Innovative Industrial Properties Inc

Latest Results (02.01.2025):

Revenue and Income

Innovative Industrial Properties Inc. reported total revenues of $76.5 million for the third quarter of 2024, a slight decrease from the $77.8 million reported in the same period of 2023. The net income attributable to common stockholders was $39.7 million, or $1.37 per share, reflecting a decrease from the previous year's $1.45 per share.

Funds from Operations

For the third quarter of 2024, Innovative Industrial Properties Inc. recorded adjusted funds from operations (AFFO) of $64.3 million and normalized funds from operations (Normalized FFO) of $57.8 million. These figures represent a slight decline compared to the same quarter in 2023, with AFFO per share decreasing by $0.04 and Normalized FFO per share decreasing by $0.07.

Dividend Payment

Innovative Industrial Properties Inc. declared a quarterly dividend of $1.90 per common share, paid on October 15, 2024, to stockholders of record as of September 30, 2024. This dividend represents an annualized payout of $7.60 per common share, with an AFFO payout ratio of 84% for the third quarter of 2024.

Capital Raising and Credit Facility

During the third quarter of 2024, Innovative Industrial Properties Inc. sold 402,673 shares of Series A Preferred Stock, generating $9.6 million in net proceeds. Additionally, the company upsized its revolving credit facility to $87.5 million, which remained undrawn as of the report date.

Portfolio and Development

Innovative Industrial Properties Inc. expanded its portfolio by acquiring a Maryland property for $5.6 million and completed the development of additional cultivation space in Michigan. As of September 30, 2024, the company's property portfolio comprised 108 properties across 19 states, with a total of 9.0 million rentable square feet, including properties under development.