Acquisitions and Portfolio Performance Drive
FY 2020 Y-o-Y Growth of 162% in Total Revenues, 191% in Net Income
and 180% in AFFO
Innovative Industrial Properties, Inc. (IIP), the first and only
real estate company on the New York Stock Exchange (NYSE: IIPR)
focused on the regulated U.S. cannabis industry, announced today
results for the fourth quarter and year ended December 31, 2020,
the fourth full year since IIP commenced real estate operations and
completed its initial public offering in December 2016.
Full Year 2020 Highlights
- Generated total revenues of approximately $116.9 million, net
income attributable to common stockholders of approximately $64.4
million and adjusted funds from operations (“AFFO”) of
approximately $97.8 million, representing increases of 162%, 191%
and 180% over 2019, respectively.
- Recorded $3.27 of net income attributable to common
stockholders per diluted share and $5.00 of adjusted funds from
operations (“AFFO”) per diluted share, representing increases of
61% and 53% over 2019, respectively.
- Declared dividends to common stockholders totaling $4.47 per
share, a 58% increase over 2019.
- Closed on over $620 million in new acquisitions and additional
investments at existing properties (including commitments to fund
future development/redevelopment, but excluding transaction costs),
including 20 new property acquisitions, expanding IIP’s footprint
to 66 properties totaling 5.4 million rentable square feet in 17
states at year-end.
Fourth Quarter 2020 and Year-to-Date 2021 Highlights
Financial Results and Financing Activity
- Generated total revenues of approximately $37.1 million in the
quarter, representing a 110% increase from the prior year’s
quarter.
- Recorded net income attributable to common stockholders of
approximately $21.0 million for the quarter, or $0.91 per diluted
share, and AFFO of approximately $32.4 million, or $1.29 per
diluted share (Note: beginning in the fourth quarter 2020, AFFO per
diluted share includes the dilutive impact of the assumed full
exchange of IIP’s $143.75 million of exchangeable senior notes for
shares of common stock).
- Paid a quarterly dividend of $1.24 per common share on January
15, 2021 to stockholders of record as of December 31, 2020,
representing a 24% increase from the prior year’s fourth quarter
and a 6% increase from IIP’s third quarter 2020 dividend, and equal
to an annualized dividend of $4.96 per share.
- Through IIP’s “at-the-market” equity offering program, issued
1,762,500 shares of common stock during the fourth quarter totaling
approximately $262.9 million in net proceeds.
Investment and Leasing Activity
- From October 1, 2020 through today, made five acquisitions
(including four new properties and additional land expansion at an
existing property), totaling approximately 848,000 rentable square
feet (including expected rentable square feet upon completion of
properties under development/redevelopment), located in California,
Florida, Massachusetts and Washington, and executed seven lease
amendments to provide additional tenant improvements at properties
located in Massachusetts, Michigan, New York, Ohio and
Pennsylvania.
- In January 2021, executed a new long-term lease with Holistic
Industries Inc. (Holistic) for IIP’s Los Angeles, California
property, the prior tenant of which was under receivership,
bringing IIP’s property portfolio to 100% leased.
- These five acquisitions, seven lease amendments and new lease
at IIP’s Los Angeles property represented an aggregate additional
investment by IIP of $254.1 million (consisting of purchase prices
and commitments to fund future development and tenant improvements,
but excluding transaction costs).
- In these transactions, established new tenant relationships
with 4Front Ventures Corp. (4Front) and Harvest Health &
Recreation Inc. (Harvest), while expanding existing tenant
relationships with Green Peak Industries LLC, Green Thumb
Industries Inc. (GTI), Holistic, Kings Garden Inc., LivWell
Holdings, Inc. and PharmaCann Inc.
Balance Sheet Highlights (at December 31, 2020)
- Approximately $126.0 million in cash and cash equivalents and
approximately $619.3 million in short-term investments, totaling
approximately $745.3 million.
- No debt, other than approximately $143.75 million of 3.75%
exchangeable senior notes maturing in 2024 (the Exchangeable Senior
Notes), representing a fixed cash interest obligation of
approximately $5.4 million annually, or approximately $1.3 million
quarterly.
- 7.9% debt to total gross assets, with over $1.8 billion in
total gross assets.
