IIPR - Innovative Industrial Properties Q1 earnings revenue top estimates
2023-05-08 16:55:37 ET
Innovative Industrial Properties ( NYSE: IIPR ) gained 2.5% in Monday after-hours trading after the Cannabis-focused industrial REIT turned in earnings and revenue that came in comfortably above Wall Street expectations.
Q1 adjusted FFO per share of $2.25, exceeded the average analyst estimate of $1.91, advanced from $2.12 in the prior quarter and from $2.04 a year before.
Total revenue of $76.1M, topping the $70.7M consensus, rose from $70.5M in Q4 2022 and from $64.5M in the year-ago quarter.
Total expenses were $32.7M, up from $29.8M in the previous quarter and from $24.6M in Q1 2022.
For the three months ended March 31, rent collection for IIPR's operating portfolio was 98%. Total property portfolio comprised of 108 properties across 19 states, with around 8.9M rentable square feet, including ~1.6M rentable square feet under development/redevelopment.
The company sold a portfolio of four properties in California previously leased to affiliates of Medical Investor Holdings for $16.2M, which includes a five-year secured seller financing with the buyer of the property for $16.1 million that is interest only and payable monthly.
Conference call on May 9 at 10:00 a.m. PT (1:00 p.m. ET).
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Innovative Industrial Properties Q1 earnings, revenue top estimates