Document and Entity Information - shares |
9 Months Ended | |
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Sep. 30, 2018 |
Oct. 31, 2018 |
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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 | Sep. 30, 2018 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,949,298 |
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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Revenue | ||||
Lease revenue | $ 18,391,983 | $ 17,173,676 | $ 54,259,701 | $ 51,290,294 |
Transportation and distribution revenue | 4,244,722 | 5,270,628 | 12,071,858 | 15,056,998 |
Total Revenue | 22,636,705 | 22,444,304 | 66,331,559 | 66,347,292 |
Expenses | ||||
Transportation and distribution expenses | 2,241,999 | 2,384,182 | 5,349,419 | 5,082,732 |
General and administrative | 3,046,481 | 2,632,546 | 8,881,314 | 8,252,125 |
Depreciation, amortization and ARO accretion expense | 6,289,459 | 6,017,664 | 18,868,871 | 18,029,567 |
Provision for loan losses | 0 | 0 | 500,000 | 0 |
Total Expenses | 11,577,939 | 11,034,392 | 33,599,604 | 31,364,424 |
Operating Income | 11,058,766 | 11,409,912 | 32,731,955 | 34,982,868 |
Other Income (Expense) | ||||
Net distributions and dividend income | 5,627 | 213,040 | 65,292 | 477,942 |
Net realized and unrealized gain (loss) on other equity securities | (930,147) | 1,340,197 | (1,797,281) | 1,410,623 |
Interest expense | (3,183,589) | (2,928,036) | (9,590,427) | (9,585,270) |
Loss on extinguishment of debt | 0 | (234,433) | 0 | (234,433) |
Total Other Expense | (4,108,109) | (1,609,232) | (11,322,416) | (7,931,138) |
Income before income taxes | 6,950,657 | 9,800,680 | 21,409,539 | 27,051,730 |
Taxes | ||||
Current tax expense (benefit) | (8,393) | 65,131 | (54,727) | 89,022 |
Deferred tax expense (benefit) | (738,274) | 126,440 | (1,751,615) | (134,322) |
Income tax expense (benefit), net | (746,667) | 191,571 | (1,806,342) | (45,300) |
Net income | 7,697,324 | 9,609,109 | 23,215,881 | 27,097,030 |
Less: Net Income attributable to non-controlling interest | 0 | 431,825 | 0 | 1,250,096 |
Net Income attributable to CorEnergy Stockholders | 7,697,324 | 9,177,284 | 23,215,881 | 25,846,934 |
Preferred dividend requirements | 2,396,875 | 2,396,875 | 7,190,625 | 5,557,113 |
Net Income attributable to Common Stockholders | 5,300,449 | 6,780,409 | 16,025,256 | 20,289,821 |
Net Income | 7,697,324 | 9,609,109 | 23,215,881 | 27,097,030 |
Other comprehensive income: | ||||
Changes in fair value of qualifying hedges / AOCI attributable to CorEnergy stockholders | 0 | 3,038 | 0 | 9,016 |
Changes in fair value of qualifying hedges / AOCI attributable to non-controlling interest | 0 | 710 | 0 | 2,106 |
Net Change in Other Comprehensive Income | 0 | 3,748 | 0 | 11,122 |
Total Comprehensive Income | 7,697,324 | 9,612,857 | 23,215,881 | 27,108,152 |
Less: Comprehensive income attributable to non-controlling interest | 0 | 432,535 | 0 | 1,252,202 |
Comprehensive Income attributable to CorEnergy Stockholders | $ 7,697,324 | $ 9,180,322 | $ 23,215,881 | $ 25,855,950 |
Earnings Per Common Share: | ||||
Basic (in dollars per share) | $ 0.44 | $ 0.57 | $ 1.34 | $ 1.71 |
Diluted (in dollars per share) | $ 0.44 | $ 0.57 | $ 1.34 | $ 1.71 |
Weighted Average Shares of Common Stock Outstanding: | ||||
Basic (in shares) | 11,939,360 | 11,904,933 | 11,928,929 | 11,896,803 |
Diluted (in shares) | 11,939,360 | 11,904,933 | 11,928,929 | 11,896,803 |
Dividends declared per share (in dollars per share) | $ 0.750 | $ 0.750 | $ 2.250 | $ 2.25 |
Introduction and Basis of Presentation |
9 Months Ended |
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Sep. 30, 2018 | |
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 concurrently entering into long-term triple-net participating leases with energy companies. The Company also may provide other types of capital, including loans secured by energy infrastructure assets. Targeted assets include pipelines, storage tanks, transmission lines, and gathering systems, among others. These sale-leaseback or real property mortgage transactions provide the energy company with a source of capital that is an alternative to other sources such as corporate borrowing, bond offerings, or equity offerings. Many of the Company's leases contain participation features in the financial performance or value of the underlying infrastructure real property asset. The triple-net lease structure requires that the tenant pay all operating expenses of the business conducted by the tenant, including real estate taxes, insurance, utilities, and expenses of maintaining the asset in good working order. CorEnergy considers its investments in these energy infrastructure assets to be a single business segment and reports them accordingly in its financial statements. Basis of Presentation The accompanying consolidated financial statements include CorEnergy accounts and the accounts of its wholly-owned subsidiaries and have been prepared in accordance with 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, and the Company's net earnings have been reduced by the portion of net earnings attributable to non-controlling interests, when applicable. The FASB issued ASU 2015-02 "Consolidations (Topic 810) - Amendments to the Consolidation Analysis" ("ASU 2015-02"), which amended previous consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities are considered a variable interest entity ("VIE") unless the limited partners hold substantive kick-out rights or participating rights. Management determined that Pinedale LP and Grand Isle Corridor LP are VIEs under the amended guidance because the limited partners of both partnerships lack both substantive kick-out rights and participating rights. 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 of the partnerships. Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 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, 2017, filed with the SEC on February 28, 2018 (the "2017 CorEnergy 10-K"). |
