Cannabis REIT Giant IIPR Reports Q3 $39.7M Profit Despite Rent Delays In Sector

Innovative Industrial Properties, Inc. (NYSE:IIPR), a real estate investment trust (REIT) focused on cannabis released its Q3 2024 results Wednesday afternoon, reporting solid profitability despite tenant-related rent delays.

Key Financial Highlights

• Revenue: $76.5 million, down 1.7% from Q3 2023 due to tenant-related adjustments.
• Net Income: $39.7 million, or $1.37 per share, a 6% decrease year-over-year.
• Adjusted Funds from Operations (AFFO): $64.3 million, or $2.25 per share, down 2% from Q3 2023.
• Dividend: Distributed $1.90 per share on October 15, with an AFFO payout ratio of 84%.

Managing Rent Delays

The company reported a net income of $1.37 per share for Q3 2024, which fell short of the anticipated earnings per share (EPS) of $2.29. This discrepancy is primarily due to tenant-related rent delays and adjustments. According to the release, some of IIP's revenue challenges stemmed ...

Full story available on Benzinga.com