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Dec 31, 2020
IIPR Q4 2020 Earnings Report
IIP generated significant revenue and net income growth, driven by strategic acquisitions and portfolio performance.
Key Takeaways
Innovative Industrial Properties (IIP) announced its Q4 and full-year 2020 results, showcasing substantial year-over-year growth. Total revenues increased by 110% for the quarter and 162% for the year, driven by strategic acquisitions and leasing of new properties. Net income attributable to common stockholders was $21.0 million ($0.91 per diluted share) for the quarter and $64.4 million ($3.27 per diluted share) for the year.
Total revenues for Q4 2020 increased by 110% compared to the same period in 2019, reaching approximately $37.1 million.
Net income attributable to common stockholders for Q4 2020 was approximately $21.0 million, or $0.91 per diluted share.
IIP sold 1,762,500 shares of its common stock for net proceeds of approximately $262.9 million under its at-the-market offering program.
As of February 24, 2021, IIP owned 67 properties that were 100% leased with a weighted-average remaining lease term of approximately 16.7 years.
Forward Guidance
IIP expects to use the net proceeds from the sales of these shares 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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