Document and Entity Information - shares |
6 Months Ended | |
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Jun. 30, 2019 |
Jul. 31, 2019 |
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Document and Entity Information [Abstract] | ||
Entity Registrant Name | CorEnergy Infrastructure Trust, Inc. | |
Entity Central Index Key | 0001347652 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,828,152 |
Consolidated Statements of Income - USD ($) |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Revenue | ||||
Lease revenue | $ 16,635,876 | $ 18,275,859 | $ 33,353,586 | $ 35,867,718 |
Total Revenue | 21,532,009 | 22,150,016 | 43,154,841 | 43,694,854 |
Expenses | ||||
Transportation and distribution expenses | 1,246,755 | 1,534,524 | 2,749,898 | 3,107,420 |
General and administrative | 2,739,855 | 3,107,776 | 5,610,262 | 5,834,833 |
Depreciation, amortization and ARO accretion expense | 5,645,250 | 6,290,082 | 11,290,346 | 12,579,412 |
Provision for loan losses | 0 | 0 | 0 | 500,000 |
Total Expenses | 9,631,860 | 10,932,382 | 19,650,506 | 22,021,665 |
Operating Income | 11,900,149 | 11,217,634 | 23,504,335 | 21,673,189 |
Other Income (Expense) | ||||
Net distributions and other income | 285,259 | 55,714 | 541,874 | 59,665 |
Net realized and unrealized loss on other equity securities | 0 | (881,100) | 0 | (867,134) |
Interest expense | (2,297,783) | (3,196,248) | (4,805,077) | (6,406,838) |
Loss on extinguishment of debt | 0 | 0 | (5,039,731) | 0 |
Total Other Expense | (2,012,524) | (4,021,634) | (9,302,934) | (7,214,307) |
Income before income taxes | 9,887,625 | 7,196,000 | 14,201,401 | 14,458,882 |
Taxes | ||||
Current tax expense (benefit) | 0 | (10,785) | 353,744 | (46,334) |
Deferred tax expense (benefit) | 62,699 | (604,064) | 156,290 | (1,013,341) |
Income tax expense (benefit), net | 62,699 | (614,849) | 510,034 | (1,059,675) |
Net Income attributable to CorEnergy Stockholders | 9,824,926 | 7,810,849 | 13,691,367 | 15,518,557 |
Preferred dividend requirements | 2,313,780 | 2,396,875 | 4,627,908 | 4,793,750 |
Net Income attributable to Common Stockholders | $ 7,511,146 | $ 5,413,974 | $ 9,063,459 | $ 10,724,807 |
Earnings Per Common Share: | ||||
Basic (in dollars per share) | $ 0.59 | $ 0.45 | $ 0.71 | $ 0.90 |
Diluted (in dollars per share) | $ 0.59 | $ 0.45 | $ 0.71 | $ 0.90 |
Weighted Average Shares of Common Stock Outstanding: | ||||
Basic (in shares) | 12,811,171 | 11,928,297 | 12,708,626 | 11,923,627 |
Diluted (in shares) | 12,811,171 | 11,928,297 | 12,708,626 | 11,923,627 |
Dividends declared per share (in dollars per share) | $ 0.750 | $ 0.750 | $ 1.5 | $ 1.5 |
Transportation and distribution revenue | ||||
Revenue | ||||
Revenue | $ 4,868,144 | $ 3,874,157 | $ 9,739,726 | $ 7,827,136 |
Financing revenue | ||||
Revenue | ||||
Revenue | $ 27,989 | $ 0 | $ 61,529 | $ 0 |
Consolidated Statement of Equity (Parenthetical) |
3 Months Ended |
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Mar. 31, 2019
USD ($)
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Statement of Stockholders' Equity [Abstract] | |
Addition to preferred dividends | $ 245 |
Consolidated Statements of Cash Flows - USD ($) |
6 Months Ended | |
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Jun. 30, 2019 |
Jun. 30, 2018 |
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Operating Activities | ||
Net Income | $ 13,691,367 | $ 15,518,557 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Deferred income tax, net | 156,290 | (1,013,341) |
Depreciation, amortization and ARO accretion | 11,870,408 | 13,286,595 |
Provision for loan losses | 0 | 500,000 |
Loss on extinguishment of debt | 5,039,731 | 0 |
Gain on sale of equipment | 0 | (3,724) |
Net realized and unrealized loss on other equity securities | 0 | 867,134 |
Common stock issued under directors' compensation plan | 0 | 37,500 |
Changes in assets and liabilities: | ||
Increase in deferred rent receivable | (3,163,726) | (3,709,202) |
Decrease in accounts and other receivables | 550,126 | 412,434 |
Increase in financing note accrued interest receivable | (9,217) | 0 |
Increase in prepaid expenses and other assets | (196,684) | (326,372) |
Increase (decrease) in management fee payable | (65,749) | 65,679 |
Increase in accounts payable and other accrued liabilities | 1,541,221 | 433,853 |
Decrease in current income tax liability | 0 | (2,167,655) |
Decrease in unearned revenue | (98,244) | (1,383,757) |
Net cash provided by operating activities | 29,315,523 | 22,517,701 |
Investing Activities | ||
Purchases of property and equipment | (26,553) | (47,883) |
Proceeds from sale of property and equipment | 0 | 11,499 |
Principal payment on note receivable | 5,000,000 | 0 |
Net cash provided by (used in) investing activities | 4,973,447 | (36,384) |
Financing Activities | ||
Debt financing costs | 0 | (264,010) |
Repurchases of preferred stock | (60,550) | 0 |
Cash paid for extinguishment of convertible notes | (19,516,234) | 0 |
Dividends paid on Series A preferred stock | (4,627,560) | (4,793,750) |
Dividends paid on common stock | (18,800,372) | (17,270,766) |
Principal payments on secured credit facilities | (1,764,000) | (1,764,000) |
Net cash used in financing activities | (44,768,716) | (24,092,526) |
Net Change in Cash and Cash Equivalents | (10,479,746) | (1,611,209) |
Cash and Cash Equivalents at beginning of period | 69,287,177 | 15,787,069 |
Cash and Cash Equivalents at end of period | 58,807,431 | 14,175,860 |
Supplemental Disclosure of Cash Flow Information | ||
Interest paid | 4,361,760 | 5,546,660 |
Income taxes paid (net of refunds) | 282,786 | 2,121,321 |
Non-Cash Financing Activities | ||
Change in accounts payable and accrued expenses related to debt financing costs | 0 | (255,037) |
Reinvestment of distributions by common stockholders in additional common shares | 403,831 | 610,219 |
Common stock issued upon exchange and conversion of convertible notes | $ 29,457,711 | $ 0 |
Introduction and Basis of Presentation |
6 Months Ended |
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Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
INTRODUCTION AND BASIS OF PRESENTATION | INTRODUCTION AND BASIS OF PRESENTATION Introduction CorEnergy Infrastructure Trust, Inc. ("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 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 GAAP set forth in the ASC, as published by the FASB, and with the SEC instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. 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. 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. However, 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 of the limited partnership interest in both Pinedale LP and Grand Isle Corridor LP, the consolidated financial statements presented include full consolidation with respect to both partnerships. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or any other interim or annual period. These consolidated financial statements and Management's Discussion and Analysis of the Financial Condition and Results of Operations should be read in conjunction with CorEnergy's Annual Report on Form 10-K, for the year ended December 31, 2018, filed with the SEC on February 28, 2019 (the "2018 CorEnergy 10-K"). |
Recent Accounting Pronouncements |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In February 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. ASC 842 is effective for fiscal years and interim periods beginning after December 15, 2018. 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. 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 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:
