IIP reports Q2 2024 revenue $79.8M, net income $41.7M; dividend raised 4.4% to $1.90/share

INNOVATIVE INDUSTRIAL PROPERTIES INC

2024-Q2 EPS reported $2.79 revenue$155,247,000

Total revenues $79.8M, up 4% YoY; net income $41.7M ($1.44 EPS) flat YoY.
AFFO $65.5M ($2.29/share); dividend increased 4.4% to $1.90/share, annualized $7.60.
Acquired 145k sq ft Florida property for $13M; sold LA property for $9.1M plus $3.9M termination fee.
Upsized revolving credit facility to $50M, undrawn; new ATM program for up to $500M.
Portfolio 95.6% leased, 108 properties, no tenant >18% of annualized base rent.

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