IIPR - Innovative Industrial Properties stock rises after Q4 revenue earnings beat

Innovative Industrial Properties ( NYSE: IIPR ) stock gained 1.7% in Monday after-hours trading after the REIT that specializes in the U.S. cannabis industry posted Q4 revenue and earnings that exceeded Wall Street expectations.

Q4 adjusted FFO per share of $2.12, topping the $1.89 consensus, slipped from $2.13 in Q3 and increased from $1.85 in Q4 2021.

Q4 revenue of $70.5M, beating the $69.0M average analyst estimate, compared with $70.9M in the prior quarter and $58.9M in the year-ago quarter.

Total expenses of $29.8M vs. $29.5M in the previous quarter and $20.5M in the year-ago period.

During the quarter, Innovative Industrial ( IIPR ) invested ~$394M, excluding transaction costs, including nine acquisitions of properties in seven states and 12 lease amendments to provide funding of qualifying real estate infrastructure improvements at properties in seven states. The company expanded its footprint to 110 properties totaling 8.7M rentable square feet in 19 states at year end.

The company sold a Pennsylvania industrial property leased to a subsidiary of Maitri Holdings LLC for $23.5M, excluding transaction costs, recognizing a gain on sale of the property of ~$3.6M.

Conference call on Feb. 28 at 1:00 PM ET.

Earlier, Innovative Industrial Properties ( IIPR ) normalized FFO of $1.95 beats by $0.06, revenue of $70.46M beats by $1.48

SA contributor UFD Capital explains why Innovative Industrial Properties ( IIPR ) is its favorite REIT trading at a discount.

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