Dividend-Paying Cannabis REIT, IIP, Quarterly Revenue Hits $75M, Representing 1% YoY Decline

Zinger Key Points
  • Innovative Industrial Properties reported Q1 earnings with revenue of $75 million, compared to $76 million in Q1 2023.  
  • Net income attributable to common stockholders was $1.36 per share versus $1.43 per share in Q1 2023.  
  • The company attributed a 1% YoY revenue decrease to a $5.6 million decline in contractual rent and property management fees.  

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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