | |
Accumulated amortization, deferred costs | $ 1,198,023 | $ 712,182 | |
Capital stock non-convertible, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Capital stock non-convertible, shares issued (in shares) | 13,638,916 | 11,960,225 | |
Capital stock non-convertible, shares outstanding (in shares) | 13,638,916 | 11,960,225 | |
Capital stock non-convertible, shares authorized | 100,000,000 | 100,000,000 | |
Parent Company | Convertible Debt | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Unamortized discount and debt issuance costs | $ 3,768,504 | $ 1,180,729 | |
Parent Company | Series A Cumulative Redeemable Preferred Stock | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Preferred stock interest rate | 7.375% | 7.375% | |
Preferred stock, liquidation preference | $ 125,493,175 | $ 125,555,675 | |
Preferred stock, liquidation preference (in dollars per share) | $ 2,500 | $ 2,500 | |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 | |
Preferred stock, issued (in shares) | 50,197 | 50,222 | |
Preferred stock, outstanding (in shares) | 50,197 | 50,222 |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Income and Comprehensive Income (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Revenue | |||||||||||
Total Revenue | $ 21,709,485 | $ 21,081,244 | $ 21,532,009 | $ 21,622,832 | $ 22,900,039 | $ 22,636,705 | $ 22,150,016 | $ 21,544,838 | $ 85,945,570 | $ 89,231,598 | $ 88,749,377 |
Expenses | |||||||||||
General and administrative | 2,492,346 | 2,494,240 | 2,739,855 | 2,870,407 | 4,161,533 | 3,046,481 | 3,107,776 | 2,727,057 | 10,596,848 | 13,042,847 | 10,786,497 |
Depreciation expense | 3,400,000 | 3,400,000 | 3,400,000 | ||||||||
Total Expenses | 9,514,752 | 9,255,776 | 9,631,860 | 10,018,646 | 11,564,577 | 11,577,939 | 10,932,382 | 11,089,283 | 38,421,034 | 45,164,181 | 41,563,914 |
Operating Income | 12,194,733 | 11,825,468 | 11,900,149 | 11,604,186 | 11,335,462 | 11,058,766 | 11,217,634 | 10,455,555 | 47,524,536 | 44,067,417 | 47,185,463 |
Other Income (Expense) | |||||||||||
Net distributions and other income | 426,797 | 360,182 | 285,259 | 256,615 | 41,503 | 5,627 | 55,714 | 3,951 | 1,328,853 | 106,795 | 680,091 |
Loss on extinguishment of debt | 0 | (28,920,834) | 0 | (5,039,731) | (33,960,565) | 0 | (336,933) | ||||
Total Other Expense | (2,569,715) | (31,337,774) | (2,012,524) | (7,290,410) | 8,548,149 | (4,108,109) | (4,021,634) | (3,192,673) | (43,210,423) | (2,774,267) | (10,503,529) |
Net Income attributable to CorEnergy Stockholders | $ 9,807,728 | $ (19,419,600) | $ 9,824,926 | $ 3,866,441 | $ 20,495,995 | $ 7,697,324 | $ 7,810,849 | $ 7,707,708 | 4,079,495 | 43,711,876 | 32,602,790 |
Changes in fair value of qualifying hedges | 0 | 0 | 11,196 | ||||||||
Net Change in Other Comprehensive Income | 0 | 0 | 13,813 | ||||||||
Parent Company | |||||||||||
Revenue | |||||||||||
Earnings from subsidiary | 41,073,290 | 48,353,177 | 36,222,221 | ||||||||
Total Revenue | 41,073,290 | 48,353,177 | 36,222,221 | ||||||||
Expenses | |||||||||||
General and administrative | 2,045,404 | 2,353,593 | 2,298,201 | ||||||||
Depreciation expense | 184,380 | 184,380 | 184,380 | ||||||||
Amortization expense | 5,316 | 5,316 | 5,316 | ||||||||
Total Expenses | 2,235,100 | 2,543,289 | 2,487,897 | ||||||||
Operating Income | 38,838,190 | 45,809,888 | 33,734,324 | ||||||||
Other Income (Expense) | |||||||||||
Net distributions and other income | 1,252,749 | 56,827 | 96,866 | ||||||||
Interest on loans to subsidiaries | 5,916,317 | 7,903,104 | 11,549,344 | ||||||||
Interest expense, net | (7,967,196) | (10,057,943) | (11,451,944) | ||||||||
Loss on extinguishment of debt | (33,960,565) | 0 | (225,801) | ||||||||
