Innovative Industrial Properties Reports Third Quarter 2018 Results
Quarterly Dividend Increased 40%, Driven by Strong Revenue and AFFO Growth
SAN DIEGO, November 7, 2018–(BUSINESS WIRE)–Innovative Industrial Properties, Inc. (NYSE: IIPR) (the “Company”), the leading provider of creative capital solutions to the medical-use cannabis industry, announced today results for the quarter ended September 30, 2018, the seventh full quarter since the Company commenced real estate operations and completed its initial public offering in December 2016.
Third Quarter 2018 Highlights
Financial Results and Financing Activity
- The Company generated total revenues of approximately $3.9 million in the quarter, representing an increase of more than 150% from the prior year.
- The Company recorded net income attributable to common stockholders of approximately $1.5 million for the quarter, or $0.21 per diluted share, and adjusted funds from operations (“AFFO”) of approximately $2.6 million, or $0.38