Cannabis-focused real estate company Innovative Industrial Properties, Inc. IIPR reported Wednesday with third-quarter rental revenue of around $11.2 million, up 201% from the same quarter in 2018.
The increase in revenue was mostly due to new acquisitions and leasing of new properties, the company said in a press release.
Innovative Industrial Properties disclosed net income of $6.2 million, or 55 cents per diluted share, and adjusted funds from operations of $9.5 million, or 86 cents per diluted share, representing net income and AFFO higher by 314% and 270% from the third quarter of 2018, respectively.
Since the beginning of the year, Innovative Industrial Properties has obtained 30 properties across nine states and signed tenant agreements with Cresco Labs CRLBF, DYME, EGP, Maitri, LivWell, Vertical, Grassroots, Trulieve TCNNF, MJardin and Green Leaf, among others. The company now possesses 41 properties in total.
The company also shared updates on its recent financial activities, such as July’s underwritten public offering of almost 1.5 million shares. The offering included the exercise of the underwriter’s option to buy an additional 195,000 shares and resulted in net proceeds of $180.1 million.
In September and October, IIP sold shares for net proceeds of around $46.9 million, with plans to use the funds to support industrial real estate assets.
Innovative Industrial Properties shares were trading 11.32% higher at $80.71 at the time of publication.
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