Published on 8 May 2024 on GuruFocus.com via Yahoo Finance
Innovative Industrial Properties Inc (IIPR) Q1 2024 Earnings: Misses EPS Estimates, Revenue ...
Revenue: Reported at $75.5 million for Q1 2024, showing a slight decrease of 1% from $76.1 million in Q1 2023, falling short of the estimated $78.58 million.Net Income: Recorded at $39.1 million, below the estimate of $40.69 million and a decrease from $40.75 million in the prior year.Earnings Per Share (EPS): Achieved $1.36, below the estimated $1.43 and down from $1.43 in Q1 2023.Dividend: Paid a quarterly dividend of $1.82 per common share, with an AFFO payout ratio of 82%.Adjusted Funds From Operations (AFFO): Posted $63.0 million or $2.21 per share, reflecting a slight decrease from $63.37 million or $2.25 per share in Q1 2023.Financing Activity: Upsized the revolving credit facility to $45.0 million in aggregate commitments and issued 123,224 shares under the ATM Program for net proceeds of $11.8 million.Portfolio Expansion: Executed new leases at four existing properties, totaling $69.4 million in invested/committed capital year-to-date.
Warning! GuruFocus has detected 7 Warning Sign with IIPR.