NASDAQ Traded Cannabis REIT Reports 10% YoY Revenue Increase, Touts Property Across 19 States

Innovative Industrial Properties, Inc. IIPR reported its third quarter financial results on Wednesday for the three month period ended Sept.30, 2023, revealing a 10% year-over-year increase in total revenues to $77.8 million.

The company is the first and only real estate company on the New York Stock Exchange.

Q3 2023 Financial Results

• Net income attributable to common stockholders of approximately $41.3 million for the quarter, or $1.45 per share, up from $37.3 million, or $1.32 per share in the prior year’s period.
• Total expenses amounted to roughly $34 million, up from $29.5 million in the third quarter of last year.
• Recorded adjusted funds from operations of approximately $64.8 million, or $2.29 per share, increases of 7.8% and 7.5% from the prior year’s quarter, respectively.
• Paid a quarterly dividend of $1.80 per common share on Oct. 13, 2023 to stockholders of record as of Sept. 29, 2023.
• The common stock dividends declared for the twelve months ended Sept. 30, 2023 of $7.20 per common share represent an increase of $0.40, or 6%, over dividends declared for the twelve months ended Sept. 30, 2022.
• At September 30, IIP reported 12% debt to total gross assets, with approximately $2.6 billion in total gross assets, and $440.7 million in total liabilities.

Property Portfolio Statistics As Of Q3 End

The company’s total property portfolio comprises 108 properties across 19 states, with approximately 8.9 million rentable square feet. Out of that, 103 properties are operational and represent roughly 8.1 million rentable square feet.

The remaining five properties, expected to comprise 715,000 rentable square feet at completion, are either under development or redevelopment.

IIPR Price Action

IIP’s shares traded 4.48% higher at $75.84 per share during the pre-market session on Thursday morning.

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Photo: Courtesy of Kostiantyn Li on Unsplash