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 ASC 606, 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. In June 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. Early application of the guidance will be permitted for all entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. As part of its assessment work, the Company has formed an implementation team, completed training on the CECL model and is undertaking a review of the financial assets in scope. The Company believes that, unless it acquires any additional financing receivables, the impact would not be material. |
Leased Properties and Leases |
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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 The Company's current leased properties are classified as operating leases and are recorded as leased property 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. As of June 30, 2019, the Company had two significant properties located in Wyoming, Louisiana and the Gulf of Mexico, which 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 ("Recent Accounting Pronouncements"), 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 4 ("Transportation And Distribution Revenue") for further details. The future contracted minimum rental receipts for all leases as of June 30, 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 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 will trade on the NASDAQ under the symbol UPL until August 8, 2019 at which time it will commence 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. Its SEC filings can be found at www.sec.gov. Effective March 21, 2018, EGC changed its NASDAQ ticker symbol from EXXI to EGC. 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. Upon the filing by EGC of a Form 15 with the SEC on October 29, 2018, following the closing on October 18, 2018 of the previously announced acquisition of EGC by an affiliate of the privately-held Cox Oil, 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 EGC and Cox Oil to provide the Company with certain financial statement information of EGC which must be filed pursuant to SEC Regulation S-X. 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 intends 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. While the TRO has been stayed pending an appeal by EGC and Cox Oil, the Company will continue to pursue all viable options to obtain and file the necessary 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 two years, 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. |
Transportation and Distribution Revenue |
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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. Based on the nature of the agreements, revenue for all but one of the Company's natural gas supply, transportation and distribution performance obligations is recognized on a right to invoice basis as the performance obligations are met, which represents what the Company expects to receive in consideration and is representative of value delivered to the customer. System maintenance and improvement contracts are specific and tailored to the customer's needs, have no alternative use and have an enforceable right to payment as the services are provided. Revenue is recognized on an input method, based on the actual cost of a service as a measure of the performance obligation satisfaction. Differences between amounts invoiced and revenue recognized under the input method are reflected as an asset or liability on the Consolidated Balance Sheets. As discussed in Note 3 ("Leased Properties And Leases"), the costs of system improvement projects are recognized as a financing arrangement in accordance with guidance in the lease standard while the margin is recognized in accordance with the revenue standard as discussed above. The Company has a contract with Spire that has fixed pricing which varies over the contract term. For this specific contract, the transaction price has been allocated ratably over the contractual performance obligation. Based on a downward revision of the rate during the Company's long-term natural gas transportation 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. Following the November 2018 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 June 30, 2019, the revenue allocated to the remaining performance obligation under this contract is approximately $60.8 million. The table below summarizes the Company's contract asset and contract liability balances related to its transportation and distribution revenue contracts as of June 30, 2019:
The following is a breakout of the Company's transportation and distribution revenue for the three and six months ended June 30, 2019 and 2018:
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Financing Notes Receivable |
6 Months Ended |
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Jun. 30, 2019 | |
Receivables [Abstract] | |
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. Four Wood Financing Note Receivable On December 12, 2018, Four Wood Corridor granted SWD, the previous debtor, approval to sell the assets securing the SWD loans to Compass SWD, LLC ("Compass SWD") in exchange for Compass SWD executing a new 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 secured by real and personal property that provide saltwater disposal services for the oil and natural gas industry. 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 was released from the terms of their loans. 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 June 30, 2019 and December 31, 2018, the Compass REIT Loan was valued at $1.3 million. |
Income Taxes |
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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 June 30, 2019 and December 31, 2018, are as follows:
As of June 30, 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, 2014 remain open to examination by federal and state 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 three and six months ended June 30, 2019 and 2018 to income from operations and other income and expense for the periods presented, as follows:
The components of income tax expense (benefit) include the following for the periods presented:
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Property and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment consist of the following:
Depreciation expense was $843 thousand and $1.7 million for each of the three and six months ended June 30, 2019 and 2018, respectively. |
Management Agreement |
6 Months Ended |
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Jun. 30, 2019 | |
Agreements [Abstract] | |
