EX-99.1 2 ex99_1.htm EXHIBIT 99.1

Exhibit 99.1



CorEnergy Releases Third Quarter 2014 Results

FOR IMMEDIATE RELEASE

KANSAS CITY, Mo. – November 7, 2014 – CorEnergy Infrastructure Trust, Inc. (NYSE: CORR) (“CorEnergy” or the “Company”) today announced financial results for the third quarter ended September 30, 2014.

Third Quarter Highlights and Subsequent Events

- Declared third quarter 2014 dividend distribution of $0.130, payable on November 28, 2014
- Reiterating annualized dividend guidance of no less than $0.52 per share
- Successfully established a new $30 million senior secured revolving facility, replacing prior facility
- Completed VantaCore sale for approximately $13.6 million in gross proceeds
- Amended and upsized Black Bison secured financing transaction

“This first three quarters of 2014 demonstrate CorEnergy’s ability to deliver stable dividends covered by growing cash flows from our energy infrastructure assets, while optimizing our balance sheet for a pipeline of investment opportunities,” said David Schulte, Chief Executive Officer of CorEnergy. “We successfully completed the sale of VantaCore, a legacy investment, and established an upsized credit facility. Our capital position prepares CorEnergy to continue to execute on disciplined, accretive investments to drive shareholder value.”

Quarterly Performance Review

CorEnergy reported total revenues of $9.3 million in the quarter ended September 30, 2014. A third quarter dividend of $0.130 was declared on October 31, 2014, and is payable on November 28, 2014. Total assets were $324.3 million and total stockholders' equity was $218.6 million as of September 30, 2014, compared to $283.9 million and $177.2 million, respectively, at Dec. 31, 2013. AFFO for the quarter ended September 30, 2014, was $0.16 per share as compared to $0.14 per share for the quarter ended June 30, 2014.

Third Quarter Ended September 30, 2014 Financial Summary
 
     
   
For the Three-Month Period Ended September 30, 2014
 
   
Total
   
Per Share
 
Net Income (attributable to CorEnergy Stockholders)
 
$
1,888,418
   
$
0.06
 
Funds From Operations (FFO)
 
$
5,082,515
   
$
0.16
 
Adjusted Funds From Operations (AFFO)
 
$
4,995,439
   
$
0.16
 

FFO and AFFO are non-GAAP measures presented in accordance with the guidelines for calculation and reporting issued by the National Association of Real Estate Investment Trusts. FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, real estate-related depreciation and amortization (excluding amortization of deferred financing costs or loan origination costs) and after adjustments for unconsolidated partnerships and joint ventures. The Company considers FFO an important supplemental measure of operating performance that is frequently used by securities analysts, investors and other interested parties. CorEnergy defines AFFO as FFO plus transaction costs, amortization of debt issuance costs, deferred leasing costs, above-market rent, and certain costs of a nonrecurring nature, less maintenance, capital expenditures (if any), amortization of debt premium and other adjustments as deemed appropriate. Management uses AFFO as a measure of long-term sustainable operational performance.



Portfolio Update

Portland Terminal Facility
In August 2014, base rent increased to $5 million per year. The base rent is expected to increase by a percentage of specified construction costs at the Portland Terminal Facility, estimated at $10 million. As of September 30, 2014, these costs totaled approximately $4.4 million. Assuming such construction projects are completed, the base rent will increase by an ancillary amount of approximately $1.2 million per year in addition to the minimum lease payment of $5 million.

Black Bison
In July 2014, CorEnergy increased and fully advanced a $15.3 million secured financing to Black Bison Water Services, LLC (“Black Bison”) to fund Black Bison’s acquisition of salt water disposal properties in Wyoming.

The $15.3 million secured financing was made available through an upsize of the pre-existing facility from $11.5 million to $12 million and a new $3.3 million taxable REIT subsidiary loan. Collectively, the $15.3 million 10-year secured financing has a base interest rate of 12 percent per annum, escalating at 2 percent of the base interest rate per annum. Beginning in April 2015, and continuing for each month thereafter, the outstanding principal will also provide the Company with variable interest based on the growth in volume of water treated by Black Bison.

