IIPR - Innovative Industrial Properties FFO of $2.25 beats by $0.34 revenue of $76.1M beats by $5.45M

2023-05-08 16:39:04 ET

• Innovative Industrial Properties press release ( NYSE: IIPR ): Q1 FFO of $2.25 beats by $0.34 .
• Revenue of $76.1M (+18.0% Y/Y) beats by $5.45M .
• Recorded net income attributable to common stockholders of approximately $40.8 million for the quarter, or $1.43 per diluted share.
• Recorded adjusted funds from operations (AFFO) of approximately $63.4 million, or $2.25 per diluted share, increases of 18% and 10% from the prior year’s quarter, respectively.
• Paid a quarterly dividend of $1.80 per common share on April 14, 2023 to stockholders of record as of March 31, 2023 (an AFFO payout ratio of 80%), equal to an annualized dividend of $7.20 per share. The common stock dividends declared for the twelve months ended March 31, 2023 of $7.15 per common share represent an increase of $1.00, or 16%, over dividends declared for the twelve months ended March 31, 2022.

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