Innovative Industrial Properties, Inc. (NYSE:IIPR) released unaudited results for the first quarter ended March 31, 2022.
Q1 2022 Financial Highlights
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Generated total revenues of approximately $64.5 million in the quarter, representing a 50% increase from the prior year’s quarter.
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Recorded net income attributable to common stockholders of approximately $34.7 million for the quarter, or $1.32 per diluted share, and AFFO of approximately $53.8 million, or $2.04 per diluted share.
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Paid a quarterly dividend of $1.75 per common share on April 14, 2022 to stockholders of record as of March 31, 2022, representing a 17% increase over the fourth quarter 2021 dividend and a 33% increase over the prior year’s first quarter, equal to an annualized dividend of $7.00 per share.
Investment and Leasing Activity
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From January 1, 2022 through today, made six acquisitions for properties located in Arizona, California, Maryland, Massachusetts, New Jersey and Pennsylvania, and executed five lease amendments to provide additional improvements at properties located in Massachusetts, Michigan and New York.
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These transactions represented an aggregate additional investment by IIP of approximately $182.9 million.
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In these transactions, IIP established new tenant relationships with Maryland Cultivation and Processing, LLC and Verano Holdings Corp. (OTCQX:VRNOF), while expanding existing relationships with 4Front Ventures Corp. (OTCQX:FFNTF), Ascend Wellness Holdings, Inc. (OTCQX:AAWH), Green Peak Industries, Inc. (Skymint), Holistic Industries Inc., Kings Garden, Inc., PharmaCann Inc. and Trulieve Cannabis Corp. (OTCPK:TCNNF)
Balance Sheet Highlights (at March 31, 2022)
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14% debt to total gross assets, with approximately $2.2 billion in total gross assets, representing a total annual fixed cash interest obligation of approximately $16.9 million, with no debt maturing in 2022 or 2023.
As of May 4, 2022, IIP owned 109 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia and Washington, representing a total of approximately 8.1 million rentable square feet, with a weighted-average remaining lease term of approximately 16.4 years. As of May 4, 2022, IIP had invested approximately $2.0 billion across its portfolio and had committed an additional approximately $237.2 million to reimburse certain tenants and sellers for completion of construction and improvements at IIP’s properties.
On April 5, 2022, IIP completed an underwritten public offering of 1.58 million shares of common stock, and on April 6, 2022, IIP completed the issuance of an additional 236,842 shares of common stock pursuant to the exercise in full of the underwriters’ option to purchase additional shares in the offering, resulting in aggregate gross proceeds of approximately $345.0 million.
IIP expects to use the net proceeds from these offerings to invest in specialized industrial real estate assets that are used in the regulated cannabis industry and for general corporate purposes. As of May 4, 2022, 27.97 million shares of IIP common stock are outstanding.
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