Subsequent Events

VantaCore
CorEnergy completed the sale of its equity investment in VantaCore Partners LP (“VantaCore”), effective October 1, 2014. The Company received approximately $13.6 million in gross proceeds, of which $2.9 million will be held in escrow pending certain post closing obligations or the expiration of certain time periods. CorEnergy’s net proceeds from the sale are expected to be used for the construction or acquisition of real property assets in the U.S. energy infrastructure sector.

The Company will elect to pay income tax on the VantaCore sale as cash distributions are received. The first cash tax payment attributable to VantaCore, estimated at approximately $3 million, is expected to be paid in the fourth quarter. The remaining cash tax payments will be made in subsequent years as distributions from escrow are received.

Balance Sheet and Liquidity

As previously announced, the Company entered into a new $30 million senior secured credit facility (“Credit Facility”) with Regions Bank. The new four-year Credit Facility replaces the Company’s prior $20 million revolving line of credit that was scheduled to mature in May 2016. The Portland Terminal Facility will qualify as eligible collateral under the new facility. Management expects to use the credit facility to fund property acquisitions, capital improvements or for other permitted corporate purposes.

Outlook

CorEnergy expects its energy infrastructure assets – the Pinedale LGS, the Eastern Interconnect Project, the Portland Terminal Facility, Mowood and Black Bison – to produce stable and recurring revenues. The Company believes that the cash flows from its holdings will support annualized dividend payments of no less than $0.52 per share. The Company has a broadening set of opportunities in the pipeline, which provide the potential to reach $50 to $200 million per project type. There can be no assurance that any of these acquisition opportunities will result in consummated transactions. The Company expects to utilize balance sheet resources, including prudent leverage when available, supplemented with accretive equity issuance as needed.

Dividend Policy

In 2013, CorEnergy changed its fiscal year end from Nov. 30 to Dec. 31 as part of its transition from a business development company to a REIT. As a result of this change, the dividend payment schedule for calendar 2014 will vary from prior years. Going forward, the Company intends to maintain a quarterly February, May, August, November dividend payment cycle. Dividend payouts may be affected by cash flow requirements and remain subject to other risks and uncertainties.



2014 Third Quarter Earnings Conference Call

CorEnergy will host a conference call Monday, November 10, 2014, at 1:00 p.m. Central Time to discuss its financial results. Please dial into the call at 877-407-8035 approximately five to ten minutes prior to the scheduled start time.

The call will also be webcast in a listen-only format.  A link to the webcast will be accessible at corenergy.corridortrust.com.

A replay of the call will be available until 11:59 p.m. Central Time December 10, 2014, by dialing 877-660-6853. The Conference ID # is 13593891. A replay of the webcast will also be available on the company’s website at corenergy.corridortrust.com through November 10, 2015.

About CorEnergy Infrastructure Trust, Inc.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR), primarily owns midstream and downstream U.S. energy infrastructure assets subject to long-term triple net participating leases with energy companies. These assets include pipelines, storage tanks, transmission lines and gathering systems. The Company’s principal objective is to provide stockholders with an attractive risk-adjusted total return, with an emphasis on distributions and long-term distribution growth (reported to our investors on Form 1099). CorEnergy is managed by Corridor InfraTrust Management, LLC, a real property asset manager focused on U.S. energy infrastructure real assets, and is an affiliate of Tortoise Capital Advisors, L.L.C., an investment manager specializing in listed energy investments, with approximately $18.1 billion of assets under management in NYSE-listed closed-end investment companies, open-end funds and other accounts as of October 31, 2014. For more information, please visit corenergy.corridortrust.com.

Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although CorEnergy believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in CorEnergy’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy’s Board of Directors and compliance with leverage covenants.


