UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported):  November 7, 2014

CorEnergy Infrastructure Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)

Maryland	001-33292	20-3431375	
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)	

1100 Walnut, Ste. 3350, Kansas City, MO	64106	
(Address of Principal Executive Offices)	(Zip Code)	

(816) 875-3705
(Registrant’s Telephone Number, Including Area Code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

Item 2.02                            Results of Operations and Financial Condition.

On November 7, 2014, CorEnergy Infrastructure Trust, Inc. issued a press release announcing its financial results for the third quarter ended September 30, 2014.  A copy of the press release is attached as Exhibit 99.1 to this Form 8-K.

The information in this Item 2.02, and Exhibit 99.1 to this Current Report on Form 8-K, shall not be deemed “filed” for the purposes of or otherwise subject to the liabilities under Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing of the Company under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01	Financial Statements and Exhibits.	

	(d)	EXHIBITS.	

	99.1	Press Release dated November 7, 2014.	

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	CORENERGY INFRASTRUCTURE TRUST, INC.	

Dated:  November 7, 2014	By:	/s/ David J. Schulte	
 	 	David J. Schulte	
 	 	Chief Executive Officer	

Exhibit Index

Exhibit No.	 	Description	
99.1	 	Press Release dated November 7, 2014	

 

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