MANAGEMENT AGREEMENT | MANAGEMENT AGREEMENT The Company pays its manager, Corridor, pursuant to a Management Agreement as described in the 2018 CorEnergy 10-K. During the three months ended March 31, 2019, the Manager voluntarily recommended, and the Company agreed, that the Manager would waive $45 thousand of the total $160 thousand incentive fee that would otherwise be payable under the provisions of the Management Agreement with respect to dividends paid on the Company's common stock. During the three months ended June 30, 2019, the Manager voluntarily recommended, and the Company agreed, that the Manager would waive $135 thousand of the total $160 thousand incentive fee that would otherwise be payable under the provisions of the Management Agreement with respect to dividends paid on the Company's common stock. Fees incurred under the Management Agreement for the three and six months ended June 30, 2019 were $1.7 million and $3.5 million, respectively, compared to $1.9 million and $3.8 million for the three and six months ended June 30, 2018, respectively. Fees incurred under the Management Agreement are reported in the general and administrative line item on the Consolidated Statements of Income. The Company pays its administrator, Corridor, pursuant to an Administrative Agreement. Fees incurred under the Administrative Agreement for the three and six months ended June 30, 2019 were $68 thousand and $136 thousand, respectively, compared to $70 thousand and $139 thousand for the three and six months ended June 30, 2018, respectively. Fees incurred under the Administrative Agreement are reported in the general and administrative line item on the Consolidated Statements of Income. |
Fair Value |
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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 June 30, 2019. Valuation Techniques and Unobservable Inputs 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.
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT The following is a summary of the Company's debt facilities and balances as of June 30, 2019 and December 31, 2018:
CorEnergy Credit Facility 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. The amended facility has a 5-year term maturing on July 28, 2022, and provides for a springing maturity on February 28, 2020, and thereafter, if the Company fails to meet certain liquidity requirements from the springing maturity date through the maturity of the Company's Convertible Notes on June 15, 2020. This springing maturity would be triggered on the first date on or after February 28, 2020 that both (i) the outstanding principal amount of the Convertible Notes exceeds $28,750,000 and (ii) the Company's unrestricted cash liquidity (including, for purposes of this calculation, the undrawn portion of the Borrowing Base that is then available for borrowing under the CorEnergy Credit Facility) is less than the sum of (x) the outstanding principal amount of the Convertible Notes plus (y) $5,000,000. 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 June 30, 2019, the Company was in compliance with all covenants of the CorEnergy Credit Facility. As of June 30, 2019, the Company had approximately $123.2 million and $1.0 million of availability under the CorEnergy Revolver and MoGas Revolver, respectively. Amended Pinedale Term Credit Facility 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 Pinedale 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. 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 June 30, 2019, the net assets of Pinedale LP were $134.4 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 three and six months ended June 30, 2019 and 2018 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. 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. 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. Contractual Payments The remaining contractual principal payments as of June 30, 2019 under the Amended Pinedale Term Credit Facility are as follows:
Convertible Debt 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 "Convertible Notes"). The Convertible Notes mature on June 15, 2020 and bear interest at a rate of 7.00 percent per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2015. As of December 31, 2018, the Company had $114.0 million Convertible Notes outstanding following certain repurchases and conversions. The conversion rate for the Convertible Notes is 30.3030 shares of common stock per $1,000 principal amount of Convertible Notes, equivalent to a conversion price of $33.00 per share of common stock. On January 16, 2019, the Company agreed with three holders of its 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 six months ended June 30, 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. The remaining underwriter's discount and deferred debt costs continue to be amortized over the remaining term of the Convertible Notes. During the three months ended June 30, 2019, certain holders elected to convert $584 thousand of Convertible Notes for approximately 17,690 shares of CorEnergy common stock. Subsequent to June 30, 2019, an additional $70 thousand of Convertible Notes were converted for approximately 2,121 shares of CorEnergy common stock. The following is a summary of the impact of Convertible Notes on interest expense for the three and six months ended June 30, 2019 and 2018:
The Convertible Notes were initially issued with an underwriters' discount of $3.7 million, a portion of which is being amortized over the life of the Convertible Notes as discussed above. Including the impact of the convertible debt discount and related deferred debt issuance costs, the effective interest rate on the Convertible Notes is approximately 7.7 percent for each of the three and six months ended June 30, 2019 and 2018, respectively. |
Stockholder's Equity |
6 Months Ended |
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Jun. 30, 2019 | |
Equity [Abstract] | |
STOCKHOLDER'S EQUITY | STOCKHOLDERS' EQUITY PREFERRED STOCK As of June 30, 2019, the Company has a total of 5,019,727 depository shares outstanding, or approximately 50,197 whole shares of its 7.375% Series A Preferred Stock. The Company's Board of Directors authorized a share repurchase program for the Company to buy up to $10.0 million of its preferred stock, which commenced August 6, 2018. Purchases may be made through the program through August 5, 2019. The Company is not obligated to repurchase any shares of stock under the program and may terminate the program at any time. On January 9, 2019, the Company repurchased 2,500 depository shares of Series A Preferred Stock for approximately $61 thousand in cash. See Note 13 ("Subsequent Events") for further information regarding the declaration of a dividend on the 7.375% Series A Preferred Stock. COMMON STOCK As of June 30, 2019, the Company has 12,826,031 of common shares issued and outstanding. See Note 13 ("Subsequent Events") for further information regarding the declaration of a dividend on the common stock. SHELF REGISTRATION STATEMENTS 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 June 30, 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 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 is 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 |
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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 three and six months ended June 30, 2019 and 2018 excludes the impact to income and the number of shares outstanding from the conversion of the 7.00% Convertible Senior Notes because such impact is antidilutive. Under the if converted method, and after consideration of the common shares issued in the Convertible Note exchange and subsequent conversions discussed in Note 10 ("Debt"), the 7.00% Convertible Senior Notes would result in an additional 2,108,848 common shares outstanding for the three and six months ended June 30, 2019. For the three and six months ended June 30, 2018, the if-converted method would have resulted in an additional 3,454,545 common shares outstanding.
