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Innovative Industrial Properties Inc (NYSE:IIPR) Posts Q2 2017 Financial Report

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Innovative Industrial Properties Inc (NYSE:IIPR) released financial report for the quarter closed June 30, 2017, which marks as the second full quarter since the firm started real estate operations and closed its initial public offering last December. The revenue during the reported period came at approximately $1.3 million, indicating the rent received from PharmaCann LLC at the firm’s medical-use cannabis cultivation center located in New York.

The buzz

Innovative Industrial bought the property based at 9220 Alaking Court in Maryland in the last quarter. This is the property that is under development and intended to be used as a medical cannabis cultivation facility in the near future. At the same time, the company also entered into a lease term with tenant Holistic Industries LLC for the property.

In addition to these developments, Innovative Industrial Properties announced its first quarterly dividend distribution of $0.15 per share. The company also announced promotion of Catherine Hastings to role of Chief Financial Officer, in addition to Hastings serving as the Chief Accounting Officer and Treasurer for the company.

As of August 9, 2017, the firm had identified and was in different stages of reviewing nearly $100 million of additional potential assets for acquisition, which amount is projected based on sellers’ asking prices for the assets, ongoing talks with sellers, the assessment of the properties’ values after taking into account the expected and prevailing lease revenue, condition, operating history and age of the property, and other applicable factors. Innovative Industrial Properties cannot give assurances that it will close the assets purchase that are in the firm’s pipeline on the terms mentioned herein, or at all.

As previously stated, earlier this year, the firm purchased the Alaking Property in a deal valued at approximately $8.2 million, with an additional $3 million due to the seller upon close of certain development milestones and an extra $4 million payable to the occupant as reimbursement for certain occupant improvements.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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