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Innovative Industrial Properties, Inc. (IIPR) is a pioneering real estate investment trust (REIT) based in Maryland, focused on the acquisition, ownership, and management of specialized properties. These properties are leased to state-licensed operators for their regulated medical-use cannabis facilities. The company, which began being taxed as a REIT from December 31, 2017, offers a unique investment opportunity by combining the real estate and cannabis industries.
Core Business: Innovative Industrial Properties, Inc. acquires and manages industrial properties across the United States, offering long-term lease agreements to experienced operators. The company operates under an umbrella partnership real estate investment trust (UPREIT) structure, where properties are owned by an Operating Partnership, either directly or through subsidiaries. This structure allows IIPR to efficiently manage its diverse property portfolio while maximizing tax benefits and growth potential.
Recent Achievements: The company has demonstrated consistent growth in property acquisitions and partnerships. Through strategic investments and leases, IIPR has increased its portfolio size and revenue streams. Key achievements include expanding into new markets and states, securing long-term leases with reputable operators, and maintaining a robust financial condition.
Current Projects: IIPR continues to identify and acquire strategic properties across the U.S. to support the growing medical cannabis market. The company focuses on properties that are essential for cultivation and production, ensuring that they meet the stringent requirements of state regulations. These projects are aimed at enhancing the company's portfolio and providing stable rental income.
Financial Condition: Innovative Industrial Properties, Inc. has maintained a solid financial foundation, with consistent revenue growth and a strong balance sheet. The REIT's business model focuses on securing long-term, triple-net leases, which provide predictable cash flows and minimize operational risks.
Partnerships: The company's success is bolstered by its partnerships with experienced, state-licensed operators. These operators are crucial to the medical-use cannabis supply chain, providing essential cultivation and production services. IIPR's strategic alliances help ensure the stability and growth of its rental income.
Significance: As the first and only publicly traded company focused on the medical-use cannabis real estate sector, Innovative Industrial Properties, Inc. plays a vital role in the growth and regulation of this emerging market. The company's innovative approach provides investors with a unique opportunity to participate in the cannabis industry while benefiting from the stability and income of real estate investments.
Innovative Industrial Properties (IIP) reported that PharmaCann has defaulted on its lease obligations for December 2024. The default affects all eleven properties leased to PharmaCann, which represent 17% of IIP's total rental revenues. PharmaCann failed to pay $4.2 million in rent for six properties across Illinois, Massachusetts, Michigan, New York, Ohio, and Pennsylvania. While PharmaCann paid $90,000 for the remaining five properties, cross-default provisions triggered defaults on these leases as well. IIP has applied security deposits to cover the defaulted rent, including penalties and interest, and plans to aggressively enforce its rights, potentially including eviction proceedings.
Innovative Industrial Properties (NYSE: IIPR), the first and only real estate company on the NYSE focused on the U.S. cannabis industry, has announced its fourth quarter 2024 dividend declarations. The company will pay a dividend of $1.90 per common share, which represents an annualized dividend of $7.60. Additionally, IIPR declared a quarterly dividend of $0.5625 per share for its 9.00% Series A Cumulative Redeemable Preferred Stock. Both dividends will be paid on January 15, 2025, to stockholders of record as of December 31, 2024.
Innovative Industrial Properties (IIPR) reported Q3 2024 results with total revenues of $76.5 million, down 1.7% year-over-year, and net income of $39.7 million ($1.37 per share). The company recorded AFFO of $64.3 million and paid a quarterly dividend of $1.90 per share. Portfolio highlights include 108 properties across 19 states with 9.0 million RSF, maintaining a 95.7% leased operating portfolio. The company's balance sheet shows 11% debt to total gross assets, with $2.6 billion in total gross assets and total liquidity of $222.4 million.
Innovative Industrial Properties (NYSE: IIPR) has announced it will report its third quarter 2024 results on Wednesday, November 6, 2024, after market close. The company will host an investor conference call on Thursday, November 7, 2024, at 10:00 a.m. Pacific Time to discuss the financial results and operations for the quarter.
