Benzinga | Aug 5, 2021 08:38AM EDT

Innovative Industrial Properties Reports Q2 Revenue Of $48.9M, Representing 101% Improvement YoY

Cannabis-focused real estate company Innovative Industrial Properties, Inc. (NYSE: IIPR) industry reported its second-quarter financial results Wednesday with total revenues of $48.9 million, up by 101% from the same period in the prior year.

Second Quarter Financial Highlights

* Net income attributable to common stockholders amounted to $29.3 million compared to $13.31 million in the same quarter of 2020;

* Net income translated into $1.17 per diluted share, versus 73 cents per diluted share in the corresponding period of the prior year;

* Its adjusted funds from operations reached $43.0 million or $1.64 per diluted share;

* At the end of the reporting period, the company had $156.3 million in cash and cash equivalent and around $649.4 million in short-term investments, which amounts to a total of $805.7 million.

Recent Milestones

* IIP recently paid a quarterly dividend of $1.40 per share to common shareholders of record as of June 30, which represents a 32% improvement from the second quarter of 2020's dividend; The company received an investment-grade rating from a national rating agency and completed a $300.0 million private placement of 5.50% unsecured senior notes due May 2026;

* From April 1 to date, it purchased five properties in Illinois, Massachusetts, Michigan and Pennsylvania. It also executed three lease amendments for extra tenant enhancements at Florida and Pennsylvania properties;

* Through these transactions, IIP created new tenant partnerships with Sozo Companies, Inc. and Temescal Wellness of Massachusetts, LLC and advanced its current relationships with 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF), Green Peak Industries LLC (Skymint), Harvest Health & Recreation Inc. (CSE: HARV) (OTCQX: HRVSF), Jushi Holdings (OTCQB: JUSHF), and Parallel;

* On June 25, the company finalized a construction loan with a developer to build a cannabis facility in California; Under the deal, IIP should lend up to $18.5 million to the developer to construct 102,000 sq. ft. building;

Price Action

IIP's shares closed Wednesday market session 0.16% higher at $213.89 per share.

Photo: Courtesy of Jeff W on Unsplash