Contact Information:
Katheryn Mueller, Investor Relations, 877-699-CORR (2677), info@corridortrust.com




CorEnergy Infrastructure Trust, Inc.
CONSOLIDATED BALANCE SHEETS

 
 
September 30, 2014
   
December 31, 2013
 
Assets
 
(Unaudited)
   
 
Leased property, net of accumulated depreciation of $22,115,766, and $12,754,588
 
$
268,670,473
   
$
232,220,618
 
Other equity securities, at fair value
   
25,420,877
     
23,304,321
 
Financing notes and related accrued interest receivable, net
   
15,510,956
     
-
 
Cash and cash equivalents
   
5,476,216
     
17,963,266
 
Property and equipment, net of accumulated depreciation of $2,243,135 and $2,037,685
   
3,116,874
     
3,318,483
 
Lease receivable
   
1,421,211
     
711,229
 
Accounts receivable
   
1,086,587
     
2,068,193
 
Warrant investment
   
508,000
     
-
 
Intangible lease asset, net of accumulated amortization of $948,800 and $729,847
   
145,971
     
364,924
 
Deferred debt issuance costs, net of accumulated amortization of $918,811 and $572,830
   
1,081,881
     
1,225,524
 
Deferred lease costs, net of accumulated amortization of $109,299 and $63,272
   
811,164
     
857,190
 
Hedged derivative asset
   
577,584
     
680,968
 
Income tax receivable
   
-
     
834,382
 
Prepaid expenses and other assets
   
497,391
     
326,561
 
Total Assets
 
$
324,325,185
   
$
283,875,659
 
 
               
Liabilities and Equity
               
Current maturities of long-term debt
 
$
3,528,000
   
$
2,940,000
 
Long-term debt (net of current maturities)
   
64,414,000
     
67,060,000
 
Accounts payable and other accrued liabilities
   
3,329,284
     
2,920,267
 
Unearned revenue
   
1,422,458
     
-
 
Deferred tax liability
   
5,573,233
     
5,332,087
 
Income tax payable
   
75,522
     
-
 
Line of credit
   
-
     
81,935
 
Total Liabilities
 
$
78,342,497
   
$
78,334,289
 
 
               
Equity
               
Warrants, no par value; 0 and 945,594 issued and outstanding at September 30, 2014 and December 31, 2013, respectively (5,000,000 authorized)
 
$
-
   
$
1,370,700
 
Capital stock, non-convertible, $0.001 par value; 31,644,877 shares issued and outstanding at September 30, 2014 and 24,156,163 shares issued and outstanding at December 31, 2013 (100,000,000 shares authorized)
   
31,645
     
24,156
 
Additional paid-in capital
   
217,893,695
     
173,441,019
 
Accumulated retained earnings
   
-
     
1,580,062
 
Accumulated other comprehensive income
   
650,547
     
777,403
 
Total CorEnergy Equity
   
218,575,887
     
177,193,340
 
Non-controlling interest
   
27,406,801
     
28,348,030
 
Total Equity
   
245,982,688
     
205,541,370
 
Total Liabilities and Equity
 
$
324,325,185
   
$
283,875,659
 



CorEnergy Infrastructure Trust, Inc.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

   
For the Three Months Ended
   
For the Nine Months Ended
 
   
September 30, 2014
   
September 30, 2013
   
September 30, 2014
   
September 30, 2013
 
Revenue
 
   
   
   
 
Lease revenue
 
$
7,191,187
   
$
5,638,244
   
$
21,019,272
   
$
16,914,732
 
Sales revenue
   
1,741,209
     
1,935,868
     
6,814,346
     
6,381,213
 
Financing revenue
   
413,482
     
-
     
578,829
     
-
 
Total Revenue
   
9,345,878
     
7,574,112
     
28,412,447
     
23,295,945
 
                                 
Expenses
                               
Cost of sales (excluding depreciation expense)
   
1,284,711
     
1,411,318
     
5,377,067
     
4,891,305
 
Management fees
   
813,921
     
647,380
     
2,359,054
     
1,937,588
 
Asset acquisition expenses
   
102,591
     
640,302
     
139,540
     
725,513
 
Professional fees
   
622,864
     
305,326
     
1,287,506
     
1,191,017
 
Depreciation expense
   
3,237,261
     
2,857,412
     
9,573,809
     
8,571,860
 
Amortization expense
   
15,343
     
15,342
     
46,026
     
45,963
 
Operating expenses
   
210,009
     
204,446
     
646,283
     
714,830
 
Directors' fees
   
50,481
     
74,437
     
178,791
     
124,994
 
Other expenses
   
251,636
     
129,748
     
644,517
     
403,766
 
Total Expenses
   
6,588,817
     
6,285,711
     
20,252,593
     
18,606,836
 
Operating Income
 
$
2,757,061
   
$
1,288,401
   
$
8,159,854
   
$
4,689,109
 
Other Income (Expense)
                               