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Subsequent Events |
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Jun. 30, 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 Declaration On July 24, 2019, the Company's Board of Directors declared a 2019 second quarter dividend of $0.75 per share for CorEnergy common stock. The dividend is payable on August 30, 2019 to stockholders of record on August 16, 2019. As previously disclosed in the Company's Current Report on Form 8-K filed on July 24, 2019, the Company will pay this quarter's common stock dividend entirely in cash. Preferred Stock Dividend Declaration On July 24, 2019, 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 is payable on August 30, 2019 to stockholders of record on August 16, 2019. |
Recent Accounting Pronouncements (Policies) |
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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 GAAP set forth in the ASC, as published by the FASB, and with the SEC instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. 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. 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. However, 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 of the limited partnership interest in both Pinedale LP and Grand Isle Corridor LP, the consolidated financial statements presented include full consolidation with respect to both partnerships. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or any other interim or annual period. These consolidated financial statements and Management's Discussion and Analysis of the Financial Condition and Results of Operations should be read in conjunction with CorEnergy's Annual Report on Form 10-K, for the year ended December 31, 2018, filed with the SEC on February 28, 2019 (the "2018 CorEnergy 10-K"). |
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Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In February 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. ASC 842 is effective for fiscal years and interim periods beginning after December 15, 2018. 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. 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 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:
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 ASC 606, 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. In June 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. Early application of the guidance will be permitted for all entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. As part of its assessment work, the Company has formed an implementation team, completed training on the CECL model and is undertaking a review of the financial assets in scope. The Company believes that, unless it acquires any additional financing receivables, the impact would not be material. |
Recent Accounting Pronouncements (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative Effect of Changes Made to the Consolidated Balance Sheets | 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:
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Leased Properties and Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant leased properties, major tenants and lease terms | The following table summarizes the significant leased properties, major tenants and lease terms:
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Schedule of future minimum lease receipts | The future contracted minimum rental receipts for all leases as of June 30, 2019, are as follows:
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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:
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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:
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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:
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Transportation and Distribution Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with Customer, Asset and Liability | The table below summarizes the Company's contract asset and contract liability balances related to its transportation and distribution revenue contracts as of June 30, 2019:
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Schedules of Concentration of Risk | The following is a breakout of the Company's transportation and distribution revenue for the three and six months ended June 30, 2019 and 2018:
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of deferred tax assets and liabilities | Components of the Company's deferred tax assets and liabilities as of June 30, 2019 and December 31, 2018, are as follows:
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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 three and six months ended June 30, 2019 and 2018 to income from operations and other income and expense for the periods presented, as follows:
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Components of income tax expense | The components of income tax expense (benefit) include the following for the periods presented:
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Property and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and equipment consist of the following:
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Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying and Fair Value Amounts |
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | A summary of deferred financing cost amortization expenses for the three and six months ended June 30, 2019 and 2018 is as follows:
The following is a summary of the Company's debt facilities and balances as of June 30, 2019 and December 31, 2018:
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Schedule of Maturities of Long-term Debt | The remaining contractual principal payments as of June 30, 2019 under the Amended Pinedale Term Credit Facility are as follows:
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Components of convertible debt | The following is a summary of the impact of Convertible Notes on interest expense for the three and six months ended June 30, 2019 and 2018:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of basic and diluted 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 three and six months ended June 30, 2019 and 2018 excludes the impact to income and the number of shares outstanding from the conversion of the 7.00% Convertible Senior Notes because such impact is antidilutive. Under the if converted method, and after consideration of the common shares issued in the Convertible Note exchange and subsequent conversions discussed in Note 10 ("Debt"), the 7.00% Convertible Senior Notes would result in an additional 2,108,848 common shares outstanding for the three and six months ended June 30, 2019. For the three and six months ended June 30, 2018, the if-converted method would have resulted in an additional 3,454,545 common shares outstanding.
