Innovative Industrial Properties Reports Fourth Quarter and Full-Year 2021 Results

Innovative Industrial Properties, Inc. IIPR a real estate company focused on the U.S. cannabis industry, announced its results for the fourth quarter and year ended December 31, 2021.

Full Year 2021 Highlights

• Generated total revenues of approximately $204.6 million, net income attributable to common stockholders of approximately $112.6 million and adjusted funds from operations (AFFO) of approximately $175.0 million, representing increases of 75%, 75% and 78% over 2020, respectively.
• Recorded $4.55 of net income attributable to common stockholders per diluted share and $6.66 of AFFO per diluted share for shares of common stock.
• Declared dividends to common stockholders totaling $5.72 per share, a 28% increase over 2020.
• Obtained an investment-grade rating from a national rating agency and closed on a $300.0 million issuance of 5.50% unsecured senior notes due 2026.
• Invested $714 million in new acquisitions, additional investments at existing properties and a construction loan including 37 new property acquisitions, expanding IIP's footprint to 103 properties totaling 7.7 million rentable square feet in 19 states at year-end.

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Fourth Quarter 2021 and Year-to-Date 2022 Highlights

Financial Results and Capital Activity:

• Generated total revenues of approximately $58.9 million in the quarter, representing a 59% increase from the prior year's quarter.
• Recorded net income attributable to common stockholders of approximately $28.3 million for the quarter, or $1.14 per diluted share, and AFFO of approximately $48.6 million, or $1.85 per diluted share (including the dilutive impact of the assumed full exchange of the Exchangeable Senior Notes).
• Paid a quarterly dividend of $1.50 per common share on January 14, 2022 to stockholders of record as of December 31, 2021, representing a 21% increase from the prior year's fourth quarter and equal to an annualized dividend of $6.00 per share.
• Executed exchange agreements with certain noteholders and exchanged approximately $110.4 million principal amount of the Exchangeable Senior Notes, leaving approximately $33.4 million principal amount of Exchangeable Senior Notes outstanding as of December 31, 2021.

• Balance Sheet Highlights (at December 31, 2021)

  Approximately $406.0 million in cash and cash equivalents and short-term investments.
• 15% debt to total gross assets, with approximately $2.2 billion in total gross assets, representing a total annual fixed cash interest obligation of approximately $17.8 million, with no debt maturing in 2022 or 2023.
• Photo Benzinga