Cannabis REIT Innovative Industrial Properties, Inc IIPR announced results on Wednesday for the first quarter ended March 31, 2024, reporting revenue of $75 million, compared to $76 million in the same quarter of 2023.
The California-based marijuana company, attributed a 1% year-over-year revenue decrease to a $5.6 million decline in contractual rent and property management fees received during the quarter related to properties that IIP took back possession of since March 2023, and a decrease as a result of $1.5 million in rent received but not recognized in total revenues due to a re-classification of two leases that are treated as sales-type leases starting January 1, 2024. The decrease was partially offset by a $6.0 million increase in contractual rent and property management fees, and by a $300,000 increase to tenant reimbursements.
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First Quarter 2024 Financial Summary
- Net income attributable to common stockholders reached $39.1 million, or $1.36 per share, which compares to $40.8 million, or $1.43 per share in the first quarter of 2023.
- Recorded adjusted funds from operations (AFFO) and normalized funds from operations (Normalized FFO) of $63.0 million and $56.4 million, versus $63.4 million and $58.1 million in the corresponding period of the prior year, respectively.
- Paid a quarterly dividend of $1.82 per common share on April 15, 2024, to stockholders of record as of March 28, 2024 (an AFFO payout ratio of 82%). The common stock dividends declared for the twelve months ended March 31, 2024 total $7.24 per common share.
Price Action
IIPR shares traded 3.89% lower at $103.51 during Thursday's pre-market session.
See Also: This Dividend-Paying Cannabis Stock Had Higher 1-Year Return Than Tesla, Citigroup, Apple And Zillow
Photo: Courtesy of NikolayFrolochkin and ganjaspliffstoreuk by Pixabay
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