Innovative Industrial Properties Reports Fourth Quarter and Full-Year 2017 Results
March 28, 2018
SAN DIEGO–(BUSINESS WIRE)–Innovative Industrial Properties, Inc. (NYSE: IIPR) (the “Company”) announced today results for the fourth quarter and year ended December 31, 2017, the fourth full quarter since the Company commenced real estate operations and completed its initial public offering in December 2016.Fourth Quarter 2017 Highlights
Fourth Quarter 2017 Highlights
Financial Results and Financing Activity
The Company generated total revenues of approximately $2.3 million in the quarter. The Company recorded net income of approximately $284,000 for the quarter, or $0.07 per diluted share, and adjusted fund from operations (“AFFO”) of approximately $817,000, or $0.23 per diluted share. The Company paid its third consecutive quarterly dividend of $0.25 per share on January 16, 2018 to stockholders of record as of December 29, 2017, representing a 67% increase over the Company’s third quarter 2017 dividend. The Company completed an underwritten public offering of 600,000 shares of 9.0% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), raising $14.0 million in net proceeds, and paid the initial quarterly dividend of $0.5375 per share on January 16, 2018 to stockholders of record as of December 29, 2017. Subsequent to the end of the quarter, the Company completed an underwritten public offering of 3,220,000 shares of common stock, including the exercise in full of the underwriters’ option to purchase an additional 420,000 shares, resulting in net proceeds of approximately $79.3 million.
The Company acquired a medical-use cannabis cultivation and processing facility in a sale-leaseback transaction with a subsidiary of The Pharm, LLC (“The Pharm”) in Arizona for total consideration of $18.0 million, comprising a purchase price of $15.0 million and a $3.0 million tenant improvement allowance available for additional improvements at the property. The Company acquired