Rent Collections (as of February 24, 2021)
- IIP collected 100% of contractual rent due for the fourth
quarter 2020 and 100% of contractual rent due for the months of
January and February 2021 across IIP’s total portfolio, other than:
- The tenant at IIP’s Los Angeles, California property that was
in receivership until IIP signed a new lease with Holistic for the
entire property in January 2021; and
- Medical Investor Holdings, LLC (Vertical), the tenant at
certain properties in southern California, which made partial
payments of contractual rent due during these time periods. The
properties that Vertical occupies represented less than one percent
of IIP’s total gross assets at year-end.
- IIP has not provided deferrals of any rent obligations to any
tenant since July 1, 2020.
Portfolio Update and Acquisition Activity
Portfolio Update
IIP acquired the following properties and made the following
additional funds available to tenants for improvements at IIP’s
properties during the period from October 1, 2020 through February
24, 2021 (dollars in thousands):
State
Closing Date
Rentable Sq. Ft.(1)
Purchase Price(2)
Additional Investment
Total Investment
Ohio
October 1, 2020
80,000
$ N/A
$ 25,000
$ 25,000
(3)
Michigan
October 25, 2020
N/A
N/A
525
525
(4)
Pennsylvania
November 1, 2020
N/A
N/A
2,000
2,000
(5)
California
November 16, 2020
192,000
25,375
25,000
50,375
(6)
New York
December 11, 2020
N/A
N/A
31,000
31,000
(7)
Washington
December 17, 2020
114,000
17,500
—
17,500
Massachusetts
December 17, 2020
67,000
15,500
—
15,500
Massachusetts
December 28, 2020
N/A
N/A
3,000
3,000
(8)
Pennsylvania
December 28, 2020
N/A
N/A
4,000
4,000
(9)
California
January 7, 2021
N/A
N/A
11,000
11,000
(10)
Florida
January 22, 2021
295,000
23,800
10,750
34,550
(11)
California
February 5, 2021
180,000
1,350
51,375
52,725
(12)
Michigan
February 16, 2021
N/A
N/A
6,895
6,895
(13)
Totals
928,000
$
83,525
$
170,545
$
254,070
____________
(1)
Includes expected rentable square feet at
completion of construction for certain properties.
(2)
Excludes transaction costs.
(3)
The amount relates to a lease amendment
which increased the tenant improvement allowance under a lease at
one of IIP’s Ohio properties by $25.0 million to a total of $29.3
million, and also resulted in a corresponding adjustment to the
base rent for the lease at the property. The additional tenant
improvement allowance is expected to increase the property
footprint by 80,000 square feet. As of February 24, 2021, IIP had
funded approximately $7.6 million of the tenant improvement
allowance.
(4)
The amount relates to a lease amendment
which increased the tenant improvement allowance under a lease at
one of IIP’s Michigan properties by $525,000 to a total of
approximately $1.8 million, and also resulted in a corresponding
adjustment to the base rent for the lease at the property. As of
February 24, 2021, IIP had funded approximately $1.7 million of the
tenant improvement allowance.
(5)
The amount relates to an amendment to
IIP’s lease and development agreement which increased the
construction funding at one of IIP’s Pennsylvania properties by
$2.0 million to a total of approximately $27.1 million, and also
resulted in a corresponding adjustment to the base rent for the
lease at the property. As of February 24, 2021, IIP had funded all
of the construction funding.
(6)
The tenant is expected to complete tenant
improvements at the property, for which IIP agreed to provide
reimbursement of up to $25.0 million. As of February 24, 2021, IIP
had not funded any of the reimbursement.
(7)
The amount relates to an amendment to
IIP’s lease and a development agreement which provides for
construction funding at one of IIP’s New York properties of up to
$31.0 million, and also resulted in a corresponding adjustment to
the base rent for the lease at the property. As of February 24,
2021, IIP had funded approximately $70,000 of the construction
funding.
(8)
The amount relates to a lease amendment
which increased the tenant improvement allowance under a lease at
one of IIP’s Massachusetts properties by $3.0 million to a total of
$5.0 million, and also resulted in a corresponding adjustment to
the base rent for the lease at the property. As of February 24,
2021, IIP had funded $2.0 million of the tenant improvement
allowance.
