Marijuana REIT Innovative Industrial Properties Q3 Revenue Grows 32% YoY, Here Are The Details

Innovative Industrial Properties, Inc. IIPR released results for the third quarter ended September 30, 2022, revealing total revenues of approximately $70.9 million, an increase of 32% compared to approximately $53.9 million for the same period in 2021.

Q3 2022 and Subsequent Event Highlights

• Recorded net income attributable to common stockholders of approximately $37.3 million for the quarter, or $1.32 per diluted share, and AFFO of approximately $60.1 million, or $2.13 per diluted share.

• Paid a quarterly dividend of $1.80 per common share on October 14, 2022 to stockholders of record as of September 30, 2022, equal to an annualized dividend of $7.20 per share. The common stock dividends declared for the twelve months ended September 30, 2022, of $6.80 per common share represent an increase of $1.34, or 25%, over dividends declared for the twelve months ended September 30, 2021.

• Acquired a Massachusetts industrial property, fully built out and operational as a regulated cannabis cultivation and processing facility, in a sale-leaseback transaction with a subsidiary of Curaleaf Holdings, Inc. CURLF for $21.5 million.

• Subsequent to quarter-end, sold a Pennsylvania industrial property leased to a subsidiary of Maitri Holdings, LLC for $23.5 million.

Balance Sheet Statistics (as of September 30, 2022)

• 12% debt to total gross assets, with approximately $2.6 billion in total gross assets.

• Total quarterly fixed cash interest obligation of approximately $4.2 million.

• No secured debt.

• No debt maturities until 2026, other than $6.4 million principal amount of 3.75% Exchangeable Senior Notes in 2024.

• Debt service coverage ratio of 15.6x.

Get your daily dose of cannabis news on Benzinga Cannabis. Don’t miss out on any important developments in the industry.

Photo by Mackenzie Marco on Unsplash

Related News

This Pot Stock Has Outperformed Apple, Amazon, Google, Microsoft & Netflix