IIPR Q4 2024 AFFO $2.22/share, down 3% YoY; PharmaCann lease defaults resolved

INNOVATIVE INDUSTRIAL PROPERTIES INC

2024-FY EPS reported $5.52 revenue$308,517,000

Full-year 2024 total revenues $308.5M, net income $159.9M ($5.52 EPS), AFFO $256.1M ($8.98/share).
Q4 2024 total revenues $76.7M, net income $39.5M ($1.36 EPS); AFFO $63.4M ($2.22/share).
PharmaCann resolution: rent reduced for 9 leases; two cultivation properties to transition; security deposits cover Dec 2024/Jan 2025 rent.
Credit facility upsized to $87.5M (undrawn); debt-to-total gross assets 11%; no maturities until May 2026.
Q4 dividend $1.90/share paid Jan 15, 2025; annualized $7.60; AFFO payout ratio 86%.

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