Key executives, including Alan Gold (Executive Chairman), Paul Smithers (President and CEO), David Smith (CFO), Catherine Hastings (COO), and Ben Regin (CIO), will lead the call. Investors can access the call through a live audio webcast on the company's website or by calling the provided domestic and international numbers.
The complete webcast will be archived for 90 days on IIPR's website, and a telephone playback will be available from November 7 to November 14, 2024.
Innovative Industrial Properties (NYSE: IIPR), the first and only real estate company on the NYSE focused on the regulated U.S. cannabis industry, has declared its third quarter 2024 dividend. The company announced a cash dividend of $1.90 per common share, equating to an annualized dividend of $7.60. This marks IIPR's 30th consecutive quarterly dividend since its inception in 2016. Additionally, IIPR declared a regular quarterly dividend of $0.5625 per share for its 9.00% Series A Cumulative Redeemable Preferred Stock. Both dividends are payable on October 15, 2024, to stockholders of record as of September 30, 2024. IIPR has declared over $830 million in common stock dividends since its inception.
Innovative Industrial Properties (NYSE: IIPR) reported strong Q2 2024 results, with total revenues of $79.8 million and net income of $41.7 million ($1.44 per share). The company increased its quarterly dividend by 4.4% to $1.90 per share, maintaining its track record of annual dividend growth since 2016. IIPR recorded adjusted funds from operations (AFFO) of $65.5 million and normalized funds from operations (Normalized FFO) of $58.8 million.
Key highlights include:
- Upsized revolving credit facility to $50.0 million
- Acquired a 16-acre property in Florida for $13.0 million
- Executed new leases and lease amendments
- Sold a property in Los Angeles for $9.1 million
- Maintained a strong balance sheet with 11% debt to total gross assets
- Portfolio comprises 108 properties across 19 states, with 9.0 million RSF
Innovative Industrial Properties (NYSE: IIPR) has announced it will report its second quarter 2024 results on Monday, August 5, 2024, after market close. The company will host an investor conference call on Tuesday, August 6, 2024, at 10:00 a.m. Pacific Time to discuss the financial results and operations for the quarter.
Key executives, including Alan Gold (Executive Chairman), Paul Smithers (President and CEO), David Smith (CFO), Catherine Hastings (COO), and Ben Regin (CIO), will lead the call. Investors can access the call via a live audio webcast on the company's website or by calling in. A 90-day archive of the webcast and a telephone playback will be available after the call.
Innovative Industrial Properties (NYSE: IIPR) has declared a second quarter 2024 dividend of $1.90 per common share, marking a 4.4% increase from the previous quarter's $1.82 per share. This translates to an annualized dividend of $7.60 per common share. The board also declared a regular quarterly dividend of $0.5625 per share for its 9.00% Series A Cumulative Redeemable Preferred Stock. The dividends are payable on July 15, 2024, to stockholders of record as of June 28, 2024. CEO Paul Smithers emphasized the company's continued track record of increasing dividends each year since 2016.
Innovative Industrial Properties (IIPR) has acquired a 16-acre property in Ocala, Florida, boasting 145,000 sq. ft. of industrial space for $13 million. The property will be leased to AYR Wellness under a long-term, triple-net lease with IIPR reimbursing up to $30 million for redevelopment, totaling an investment of $43 million. AYR will use the redeveloped space for cannabis cultivation. IIPR owns another property leased to AYR in Ohio. AYR operates in eight states with 91 dispensaries and reported Q1 2024 revenue of $118 million. Florida, a key market with $2.6 billion in 2023 cannabis sales, may vote on adult-use legalization in November 2024. IIPR’s portfolio includes 108 properties across 19 states, with investments totaling $2.5 billion.
Innovative Industrial Properties, Inc. reported total revenues of $75.5 million and net income of $39.1 million for the first quarter of 2024. They executed new leases totaling $69.4 million and paid a quarterly dividend of $1.82 per common share. The company has a diverse portfolio across 19 states and a strong balance sheet with no debt maturities until 2026.
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