Innovative Industrial Properties ( (IIPR) ) has released its Q4 earnings. Here is a breakdown of the information Innovative Industrial Properties presented to its investors.
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Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focusing on the acquisition, ownership, and management of industrial properties leased to operators of regulated cannabis facilities in the U.S.
In its latest earnings report, Innovative Industrial Properties (IIP) announced results for the fourth quarter and full year of 2024, noting a slight decline in revenue and net income compared to the previous year but highlighting continued dividend growth and strategic property investments.
For the full year 2024, IIP reported total revenues of $308.5 million and a net income attributable to common stockholders of $159.9 million, or $5.52 per share. Adjusted funds from operations (AFFO) were $256.1 million, or $8.98 per share. The company declared dividends totaling $7.52 per share, marking an annual increase since its 2016 inception. IIP committed over $70 million for new property acquisitions and infrastructure improvements, enhancing its portfolio to comprise 109 properties across 19 states.
In the fourth quarter, IIP generated $76.7 million in revenues and reported $39.5 million in net income, or $1.36 per share. The company increased its revolving credit facility, improving liquidity and maintaining a strong balance sheet with no debt maturities until 2026. Significant leasing activities included new agreements in Maryland and Pennsylvania, contributing to a 98.3% leased operating portfolio.
Looking ahead, IIP aims to sustain growth with strategic investments and property acquisitions while maintaining high occupancy rates. The company remains optimistic about its position in the regulated cannabis sector, leveraging its specialized real estate expertise to support licensed operators across the United States.