Net distributions and dividend income
 
$
1,688,830
   
$
568,332
   
$
1,699,874
   
$
584,157
 
Net realized and unrealized loss on trading securities
   
-
     
(567,276
)
   
-
     
(251,213
)
Net realized and unrealized gain (loss) on other equity securities
   
(865,470
)
   
1,439,296
     
2,512,738
     
3,834,306
 
Interest expense
   
(977,635
)
   
(818,134
)
   
(2,623,972
)
   
(2,462,790
)
Total Other Income (Expense)
   
(154,275
)
   
622,218
     
1,588,640
     
1,704,460
 
Income before income taxes
   
2,602,786
     
1,910,619
     
9,748,494
     
6,393,569
 
Taxes
                               
Current tax expense (benefit)
   
486,054
     
(680,281
)
   
1,340,129
     
187,367
 
Deferred tax expense
   
(161,171
)
   
1,785,406
     
241,146
     
2,180,456
 
Income tax expense, net
   
324,883
     
1,105,125
     
1,581,275
     
2,367,823
 
Net Income
   
2,277,903
     
805,494
     
8,167,219
     
4,025,746
 
Less: Net Income attributable to non-controlling interest
   
389,485
     
366,042
     
1,167,734
     
1,103,469
 
Net Income attributable to CORR Stockholders
 
$
1,888,418
   
$
439,452
   
$
6,999,485
   
$
2,922,277
 
Net income
 
$
2,277,903
   
$
805,494
   
$
8,167,219
   
$
4,025,746
 
Other comprehensive income (expense):
                               
Changes in fair value of qualifying hedges attributable to CORR Stockholders
   
214,602
     
(262,972
)
   
(126,856
)
   
658,470
 
Changes in fair value of qualifying hedges attributable to non-controlling interest
   
50,175
     
(61,485
)
   
(29,660
)
   
153,954
 
Net Change in Other Comprehensive Income (Expense)
 
$
264,777
   
$
(324,457
)
 
$
(156,516
)
 
$
812,424
 
Total Comprehensive Income
   
2,542,680
     
481,037
     
8,010,703
     
4,838,170
 
Less: Comprehensive income attributable to non-controlling interest
   
439,660
     
304,557
     
1,138,074
     
1,257,423
 
Comprehensive Income attributable to CORR Stockholders
 
$
2,103,020
   
$
176,480
   
$
6,872,629
   
$
3,580,747
 
Earnings Per Common Share:
                               
Basic and Diluted
 
$
0.06
   
$
0.02
   
$
0.23
   
$
0.12
 
Weighted Average Shares of Common Stock Outstanding:
                               
Basic and Diluted
   
31,641,851
     
24,151,700
     
31,090,370
     
24,147,163
 
Dividends declared per share
 
$
0.130
   
$
0.125
   
$
0.384
   
$
0.375
 



CorEnergy Infrastructure Trust, Inc.
CONSOLIDATED STATEMENTS OF EQUITY

   
Capital Stock
       
Additional
Paid-in
   
Accumulated Other Comprehensive
   
Accumulated Retained
   
Non-Controlling
     
   
Shares
   
Amount
   
Warrants
   
Capital
   
Income
   
Earnings
   
Interest
   
Total
 
Balance at December 31, 2012
   
24,140,667
   
$
24,141
   
$
1,370,700
   
$
175,256,675
   
$
-
   
$
4,209,023
   
$
29,981,653
   
$
210,842,192
 
Net income
   
-
     
-
     
-
     
-
     
-
     
4,502,339
     
1,466,767
     
5,969,106
 
Net change in cash flow hedges
   
-
     
-
     
-
     
-
     
777,403
     
-
     
181,762
     
959,165
 
Total comprehensive income
   
-
     
-
     
-
     
-
     
777,403
     
4,502,339
     
1,648,529
     
6,928,271
 
Dividends
   
-
     
-
     
-
     
(1,923,760
)
   
