Innovative Indus Stock Price, News & Analysis

Parallel announced a sale-leaseback transaction with Innovative Industrial Properties (IIPR), selling a Pittsburgh warehouse for $68 million. The proceeds will fund the build-out of a cannabis growing and processing facility in Pittsburgh, expected to commence operations mid-2021. This marks the fourth such transaction with IIP, totaling approximately $195 million in proceeds. Parallel plans to open multiple goodblend retail stores in Pennsylvania and create hundreds of local jobs, enhancing its footprint in the state's cannabis market.

Innovative Industrial Properties (IIPR) announced the acquisition of a Pittsburgh property for approximately $41.8 million. The facility, once redeveloped, will be around 239,000 square feet and leased to Parallel for cannabis cultivation and processing. IIP will cover up to $26 million for tenant improvements, leading to an overall investment of $67.8 million. IIP also has significant investments in Parallel properties, totaling $195.1 million. The Pennsylvania cannabis market is projected to exceed $1.3 billion by 2026, highlighting growth potential.

Innovative Industrial Properties (IIPR) reported a 103% increase in total revenues to approximately $42.9 million for Q1 2021, compared to Q1 2020. Net income attributable to common stockholders was about $25.6 million, or $1.05 per diluted share. Adjusted funds from operations (AFFO) amounted to approximately $38.4 million. The company paid a dividend of $1.32 per share, marking a 32% increase year-over-year. As of May 5, 2021, IIP owned 69 properties across multiple states, all fully leased, with a total investment of approximately $1.2 billion.

Innovative Industrial Properties (IIPR) announced the acquisition of a property in Windsor, Michigan for approximately $15.6 million. The property will be leased to Green Peak Industries (Skymint) for cannabis cultivation, processing, and distribution, with IIP agreeing to reimburse up to $14.4 million for redevelopment. This brings IIP's total investment in Michigan to $193.3 million. IIP continues to expand its portfolio, now owning 69 properties across multiple states, all 100% leased with a weighted-average remaining lease term of 16.7 years.

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.