Cannabis REIT Innovative Industrial Properties, Inc. IIPR announced its financial results for the fourth quarter and year ended December 31, 2023, reporting a 12 % year-over-year increase in total revenue to $79.2 million and $309.5 million, respectively.
The San Diego company attributed the revenue rise to an increase in tenant reimbursements year-over-year, as well as "activity in prior periods for the acquisition and leasing of new properties, additional building infrastructure allowances provided to tenants at certain properties that resulted in increases to base rent and contractual rental escalations at certain properties."
See also: Marijuana REIT Innovative Industrial Properties Q2 FY23 Revenue Grows 8% YoY To $76.5M
Q4 2023 Financial Highlights
- Net income attributable to common stockholders totaled $41.3 million, representing a slight increase from $41.2 million in the fourth quarter of 2022.
- Total expenses amounted to $35.2 million, up from $30 million in the corresponding quarter of last year.
- Recorded AFFO of approximately $64.3 million, or $2.28 per share, each increase of 8% from the prior year's quarter, respectively.
FY 2023 Financial Highlights
- Net income attributable to common stockholders of approximately $164.2 million, up from $153 million in 2022.
- Total expenses amounted to $135 million, up from $110 million in 2022.
- Recorded adjusted funds from operations (AFFO) and normalized funds from operations (normalized FFO) of approximately $256.5 million and $234.1 million, increases of 10% and 9% over 2022, respectively.
Now read: NASDAQ Traded Cannabis REIT Reports 10% YoY Revenue Increase, Touts Property Across 19 States
IIPR Price Action
Industrial Properties' shares traded 3.48% higher at $92.87 per share at the time of writing on Tuesday morning.
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!