Kansas City-based CorEnergy Infrastructure Trust Inc. said Tuesday that it earned nearly $9 million, or 66 cents a share, in the second quarter before paying preferred dividends.
Revenues in April, May and June totaled $22.6 million, largely from rents paid on properties it owns in the oil and gas transportation and storage industries.
The company said acquisitions in the last year make comparisons to second-quarter results a year ago meaningless. A year ago, profits were $4.2 million and revenues $12.7 million.
CorEnergy had reported previously that the parent companies of two of its large properties’ tenants had filed to reorganize in federal bankruptcy proceedings. Its tenants, however, continue to make timely rent payments that fund CorEnergy’s dividends. The company announced a dividend of 75 cents on its common shares.
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In its announcement, the company said it would hold off on acquiring new properties until the bankruptcies reach significant milestones, which it expects to happen by the end of this year.
CorEnergy also sold Black Bison Water Services for $1 million and retained the potential to earn up to $6.5 million in royalty payments.
Management will discuss the results Wednesday during a conference call that begins at 1 p.m.