IIPR - Innovative Industrial Properties Q3 revenue gains helped by acquisitions

Innovative Industrial Properties ( NYSE: IIPR ) reported Q3 earnings and revenue that beat Wall Street consensus estimates, as revenue climbed on tis acquisition and leasing of new properties and additional infrastructure allowances led to higher rents at certain properties.

Still, the REIT that owns regulated cannabis facilities said it didn't collect $5.7M of rent from two tenants in California during the quarter.

Q3 adjusted FFO per share of $2.13, exceeding the $1.89 consensus, rose from $1.97 in Q2 and from $1.71 in Q3 2021.

Q3 revenue of $70.9M, topping the $68.4M consensus, edged up from $70.5M in the prior quarter and grew from $53.9M in the year-ago quarter.

Total expenses of $29.5M increased from $26.4M in the prior quarter and from $17.6M in the year-ago quarter.

During Q3, Innovative Industrial Properties ( IIPR ) didn't collect contractual rents totaling $5.7M from two tenants in California — Kings Garden and affiliates of Medical Investor Holdings. However, it did apply ~$2.6M from security deposits for defaults by Kings Garden. IIPR stick slipped 0.4% in after-hours trading.

During the quarter, the company acquired a Massachusetts industrial property, fully built out and operational as a regulated cannabis cultivation and processing facility, in a sale-leaseback transaction with a subsidiary of Curaleaf Holdings for $21.5M.

After the end of Q3, IIPR sold a Pennsylvania industrial property leased to a subsidiary of Maitri Holdings LLC for $23.5M.

Conference call on Nov. 3 at 1:00 PM ET.

Earlier, Innovative Industrial Properties ( IIPR ) AFFO of $1.97 beats by $0.08, revenue of $70.9M beats by $2.47M

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