Innovative Indus Stock Price, News & Analysis

Innovative Industrial Properties (IIPR) announced its operational and investment activities up to April 5, 2021. IIPR owns 68 properties across multiple states, totaling approximately 6.0 million rentable square feet, all of which are 100% leased with an average remaining lease term of 16.7 years. The company has invested around $1.1 billion in its portfolio and committed an additional $359.7 million for tenant improvements. Three acquisitions in California, Florida, and Texas were made in 2021, alongside lease amendments enhancing tenant relationships.

Innovative Industrial Properties (IIPR) announced a first quarter 2021 dividend of $1.32 per share, a 6% increase from the previous quarter's $1.24 and a 32% increase year-over-year from $1.00. This marks the tenth dividend increase since its IPO in December 2016. Additionally, a regular quarterly dividend of $0.5625 per share of 9.00% Series A Preferred Stock was declared. These dividends will be payable on April 15, 2021, to shareholders of record by March 31, 2021.

Innovative Industrial Properties (IIP) has acquired a property in San Marcos, Texas, for approximately $3.4 million, excluding transaction costs. This property will be leased to Surterra San Marcos, a subsidiary of Parallel, which plans to develop 63,000 square feet for cannabis cultivation, processing, and retail. IIP will reimburse up to $24 million for construction, increasing its total investment to $27.4 million. The partnership aims to expand cannabis access in Texas, should legislative changes occur.

Innovative Industrial Properties (IIPR) reported robust financial results for the fourth quarter and the year ended December 31, 2020. The company achieved total revenues of approximately $116.9 million, net income of $64.4 million, and adjusted funds from operations (AFFO) of $97.8 million, showing substantial growth of 162%, 191%, and 180% year-over-year, respectively. IIPR expanded its property portfolio to 66 properties totaling 5.4 million rentable square feet across 17 states. The company declared an increased dividend of $4.47 per share, a 58% rise from 2019.

Innovative Industrial Properties (NYSE: IIPR) will announce its Q4 and annual results for the year ended December 31, 2020, on February 24, 2021, after market close.

An investor conference call is scheduled for February 25, 2021, at 10:00 a.m. PT to discuss these results. Key executives will participate, and the call will be accessible via a live audio webcast on the company's website or by phone. The call will also be archived for 90 days for later access.

Innovative Industrial Properties (IIPR) announced an expansion of its partnership with Kings Garden Inc., acquiring approximately 3.5 acres in Southern California for $1.4 million. This acquisition will allow the development of 180,000 square feet of industrial space for cannabis cultivation. IIPR will reimburse Kings Garden up to $51.4 million for construction. Currently, IIPR leases six properties to Kings Garden, totaling 544,000 square feet, with a total commitment of $147.7 million. The California cannabis market is expected to generate $8.2 billion in regulated sales by 2025.

Innovative Industrial Properties, Inc. (IIPR) has announced the tax treatment of its 2020 distributions for both common stock and Series A preferred stock. For the common stock, a total distribution of $5.47 per share was allocated with $3.94 classified as taxable ordinary dividends. The preferred stock provided a total distribution of $2.25 per share, fully classified as taxable ordinary dividends. Notably, the December 31, 2020 common stock distribution includes a split-year allocation for tax purposes. Shareholders are advised to consult tax advisors for specific treatment.

Harvest Health & Recreation (CSE: HARV, OTCQX: HRVSF) has closed a sale leaseback transaction with Innovative Industrial Properties, Inc. (NYSE: IIPR), selling an industrial property of approximately 292,000 square feet for $23.8 million. Concurrently, Harvest entered into a triple net lease with IIP, expecting to recover up to $10.8 million in tenant improvements. The total proceeds from the transaction are projected at $34.6 million, which will support expansion activities at their Alachua, Florida facility.

Innovative Industrial Properties (IIPR) has signed a long-term lease with Holistic Industries for its Los Angeles property. Holistic has acquired cannabis operation licenses and will redevelop the site, with IIPR providing up to $11 million in reimbursements, leading to a total investment of $24 million. IIPR also leases properties in multiple states to Holistic, totaling an anticipated investment of $108.4 million. The company, a leader in real estate for the medical cannabis industry, aims to support Holistic's vision for the property while benefiting from long-term lease agreements.