|
Introduction and Basis of Presentation - Additional Information (Details) |
Jun. 30, 2019 |
---|---|
Pinedale LP [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Controlling economic interest | 100.00% |
Grand Isle Corridor Gathering LP [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Controlling economic interest | 100.00% |
Recent Accounting Pronouncements - New Accounting Changes (Details) - USD ($) |
Jun. 30, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Prepaid expenses and other assets | $ 864,988 | $ 743,118 | $ 668,584 |
Accounts payable and other accrued liabilities | 5,030,229 | 3,568,024 | 3,493,490 |
Retained earnings | $ 0 | 9,147,701 | $ 9,147,701 |
ASU 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Lease liability | 75,000 | ||
ROU asset | 75,000 | ||
Prepaid expenses and other assets | 74,534 | ||
Accounts payable and other accrued liabilities | 74,534 | ||
Retained earnings | $ 0 |
Leased Properties and Leases - Additional Information (Details) bbl / d in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
a
bbl / d
facility
leased_property
mi
| |
Sale Leaseback Transaction [Line Items] | |
Number of significant leased properties | leased_property | 2 |
Minimum [Member] | |
Sale Leaseback Transaction [Line Items] | |
Initial Lease Term | 11 years |
Maximum [Member] | |
Sale Leaseback Transaction [Line Items] | |
Initial Lease Term | 15 years |
Grand Isle Gathering System [Member] | |
Sale Leaseback Transaction [Line Items] | |
Initial Lease Term | 11 years |
Length of offshore pipeline (in miles) | mi | 153 |
Pipeline capacity (in bbl/day) | bbl / d | 120 |
Number of acres in the onshore terminal and saltwater disposal system (in acres) | a | 16 |
Renewal Option | 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 |
Initial Estimated Useful Life | 27 years |
Pinedale Liquids Gathering System [Member] | |
Sale Leaseback Transaction [Line Items] | |
Initial Lease Term | 15 years |
Length of offshore pipeline (in miles) | mi | 150 |
Renewal Option | 5 years |
Number of storage facilities | facility | 4 |
Current Monthly Rent Payments | $ 1,812,307 |
Initial Estimated Useful Life | 26 years |
Operating Subsidiaries | |
Sale Leaseback Transaction [Line Items] | |
Initial Lease Term | 2 years |
Leased Properties and Leases - Future Minimum Lease Receipts (Details) |
Jun. 30, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
2019 | $ 30,267,595 |
2020 | 65,383,190 |
2021 | 71,345,190 |
2022 | 70,322,690 |
2023 | 67,274,690 |
Thereafter | 193,639,760 |
Total | $ 498,233,115 |
Leased Properties and Leases - Significant Leases (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Pinedale LGS [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Percentage of total leased properties | 44.40% | 44.40% | 44.50% | ||
Percentage of leased property revenue | 38.80% | 35.30% | 38.90% | 34.10% | |
Variable rent | $ 1.0 | $ 1.1 | $ 2.1 | $ 1.5 | |
Grand Isle Gathering System [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Percentage of total leased properties | 55.30% | 55.30% | 55.20% | ||
Percentage of leased property revenue | 61.10% | 55.60% | 61.00% | 56.70% | |
Portland Terminal Facility [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Percentage of total leased properties | 0.00% | 0.00% | 0.00% | ||
Percentage of leased property revenue | 0.00% | 9.00% | 0.00% | 9.10% |
Leased Properties and Leases - Amortization and Depreciation Expense (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Sale Leaseback Transaction [Line Items] | |||||
Depreciation Expense | $ 843,000 | $ 843,000 | $ 1,700,000 | $ 1,700,000 | |
All Properties [Member] | |||||
Sale Leaseback Transaction [Line Items] | |||||
Depreciation Expense | 4,667,981 | 5,296,667 | 9,335,756 | 10,593,336 | |
Amortization Expense - Deferred Lease Costs | 22,983 | 22,983 | 45,966 | 45,966 | |
ARO Accretion Expense | 110,993 | 127,928 | 221,985 | 255,856 | |
Net Deferred Lease Costs | 733,702 | 733,702 | $ 779,668 | ||
GIGS [Member] | |||||
Sale Leaseback Transaction [Line Items] | |||||
Depreciation Expense | 2,440,790 | 2,751,272 | 4,881,581 | 5,502,544 | |
Amortization Expense - Deferred Lease Costs | 7,641 | 7,641 | 15,282 | 15,282 | |
ARO Accretion Expense | 110,993 | 127,928 | 221,985 | 255,856 | |
Net Deferred Lease Costs | 214,037 | 214,037 | 229,319 | ||
Pinedale [Member] | |||||
Sale Leaseback Transaction [Line Items] | |||||
Depreciation Expense | 2,217,360 | 2,217,360 | 4,434,720 | 4,434,720 | |
Amortization Expense - Deferred Lease Costs | 15,342 | 15,342 | 30,684 | 30,684 | |
Net Deferred Lease Costs | 519,665 | 519,665 | $ 550,349 | ||
Portland Terminal Facility [Member] | |||||
Sale Leaseback Transaction [Line Items] | |||||
Depreciation Expense | 0 | 318,915 | 0 | 637,830 | |
United Property Systems [Member] | |||||
Sale Leaseback Transaction [Line Items] | |||||
Depreciation Expense | $ 9,831 | $ 9,120 | $ 19,455 | $ 18,242 |
Transportation and Distribution Revenue - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 143 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Oct. 31, 2030 |
|
Concentration Risk [Line Items] | |||||
Remaining performance obligation | $ 60,800 | $ 60,800 | |||
Natural Gas Transportation Contract [Member] | Product and services [Member] | Revenue [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration percentage | 57.60% | 66.10% | 59.50% | 66.30% | |
Natural Gas Distribution Contract [Member] | Product and services [Member] | Revenue [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration percentage | 35.00% | 27.20% | 34.90% | 26.80% | |
Forecast [Member] | |||||
Concentration Risk [Line Items] | |||||
Recognized performance obligations quarterly | $ 138 |
Transportation and Distribution Revenue - Contract Assets and Liabilities (Details) |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Change In Contract With Customer, Asset [Roll Forward] | |
Beginning Balance | $ 180,579 |