Recent Accounting Pronouncements |
9 Months Ended |
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Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers" ("ASU 2014-09" or "ASC 606"), which became effective for all public entities on January 1, 2018, if not adopted early. ASC 606 supersedes previously existing revenue recognition standards with a single model unless those contracts are within the scope of other standards (e.g. leases). The model requires an entity to recognize as revenue the amount of consideration to which it expects to be entitled for the transfer of promised goods or services to customers. A substantial portion of the Company's revenue consists of rental income from leasing arrangements, which is specifically excluded from ASC 606. However, the Company's transportation and distribution revenue is within the scope of the new guidance. The Company adopted ASC 606 effective on January 1, 2018 using the modified retrospective method. The Company elected to apply the guidance only to open contracts as of the effective date. The Company recognized the cumulative effect of applying the new standard as an adjustment to the opening balance of stockholders' equity. The comparative information has not been restated and continues to be reported under accounting standards in effect for those periods. Refer to Note 4 ("Transportation And Distribution Revenue") for further discussion of our transportation and distribution revenue recognition policy, transition impact and related disclosures under ASC 606. In February 2016, the FASB issued ASU 2016-02 "Leases" ("ASU 2016-02"), 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. ASU 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018, with early adoption permitted. At adoption, the standard will be applied using a modified retrospective approach. Alternatively, ASU 2018-11, "Leases (Topic 842) Targeted Improvements", allows the Company to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings and to continue to apply legacy guidance in ASC 840, "Leases," including its disclosures requirements, in the comparative periods presented in the year of adoption. Management is in the process of evaluating the impact of the standard on its consolidated financial statements and related disclosures. As part of its assessment work, the Company has formed an implementation team, completed training on the new lease standard, has nearly completed a review of its contracts and has started to assess the accounting impact for identified leases. 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. Management is currently evaluating the impact that adopting the new standard will have on the Company's consolidated financial statements but believes that, unless the Company 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 As of September 30, 2018, the Company had three significant properties located in Oregon, 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 future contracted minimum rental receipts for all leases as of September 30, 2018, 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 stock is trading on the NASDAQ under the symbol UPL. 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, LLC, EGC's SEC reporting obligations were suspended and it ceased to file such reports. Zenith Zenith Terminals has a number of different actions available to it under the Portland Lease Agreement, which include (i) continuing with the current terminal lease, (ii) exercising its buy-out option on the terminal or (iii) terminating the lease at its tenth anniversary, subject to the termination provisions in the lease. The fifth anniversary termination option expired unexercised on September 1, 2018. |
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 expansion. Under the Company's natural gas supply, transportation and distribution performance obligations, the customer simultaneously receives and consumes the benefit of the services as natural gas is delivered. Therefore, the transaction price is allocated proportionally over the series of identical performance obligations with each contract. The transaction price is calculated based on (i) index price, plus a contractual markup in the case of natural gas supply agreements (considered variable due to fluctuations in the index), (ii) FERC regulated rates or negotiated rates in the case of transportation agreements and (iii) contracted amounts (with annual CPI escalators) in the case of the Company's distribution agreement. 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. 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, as discussed further below. All invoicing is done in the month following service, with payment typically due a month from invoice date. 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. Accordingly, on January 1, 2018, the Company recorded a cumulative adjustment to recognize a contract liability of approximately $3.3 million, and a corresponding reduction to beginning equity (net of deferred tax impact). The adjustment reflects the difference in amounts previously recognized as invoiced, versus cumulative revenues earned under the contract on a straight-line basis in accordance with ASC 606, as of the date of adoption. The contract liability will continue to accumulate additional unrecognized performance obligations at a rate of approximately $992 thousand per quarter until the contractual rate decrease takes effect in November 2018. Following the rate decline, recognized performance obligations will exceed amounts invoiced and the contract liability is expected to decline at a rate of approximately $138 thousand per quarter through the end of the contract in