LISTED CORR NYSE Wells Fargo Energy Symposium | December 2014
LISTED
CORR
NYSE
Wells Fargo Energy Symposium | December 2014
This presentation contains “forward-looking statements.” Forward-looking statements can be identified by the words “may,” “will,” “intend,”
“expect,” “estimate,” “continue,” “plan,” “anticipate,” “could,” “should” and similar terms and the negative of such terms. By their nature, all
forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-
looking statements. See the "Risk Factors" section of our most recent Form 10-K for factors that could materially affect our actual results.
Although we believe that the expectations expressed in our forward-looking statements are reasonable, actual results could differ materially from
those projected or assumed in our forward-looking statements. Our future financial condition and results of operations, as well as any forward-
looking statements, are subject to change and are subject to inherent risks and uncertainties, such as those disclosed in the “Risk Factors”
section of our most recent Form 10-K. All forward-looking statements contained in this presentation are excluded from the safe harbor protection
provided by the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933, as amended.
Currently known risk factors that could cause actual results to differ materially from our expectations include, but are not limited to, the factors
described in the “Risk Factors” section of our most recent Form 10-K which we urge you to review carefully for a more detailed discussion of the
risk of an investment in our securities.
This presentation is not, and under no circumstances is to be construed to be, a prospectus, offering memorandum or advertisement. The SEC
and state securities regulators have not reviewed or determined if this presentation is truthful or complete.
Disclaimer
CorEnergy Infrastructure Trust (NYSE: CORR) | 3
Introduction to CorEnergy
About Us
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR), primarily owns
midstream and downstream US energy infrastructure assets
First publicly listed energy infrastructure REIT
Specializes in acquiring assets and simultaneously leasing them
back to operators under long-term triple net leases
Advantages
Reduce cost of capital
Remove debt from balance sheet through use of operating leases
Selectively monetize assets at operator’s desired pace
Allows operator to retain full operational control
Increase return on invested capital
Increase return on equity
CorEnergy Infrastructure Trust (NYSE: CORR) | 4
Targeted assets for CorEnergy’s infrastructure strategy may include transmission lines, pipelines, storage
tanks, access terminals, and gathering systems, among others.
Infrastructure is viewed as a steady sector throughout economic cycles, supported by increasing demand for an
essential service. The operating fundamentals of energy infrastructure translate into attractive investment
characteristics.
Long-lived, critical assets
Recurring revenues
Relatively inelastic demand
High barriers to entry
High cash flow component of total return
Potential for attractive risk-adjusted returns
Diversification via low correlation
Potential inflation protection
CorEnergy’s Infrastructure Strategy
Infrastructure as an Asset Class
Typical Operating Fundamentals
Strategy Overview
Typical Investment Characteristics
CorEnergy Infrastructure Trust (NYSE: CORR) | 5
Targeted Infrastructure Assets
Transmission Lines
Distribution Lines
Hydro Facilities
Wind and Solar
Facilities
Crude & Refined Oil
Pipelines
Gas & NGL Pipelines
Water & CO2 Pipelines
Storage Terminals
Rail
Rail/River Access
Terminals
Seaports
Airports
Water Disposal Wells
Reservoirs
Water Towers
Distribution Pipelines
& Aqueducts
POWER OIL & GAS WATERLOGISTICS /
TRANSPORTATION
CorEnergy Infrastructure Trust (NYSE: CORR) | 6
Our Financing Solution
The Assets We Finance
The Energy Value Chain in Perspective
Many of the assets depicted here can
be characterized as real property
assets under current REIT rules.
CORR Solution: By attaching
long-term leases to assets,
CORR’s partners maintain
operational control of the asset
and free up internal capital that
can be used for higher return
projects.
The amount of infrastructure assets
necessary to support the upstream
growth in the United States generates
ripple effects on asset development
needs.
CORR Solution: We can also
provide construction-based
financing to support asset
expansion needs or
improvement/upgrades.
CorEnergy Infrastructure Trust (NYSE: CORR) | 7
600188_1.wor (NY00813G)
Pike
Calhoun
Lincoln
Audrain
Monroe
Laclede
Pulaski
Madison
SaintLouisCity
Saint Charles
Saint Louis
Chariton
Moniteau
Warren
Franklin
Phelps
BollingerCape GirardeauMadison
Saint Francois
TexasReynolds
Iron
IllinoisMissouri
Curryville Compressor
REX Connect
PEPL Connect
MRT Connect
Alexander
Bond
Christian
Clinton
Fayette
Franklin
Greene
Jackson
Jefferson
Jersey
Macon
Macoupin
Marion
Monroe
Montgomery
Morgan
Perry
Pike
Pulaski
Randolph
Saint Clair
Sangamon
Scott
Shelby
Union
Washington
Williamson
Benton
Boone
Callaway
Camden
Carroll
Cole
Cooper
Crawford
DallasDent
Gasconade
Greene
Hickory
Howard
Jefferson
Linn
LivingstonMacon
Maries
Marion
Miller
Montgomery
MorganOsage
Perry
Pettis
Polk
Ralls
Randolph
Sainte Genevieve
Saline
Shannon
Shelby
Washington
Wayne
Webster Wright
St. Louis
Ft.
