Innovative Industrial Properties Reports Third Quarter 2020 Results
Investments Drive 197% Q3 Total Revenues, 205% Q3 Net Income and 192% Q3 AFFO Growth Year-over-Year
SAN DIEGO–(BUSINESS WIRE)–Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the medical-use U.S. cannabis industry, announced today results for the quarter ended September 30, 2020.
Third Quarter 2020 and Subsequent Events Highlights
Financial Results and Financing Activity
IIP generated total revenues of approximately $34.3 million in the quarter, representing a 197% increase from the prior year’s third quarter. IIP recorded net income available to common stockholders of approximately $18.9 million for the quarter, or $0.86 per diluted share, and adjusted funds from operations (AFFO) of approximately $27.9 million, or $1.28 per diluted share. Net income available to common stockholders and AFFO increased by 205% and 192% from the prior year’s third quarter, respectively. IIP paid a quarterly dividend of $1.17 per share on October 15, 2020 to common stockholders of record as of September 30, 2020, representing an approximately 10% increase over the second quarter 2020’s dividend and a 50% increase over the third quarter 2019’s dividend. In July, IIP completed an underwritten public offering of 3,085,867 shares of common stock, including the exercise in full of the underwriters’ option to purchase an additional 402,504 shares, resulting in net proceeds of approximately $248.2 million. In September, IIP issued 474,000 shares of common stock for net proceeds of approximately $58.1 million under its “at-the-market” equity offering program.
From July 1, 2020 through today, IIP acquired five properties, totaling approximately 448,000 rentable square feet (including expected rentable square feet upon completion of properties under development), located in Florida, Michigan and New Jersey. From July 1, 2020 through today, IIP also