Innovative Indus Stock Price, News & Analysis

Innovative Industrial Properties (IIPR) has declared a second quarter 2021 dividend of $1.40 per share, marking a 6% increase from the previous quarter and a 32% increase year-over-year. This dividend is equivalent to an annualized amount of $5.60 per share, highlighting the company's continued growth with eleven dividend increases since its IPO in December 2016. Additionally, a quarterly dividend of $0.5625 per share on its 9.00% Series A Cumulative Redeemable Preferred Stock has been declared, payable on July 15, 2021.

Innovative Industrial Properties (IIPR) has acquired a 70,000 square foot property in North Adams, Massachusetts for $3.1 million. IIPR entered into a long-term lease with Temescal Wellness, which will use the facility for cannabis cultivation and processing. The total investment for IIPR, including tenant improvements, is expected to reach $18.1 million. This acquisition strengthens IIPR's position in the cannabis sector, as it currently owns seven properties in Massachusetts and a total of 72 properties nationwide, with a commitment of $1.6 billion across its portfolio.

Innovative Industrial Properties (IIPR) announced a private offering of $300 million in 5.50% Senior Notes due May 25, 2026. Interest will be paid semiannually, with the first payment on November 15, 2021. The notes are general unsecured obligations, guaranteed by the Company and its subsidiaries, ranking equally with existing senior unsecured debt. Proceeds will fund investments in specialized real estate assets supporting the regulated cannabis industry and for general purposes. The offering is set to close on May 25, 2021, subject to customary conditions.

Innovative Industrial Properties (IIPR) has acquired an 85,000 square foot property in Warren, Michigan for approximately $10.3 million, entering into a long-term lease with Sozo Companies, Inc. for regulated cannabis operations. IIP is set to invest a total of $16 million in the property, including tenant improvements. This strategic acquisition, bolstered by Michigan's growing cannabis market, supports Sozo’s plans to expand its retail presence and production capacity.

Innovative Industrial Properties (IIPR) announced a $200 million private placement of senior notes due 2026 through its operating partnership. An additional $30 million may be purchased by initial investors. The notes are unsecured, guaranteed by IIPR, and rank equally with existing debts. Proceeds will be used for investments in specialized industrial real estate for the cannabis sector and general corporate purposes. The offering is exclusively for qualified institutional buyers and will not be listed on any exchange.

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.