IIPR, on Friday, reported its total revenue for the fourth quarter of the year that ended on the 31st of December, 2019. The huge figures have even exceeded the expectations of the analysts.
Innovative Industrial Properties, Inc. reported revenue of $17.7 million in its final quarter of the year, showing a growth of an astonishing 269%. A huge jump for the Cannabis Real Estate company who in the Q4 of 2018 earned a revenue of $4.8 only.
To understand the growth, taking a look at its report helps. It says that I made an investment of $308.8 million since 2019 October.
It gave away 5 lease amendments across the U.S. and acquired 20 properties. While some new tenant relationships were made, old and existing ones were extended.
While Cresco Labs and Green Thumb Industries amongst the new ones, Trulieve and PharmaCann are among the oldies.
Considering the growth of the company since January 2019, IIP following its investments in properties grew its portfolio impressively.
From a mere 11 at the beginning of the year, the portfolio of properties of the company has grown to 51. The rentable space of approx 1.0 million square feet across 9 states has increased to 3.2 million across 15 states in a year.
The company increased its investment from $167.4 million to $680.7 million which is an increase of 307%. The properties range from North Dakota, Arizona, Michigan, Pennsylvania, Ohio, Colorado, Massachusetts, and California.
Innovative Industrial Properties, Inc. issued 3,412,969 shares for the public with an additional of 445,170 shares, a total of $250.0 million approx in gross proceeds.
I also offered an “at-the-market” equity program out of which $184.8 million of net proceeds were received approximately. The $1.00 dividend paid per common share by the company resulted in the company reaching a height of 186% from the previous year.