October 2030. As of September 30, 2018, the revenue allocated to the remaining performance obligation under this contract is approximately $64.8 million. The Company's contracts also contain performance obligations related to system maintenance and expansion, which are completed on an as-needed basis. The work performed is specific and tailored to the customer's needs and there are no alternative uses for the services provided. Therefore, as the work is being completed, control is transferring to the customer. These services are billed at the Company's cost, plus an agreed upon margin, and the Company has an enforceable right to payment for services provided. The Company invoices for this service on a monthly basis according to an agreed upon billing schedule. Revenue is recognized on an input method, based on the actual cost of a service as a measure of performance obligations satisfaction, which the Company determined to be the method which faithfully depicts the transfer of services. Differences between the amounts invoiced and revenue recognized under the input method are reflected as an asset or liability on the Consolidated Balance Sheet. Any differences are generally expected to be recognized within a year. The table below summarizes the Company's contract asset and contract liability balances related to its transportation and distribution revenue contracts as of September 30, 2018:
The following is a breakout of the Company's transportation and distribution revenue for the three and nine months ended September 30, 2018 and 2017:
In accordance with ASC 606 transition disclosure requirements, the cumulative effect of changes made to the Consolidated Balance Sheet as of January 1, 2018 for the adoption of ASC 606 were as follows:
The tables below disclose the impact of adoption on the Consolidated Balance Sheet and Consolidated Statement of Income as of and for the three and nine months ended September 30, 2018:
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Financing Notes Receivable |
9 Months Ended |
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Sep. 30, 2018 | |
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. If the Company does determine an allowance is necessary, the amount deemed uncollectable is expensed in the period of determination. An insignificant delay or shortfall in the amount of payments does not necessarily result in the recording of an allowance. Generally, when interest and/or principal payments on a loan become past due, or if management otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing financing revenue on that loan until all principal and interest have been brought current. Interest income recognition is resumed if and when the previously reserved for financing notes become contractually current and performance has been demonstrated. Payments received subsequent to the recording of an allowance will be recorded as a reduction to principal. Four Wood Financing Note Receivable As a result of decreased economic activity by SWD, the Company recorded a provision for loan loss with respect to the SWD Loans and the loans were placed on non-accrual status during the first quarter of 2016. During the first quarter of 2018, the Company recorded an additional provision for loan loss on the SWD Loans of $500 thousand. The balance of the loans has been valued based on the enterprise value of SWD, the collateral supporting the loans, at $1.0 million and $1.5 million as of September 30, 2018 and December 31, 2017, respectively. |
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 September 30, 2018 and December 31, 2017, are as follows:
As of September 30, 2018, 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. The Tax Cuts and Jobs Act (the "2017 Tax Act") was enacted on December 22, 2017. The 2017 Tax Act reduces the US federal corporate tax rate from 35 percent to 21 percent. The 2017 Tax Act also repealed the alternative minimum tax for corporations. The Company has completed its provisional accounting for the tax effects of enactment of the 2017 Tax Act. Due to the timing and complexities of the new legislation, the SEC has issued Staff Accounting Bulletin 118, which allows for the recognition of provisional amounts during a measurement period similar to the measurement period used when accounting for business combinations. The Company remeasured deferred tax assets and liabilities based on the updated rates at which they are expected to reverse in the future, in the table above, which resulted in a $1.3 million transition adjustment that reduced net deferred tax assets at December 31, 2017. The Company will continue to assess the impact of the new tax legislation, as well as any future regulations and updates, and will record any additional impacts as identified during the measurement period, if necessary. 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 nine months ended September 30, 2018 and 35 percent for the three and nine months ended September 30, 2017 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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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment consist of the following:
Depreciation expense was $842 thousand and $2.5 million for the three and nine months ended September 30, 2018, respectively, and $840 thousand and $2.5 million for the three and nine months ended September 30, 2017, respectively. |
Management Agreement |
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Sep. 30, 2018 | |
Agreements [Abstract] | |