(9)
The amount relates to a lease amendment
which increased the tenant improvement allowance under a lease at
one of IIP’s Pennsylvania properties by $4.0 million to a total of
approximately $10.4 million, and also resulted in a corresponding
adjustment to the base rent for the lease at the property. As of
February 24, 2021, IIP had funded approximately $7.7 million of the
tenant improvement allowance.
(10)
The amount relates to a new lease executed
at IIP’s Los Angeles, California property, which provides for a
tenant improvement allowance of up to $11.0 million. As of February
24, 2021, IIP had not funded any of the tenant improvement
allowance.
(11)
The tenant is expected to complete tenant
improvements at the property, for which IIP agreed to provide
reimbursement of up to approximately $10.8 million. As of February
24, 2021, IIP had not funded any of the tenant improvement
allowance.
(12)
The amounts relate to the acquisition of
additional land adjacent to an existing property and a lease
amendment which provided a tenant improvement allowance and
resulted in a corresponding adjustment to the base rent for the
lease at the property. The tenant is expected to complete
construction of two new buildings at the property comprising
approximately 180,000 square feet in the aggregate, for which IIP
agreed to provide reimbursement of up to approximately $51.4
million. As of February 24, 2021, IIP had not funded any of the
tenant improvement allowance.
(13)
The amount relates to a lease amendment
which increased the tenant improvement allowance under a lease at
one of IIP’s Michigan properties by approximately $6.9 million to a
total of approximately $29.9 million, and also resulted in a
corresponding adjustment to the base rent for the lease at the
property. As of February 24, 2021, IIP had funded approximately
$29.8 million of the tenant improvement allowance.
From January 1, 2020 through February 24, 2021, IIP made 22
acquisitions, located in California, Colorado, Florida, Illinois,
Massachusetts, Michigan, New Jersey, Ohio, Pennsylvania, Virginia
and Washington, and executed 23 lease amendments and a new lease to
provide additional tenant improvements at IIP’s existing properties
located in Arizona, California, Illinois, Maryland, Massachusetts,
Michigan, Minnesota, New York, Ohio and Pennsylvania. These
investments totaled approximately 2.8 million rentable square feet
(including expected rentable square feet upon completion of
properties under development/redevelopment).
As of February 24, 2021, IIP owned 67 properties located in
Arizona, California, Colorado, Florida, Illinois, Maryland,
Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York,
North Dakota, Ohio, Pennsylvania, Virginia and Washington, totaling
approximately 5.8 million rentable square feet (including
approximately 2.0 million rentable square feet under
development/redevelopment), which were 100% leased with a
weighted-average remaining lease term of approximately 16.7 years.
As of February 24, 2021, IIP had invested approximately $1.1
billion in the aggregate (excluding transaction costs) and had
committed an additional approximately $328.7 million to reimburse
certain tenants and sellers for completion of construction and
tenant improvements at IIP’s properties.
Financing Activity
In November 2020, IIP entered into new equity distribution
agreements with six sales agents, pursuant to which IIP may offer
and sell from time to time through an “at-the-market” offering
program up to $500 million in shares of its common stock. From
November through today, IIP sold 1,762,500 shares of its common
stock for net proceeds of approximately $262.9 million under this
program.
IIP expects to use the net proceeds from the sales of these
shares to invest in specialized industrial real estate assets that
support the regulated medical-use cannabis cultivation and
processing industry and for general corporate purposes.
Financial Results
IIP generated total revenues of approximately $37.1 million for
the three months ended December 31, 2020, compared to approximately
$17.7 million for the same period in 2019, an increase of 110%. IIP
generated total revenues of approximately $116.9 million for the
year ended December 31, 2020, compared to approximately $44.7
million for 2019, an increase of 162%. The increase in both periods
was driven primarily by the acquisition and leasing of new
properties, additional tenant improvement allowances and
construction funding at existing properties resulting in
adjustments to base rent, and contractual rental escalations at
certain properties. Total revenues for the three months ended
December 31, 2020 also included approximately $424,000 of the
security deposit held by IIP at the properties leased to Vertical
being applied to pay part of the rent and associated lease
penalties owed by Vertical during this time period.