-
     
(7,131,300
)
   
-
     
(9,055,060
)
Distributions to non-controlling interest
   
-
     
-
     
-
     
-
     
-
     
-
     
(3,282,152
)
   
(3,282,152
)
Reinvestment of dividends paid to stockholders
   
15,496
     
15
     
-
     
108,104
     
-
     
-
     
-
     
108,119
 
Balance at December 31, 2013
   
24,156,163
   
$
24,156
   
$
1,370,700
   
$
173,441,019
   
$
777,403
   
$
1,580,062
   
$
28,348,030
   
$
205,541,370
 
Net income
   
-
     
-
     
-
     
-
     
-
     
6,999,485
     
1,167,734
     
8,167,219
 
Net change in cash flow hedges
   
-
     
-
     
-
     
-
     
(126,856
)
   
-
     
(29,660
)
   
(156,516
)
Total comprehensive income
   
-
     
-
     
-
     
-
     
(126,856
)
   
6,999,485
     
1,138,074
     
8,010,703
 
Net offering proceeds
   
7,475,000
     
7,475
     
-
     
45,617,088
     
-
     
-
     
-
     
45,624,563
 
Dividends
   
-
     
-
     
-
     
(2,634,179
)
   
-
     
(8,579,547
)
   
-
     
(11,213,726
)
Distributions to non-controlling interest
   
-
     
-
     
-
     
-
     
-
     
-
     
(2,079,303
)
   
(2,079,303
)
Reinvestment of dividends paid to stockholders
   
13,714
     
14
     
-
     
99,067
     
-
     
-
     
-
     
99,081
 
Warrant expiration
   
-
     
-
     
(1,370,700
)
   
1,370,700
     
-
     
-
     
-
     
-
 
Balance at September 30, 2014 (Unaudited)
   
31,644,877
   
$
31,645
   
$
-
   
$
217,893,695
   
$
650,547
   
$
-
   
$
27,406,801
   
$
245,982,688
 



CorEnergy Infrastructure Trust, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 
 
For the Nine Months Ended
 
 
 
September 30, 2014
   
September 30, 2013
 
Operating Activities
 
   
 
Net Income
 
$
8,167,219
   
$
4,025,746
 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
               
Deferred income tax, net
   
241,146
     
2,180,456
 
Depreciation
   
9,573,809
     
8,571,860
 
Amortization
   
860,960
     
650,330
 
Realized and unrealized loss on trading securities
   
-
     
251,213
 
Realized and unrealized gain on other equity securities
   
(4,199,375
)
   
(3,834,306
)
Unrealized (gain) loss on derivative contract
   
(53,132
)
   
29,239
 
Distributions received from investment securities
   
823,499
     
(567,276
)
Changes in assets and liabilities:
               
(Increase) decrease in accounts receivable
   
981,606
     
(220,004
)
(Increase) in lease receivable
   
(709,982
)
   
-
 
(Increase) decrease in prepaid expenses and other assets
   
(170,830
)
   
330,715
 
Increase (decrease) in accounts payable and other accrued liabilities
   
(68,421
)
   
(1,571,999
)
Increase (decrease) in current income tax liability
   
909,904
     
(4,626,710
)
Increase (decrease) in unearned revenue
   
1,422,458
     
(2,133,685
)
Net cash provided by operating activities
 
$
17,778,861
   
$
3,085,579
 
 
               
Investing Activities
               
Proceeds from sale of long-term investment of trading and other equity securities
   
-
     
5,563,865
 
Deferred lease costs
   
-
     
(5,620
)
Acquisition of leased assets
   
(45,524,755
)
   
(37,696
)
Purchases of property and equipment
   
(11,970
)
   
(42,242
)
Issuance of financing note receivable
   
(15,510,956
)
   
-
 
Retirement of property and equipment
   
948
     
-
 
Return of capital on distributions received
   
873,820
     
1,142,488
 
Net cash (used in) provided by investing activities
 
$
(60,172,913
)
 
$
6,620,795
 
 
               
Financing Activities
               
Payments on lease obligation
   
-
     
(20,698
)
Debt financing costs
   
(383,678
)
   