Total Other Expense | (34,758,695) | (2,098,012) | (31,535) | ||||||||
Net Income attributable to CorEnergy Stockholders | 4,079,495 | 43,711,876 | 33,702,789 | ||||||||
Changes in fair value of qualifying hedges | 0 | 0 | 11,196 | ||||||||
Net Change in Other Comprehensive Income | $ 4,079,495 | $ 43,711,876 | $ 33,713,985 |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Cash Flows (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 12, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | $ 61,779,104 | $ 48,622,740 | $ 56,791,571 | |
Investing Activities | ||||
Principal payments received from notes to subsidiaries | $ 237,000 | 5,000,000 | 0 | 0 |
Net cash provided by investing activities | 4,699,066 | 56,816,490 | 7,595,477 | |
Financing Activities | ||||
Debt financing costs | (372,759) | (264,010) | (1,462,741) | |
Net offering proceeds on Series A preferred stock | 0 | 0 | 71,161,531 | |
Net offering proceeds on convertible debt | 116,355,125 | 0 | 0 | |
Cash paid for extinguishment of convertible notes | (78,939,743) | 0 | 0 | |
Repurchases of preferred stock debt | (60,550) | (4,275,553) | 0 | |
Dividends paid on Series A preferred stock | (9,255,121) | (9,587,500) | (8,227,734) | |
Advances on revolving line of credit | 0 | 0 | 10,000,000 | |
Payments on revolving line of credit | 0 | 0 | (54,000,000) | |
Principal payments on term debt | (3,528,000) | (3,528,000) | (45,600,577) | |
Net cash used in financing activities | (14,901,704) | (51,939,122) | (56,495,063) | |
Net Change in Cash and Cash Equivalents | 51,576,466 | 53,500,108 | 7,891,985 | |
Cash and Cash Equivalents at beginning of period | 69,287,177 | 15,787,069 | 7,895,084 | |
Cash and Cash Equivalents at end of period | 120,863,643 | 69,287,177 | 15,787,069 | |
Supplemental Disclosure of Cash Flow Information | ||||
Interest Paid | 6,834,439 | 11,200,835 | 10,780,150 | |
Non-Cash Financing Activities | ||||
Common stock issued upon exchange and conversion of convertible notes | 66,064,966 | 42,654 | 0 | |
Reinvestment of distributions by common stockholders in additional common shares | 403,831 | 1,509,830 | 962,308 | |
Parent Company | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (939,775) | (6,257,124) | 1,661,123 | |
Investing Activities | ||||
Principal payments received from notes to subsidiaries | 5,587,500 | 2,250,000 | 40,092,095 | |
Investment in consolidated subsidiaries | 0 | (73,996) | (33,900,000) | |
Cash distributions from consolidated subsidiaries | 55,416,267 | 110,140,459 | 46,774,111 | |
Net cash provided by investing activities | 61,003,767 | 112,316,463 | 52,966,206 | |
Financing Activities | ||||
Debt financing costs | (372,759) | 0 | (1,360,241) | |
Net offering proceeds on Series A preferred stock | 0 | 0 | 71,161,531 | |
Net offering proceeds on convertible debt | 116,355,125 | 0 | 0 | |
Cash paid for extinguishment of convertible notes | (78,939,743) | 0 | 0 | |
Repurchases of preferred stock debt | (60,550) | (4,275,553) | 0 | |
Dividends paid on Series A preferred stock | (9,255,121) | (9,587,500) | (8,227,734) | |
Dividends paid on common stock | (39,100,656) | (34,284,059) | (34,731,892) | |
Advances on revolving line of credit | 0 | 0 | 10,000,000 | |
Payments on revolving line of credit | 0 | 0 | (54,000,000) | |
Principal payments on term debt | 0 | 0 | (36,740,000) | |
Net cash used in financing activities | (11,373,704) | (48,147,112) | (53,898,336) | |
Net Change in Cash and Cash Equivalents | 48,690,288 | 57,912,227 | 728,993 | |
Cash and Cash Equivalents at beginning of period | 64,574,701 | 6,662,474 | 5,933,481 | |
Cash and Cash Equivalents at end of period | 113,264,989 | 64,574,701 | 6,662,474 | |