For the three months ended December 31, 2020, IIP recorded net
income attributable to common stockholders and net income
attributable to common stockholders per diluted share of
approximately $21.0 million and $0.91, respectively; funds from
operations (diluted) (“FFO”) and FFO per diluted share of
approximately $31.6 million and $1.26, respectively; and AFFO and
AFFO per diluted share of approximately $32.4 million and $1.29,
respectively. Commencing in the fourth quarter 2020, FFO (diluted),
AFFO and FFO and AFFO per diluted share include the dilutive impact
of the assumed full exchange of the Exchangeable Senior Notes for
shares of common stock, resulting in the “add-back” to FFO
(diluted) from net income of approximately $1.9 million in cash and
non-cash interest expense, and the addition of approximately 2.2
million shares to IIP’s total diluted share count for the quarter.
The Exchangeable Senior Notes were anti-dilutive for purposes of
calculating earnings per diluted share for all prior quarters, and
as such, treated as anti-dilutive for purposes of calculating FFO,
AFFO and FFO and AFFO per diluted share for all prior quarters.
For the year ended December 31, 2020, IIP recorded net income
attributable to common stockholders and net income attributable to
common stockholders per diluted share of $64.4 million and $3.27,
respectively; FFO (diluted) and FFO per diluted share of $92.4
million and $4.72, respectively; and AFFO and AFFO per diluted
share of approximately $97.8 million and $5.00, respectively. The
Exchangeable Senior Notes were anti-dilutive for purposes of
calculating earnings per diluted share for both 2020 and 2019, and
as such, treated as anti-dilutive for purposes of calculating FFO,
AFFO and FFO and AFFO per diluted share for both years.
FFO and AFFO are supplemental non-GAAP financial measures used
in the real estate industry to measure and compare the operating
performance of real estate companies. A complete reconciliation
containing adjustments from GAAP net income attributable to common
stockholders to FFO and AFFO and definitions of terms are included
at the end of this release.
Teleconference and Webcast
Innovative Industrial Properties, Inc. will conduct a conference
call and webcast at 10:00 a.m. Pacific Time (1:00 p.m. Eastern
Time) on Thursday, February 25, 2021 to discuss IIP’s financial
results and operations for the fourth quarter and year ended
December 31, 2020. The call will be open to all interested
investors through a live audio webcast at the Investor Relations
section of IIP’s website at www.innovativeindustrialproperties.com,
or live by calling 1-877-328-5514 (domestic) or 1-412-902-6764
(international) and asking to be joined to the Innovative
Industrial Properties, Inc. conference call. The complete webcast
will be archived for 90 days on IIP’s website. A telephone playback
of the conference call will also be available from 12:00 p.m.
Pacific Time on Thursday, February 25, 2020 until 12:00 p.m.
Pacific Time on Thursday, March 4, 2021, by calling 1-877-344-7529
(domestic), 855-669-9658 (Canada) or 1-412-317-0088 (international)
and using access code 10152350.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc. is a self-advised
Maryland corporation focused on the acquisition, ownership and
management of specialized industrial properties leased to
experienced, state-licensed operators for their regulated
medical-use cannabis facilities. Innovative Industrial Properties,
Inc. has elected to be taxed as a real estate investment trust,
commencing with the year ended December 31, 2017. Additional
information is available at
www.innovativeindustrialproperties.com.
This press release contains statements that IIP believes to be
“forward-looking statements” within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
All statements other than historical facts are forward-looking
statements. When used in this press release, words such as IIP
“expects,” “intends,” “plans,” “estimates,” “anticipates,”
“believes” or “should” or the negative thereof or similar
terminology are generally intended to identify forward-looking
statements. Such forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ
materially from those expressed in, or implied by, such statements.
Investors should not place undue reliance upon forward-looking
statements. IIP disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
INNOVATIVE INDUSTRIAL
PROPERTIES, INC.
CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands, except share and
per share amounts)
Assets
December 31, 2020
December 31, 2019
Real estate, at cost:
Land
$
75,660
$
48,652
Buildings and improvements
644,932
382,035
Tenant improvements
339,647
87,344
Total real estate, at cost
1,060,239
518,031
Less accumulated depreciation
(40,195
)
(12,170
)
Net real estate held for investment
1,020,044
505,861
Cash and cash equivalents
126,006
82,244
Restricted cash
—
35,072
Investments
619,275
119,595
Right of use office lease asset
980
1,202
Other assets, net
1,776
1,883
Total assets
$
1,768,081
$
745,857
Liabilities and stockholders’
equity
Exchangeable senior notes, net
$
136,693
$
134,654
Tenant improvements and construction
funding payable
36,500
24,968
Accounts payable and accrued expenses
4,641
3,417
Dividends payable
30,065
12,975
Office lease liability
1,057
1,202
Rent received in advance and tenant
security deposits
34,153
20,631
Total liabilities
243,109
197,847
Commitments and contingencies
Stockholders’ equity
Preferred stock (par value $0.001 per
share, 50,000,000 shares authorized: 9.00% Series A cumulative
redeemable preferred stock, $15,000 liquidation preference ($25.00
per share), 600,000 shares issued and outstanding at December 31,
2020 and 2019
14,009
14,009
Common stock, par value $0.001 per share,
50,000,000 shares authorized: 23,936,928 and 12,637,043 shares
issued and outstanding at December 31, 2020 and 2019,
respectively
24
13
Additional paid-in-capital
1,559,059
553,932
Dividends in excess of earnings
(48,120
)
(19,944
)
Total stockholders’ equity
1,524,972
548,010
Total liabilities and stockholders’
equity
$
1,768,081
$
745,857
INNOVATIVE INDUSTRIAL
PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF
INCOME
For the Three Months and Years
Ended December 31, 2020 and 2019
(Unaudited)
(In thousands, except share and
per share amounts)
For the Three Months Ended
December 31,
For the Years Ended December
31,
2020
2019
2020
2019
Revenues:
Rental (including tenant
reimbursements)
$
37,093
$
17,672
$
116,896
$
44,667
Total revenues
37,093
17,672
116,896
44,667
Expenses:
Property expenses
1,019
374
4,952
1,315
General and administrative expense
4,487
3,151
14,182
9,818
Depreciation expense
8,726
3,545
28,025
8,599
Total expenses
14,232
7,070
47,159
19,732
Income from operations
22,861
10,602
69,737
24,935
Interest and other income
338
1,144
3,424
4,846
Interest expense
(1,866
)
(1,844
)
(7,431
)
(6,306
)
Net income
21,333
9,902
65,730
23,475
Preferred stock dividends
(338
)
(338
)
(1,352
)
(1,352
)
Net income attributable to common
stockholders
$
20,995
$
9,564
$
64,378
$
22,123
Net income attributable to common
stockholders per share:
Basic
$
0.91
$
0.79
$
3.28
$
2.06
Diluted(1)
$
0.91
$
0.78
$
3.27
$
2.03
Weighted average shares outstanding:
Basic
22,804,185
11,905,021
19,443,602
10,546,016
Diluted(1)
25,077,099
12,044,602
19,557,619
10,684,068
Dividends declared per common share
$
1.24
$
1.00
$
4.47
$
2.83
_______________
(1)
For the three months ended December 31,
2020, net income attributable to common stockholders per diluted
share included 2,158,837 potentially issuable shares as if the
Exchangeable Senior Notes were exchanged at the beginning of the
period. This adjustment applied only for the three months ended
December 31, 2020. The Exchangeable Senior Notes were anti-dilutive
for purposes of calculating net income attributable to common
stockholders per diluted share for fiscal years 2020 and 2019 and
for the three months ended December 31, 2019.
INNOVATIVE INDUSTRIAL
PROPERTIES, INC.
CONSOLIDATED FFO AND
AFFO
For the Three Months and Years
Ended December 31, 2020 and 2019
(Unaudited)
(In thousands, except share and
per share amounts)
The table below is a reconciliation of net income attributable
to common stockholders to FFO and AFFO for the three months and
years ended December 31, 2020 and 2019:
For the Three Months Ended
December 31,
For the Years Ended December
31,
2020
2019
2020
2019
Net income attributable to common
stockholders
$
20,995
$
9,564
$
64,378
$
22,123
Real estate depreciation
8,726
3,545
28,025
8,599
FFO (basic)
29,721
13,109
92,403
30,722
Cash and non-cash interest expense
1,866
—
—
—
FFO (diluted)
31,587
13,109
92,403
30,722
Stock-based compensation
842
654
3,330
2,495
Non-cash interest expense
—
497
2,040
1,678
AFFO
$
32,429
$
14,260
$
97,773
$
34,895
FFO per common share – basic
$
1.30
$
1.10
$
4.75
$
2.91
FFO per common share – diluted
$
1.26
$
1.09
$
4.72
$
2.88
AFFO per common share – basic
$
1.36
$
1.20
$
5.03
$
3.31
AFFO per common share – diluted
$
1.29
$
1.18
$
5.00
$
3.27
Weighted average shares outstanding:
Basic
22,804,185
11,905,021
19,443,602
10,546,016
Restricted stock and restricted stock
units
114,077
139,581
114,017
138,052
Dilutive effect of Exchangeable Senior
Notes
2,158,837
—
—
—
Diluted
25,077,099
12,044,602
19,557,619
10,684,068
FFO and FFO per share are operating performance measures adopted
by the National Association of Real Estate Investment Trusts, Inc.