MANAGEMENT AGREEMENT | MANAGEMENT AGREEMENT The Company pays its manager, Corridor, pursuant to a Management Agreement as described in the 2017 CorEnergy 10-K. Fees incurred under the Management Agreement for the three and nine months ended September 30, 2018 were $1.9 million and $5.7 million, respectively, compared to $1.8 million and $5.5 million for the three and nine months ended September 30, 2017, 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 nine months ended September 30, 2018 were $70 thousand and $209 thousand, respectively, compared to $68 thousand and $201 thousand for the three and nine months ended September 30, 2017, 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 The following tables set forth the Company's assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of September 30, 2018 and December 31, 2017:
At September 30, 2018 and December 31, 2017, the only assets and liabilities measured at fair value on a recurring basis were the Company's equity securities. The changes for all Level 3 securities measured at fair value on a recurring basis using significant unobservable inputs for the nine months ended September 30, 2018 and 2017 are as follows:
The Company utilizes the beginning of reporting period method for determining transfers between levels. There were no transfers between levels 1, 2 or 3 for the nine months ended September 30, 2018 and 2017. Valuation Techniques and Unobservable Inputs The Company's other equity securities, which represent securities issued by private companies, are classified as Level 3 assets and the Company has elected to report at fair value under the fair value option. Significant judgment is required in selecting the assumptions used to determine the fair values of these investments. As of both September 30, 2018 and December 31, 2017, the Company's investment in Lightfoot and Zenith Terminal Joliet Holdings are its only remaining private company investments. The Company's Lightfoot investment consists of a 6.6 percent and 1.5 percent equity interest in Lightfoot LP and Lightfoot GP, respectively. As of both September 30, 2018 and December 31, 2017, Lightfoot's only material asset consists of its remaining investment in Gulf LNG, a 1.5 billion cubic feet per day ("bcf/d") receiving, storage, and regasification terminal in Pascagoula, Mississippi. Additionally, the Company owns a 0.6 percent interest in Zenith Terminal Joliet Holdings, which was acquired in conjunction with the terms of Zenith's acquisition of Arc Logistics discussed below. On December 21, 2017, Zenith closed its acquisition of Arc Logistics, except for terms pending with respect to the Gulf LNG arbitration with ENI USA. Under the terms of the agreement, Zenith was to purchase the remaining 4.16 percent of Lightfoot's Gulf LNG interest ("the Conditional Interest") for an additional $27.3 million upon a successful outcome (as defined) of the Gulf LNG arbitration with Eni USA that is described below. On March 1, 2016, an affiliate of Gulf LNG received a Notice of Disagreement and Disputed Statements and a Notice of Arbitration from Eni USA, one of the two companies that had entered into a terminal use agreement for capacity of the liquefied natural gas facility owned by Gulf LNG and its subsidiaries. On June 29, 2018, the arbitration panel delivered its award, and the panel's ruling calls for the termination of the agreement and Eni USA's payment of compensation to Gulf LNG. On September 25, 2018, Gulf LNG filed a lawsuit against Eni USA in the Delaware Court of Chancery to enforce the award. On September 28, 2018, Gulf LNG filed a lawsuit against Eni S.p.A. in the Supreme Court of the State of New York in New York County to enforce a guarantee agreement entered by Eni S.p.A. in connection with the terminal use agreement. The Company's remaining private company investments in Lightfoot and Zenith Terminal Joliet holdings represent less than 0.5 percent of its total assets. The fair value of the Company's private company investments at September 30, 2018 and December 31, 2017 was approximately $1.2 million and $3.0 million, respectively. As of September 30, 2018, the Lightfoot investment fair value was reduced to zero due to additional market information, resulting in a loss of $930 thousand and $1.8 million for the three and nine months ended September 30, 2018, respectively. The loss is recorded in net realized and unrealized gain (loss) on other equity securities in the Consolidated Statements of Income. As of December 31, 2017, the Lightfoot fair value estimate was determined using recent transaction data and expected proceeds, discounted using a risk-free rate through the expected receipt date. As of both September 30, 2018 and December 31, 2017, the Zenith Terminal Joliet Holdings fair value estimate was determined using recent transaction data. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investment may fluctuate from period to period. Additionally, the fair value of the Company's investment may differ from the values that would have been used had a ready market existed for such investment and may differ materially from the values that the Company may ultimately realize. 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 September 30, 2018 and December 31, 2017:
