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Jun 30, 2021
IIPR Q2 2021 Earnings Report
Reported a strong Q2 2021 with significant year-over-year growth in total revenues, net income, and AFFO, driven by strategic investments and portfolio performance.
Key Takeaways
Innovative Industrial Properties (IIP) announced strong second-quarter results, marked by a 101% increase in total revenues, a 124% increase in net income, and a 104% increase in AFFO compared to the same period in 2020. This growth was primarily driven by the acquisition and leasing of new properties, along with contractual rental escalations. As of August 4, 2021, IIP's portfolio included 73 properties across 18 states, fully leased with a long weighted-average remaining lease term.
Total revenues increased by 101% year-over-year to $48.9 million.
Net income attributable to common stockholders was $29.0 million, or $1.17 per diluted share.
AFFO reached $43.0 million, or $1.64 per diluted share, a 104% increase year-over-year.
IIP invested approximately $1.3 billion across its portfolio and committed an additional $358.3 million for tenant improvements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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