Unrecognized Performance Obligations | (231,916) |
Recognized Performance Obligations | 158,455 |
Ending Balance | 107,118 |
Change In Contract With Customer, Liability [Roll Forward] | |
Beginning Balance | 6,522,354 |
Unrecognized Performance Obligations | 186,398 |
Recognized Performance Obligations | (275,592) |
Ending Balance | $ 6,433,160 |
Financing Notes Receivable - Narrative (Details) - USD ($) |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 12, 2019 |
Dec. 12, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Proceeds from sale of property and equipment | $ 237,000 | $ 0 | $ 11,499 | ||
Principal payments | $ 11,000 | ||||
Compass REIT Loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Receivable | $ 1,300,000 | $ 1,300,000 | $ 1,300,000 | ||
Debt term | 2 years | ||||
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 ($) |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Deferred Tax Assets: | ||
Deferred contract revenue | $ 1,509,217 | $ 1,691,899 |
Net operating loss carryforwards | 4,900,518 | 5,424,671 |
Loan loss provision | 0 | 263,508 |
Basis reduction of investment in partnerships | 332,660 | 0 |
Other | 724,745 | 95,695 |
Sub-total | 7,467,140 | 7,475,773 |
Deferred Tax Liabilities: | ||
Cost recovery of leased and fixed assets | (2,648,651) | (2,508,547) |
Other | (26,576) | (19,023) |
Sub-total | (2,675,227) | (2,527,570) |
Total net deferred tax asset | $ 4,791,913 | $ 4,948,203 |
Income Taxes - Additional Information (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Income Tax Disclosure [Abstract] | ||||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
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 | $ 2,078,209 | $ 1,511,160 | $ 2,984,102 | $ 3,036,365 |
State income taxes, net of federal tax expense (benefit) | 7,538 | (121,069) | 523,564 | (265,019) |
Federal Tax Attributable to Income of Real Estate Investment Trust | (2,025,403) | (2,004,940) | (2,941,388) | (3,819,436) |
Other | 2,355 | 0 | (56,244) | (11,585) |
Income tax expense (benefit), net | $ 62,699 | $ (614,849) | $ 510,034 | $ (1,059,675) |
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Current tax expense (benefit) | ||||
Federal | $ 0 | $ (8,537) | $ 216,093 | $ (36,676) |
State (net of federal tax expense (benefit)) | 0 | (2,248) | 137,651 | (9,658) |
Total current tax expense (benefit) | 0 | (10,785) | 353,744 | (46,334) |
Deferred tax expense (benefit) | ||||
Federal | 55,161 | (485,243) | (229,623) | (757,981) |
State (net of federal tax expense (benefit)) | 7,538 | (118,821) | 385,913 | (255,360) |
Total deferred tax expense (benefit) | 62,699 | (604,064) | 156,290 | (1,013,341) |
Income tax expense (benefit), net | $ 62,699 | $ (614,849) | $ 510,034 | $ (1,059,675) |
Property and Equipment - Property and Equipment (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Component of property and equipment | |||||
Gross property and equipment | $ 125,852,575 | $ 125,852,575 | $ 125,850,898 | ||
Less: accumulated depreciation | (17,655,985) | (17,655,985) | (15,969,346) | ||
Net property and equipment | 108,196,590 | 108,196,590 | 109,881,552 | ||
Depreciation | 843,000 | $ 843,000 | 1,700,000 | $ 1,700,000 | |
Land [Member] | |||||
Component of property and equipment | |||||
Gross property and equipment | 580,000 | 580,000 | 580,000 | ||
Natural gas pipeline [Member] | |||||
Component of property and equipment | |||||
Gross property and equipment | 124,313,519 | 124,313,519 | 124,306,175 | ||
Vehicles and trailers [Member] | |||||
Component of property and equipment | |||||
Gross property and equipment | 690,497 | 690,497 | 696,164 | ||
Office equipment and computers [Member] | |||||
Component of property and equipment | |||||
Gross property and equipment | $ 268,559 | $ 268,559 | $ 268,559 |
Management Agreement (Details) - Corridor Infra Trust Management [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Management Agreement [Line Items] | |||||
Incentive fee waived | $ 135 | $ 45 | |||
Incentive fee | 160 | $ 160 | |||
General and Administrative Expense [Member] | |||||
Management Agreement [Line Items] | |||||
Management fee | 1,700 | $ 1,900 | $ 3,500 | $ 3,800 | |
Administrative fee | $ 68 | $ 70 | $ 136 | $ 139 |
Fair Value - Carrying and Fair Value Amounts (Details) - USD ($) |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Carrying Amount [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | $ 58,807,431 | $ 69,287,177 |
Financial Liabilities: | ||
Unsecured convertible senior notes | 69,113,639 | 112,777,271 |
Carrying Amount [Member] | Level 2 [Member] | ||
Financial Liabilities: | ||
Secured Credit Facilities | 35,523,520 | 37,261,109 |
Carrying Amount [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Financing notes receivable | 1,309,217 | 1,300,000 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 58,807,431 | 69,287,177 |
Financial Liabilities: | ||
Unsecured convertible senior notes | 84,045,562 | 119,378,982 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Liabilities: | ||
Secured Credit Facilities | 35,523,520 | 37,261,109 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Financing notes receivable | $ 1,309,217 | $ 1,300,000 |
Debt - Schedule of Debt (Details) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
Jun. 12, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 29, 2015 |
|
Debt Instrument [Line Items] | ||||
Quarterly Principal Payments | $ 11,000 | |||
Amount Outstanding | $ 105,300,000 | $ 151,430,000 | ||
Unamortized deferred financing costs | 184,480 | 210,891 | ||
Total Remaining Contractual Payments | 104,637,159 | 150,038,380 | ||
Debt due within one year | 72,641,639 | 3,528,000 | ||
7.00% Unsecured Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized discount | 449,034 | 1,108,342 | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | CorEnergy Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Total Commitment or Original Principal | 160,000,000 | |||
