$2.6B In Assets, 11% Debt Ratio And Dividend Boost: IIPR Cannabis Real Estate Stock Reports Q2 Results
Innovative Industrial Properties, Inc. (NYSE: IIPR), a real estate company focused on the regulated U.S. cannabis industry, reported its financial results for the second quarter ended June 30, 2024.
David Smith, chief financial officer, commented in a press release Monday afternoon, “IIP paid a quarterly dividend of $1.90 per common share on July 15, 2024 (…) representing a 4.4% increase over IIP’s first quarter 2024 dividend of $1.82 per share of common stock (…) equivalent to an annualized dividend of $7.60 per common share and an AFFO payout ratio of 83%.”
Net Loss And Revenue
The company reported total revenues of $79.8 million, marking a 4% increase from $76.5 million in the same period in 2023.
The rise in revenue was driven primarily by a $3.9 million disposition-contingent lease termination fee and a $3.6 million increase in contractual rent and property management fees.