Cannabis REIT IIP Reports 57% YoY Revenue Growth in Third Quarter and 28% Higher Dividends

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Cannabis-focused REIT Innovative Industrial Properties, Inc. (NYSE: IIPR) released its third quarter results on Wednesday with total revenue of approximately $ 53.9 million, up 57% year-on-year of $ 34.3 million. The increase is mainly attributable to the acquisition and rental of new properties, as well as to contractual increases and modifications to the rents of certain properties.

Third Quarter Financial Highlights

  • Rental income reached $ 1.4 million, compared to $ 2.8 million in the same quarter of 2020;
  • Net income attributable to common shareholders was $ 29.8 million, or $ 1.20 per diluted share, compared to net income of $ 18.88 million, or $ 0.87 per diluted share in the same period a year ago;
  • Diluted operating funds and per diluted share were $ 42.5 million and $ 1.62 million, respectively;
  • At the end of the reporting period, on September 30, IIP had approximately $ 127.3 million in cash and cash equivalents and approximately $ 554.4 million in short-term investments, totaling approximately $ 681.7 million.

Further activities and business updates

  • October 15, IIP paid a quarterly dividend of $ 1.50 per share to registered shareholders as of September 20, an increase of approximately 28% compared to the dividend for the third quarter of 2020;
  • From July 1 to November, the company made five acquisitions for properties located in California, Illinois, Maryland, Missouri and New York, and signed four lease amendments to provide additional improvement allowances for properties located in Illinois, Maryland, Massachusetts and Michigan;
  • Through these transactions, the company established new tenant relationships with Chalice peak, Inc. and Gold Flora, LLC, while expanding existing relationships with 4Front Ventures (OTCQX: FFNTF), Ascension Well-being Holdings (OTCQX: AAWH), Goodness Growth Holdings
  • (OTCQX: GDNSF), Green Peak Industries LLC (celestial mint), Harvest Health & Leisure Inc. (OTC: HRVSF) (a subsidiary of Trulieve Cannabis (OTCQX: TCNNF), Holistic Industries, Inc. (holistic) and Massachusetts Wellness Temescal, LLC.

Price action

Shares of Innovative Industrial Properties were trading up 3.05% at $ 268 per share during the pre-market session on Thursday.

Photo: Courtesy of Matteo paganelli to Unsplash


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