Supplemental Disclosure of Cash Flow Information | ||||
Interest Paid | 4,504,263 | 8,794,086 | 10,080,764 | |
Non-Cash Investing Activities | ||||
Conversion of note receivable from subsidiary to investments | 0 | 0 | 4,902,495 | |
Dissolution of investment in subsidiary upon liquidation | 0 | (73,996) | 0 | |
Non-Cash Financing Activities | ||||
Common stock issued upon exchange and conversion of convertible notes | 66,064,966 | 42,654 | 0 | |
Reinvestment of distributions by common stockholders in additional common shares | $ 403,831 | $ 1,509,830 | $ 962,308 |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Additional Information (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash dividends paid | $ 55,416,267 | $ 110,140,459 | $ 46,774,111 |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 33,944,000 | |||
Initial cost to company, land | 106,655,063 | |||
Initial cost to company, building & fixtures | 384,778,459 | |||
Costs capitalized subsequent to acquisition, improvements | (6,396,307) | |||
Gross amount carried at close of period, land | 106,655,063 | |||
Gross amount carried at close of period, building & fixtures | 378,382,152 | |||
Gross amount carried at close of period, total | 485,037,215 | $ 485,368,450 | $ 538,112,220 | $ 541,478,086 |
Accumulated Depreciation | 105,825,816 | $ 87,154,095 | $ 72,155,753 | $ 52,219,717 |
Investment in Real Estate, net, at 12/31/19 | 379,211,399 | |||
Pinedale LGS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 33,944,000 | |||
Initial cost to company, land | 105,485,063 | |||
Initial cost to company, building & fixtures | 125,119,062 | |||
Costs capitalized subsequent to acquisition, improvements | 0 | |||
Gross amount carried at close of period, land | 105,485,063 | |||
Gross amount carried at close of period, building & fixtures | 125,119,062 | |||
Gross amount carried at close of period, total | 230,604,125 | |||
Accumulated Depreciation | 62,370,978 | |||
Investment in Real Estate, net, at 12/31/19 | $ 168,233,147 | |||
Life on which depreciation in latest income statement is computed | 26 years | |||
United Property Systems | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial cost to company, land | 210,000 | |||
Initial cost to company, building & fixtures | 1,188,000 | |||
Costs capitalized subsequent to acquisition, improvements | 103,497 | |||
Gross amount carried at close of period, land | 210,000 | |||
Gross amount carried at close of period, building & fixtures | 1,291,497 | |||
Gross amount carried at close of period, total | 1,501,497 | |||
Accumulated Depreciation | 177,214 | |||
Investment in Real Estate, net, at 12/31/19 | $ 1,324,283 | |||
Life on which depreciation in latest income statement is computed | 40 years | |||
Grand Isle Gathering System | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial cost to company, land | 960,000 | |||
Initial cost to company, building & fixtures | 258,471,397 | |||
Costs capitalized subsequent to acquisition, improvements | (6,499,804) | |||
Gross amount carried at close of period, land | 960,000 | |||
Gross amount carried at close of period, building & fixtures | 251,971,593 | |||
Gross amount carried at close of period, total | 252,931,593 | |||
Accumulated Depreciation | 43,277,624 | |||
Investment in Real Estate, net, at 12/31/19 | $ 209,653,969 | |||
Life on which depreciation in latest income statement is computed | 27 years |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019
USD ($)
property
|
Dec. 31, 2018
USD ($)
|
Dec. 21, 2018
USD ($)
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Long-term debt outstanding | $ 152,109,426 | $ 150,038,380 | |
