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How Innovative Industrial Properties Inc (NYSE:IIPR) Fared In Q3 2017?

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Innovative Industrial Properties Inc

Innovative Industrial Properties Inc (NYSE:IIPR) issued financial report for the quarter closed September 30, 2017.  Total revenues came at approximately $1.6 million in Q3 2017, highlighting the rent paid by tenants Holistic Industries LLC and PharmaCann LLC at the firm’s medical-use cannabis grow facilities located in Maryland and New York, respectively.

The details

Innovative Industrial Properties posted net income of $334,000 for the third quarter and adjusted fund from operations of $724,000. It paid its second successive quarterly payout of $0.15 per share on October 13, 2017, to shareholders of record as of September 29, 2017. Following the end of the third quarter, the firm issued 600,000 shares of 9% Series ‘A’ Cumulative Redeemable Preferred Stock, raising $15 million in gross proceeds.

The company hiked its total investment in the Maryland asset to around $16.9 million, leading in an adjustment to Holistic’s base rent for the same property to around $2.6 million a year. In August 2017, Holistic obtained final permissions from the Maryland Medical Cannabis Commission for processing and cultivation of medical-use cannabis. It also obtained provisional permission for dispensing medical cannabis.

Following the end of the quarter, Innovative Industrial Properties bought two medical-use cannabis grow facilities in sale-leaseback deals with subsidiaries of Vireo Health, LLC in Minnesota and New York for a total consideration of $8.4 million, which comprises a tenant improvement allowance of $1 million available in each deal for additional improvements at each property.

On August 1, 2017, the firm compensated an additional $3 million to the seller upon the completion of the development objectives at Innovative Industrial Properties’ Maryland Property, which was under development when the firm bought the Maryland Property in 2017. In the first week of October, the firm also funded Holistic’s request for compensation of $5.9 million in tenant developments at the Maryland Property, as per its lease with Holistic.

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