Leonard
Wood
Delivery Points
MoGas Pipeline System
MoGas System MapInterstate FERC-
regulated natural
gas pipeline
263 miles in length
22 separate Delivery
Points
Critical pipeline with
Firm Transportation
contracts
Most Recent Acquisition
MoGas Pipeline System for $125 Million
CorEnergy Infrastructure Trust (NYSE: CORR) | 8
Diversification Across Energy Infrastructure
MoGas Pipeline
(Missouri and Illinois)
CORR’s Target Criteria
Fixed Asset
Intensive
Investments
Stable Cash Flows &
Limited Commodity
Price Sensitivity
Growth
Opportunities
Experienced
Management Team
Limited
Technological Risk
Pinedale LGS
(Pinedale Anticline, WY)
Eastern Interconnect
(New Mexico)
Omega Pipeline Co.
(Fort Leonard Wood, MO)
~47% of
Total Assets (1)
~2% of
Total Assets (1)
~10% of
Total Assets (1)
~1% of
Total Assets (1)
Portland Terminal
(Portland, OR)
Black Bison
(Wyoming)
~3% of
Total Assets (1)
~28% of
Total Assets (1)
____________________
(1) On a pro forma basis as adjusted basis, assuming the MoGas transaction had occurred on September 30, 2014.
CorEnergy Infrastructure Trust (NYSE: CORR) | 9
Yield
Growth
Quality
Contractual rent increases (1 – 3%)
- Seek to structure leases with base rents and participating rent tied to
increases in indices such as the Consumer Price Index
- Seek to structure leases that provide opportunity for upside at termination
Construction-based financing on assets we already own
Acquisitions
Attractive, risk-adjusted total return with a focus on distributions and distribution
growth
Attractive relative to other asset classes such as REITs and Utilities
Seek to fund strategic assets that are essential to economic activity
Focus on experienced management teams with track records of growing cash
flow
CorEnergy’s Investment Proposition
Anchored in Historic Yield, Growth and Quality Objectives
CorEnergy Infrastructure Trust (NYSE: CORR) | 10
Year-to-Date
Highlights
☑ Funded $190 million in acquisitions & capital expansion projects
☑ Added to several key benchmark indexes:
• Russell 2000, 3000, Microcap & Global
• FTSE NAREIT: Composite, All Equity REITs, Infrastructure
REITs
☑ Extensive equity research analyst coverage
• Followed by 5 energy analysts and 1 REIT analyst
☑ Increased annualized dividend guidance by 4% in 2014
• Expect to increase Q1 dividend another 4% in 2015 (payable
in Q2)
☑ Institutional ownership of approximately 40%
Executing on Energy Infrastructure Strategy
2014 Highlights
CorEnergy Infrastructure Trust (NYSE: CORR) | 11
January 2014
Acquisition of the Portland Terminal, a crude oil and refined petroleum products storage facility, for $40mm
June 2011
Acquisition of first REIT-qualifying asset, an undivided interest in an electric transmission line, for $16mm
December 2012
Transformative acquisition of liquids gathering systems from Ultra Petroleum for $228mm
March / July 2014
Financing of Black Bison’s acquisition of salt water disposal properties for $15mm
November 2014
Acquisition of MoGas Pipeline, LLC, owner of an interstate natural gas pipeline system, for $125mm
Key Customers /
CounterpartiesNYSE: UPL NYSE: ARCX
NYSE: LG
NYSE: AEENYSE: PNM
$0.50 $0.52 $0.52
$0.54
Dec. 2013 Jan. 2014 Mar. 2014 Expected 2015
Annual Dividends Per Share
On Track to Grow Shareholder Value
Acquisition Pace Accelerating & Dividends Growing
CorEnergy Infrastructure Trust (NYSE: CORR) | 12
Tax Efficient Access to Energy Infrastructure
Attractive Distribution and Growth Characteristics
Quality Management Team
Large Energy Infrastructure Market Potential
Advantageous REIT Structure
Real Yield
Concluding Remarks
For more information please visit our website at
corenergy.corridortrust.com
Or contact Investor Relations directly at:
877-699-CORR