IIPR Q3 revenue $70.9M (+32% YoY); AFFO $2.13/shr; 93% rent collection due to tenant defaults

INNOVATIVE INDUSTRIAL PROPERTIES INC

2022-Q3 EPS reported $4.06 revenue$205,898,000

Q3 total revenues $70.9M (+32% YoY); net income $37.3M ($1.32 diluted EPS); AFFO $60.1M ($2.13/shr).
Q3 rent collection 93% on operating portfolio; did not collect $5.7M from Kings Garden and Vertical tenants.
Acquired MA property for $21.5M in sale-leaseback with Curaleaf; subsequent sale of PA property for $23.5M.
Year-to-date revenues $205.9M (+41%); AFFO $174.1M ($6.33/shr). Dividend $1.80/quarter, annualized $7.20 (25% increase).
Balance sheet: 12% debt to gross assets; $2.6B total assets; no secured debt.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

INNOVATIVE INDUSTRIAL PROPERTIES INC reported third quarter ended September 30, 2022 results: revenue approximately $70.9 million, net income approximately $37.3 million, EPS $1.32 per diluted share.

Period: third quarter ended September 30, 2022
Revenue: approximately $70.9 million
Net income: approximately $37.3 million
EPS: $1.32 per diluted share
Result: reported results

Exact text from the filing

industry, announced today results for the third quarter ended September 30, 2022. Third Quarter 2022 and Subsequent Event Highlights · Generated total revenues of approximately $70.9 million in the quarter, representing a 32% increase from the prior year’s quarter. · Recorded net income attributable to common stockholders of approximately $37.3 million for the

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Source: SEC EDGAR

accession 0001104659-22-114200

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