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. 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 September 30, 2018, the Company was in compliance with all covenants of the CorEnergy Credit Facility. As of September 30, 2018, the Company had approximately $148.3 million and $1.0 million of availability under the CorEnergy Revolver and MoGas Revolver, respectively. Amended Pinedale Term Credit Facility On December 20, 2012, Pinedale LP closed on a $70.0 million secured term credit facility. On March 4, 2016, the Company obtained a consent from its lenders under the CorEnergy Credit Facility, which permitted the Company to utilize the CorEnergy Credit Facility to refinance the Company's pro rata share of the remaining balance of the Pinedale secured term credit facility. On March 30, 2016, the Company and Prudential (collectively, "the Refinancing Lenders"), refinanced the remaining $58.5 million principal balance of the $70.0 million credit facility (on a pro rata basis equal to their respective equity interests in Pinedale LP, with the Company's 81.05 percent share being approximately $47.4 million) and executed a series of agreements assigning the credit facility to CorEnergy Infrastructure Trust, Inc. as Agent for the Refinancing Lenders. The facility was further modified to extend the maturity date to March 30, 2021; to increase the LIBOR Rate to the greater of (i) 1.00 percent and (ii) the one-month LIBOR rate; and to increase the LIBOR Rate Spread to 7.00 percent per annum. 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. The Amended Pinedale Term Credit Facility was utilized to pay off the balance due to the Refinancing Lenders under the previously existing Pinedale LP credit facility. Outstanding balances under the facility are secured by the Pinedale LGS assets. The Amended Pinedale Term Credit Facility contains, among other restrictions, specific financial covenants including the maintenance of certain financial coverage ratios and a minimum net worth requirement which, along with other provisions of the credit facility, limit cash dividends and loans by Pinedale LP to the Company. At September 30, 2018, the net assets of Pinedale LP were $138.4 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 nine months ended September 30, 2018 and 2017 is as follows:
CorEnergy Credit Facilities Prior to the July 28, 2017 credit facility amendment and restatement, previously existing deferred financing costs related to the CorEnergy Credit Facility were approximately $1.8 million, of which approximately $1.6 million continue to be deferred and amortized under the amended and restated facility. Additionally, the Company incurred approximately $1.3 million in new debt issuance costs which have been deferred and are being amortized over the term of the new facility. 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 September 30, 2018 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. On May 23, 2016, the Company repurchased $1.0 million of its convertible bonds on the open market. During the three months ended September 30, 2018, certain holders elected to convert approximately $42 thousand of Convertible Notes for 1,271 shares of CorEnergy common stock. 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. The following is a summary of the impact of Convertible Notes on interest expense for the three and nine months ended September 30, 2018 and 2017:
The Convertible Notes were initially issued with an underwriters' discount of $3.7 million which is being amortized over the life of the Convertible Notes. 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 nine months ended September 30, 2018 and 2017. |
Stockholder's Equity |
9 Months Ended |
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Sep. 30, 2018 | |
Equity [Abstract] | |
STOCKHOLDER'S EQUITY | STOCKHOLDERS' EQUITY PREFERRED STOCK As of September 30, 2018, the Company has a total of 5,200,000 depository shares outstanding, or 52,000 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. The Company did not repurchase any preferred shares during the nine months ended September 30, 2018. 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 September 30, 2018, the Company has 11,949,298 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 On February 18, 2016, the Company had a new shelf registration statement declared effective by the SEC, pursuant to which it may publicly offer additional debt or equity securities with an aggregate offering price of up to $600.0 million. As of September 30, 2018, the Company has issued 92,605 shares of common stock under its dividend reinvestment plan pursuant to the February 18, 2016 shelf, reducing availability by approximately $2.9 million. Shelf availability was further reduced by approximately $73.8 million as a result of the follow-on offering of additional 7.375% Series A Preferred Stock during the second quarter of 2017. As of September 30, 2018, availability on the current shelf registration is approximately $523.4 million. 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. |
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 nine months ended September 30, 2018 and 2017 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. If converted, the 7.00% Convertible Senior Notes would result in an additional 3,453,273 common shares outstanding.
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2018 | |
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 October 24, 2018, the Company's Board of Directors declared a 2018 third quarter dividend of $0.75 per share for CorEnergy common stock. The dividend is payable on November 30, 2018 to stockholders of record on November 15, 2018. Preferred Stock Dividend Declaration On October 24, 2018, 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 November 30, 2018 to stockholders of record on November 15, 2018. |
Recent Accounting Pronouncements (Policies) |
9 Months Ended |
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Sep. 30, 2018 | |
