Cannabis REIT Innovative Industrial Properties, Inc. (NYSE:IIPR) announced Wednesday that its total revenue increased by 103% year-over-year to $42.9 million in the first quarter of 2021.
Net income for the same period was roughly $25.6 million, or $1.05 per diluted share, representing an annual growth of 122%.
Adjusted funds from operations amounted to approximately $38.4 million, or $1.47 per diluted share – an increase of 116% year-over-year.
The significant yearly increase in revenue, net income and AFFO can be attributed to the acquisition and leasing of new properties and operations related to existing properties.
As of March 31, the San Diego-based company had roughly $122.1 million in cash and cash equivalents and around $539.3 million in short-term investments.
IIP reported no debt, except approximately $143.75 million of 3.75% exchangeable senior notes, which will mature in 2024.
Debt to total gross assets was 7.8%, with more than $1.8 billion in total gross assets.
From January 1 through May 5, 2021, IIP acquired two properties each in California and Michigan and one property each in Florida, New York, Texas, and Pennsylvania. To date, the company’s total investment in properties in 2021 amounts to $195.07 million.
In March, IIP bought a cannabis cultivation site in Illinois for $6.5 million and secured some $45 million in financing to undertake a build-out of the facility, which it plans to lease back to 4Front Ventures Corp. (CSE:FFNT) (OTCQX:FFNTF).
As of May 5, the company owned 69 properties located across Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington.
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