Published on 27 Feb 2024 on GuruFocus.com via Yahoo Finance
Innovative Industrial Properties Inc Reports Growth in Net Income and AFFO for FY 2023
Net Income: Increased by 5% to $5.77 per share in FY 2023 compared to $5.52 in FY 2022.AFFO: Grew by 7% to $9.08 per share in FY 2023 versus $8.45 in the previous year.Revenue: Rose by 12% to approximately $309.5 million for the year ended December 31, 2023.Dividend: Quarterly dividend of $1.82 per common share paid, with an AFFO payout ratio of 80%.Rent Collection: Achieved a 98% collection rate of contractual rents for FY 2023.Portfolio Growth: Continued expansion with new leasing and commitments, maintaining a robust property portfolio.
Warning! GuruFocus has detected 4 Warning Sign with IIPR.
On February 26, 2024, Innovative Industrial Properties Inc (NYSE:IIPR) released its 8-K filing, reporting its financial results for the fourth quarter and full year ended December 31, 2023. As the first and only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry, IIPR specializes in the acquisition, ownership, and management of specialized industrial properties leased to state-licensed operators for their regulated medical-use cannabis facilities. The company operates through a traditional umbrella partnership real estate investment trust (UPREIT) structure, with a property portfolio that spans across the United States.