Quarterly Principal Payments | 0 | |||
Amount Outstanding | $ 0 | $ 0 | ||
Effective interest rate | 5.15% | 5.25% | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | MoGas Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Total Commitment or Original Principal | $ 1,000,000 | |||
Quarterly Principal Payments | 0 | |||
Amount Outstanding | $ 0 | $ 0 | ||
Effective interest rate | 5.15% | 5.25% | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | Omega Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Total Commitment or Original Principal | $ 1,500,000 | |||
Quarterly Principal Payments | 0 | |||
Amount Outstanding | $ 0 | $ 0 | ||
Effective interest rate | 6.40% | 6.50% | ||
Secured Debt [Member] | Term Loan [Member] | Amended Pinedale Term Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Total Commitment or Original Principal | $ 41,000,000 | |||
Quarterly Principal Payments | 882,000 | |||
Amount Outstanding | $ 35,708,000 | $ 37,472,000 | ||
Interest Rate | 6.50% | 6.50% | ||
Total Remaining Contractual Payments | $ 35,708,000 | |||
Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized discount | $ 3,700,000 | |||
Convertible Debt [Member] | 7.00% Unsecured Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Total Commitment or Original Principal | 115,000,000 | $ 115,000,000.0 | ||
Quarterly Principal Payments | 0 | |||
Amount Outstanding | $ 69,592,000 | $ 113,958,000 | ||
Interest Rate | 7.00% | 7.00% | 7.00% | |
Convertible Debt And Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized deferred financing costs | $ 213,807 | $ 283,278 |
Debt - CorEnergy Credit Facility (Details) - Line of Credit [Member] - Amended And Restated CorEnergy Credit Facility [Member] - USD ($) |
Jul. 28, 2017 |
Jun. 30, 2019 |
---|---|---|
Line of Credit Facility [Line Items] | ||
Face amount | $ 161,000,000 | |
Debt term | 5 years | |
CorEnergy Revolver [Member] | ||
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 | |
Available borrowing capacity | $ 123,200,000 | |
MoGas Revolver [Member] | ||
Line of Credit Facility [Line Items] | ||
Face amount | $ 1,000,000 | |
Available borrowing capacity | $ 1,000,000 | |
Minimum [Member] | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 2.75% | |
Maximum [Member] | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 3.75% |
Debt - Pinedale Credit Facility (Details) - USD ($) |
Dec. 29, 2017 |
Jun. 30, 2019 |
---|---|---|
Pinedale LP [Member] | Amended Pinedale Term Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt term | 5 years | |
Face amount | $ 41,000,000.0 | |
Coupon rate percentage | 6.50% | |
Principal payment | $ 294,000 | |
Pinedale Liquids Gathering System [Member] | ||
Line of Credit Facility [Line Items] | ||
Net assets | $ 134,400,000 |
Debt - Amortization of Deferred Financing Costs (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Line of Credit [Member] | CorEnergy Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred debt issuance amortization | $ 1,600,000 | |||
Interest Expense [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred debt issuance amortization | $ 156,840 | $ 156,840 | 313,682 | $ 313,587 |
Interest Expense [Member] | Line of Credit [Member] | CorEnergy Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred debt issuance amortization | 143,635 | 143,635 | 287,271 | 287,270 |
Interest Expense [Member] | Secured Debt [Member] | Pinedale Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred debt issuance amortization | $ 13,205 | $ 13,205 | $ 26,411 | $ 26,317 |
Debt - CorEnergy Credit Facilities/Amended Pinedale Term Credit Facility (Details) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
Dec. 29, 2017 |
Jul. 28, 2017 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Debt Instrument [Line Items] | ||||
Unamortized deferred financing costs | $ 184,480 | $ 210,891 | ||
CorEnergy Credit Facility [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized deferred financing costs | $ 1,800,000 | 1,300,000 | ||
Deferred debt issuance amortization | 1,600,000 | |||
Amended And Restated CorEnergy Credit Facility [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred debt issuance amortization | $ 2,900,000 | |||
Debt term | 5 years | |||
Pinedale LP [Member] | Amended Pinedale Term Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized deferred financing costs | $ 367,000 | |||
Deferred debt issuance amortization | $ 264,000 | |||
Debt term | 5 years |
Debt - Long Term Debt Maturities (Details) - USD ($) |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Instrument [Line Items] | ||
Total Remaining Contractual Payments | $ 104,637,159 | $ 150,038,380 |
Secured Debt [Member] | Term Loan [Member] | Amended Pinedale Term Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
2019 | 1,764,000 | |
2020 | 3,528,000 | |
2021 | 3,528,000 | |
2022 | 26,888,000 | |
2023 | 0 | |
Thereafter | 0 | |
Total Remaining Contractual Payments | $ 35,708,000 |
Debt - Convertible Debt Information (Details) |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jan. 16, 2019
USD ($)
$ / shares
shares
|
Aug. 01, 2019
USD ($)
shares
|
Jun. 30, 2019
USD ($)
$ / shares
shares
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
$ / shares
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
$ / shares
|
Jun. 29, 2015
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||
Amount converted | $ 584,000 | |||||||
Number of shares issued in conversion | shares | 17,690 | |||||||
Capital stock non-convertible, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Loss on extinguishment of debt | $ 0 | $ 0 | $ 5,039,731 | $ 0 | ||||
Convertible Senior Notes Due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of underwriter's discount | 449,034 | 449,034 | $ 1,108,342 | |||||
Convertible Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest expense | 1,351,369 | 2,191,797 | 2,899,817 | 4,383,594 | ||||