(10,999
)
Net offering proceeds
   
45,624,563
     
-
 
Dividends paid
   
(11,114,645
)
   
(5,957,317
)
Distributions to non-controlling interest
   
(2,079,303
)
   
(2,479,425
)
Advances on revolving line of credit
   
2,535,671
     
139,397
 
Payments on revolving line of credit
   
(2,617,606
)
   
(139,397
)
Principal payment on credit facility
   
(2,058,000
)
   
-
 
Net cash provided by (used in) financing activities
 
$
29,907,002
   
$
(8,468,439
)
Net (decrease) increase in cash and cash equivalents
 
$
(12,487,050
)
 
$
1,237,935
 
Cash and cash equivalents at beginning of period
   
17,963,266
     
17,680,783
 
Cash and cash equivalents at end of period
 
$
5,476,216
   
$
18,918,718
 
 
               
Supplemental Disclosure of Cash Flow Information:
               
Interest paid
 
$
2,104,349
   
$
1,948,486
 
Net income taxes paid (refunds received)
 
$
430,225
   
$
4,781,617
 
Non-Cash Investing Activities
               
Change in accounts payable and accrued expenses related to acquisition expenditures
 
$
408,778
   
$
-
 
Non-Cash Financing Activities
               
Reinvestment of distributions by common stockholders in additional common shares
 
$
99,081
   
$
78,755
 
Change in accounts payable and accrued expenses related to debt financing costs
 
$
(220,000
)
 
$
-
 


 
CorEnergy Infrastructure Trust, Inc.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
FFO and AFFO Reconciliation

 
 
For the Three Months Ended
   
For the Nine Months Ended
 
 
 
September 30, 2014
   
September 30, 2013
   
September 30, 2014
   
September 30, 2013
 
Net Income (attributable to CorEnergy Stockholders):
 
$
1,888,418
   
$
439,452
   
$
6,999,485
   
$
2,922,277
 
Add:
                               
Depreciation
   
3,237,261
     
2,857,412
     
9,573,809
     
8,571,860
 
Distributions received from investment securities
   
864,575
     
510,963
     
1,697,319
     
1,142,486
 
Income tax expense, net
   
324,883
     
1,105,125
     
1,581,275
     
2,367,823
 
Less:
                               
Net distributions and dividend income from investment securities
 
$
1,686,637
   
$
567,276
   
$
1,686,637
   
$
567,276
 
Net realized and unrealized gain on trading securities
   
-
     
(567,276
)
   
-
     
(251,213
)
Net realized and unrealized gain (loss) on other equity securities
   
(865,470
)
   
1,439,296
     
2,512,738
     
3,834,306
 
Non-controlling interest attributable to FFO reconciling items
   
411,455
     
411,384
     
1,234,365
     
1,234,146
 
Funds from operations (FFO):
 
$
5,082,515
   
$
3,062,272
   
$
14,418,148
   
$
9,619,931
 
Add:
                               
Asset acquisition costs
   
102,591
     
640,302
     
139,540
     
725,513
 
Amortization of debt issuance costs
   
306,300
     
128,618
     
595,982
     
385,412
 
Amortization of deferred lease costs
   
15,343
     
15,342
     
46,026
     
45,963
 
Amortization of above market leases
   
72,985
     
72,985
     
218,954
     
218,955
 
Noncash costs associated with derivative instruments
   
(18,200
)
   
(16,990
)
   
(53,132
)
   
58,210
 
Nonrecurring personnel costs
   
-
     
-
     
-
     
113,232
 
Less:
                               
EIP lease adjustment
   
542,809
     
542,809
     
1,628,427
     
1,628,427
 
Non-controlling interest attributable to AFFO reconciling items
   
23,286
     
23,138
     
69,635
     
98,348
 
Adjusted funds from operations (AFFO):
 
$
4,995,439
   
$
3,336,582
   
$
13,667,456
   
$
9,440,441
 
 
                               
Weighted Average Shares
   
31,641,851
     
24,151,700
     
31,090,370
     
24,147,163
 
FFO per share
 
$
0.16
   
$
0.13
   
$
0.46
   
$
0.40
 
AFFO per share
 
$
0.16
   
$
0.14
   
$
0.44
   
$
0.39