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Mar 31, 2020
IIPR Q1 2020 Earnings Report
IIPR's financial performance for Q1 2020 was marked by substantial revenue and income growth, driven by strategic acquisitions.
Key Takeaways
Innovative Industrial Properties (IIP) reported a significant increase in total revenues, net income, and AFFO for the first quarter of 2020. Total revenues increased by 210% year-over-year, driven by the acquisition and leasing of new properties and contractual rental escalations. Net income available to common stockholders was approximately $11.5 million, and AFFO increased by 236% from the prior year period.
Total revenues increased by 210% compared to the same period in 2019, reaching approximately $21.1 million.
Net income available to common stockholders was approximately $11.5 million, or $0.72 per diluted share.
AFFO increased by 236% compared to the prior year period, reaching approximately $17.8 million, or $1.12 per diluted share.
IIP owned 55 properties as of May 6, 2020, which were 99.1% leased with a weighted-average remaining lease term of approximately 15.9 years.
Forward Guidance
IIP expects to use the net proceeds from these offerings to invest in specialized industrial real estate assets that support the regulated medical-use cannabis cultivation and processing industry and for general corporate purposes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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