31%
Data source: Innovative Industrial Properties. Adjusted funds from operations is a closely watched metric for REITs, as it s the main driver of dividend changes.
Revenue growth was driven primarily by the acquisition and leasing of new properties, additional tenant improvement allowances and construction funding at existing properties resulting in adjustments to base rent, and contractual rental escalations at certain properties, the company said in the earnings release.
The per-share data (for EPS and AFFO per share) includes the dilutive impact of the assumed full exchange of IIP s $143.75 million of exchangeable senior notes for shares of common stock.
Wall Street had been expecting EPS of $0.96 on revenue of $41.9 million, so IIP beat both estimates.
May 5, 2021 at 6:10AM
Raising money is a challenge for many marijuana producers because they can t easily obtain banking services. Even just getting a checking account is no easy task. In order to set up their manufacturing facilities, some have turned to sale-and-leaseback agreements with a real estate investment trust (REIT) like
Innovative Industrial Properties (NYSE:IIPR). And that has allowed the REIT to generate fantastic growth, with sales of $117 million in 2020 more than doubling from the previous year.
But if the Secure and Fair Enforcement (SAFE) Banking Act, which recently passed the House, can make it through the Senate, it would make it easier for cannabis companies to go through the banks to raise money. And if that s the case, would that hurt Innovative Industrial Properties growth potential?
Give our ganja a fighting chance jamaicaobserver.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jamaicaobserver.com Daily Mail and Mail on Sunday newspapers.
Author Bio
Rachel primarily covers healthcare stocks for the Fool. She leverages her background and education in the legal field to inform her detailed research and analysis of the stock market.
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Author Bio
Sushree is a new member of the Fool family, keen on writing about the cannabis and healthcare sector and also has five years of experience writing on real estate, consumer sector, and macroeconomic topics. She holds a bachelor’s degree in business management, specializing in finance, and also a CFA Level 2 candidate. Being a fitness enthusiast and a creative person, when she isn t writing, she is either kick-boxing or painting.
Innovative Industrial Properties (NYSE:IIPR) is not a pure-play cannabis company. It is an REIT (real estate investment trust) that acquires properties from medical cannabis companies and leases them back. Investors are sometimes skeptical of putting their money in U.S. cannabis stocks, as the drug remains illegal at the federal level. Here, Innovative offers them a safer choice as it only offers real estate capital for the medical cannabis industry but has no direct involvement with cannabis. Hence, it is safe from t