Marijuana REIT Innovative Industrial Properties Q2 2022 Revenue Grows 44% YoY

Innovative Industrial Properties, Inc. IIPR revenues in Q2 2022 were approximately $70.5 million, compared to approximately $48.9 million in Q2 2021, an increase of 44%.

Q2 2022 Highlights

Financial Results and Capital Activity

• Recorded net income attributable to common stockholders of approximately $39.9 million for the quarter, or $1.42 per diluted share, and AFFO of approximately $60.1 million, or $2.14 per diluted share.

• Paid a quarterly dividend of $1.75 per common share on July 15, 2022 to stockholders of record as of June 30, 2022, representing a 25% increase over the prior year’s second quarter 2021 dividend, equal to an annualized dividend of $7.00 per share.

• Completed an underwritten public offering of common stock, including the exercise in full of the underwriters’ option to purchase additional shares, resulting in net proceeds of approximately $330.9 million.

• Exchanged approximately $3.1 million principal amount of the exchangeable senior notes, leaving approximately $6.5 million principal amount of exchangeable senior notes outstanding as of today.

Investment Activity

• Made four acquisitions for properties located in Arizona, Maryland, Massachusetts and Texas, and executed five lease amendments to provide reimbursement for additional improvements at properties located in Illinois, Michigan, New York and Pennsylvania.

• These transactions represented an aggregate additional investment by IIP of approximately $239.4 million.

• In these transactions, IIP established new tenant relationships with Maryland Cultivation and Processing, LLC, Texas Original Holdings, LLC and TILT Holdings Inc. TLLTF, while expanding existing relationships with Curaleaf Holdings, Inc. CURLF, Green Thumb Industries Inc GTBIF., PharmaCann Inc. and Sozo Health Inc.

Balance Sheet Highlights (at June 30, 2022)

• 12% debt to total gross assets, with approximately $2.5 billion in total gross assets, representing a total annual fixed cash interest obligation of approximately $16.7 million, with no debt maturing until 2026, other than $6.5 million principal amount of exchangeable senior notes in 2024.

• Photo by Mackenzie Marco on Unsplash

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