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, and the Company's net earnings have been reduced by the portion of net earnings attributable to non-controlling interests, when applicable. The FASB issued ASU 2015-02 "Consolidations (Topic 810) - Amendments to the Consolidation Analysis" ("ASU 2015-02"), which amended previous consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities are considered a variable interest entity ("VIE") unless the limited partners hold substantive kick-out rights or participating rights. Management determined that Pinedale LP and Grand Isle Corridor LP are VIEs under the amended guidance because the limited partners of both partnerships lack both substantive kick-out rights and participating rights. 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 of the partnerships. Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 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, 2017, filed with the SEC on February 28, 2018 (the "2017 CorEnergy 10-K"). |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers" ("ASU 2014-09" or "ASC 606"), which became effective for all public entities on January 1, 2018, if not adopted early. ASC 606 supersedes previously existing revenue recognition standards with a single model unless those contracts are within the scope of other standards (e.g. leases). The model requires an entity to recognize as revenue the amount of consideration to which it expects to be entitled for the transfer of promised goods or services to customers. A substantial portion of the Company's revenue consists of rental income from leasing arrangements, which is specifically excluded from ASC 606. However, the Company's transportation and distribution revenue is within the scope of the new guidance. The Company adopted ASC 606 effective on January 1, 2018 using the modified retrospective method. The Company elected to apply the guidance only to open contracts as of the effective date. The Company recognized the cumulative effect of applying the new standard as an adjustment to the opening balance of stockholders' equity. The comparative information has not been restated and continues to be reported under accounting standards in effect for those periods. Refer to Note 4 ("Transportation And Distribution Revenue") for further discussion of our transportation and distribution revenue recognition policy, transition impact and related disclosures under ASC 606. In February 2016, the FASB issued ASU 2016-02 "Leases" ("ASU 2016-02"), 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. ASU 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018, with early adoption permitted. At adoption, the standard will be applied using a modified retrospective approach. Alternatively, ASU 2018-11, "Leases (Topic 842) Targeted Improvements", allows the Company to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings and to continue to apply legacy guidance in ASC 840, "Leases," including its disclosures requirements, in the comparative periods presented in the year of adoption. Management is in the process of evaluating the impact of the standard on its consolidated financial statements and related disclosures. As part of its assessment work, the Company has formed an implementation team, completed training on the new lease standard, has nearly completed a review of its contracts and has started to assess the accounting impact for identified leases. 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. Management is currently evaluating the impact that adopting the new standard will have on the Company's consolidated financial statements but believes that, unless the Company acquires any additional financing receivables, the impact would not be material. |
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 September 30, 2018, 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 September 30, 2018:
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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 nine months ended September 30, 2018 and 2017:
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Schedule of New Accounting Pronouncements and Changes in Accounting Principles | In accordance with ASC 606 transition disclosure requirements, the cumulative effect of changes made to the Consolidated Balance Sheet as of January 1, 2018 for the adoption of ASC 606 were as follows:
The tables below disclose the impact of adoption on the Consolidated Balance Sheet and Consolidated Statement of Income as of and for the three and nine months ended September 30, 2018:
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Income Taxes (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of deferred tax assets and liabilities | Components of the Company's deferred tax assets and liabilities as of September 30, 2018 and December 31, 2017, 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 nine months ended September 30, 2018 and 35 percent for the three and nine months ended September 30, 2017 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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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured on a recurring basis | The following tables set forth the Company's assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of September 30, 2018 and December 31, 2017:
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The changes for all Level 3 assets measured at fair value on a recurring basis using significant unobservable inputs | The changes for all Level 3 securities measured at fair value on a recurring basis using significant unobservable inputs for the nine months ended September 30, 2018 and 2017 are as follows:
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Carrying and Fair Value Amounts |
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following is a summary of the Company's debt facilities and balances as of September 30, 2018 and December 31, 2017:
A summary of deferred financing cost amortization expenses for the three and nine months ended September 30, 2018 and 2017 is as follows:
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Schedule of Maturities of Long-term Debt | The remaining contractual principal payments as of September 30, 2018 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 nine months ended September 30, 2018 and 2017:
