IIPR Q4/FY2022 revenue up 20%/35% YoY; AFFO per share $2.12/$8.45; rent collection 94% in Q4

INNOVATIVE INDUSTRIAL PROPERTIES INC

2022-FY EPS reported $5.52 revenue$276,359,000

FY2022 total revenues $276.4M (+35% YoY), net income $153.0M (+36%), AFFO $233.7M (+34%).
Q4 2022 total revenues $70.5M (+20% YoY), net income $41.2M ($1.46 diluted), AFFO $59.6M ($2.12 diluted).
Rent collection 94% in Q4, 97% for full year; $4.7M and $8.6M uncollected from four tenants (Kings Garden, Vertical, Green Peak, Parallel).
Balance sheet: 12% debt/total gross assets, no secured debt, no maturities until May 2026 except $6.4M exchangeable notes in 2024.
Year-to-date 2023: acquired PA facility for $15M, amended leases for $34M, Feb rent collection 92%.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

INNOVATIVE INDUSTRIAL PROPERTIES INC reported the fourth quarter and year ended December 31, 2022 results: revenue approximately $276.4 million, net income approximately $153.0 million, EPS $5.52 of net income attributable to common stockholders per diluted share.

Period: the fourth quarter and year ended December 31, 2022
Revenue: approximately $276.4 million
Net income: approximately $153.0 million
EPS: $5.52 of net income attributable to common stockholders per diluted share
Result: reported results

Exact text from the filing

the regulated U.S. cannabis industry, announced today results for the fourth quarter and year ended December 31, 2022. Full Year 2022 · Generated total revenues of approximately $276.4 million, net income attributable to common stockholders of approximately $153.0 million and adjusted funds from operations (“AFFO”) of approximately $233.7 million, representing

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Source: SEC EDGAR

accession 0001104659-23-026347

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