Innovative Industrial Properties Inc (IIPR) Reports 10% Increase in Q3 2023 Revenues
Q3 2023 total revenues increased by 10% to approximately $77.8 million
Net income attributable to common stockholders for Q3 2023 was $1.45 per share, a 9.8% increase from Q3 2022
AFFO per share for Q3 2023 was $2.29, a 7.5% increase from the same period in 2022
IIPR paid a quarterly dividend of $1.80 per common share on October 13, 2023
On November 2, 2023, Innovative Industrial Properties Inc (NYSE:IIPR) released its Q3 2023 earnings report. The company reported a 10% increase in total revenues, which amounted to approximately $77.8 million, compared to $70.9 million in Q3 2022. This increase was primarily driven by an increase in tenant reimbursements and activities related to the acquisition and leasing of new properties.
Financial Performance
Net income attributable to common stockholders for Q3 2023 was approximately $41.3 million, or $1.45 per share, marking a 9.8% increase from $1.32 per share in Q3 2022. The company's AFFO for the same period was approximately $64.8 million, or $2.29 per share, a 7.5% increase from $2.13 per share in Q3 2022. For the nine months ended September 30, 2023, IIPR recorded net income attributable to common stockholders of approximately $122.9 million, or $4.32 per share.
Dividends and Payout Ratio
IIPR paid a quarterly dividend of $1.80 per common share on October 13, 2023, to stockholders of record as of September 29, 2023. The company's AFFO payout ratio was 79%, calculated by dividing the common stock dividend declared per share by IIPRs AFFO per common share for the quarter. The common stock dividends declared for the twelve months ended September 30, 2023, of $7.20 per common share represent an increase of $0.40, or 6%, over dividends declared for the twelve months ended September 30, 2022.
Balance Sheet Highlights
As of September 30, 2023, IIPR's total assets were valued at approximately $2.39 billion, with net real estate held for investment amounting to approximately $2.16 billion. The company had cash and cash equivalents of approximately $117 million. Total liabilities stood at approximately $440.75 million.
Looking Ahead
With a solid financial performance in Q3 2023, IIPR continues to focus on the acquisition, ownership, and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. The company's financial results and operations for the third quarter ended September 30, 2023, will be further discussed in a conference call and webcast on Thursday, November 2, 2023.
Explore the complete 8-K earnings release (here) from Innovative Industrial Properties Inc for further details.
This article first appeared on GuruFocus.