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Earnings Per Share (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2018 and 2017 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. If converted, the 7.00% Convertible Senior Notes would result in an additional 3,453,273 common shares outstanding.
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Introduction and Basis of Presentation - Additional Information (Details) |
Dec. 29, 2017 |
Jun. 30, 2015 |
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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% |
Leased Properties and Leases - Future Minimum Lease Receipts (Details) |
Sep. 30, 2018
USD ($)
|
---|---|
Sale Leaseback Transaction [Line Items] | |
2018 | $ 15,453,132 |
2019 | 64,103,462 |
2020 | 71,264,921 |
2021 | 77,445,396 |
2022 | 76,553,434 |
Thereafter | 302,242,184 |
Total | $ 607,062,529 |
Portland Terminal Facility [Member] | |
Sale Leaseback Transaction [Line Items] | |
Lease term | 15 years |
Leased Properties and Leases - Significant Leases (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
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Pinedale LGS [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Percentage of total leased properties | 39.90% | 39.90% | 39.90% | ||
Percentage of leased property revenue | 35.70% | 31.10% | 34.60% | 30.80% | |
Variable rent | $ 1.2 | $ 0.1 | $ 2.8 | $ 0.1 | |
Grand Isle Gathering System [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Percentage of total leased properties | 49.60% | 49.60% | 49.70% | ||
Percentage of leased property revenue | 55.30% | 59.20% | 56.20% | 59.50% | |
Portland Terminal Facility [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Percentage of total leased properties | 10.20% | 10.20% | 10.10% | ||
Percentage of leased property revenue | 8.90% | 9.50% | 9.10% | 9.60% |
Transportation and Distribution Revenue - Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 143 Months Ended | |||
---|---|---|---|---|---|---|
Jan. 01, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Oct. 31, 2030 |
|
Concentration Risk [Line Items] | ||||||
Cumulative Transition Adjustment Upon Adoption of ASC 606 | $ 3,300,000 | $ 3,307,109 | ||||
Unrecognized performance obligations | $ 992,000 | 2,976,399 | ||||
Remaining performance obligation | $ 64,800,000 | $ 64,800,000 | ||||
Natural Gas Transportation Contract [Member] | Product and services [Member] | Revenue [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration percentage | 60.30% | 67.20% | 64.20% | 70.90% | ||
Natural Gas Distribution Contract [Member] | Product and services [Member] | Revenue [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Concentration percentage | 24.80% | 19.30% | 26.10% | 20.20% | ||
Forecast [Member] | ||||||
Concentration Risk [Line Items] | ||||||
Recognized performance obligations quarterly | $ 138,000 |
Transportation and Distribution Revenue - Contract Assets and Liabilities (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Jan. 01, 2018 |
Sep. 30, 2018 |
Sep. 30, 2018 |
|
Change In Contract With Customer, Asset [Roll Forward] | |||
Beginning Balance | $ 328,033 | $ 328,033 | |
Cumulative Transition Adjustment Upon Adoption of ASC 606 | 0 | ||
Unrecognized Performance Obligations | (627,471) | ||
Recognized Performance Obligations | 559,571 | ||
Ending Balance | $ 260,133 | 260,133 | |
Change In Contract With Customer, Liability [Roll Forward] | |||
Beginning Balance | 0 | 0 | |
Cumulative Transition Adjustment Upon Adoption of ASC 606 | $ 3,300,000 | 3,307,109 | |
Unrecognized Performance Obligations | 992,000 | 2,976,399 | |
Recognized Performance Obligations | 0 | ||
Ending Balance | $ 6,283,508 | $ 6,283,508 |
Financing Notes Receivable - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Provision for loan losses | $ 0 | $ 0 | $ 500,000 | $ 0 | ||
REIT Loan [Member] | SWD Enterprises [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Receivable | $ 1,000,000 | $ 1,000,000 | $ 1,500,000 | |||
SWD Enterprises [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Provision for loan losses | $ 500,000 |
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Deferred Tax Assets: | ||
Deferred contract revenue | $ 1,629,942 | $ 0 |
Net operating loss carryforwards | 2,013,238 | 957,719 |
Net unrealized loss on investment securities | 112,450 | 0 |
Loan loss provision | 263,508 | 247,814 |
Basis reduction of investment in partnerships | 227,416 | 261,549 |
Other loss carryforwards | 2,965,320 | 2,965,321 |
Sub-total | 7,211,874 | 4,432,403 |
Deferred Tax Liabilities: | ||
Net unrealized gain on investment securities | 0 | (342,669) |
Cost recovery of leased and fixed assets | (2,343,500) | (1,845,105) |
Basis reduction in tax goodwill | (14,266) | 0 |
Sub-total | (2,357,766) | (2,187,774) |
Total net deferred tax asset | $ 4,854,108 | $ 2,244,629 |
Income Taxes - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | |||||
Transition adjustment which reduced net deferred tax assets | $ 1.3 | ||||
Federal statutory income tax rate | 21.00% | 35.00% | 21.00% | 35.00% |
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Total income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rates net investment income and net realized and unrealized gains on investments | ||||
Application of statutory income tax rate | $ 1,459,638 | $ 3,279,099 | $ 4,496,003 | $ 9,005,926 |
State income taxes, net of federal tax expense (benefit) | (146,677) | 8,784 | (411,696) | (22,867) |
Federal Tax Attributable to Income of Real Estate Investment Trust | (2,057,531) | (3,096,312) | (5,876,965) | (9,028,359) |
Other | (2,097) | 0 | (13,684) | 0 |
Income tax expense (benefit), net | $ (746,667) | $ 191,571 | $ (1,806,342) | $ (45,300) |
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Current tax expense (benefit) | ||||
Federal | $ (6,643) | $ 58,303 | $ (43,319) | $ 79,865 |
State (net of federal tax expense (benefit)) | (1,750) | 6,828 | (11,408) | 9,157 |