Write off of debt discount | 117,139 | 184,728 | 250,049 | 369,456 | ||||
Write off of deferred debt costs | $ 7,650 | $ 12,069 | $ 16,331 | $ 24,138 | ||||
Amount of underwriter's discount | $ 3,700,000 | |||||||
Effective percentage | 7.70% | 7.70% | 7.70% | 7.70% | ||||
Convertible Debt [Member] | Convertible Senior Notes Due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 115,000,000 | $ 115,000,000 | $ 115,000,000.0 | |||||
Debt instrument coupon rate | 7.00% | 7.00% | 7.00% | 7.00% | ||||
Convertible debt outstanding | $ 114,000,000 | |||||||
Conversion ratio | 0.0303030 | |||||||
Conversion price (in dollars per share) | $ / shares | $ 33.00 | $ 33.00 | ||||||
Amount converted | $ 43,800,000 | |||||||
Number of shares issued in conversion | shares | 837,040 | |||||||
Capital stock non-convertible, par value (in dollars per share) | $ / shares | $ 0.001 | |||||||
Repurchases of convertible debt | $ 19,800,000 | |||||||
Interest expense | $ 315,000 | $ 1,226,580 | $ 1,995,000 | $ 2,633,437 | $ 3,990,000 | |||
Loss on extinguishment of debt | 5,000,000 | |||||||
Write off of debt discount | 409,000 | |||||||
Write off of deferred debt costs | $ 27,000 | |||||||
Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount converted | $ 70,000 | |||||||
Number of shares issued in conversion | shares | 2,121 |
Debt - Convertible Debt (Details) - Convertible Debt [Member] - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jan. 16, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Debt Instrument [Line Items] | |||||
Interest expense | $ 1,351,369 | $ 2,191,797 | $ 2,899,817 | $ 4,383,594 | |
Discount Amortization | 117,139 | 184,728 | 250,049 | 369,456 | |
Deferred Debt Issuance Amortization | 7,650 | 12,069 | 16,331 | 24,138 | |
7.00% Unsecured Convertible Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest expense | $ 315,000 | $ 1,226,580 | $ 1,995,000 | 2,633,437 | $ 3,990,000 |
Discount Amortization | 409,000 | ||||
Deferred Debt Issuance Amortization | $ 27,000 |
Stockholder's Equity (Details) - USD ($) |
6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jan. 09, 2019 |
Oct. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Nov. 09, 2018 |
Aug. 06, 2018 |
|
Class of Stock [Line Items] | ||||||||
Repurchase of preferred stock | $ 60,550 | $ 0 | ||||||
Shares of common stock issued (in shares) | 12,826,031 | 12,826,031 | 11,960,225 | |||||
Aggregate offering price | $ 600,000,000 | |||||||
Series A Cumulative Redeemable Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock interest rate | 7.375% | |||||||
Depositary Shares [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares outstanding | 5,019,727 | 5,019,727 | ||||||
Depositary Shares [Member] | Series A Cumulative Redeemable Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares repurchased (in shares) | 2,500 | |||||||
Repurchase of preferred stock | $ 61,000 | |||||||
Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares outstanding | 50,197 | 50,197 | ||||||
Authorized repurchase amount | $ 10,000,000 | |||||||
Preferred Stock [Member] | Series A Cumulative Redeemable Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock interest rate | 7.375% | |||||||
Dividend Reinvestment Plan [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Reinvestment of distributions to stockholders (in shares) | 22,003 | 1,000,000 | ||||||
Remaining availability (in shares) | 977,997 | 977,997 |
Earnings Per Share (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Jun. 29, 2015 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Net income attributable to CorEnergy stockholders | $ 9,824,926 | $ 7,810,849 | $ 13,691,367 | $ 15,518,557 | ||
Less: preferred dividend requirements | 2,313,780 | 2,396,875 | 4,627,908 | 4,793,750 | ||
Net Income attributable to Common Stockholders | $ 7,511,146 | $ 5,413,974 | $ 9,063,459 | $ 10,724,807 | ||
Weighted average shares - basic (in shares) | 12,811,171 | 11,928,297 | 12,708,626 | 11,923,627 | ||
Basic earnings per share (in dollars per share) | $ 0.59 | $ 0.45 | $ 0.71 | $ 0.90 | ||
Net income attributable to common stockholders | $ 7,511,146 | $ 5,413,974 | $ 9,063,459 | $ 10,724,807 | ||
Add: After tax effect of convertible interest | 0 | 0 | 0 | 0 | ||
Income attributable for dilutive securities | $ 7,511,146 | $ 5,413,974 | $ 9,063,459 | $ 10,724,807 | ||
Weighted average shares - diluted (in shares) | 12,811,171 | 11,928,297 | 12,708,626 | 11,923,627 | ||
Diluted earnings per share (in dollars per share) | $ 0.59 | $ 0.45 | $ 0.71 | $ 0.90 | ||
Convertible Debt [Member] | Convertible Senior Notes Due 2020 [Member] | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Debt instrument coupon rate | 7.00% | 7.00% | 7.00% | 7.00% | ||
Shares issued upon conversion | 2,108,848 | 3,454,545 | 2,108,848 | 3,454,545 |
Subsequent Events (Details) - $ / shares |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 24, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Subsequent Event [Line Items] | |||||
Dividends declared per share (in dollars per share) | $ 0.750 | $ 0.750 | $ 1.5 | $ 1.5 | |
Common Stock [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends declared per share (in dollars per share) | $ 0.75 | ||||
Series A Cumulative Redeemable Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Coupon rate percentage | 7.375% | ||||
Series A Cumulative Redeemable Preferred Stock [Member] | Depositary Shares [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Depositary stock, dividends declared per share (in dollars per share) | $ 0.4609375 | ||||
Series A Cumulative Redeemable Preferred Stock [Member] | Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Coupon rate percentage | 7.375% | ||||
Series A Cumulative Redeemable Preferred Stock [Member] | Preferred Stock [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Coupon rate percentage | 7.375% |
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) |