Property investment, accumualated depreciation | 105,825,816 | $ 87,154,095 | |
Federal income tax basis | 7,200,000 | ||
Pinedale LGS | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition costs | 2,557,910 | ||
Portland Terminal Facility | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Property investment, net | $ 45,700,000 | ||
Property investment, gross | 51,700,000 | ||
Property investment, accumualated depreciation | $ 6,000,000 | ||
Grand Isle Gathering System | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Acquisition costs | $ 1,931,396 | ||
Line of Credit | CorEnergy Credit Facility | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of properties serving as collateral | property | 2 | ||
Long-term debt outstanding | $ 0 | ||
Secured Debt | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Long-term debt outstanding | 33,944,000 | ||
Secured Debt | Amended Pinedale Term Credit Facility | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Long-term debt outstanding | $ 33,944,000 |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Investment in real estate: | |||
Balance, beginning of year | $ 485,368,450 | $ 538,112,220 | $ 541,478,086 |
Addition: Acquisitions and developments | 24,877 | 3,599 | 9,649 |
Deduction: Dispositions and other | (356,112) | (52,747,369) | (3,375,515) |
Balance, end of year | 485,037,215 | 485,368,450 | 538,112,220 |
Accumulated depreciation: | |||
Balance, beginning of year | 87,154,095 | 72,155,753 | 52,219,717 |
Addition: Depreciation | 18,671,721 | 20,986,461 | 19,936,036 |
Deduction: Dispositions and other | 0 | (5,988,119) | 0 |
Balance, end of year | $ 105,825,816 | $ 87,154,095 | $ 72,155,753 |
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Mortgage Loans On Real Estate (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Value | $ 1,300,000 | |||
Carrying Amount of Mortgage | 1,235,000 | $ 1,300,000 | $ 1,500,000 | $ 1,500,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Billings, Dunn and McKenzie Counties, North Dakota (Morlock Well) | First Mortgages | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 8.50% | |||
Monthly Payment Amount | $ 10,833 | |||
Face Value | 1,300,000 | |||
Carrying Amount of Mortgage | 1,235,000 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Reconciliation of Mortgage Loans (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Beginning balance | $ 1,300,000 | $ 1,500,000 | $ 1,500,000 |
Additions: | |||
New loans | 0 | 0 | 0 |
Interest receivable | 0 | 0 | 0 |
Total Additions | 0 | 0 | 0 |
Deductions: | |||
Principal repayments | 65,000 | 236,867 | 0 |
Foreclosures | 0 | 0 | 0 |
Amortization of deferred costs | 0 | 0 | 0 |
Principal, Interest and Deferred Costs Write Up | 0 | (36,867) | 0 |
Total deductions | 65,000 | 200,000 | 0 |
Ending balance | $ 1,235,000 | $ 1,300,000 | $ 1,500,000 |
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Additional Information (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 12, 2018 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Principal payment on financing note receivable | $ 237,000 | $ 5,000,000 | $ 0 | $ 0 | ||||
Provision for loan gain | $ (536,867) | $ 0 | $ 0 | $ 500,000 | $ 0 | (36,867) | 0 | |
Compass REIT Loan | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,300,000.0 | |||||||
SWD Enterprises | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,500,000.0 | |||||||
Provision for loan gain | $ (37,000) |
Label | Element | Value |
---|---|---|
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (2,449,245) |
Additional Paid-in Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (2,449,245) |