Innovative Industrial Properties Posts Q4 Revenue Of $17.7M

Innovative Industrial Properties, Inc. IIPR posted fourth-quarter revenue of around $17.7 million, up 269% from the same period of 2018. For the full year 2019, the company generated revenues of $44.7 million, which compares to $14.8 million for the full year 2018.

For the quarter, IIPR achieved a net income of $9.6 million or 78 cents per share, whereas for the full year it attained a net income of $22.1 million or $2.03 per share.

In January, the company paid a quarterly dividend of $1 per share.

Related: Innovative Industrial Properties Strikes Sale-Leaseback Deal With Green Thumb Industries On Ohio Property

IIPR also reported about initiating “at-the-market” equity offering program in September, during which it has issued common stock for net proceeds of $184.8 million.

After the quarter ended, the company finalized an underwritten public offering of 2.41 million shares, counting the exercise in full of the underwriters’ option to acquire extra 445,170 shares, ending with gross proceeds of around $250.0 million.

The company reported about its recent investment activity (from Oct. 1 through today) which totaled $308.4 million for 20 purchased properties and five lease amendments. Via these transactions, IIP formed new tenant collaborations with Cresco Labs Inc. CRLBF and LivWell Holdings, among others, and further expanded current collaborations with Green Leaf Medical, Green Peak Industries, Trulieve Cannabis Corp. TCNNF and Vireo Health, Inc. VREOF, among others.

Innovative Industrial Properties closed Wednesday’s session 0.44% lower at $96.12 per share.