Innovative industrial real estate (IIPR) in terms of revenue and proceeds outstripped

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Innovative industrial property (((NYSE: IIPR)., Real Estate Investment Trusts (REITs) for Medical Applications Cannabis The industry reported good results in the second quarter of 2021 after the market closed on Wednesday August 4th.

In the after-hours trading session on Wednesday, stock prices rose 1.9%. They returned 108% in the year leading up to Wednesday’s regular trading session. S&P 500Profitability of 35.7% over the same period.

Key number of innovative industrial real estate

metrics

Q2 2021

Second quarter of 2020

Change

Income

USD 48.9 million USA $ 24.3 million 101%

Operating profit

USD 32.9 million USA USD 14.2 million USA 132%

net profit

$ 29 million $ 13 million 124%

Earnings per share (EPS)

$ 1.17 US $ 0.73 60%

Adjusted Funds On Investment (AFFO) *

USD 43.0 million USA $ 21 million 104%

AFFO per share

US $ 1.64 $ 1.19 38%

Data source: Innovative industrial real estate. * Adjusted funding from operations is a closely monitored REIT metric as it is the main driver of dividend change.

The increase in revenue was “mainly due to the acquisition and lease of new properties, in addition to escalating contractual rental rates for certain properties,” the company said in a statement. Wall Street expected $ 1.11 a share on $ 45.9 million in revenue. , as I already said Earnings previewTherefore, SMI (the company is sometimes called) comfortably outperformed both ratings.

As in the previous quarter, data per share (EPS and AFFO per share) show that “$ 143.75 million IIP senior notes traded would be rare if fully exchanged for common stock. “Impact of conversion” included.

The company ended the period with cash and cash equivalents of US $ 156.3 million and short-term investments of US $ 649.4 million for a total of approximately US $ 805.7 million. Debt is 21% of total assets, totaling about US $ 2.1 billion, there is no unsecured debt.

For context First quarterRevenue rose 103% to $ 42.9 million, earnings per share rose 46% to $ 1.05, and AFFO per share rose 31% to $ 1.47.

Image source: Getty Images.

What happened to innovative industrial real estate in the quarter (and after the end of the quarter until August 4)

  • On July 15, 2021, we paid our registered shareholders a quarterly dividend of $ 1.40 per share as of June 30, 2021. This is about 32% more than in the same period last year. At the close on Wednesday, the stock was yielding around 2.6%.
  • During the quarter, the company acquired four properties. Two in Michigan and one in Pennsylvania and Massachusetts. That’s up from three acquisitions in the first quarter. One of them was only land.
  • At the end of the quarter (August), we purchased another property in Illinois.
  • During the quarter (June), as stated in my preliminary income statement: “[T]“We have signed a construction loan with a developer to build a regulated cannabis plant in California,” his company said in a press release. The loan is expected to be up to $ 18.5 million for a building of approximately 102,000 square feet. Upon completion, the company has the option to buy a property. ”

Below is a current snapshot of the innovative industrial property portfolio taken from the income statement.

As of August 4, 2021, IIPs are located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Jersey, North Dakota, Ohio, Pennsylvania, Texas, and Virginia. I had 73 properties. And Washington. [18 states]Equivalent to approximately 6.8 million square feet (including approximately 2.4 million square feet of build / refurbishment leasehold) and was 100% leased for a weighted average remaining lease period of approximately 16.7 years.

Prospects for the future

As always, innovative industrial real estate is growing steadily.

Investors are expanding their second quarter results and possibly how the third quarter will shape during a conference call with the cannabis company analysts scheduled for Thursday, Aug 5 at 1:00 pm ET. You need to get information about.

This article represents the opinion of the author, who may disagree with the “official” position recommended by The Motley Fool Premium Advisory Services. We are different! Turning to investment treatises (even our own) helps us all to be critical of investment and make decisions that help us become smarter, happier, and richer. Useful.

Innovative industrial real estate (IIPR) in terms of revenue and revenue exceeded the indicators

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