Marijuana REIT Innovative Industrial Properties Q3 Revenue Grows 32% YoY, Here Are The Details

Marijuana REIT Innovative Industrial Properties Q3 Revenue Grows 32% YoY, Here Are The Details

Innovative Industrial Properties, Inc. IIPR released results for the third quarter ended September 30, 2022, revealing total revenues of approximately $70.9 million, an increase of 32% compared to approximately $53.9 million for the same period in 2021.

Q3 2022 and Subsequent Event Highlights

  • Recorded net income attributable to common stockholders of approximately $37.3 million for the quarter, or $1.32 per diluted share, and AFFO of approximately $60.1 million, or $2.13 per diluted share.

  • Paid a quarterly dividend of $1.80 per common share on October 14, 2022 to stockholders of record as of September 30, 2022, equal to an annualized dividend of $7.20 per share. The common stock dividends declared for the twelve months ended September 30, 2022, of $6.80 per common share represent an increase of $1.34, or 25%, over dividends declared for the twelve months ended September 30, 2021.

  • Acquired a Massachusetts industrial property, fully built out and operational as a regulated cannabis cultivation and processing facility, in a sale-leaseback transaction with a subsidiary of Curaleaf Holdings, Inc. CURLF for $21.5 million.

  • Subsequent to quarter-end, sold a Pennsylvania industrial property leased to a subsidiary of Maitri Holdings, LLC for $23.5 million.

Balance Sheet Statistics (as of September 30, 2022)

  • 12% debt to total gross assets, with approximately $2.6 billion in total gross assets.

  • Total quarterly fixed cash interest obligation of approximately $4.2 million.

  • No secured debt.

  • No debt maturities until 2026, other than $6.4 million principal amount of 3.75% Exchangeable Senior Notes in 2024.

  • Debt service coverage ratio of 15.6x.

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Photo by Mackenzie Marco on Unsplash

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