Total current tax expense (benefit) | (8,393) | 65,131 | (54,727) | 89,022 |
Deferred tax expense (benefit) | ||||
Federal | (593,347) | 124,484 | (1,351,327) | (102,298) |
State (net of federal tax expense (benefit)) | (144,927) | 1,956 | (400,288) | (32,024) |
Total deferred tax expense (benefit) | (738,274) | 126,440 | (1,751,615) | (134,322) |
Income tax expense (benefit), net | $ (746,667) | $ 191,571 | $ (1,806,342) | $ (45,300) |
Property and Equipment - Property and Equipment (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Component of property and equipment | |||||
Gross property and equipment | $ 125,840,520 | $ 125,840,520 | $ 125,802,508 | ||
Less: accumulated depreciation | (15,125,893) | (15,125,893) | (12,643,636) | ||
Net property and equipment | 110,714,627 | 110,714,627 | 113,158,872 | ||
Depreciation Expense | 842,000 | $ 840,000 | 2,500,000 | $ 2,500,000 | |
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 | 124,306,175 | 124,306,175 | 124,303,315 | ||
Vehicles and trailers [Member] | |||||
Component of property and equipment | |||||
Gross property and equipment | 685,786 | 685,786 | 650,634 | ||
Office equipment and computers [Member] | |||||
Component of property and equipment | |||||
Gross property and equipment | $ 268,559 | $ 268,559 | $ 268,559 |
Management Agreement (Details) - General and Administrative Expense [Member] - Corridor Infra Trust Management [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Management Agreement [Line Items] | ||||
Management fee | $ 1,900 | $ 1,800 | $ 5,700 | $ 5,500 |
Administrative fee | $ 70 | $ 68 | $ 209 | $ 201 |
Fair Value - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Assets: | ||
Other equity securities | $ 1,161,034 | $ 2,958,315 |
Total Assets | 1,161,034 | 2,958,315 |
Level 1 [Member] | ||
Assets: | ||
Other equity securities | 0 | 0 |
Total Assets | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Other equity securities | 0 | 0 |
Total Assets | 0 | 0 |
Level 3 [Member] | ||
Assets: | ||
Other equity securities | 1,161,034 | 2,958,315 |
Total Assets | $ 1,161,034 | $ 2,958,315 |
Fair Value - Carrying and Fair Value Amounts (Details) - USD ($) |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Carrying Amount [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | $ 19,611,813 | $ 15,787,069 |
Financial Liabilities: | ||
Unsecured convertible senior notes | 112,580,474 | 112,032,083 |
Carrying Amount [Member] | Level 2 [Member] | ||
Financial Liabilities: | ||
Secured Credit Facilities | 38,129,904 | 40,745,354 |
Carrying Amount [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Financing notes receivable | 1,000,000 | 1,500,000 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 19,611,813 | 15,787,069 |
Financial Liabilities: | ||
Unsecured convertible senior notes | 132,247,119 | 139,101,660 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Liabilities: | ||
Secured Credit Facilities | 38,129,904 | 40,745,354 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Financing notes receivable | $ 1,000,000 | $ 1,500,000 |
Debt - CorEnergy Credit Facility (Details) - Line of Credit [Member] - Amended And Restated CorEnergy Credit Facility [Member] - USD ($) |
Jul. 28, 2017 |
Sep. 30, 2018 |
---|---|---|
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 | |
Available borrowing capacity | $ 148,300,000 | |
MoGas Revolver [Member] | ||
Line of Credit Facility [Line Items] | ||
Face amount | $ 1,000,000 | |
Available borrowing capacity | $ 1,000,000 | |
Minimum [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 2.75% | |
Maximum [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 3.75% |
Debt - Amortization of Deferred Financing Costs (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
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 | $ 156,842 | $ 185,948 | 470,429 | $ 730,096 |
Interest Expense [Member] | Line of Credit [Member] | CorEnergy Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred debt issuance amortization | 143,636 | 185,948 | 430,906 | 730,096 |
Interest Expense [Member] | Secured Debt [Member] | Pinedale Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred debt issuance amortization | $ 13,206 | $ 0 | $ 39,523 | $ 0 |
Debt - CorEnergy Credit Facilities/Amended Pinedale Term Credit Facility (Details) - USD ($) |
9 Months Ended | |||
---|---|---|---|---|
Dec. 29, 2017 |
Jul. 28, 2017 |
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | ||||
Unamortized deferred financing costs | $ 224,096 | $ 254,646 | ||
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 ($) |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Total Remaining Contractual Payments | $ 150,710,378 | $ 152,777,437 |
Secured Debt [Member] | Term Loan [Member] | Amended Pinedale Term Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
2018 | 882,000 | |
2019 | 3,528,000 | |
2020 | 3,528,000 | |
2021 | 3,528,000 | |
2022 | 26,888,000 | |
Thereafter | 0 | |
Total Remaining Contractual Payments | $ 38,354,000 |
Debt - Convertible Debt (Details) - Convertible Debt [Member] - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Debt Instrument [Line Items] | ||||
Interest expense | $ 2,191,650 | $ 2,191,797 | $ 6,575,244 | $ 6,575,391 |
Discount Amortization | 184,728 | 184,728 | 554,184 | 554,184 |
Deferred Debt Issuance Amortization | 12,069 | 12,069 | 36,207 | 36,207 |
7.00% Unsecured Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest expense | $ 1,994,853 | $ 1,995,000 | $ 5,984,853 | $ 5,985,000 |
Subsequent Events (Details) - $ / shares |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 24, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Subsequent Event [Line Items] | |||||
Dividends declared per share (in dollars per share) | $ 0.750 | $ 0.750 | $ 2.250 | $ 2.25 | |
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% |