(NAREIT). NAREIT defines FFO as the most commonly accepted and
reported measure of a REIT’s operating performance equal to net
income, computed in accordance with accounting principles generally
accepted in the United States (GAAP), excluding gains (or losses)
from sales of property, depreciation, amortization and impairment
related to real estate properties, and after adjustments for
unconsolidated partnerships and joint ventures.
Management believes that net income, as defined by GAAP, is the
most appropriate earnings measurement. However, management believes
FFO and FFO per share to be important supplemental measures of a
REIT’s performance because they provide an understanding of the
operating performance of IIP’s properties without giving effect to
certain significant non-cash items, primarily depreciation expense.
Historical cost accounting for real estate assets in accordance
with GAAP assumes that the value of real estate assets diminishes
predictably over time. However, real estate values instead have
historically risen or fallen with market conditions. IIP believes
that by excluding the effect of depreciation, FFO and FFO per share
can facilitate comparisons of operating performance between
periods. FFO and FFO per share are used by management to evaluate
the REIT’s operating performance and these measures are the
predominant measures used by the REIT industry and industry
analysts to evaluate REITs. For these reasons, management has
deemed it appropriate to disclose and discuss FFO and FFO per
share.
Management believes that AFFO and AFFO per share are also
appropriate supplemental measures of a REIT’s operating
performance. IIP calculates AFFO by adding to FFO certain non-cash
and infrequent or unpredictable expenses which may impact
comparability, consisting of non-cash stock-based compensation
expense and non-cash interest expense generally.
For the three months ended December 31, 2020, FFO (diluted),
AFFO and FFO and AFFO per diluted share include the dilutive impact
of the assumed full exchange of the Exchangeable Senior Notes for
shares of common stock. As a result, for purposes of calculating
FFO (diluted), cash and non-cash interest expense of the
Exchangeable Senior Notes totaling approximately $1.9 million was
added back to FFO (diluted), and the total diluted weighted-average
common shares outstanding increased by 2,158,837 shares for the
period, which were the potentially issuable shares as if the
Exchangeable Senior Notes were exchanged at the beginning of the
period. These adjustments applied only for the three months ended
December 31, 2020. The Exchangeable Senior Notes were anti-dilutive
for purposes of calculating earnings per diluted share for all
other periods presented, and as such, were treated as anti-dilutive
for purposes of calculating FFO, AFFO and FFO and AFFO per diluted
share for fiscal years 2020 and 2019 and the three months ended
December 31, 2019.
IIP’s computation of FFO and AFFO may differ from the
methodology for calculating FFO and AFFO utilized by other equity
REITs and, accordingly, may not be comparable to such REITs.
Further, FFO and AFFO do not represent cash flow available for
management’s discretionary use. FFO and AFFO should not be
considered as an alternative to net income (computed in accordance
with GAAP) as an indicator of IIP’s financial performance or to
cash flow from operating activities (computed in accordance with
GAAP) as an indicator of IIP’s liquidity, nor is it indicative of
funds available to fund IIP’s cash needs, including IIP’s ability
to pay dividends or make distributions. FFO and AFFO should be
considered only as supplements to net income computed in accordance
with GAAP as measures of IIP’s operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210224006079/en/
Company Contact: Catherine Hastings Chief Financial Officer
Innovative Industrial Properties, Inc. (858) 997-3332
Innovative Industrial Pr... (NYSE:IIPR)
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Innovative Industrial Pr... (NYSE:IIPR)
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