I am genuinely surprised nobody is speaking on IIPR’s tremendous earnings report.
Revenue of $76.1million(+18.0%YoY) 5.45 million increase. The increased was attributed to acquisitions and leasing of new properties.
Approximately $40.8 million in net income for the quarter attributed to common stockholders.
Recorded adjusted funds from operations(AFFO) of approximately $63.4 million.
Rent collected for the 3 months ended March 31st was 98%
Operation portfolio is 100% leased. MSO(Multi state operator’s) accounted for 89% of the leased properties.
All in all IIPR has made some great moves. Weighted average of leasing terms are 15 years.
These are solid numbers. As more states continue to legalize. They’re spreading out and buying operation facilities to lease to those new businesses. One thing I found intriguing is that 91% of their portfolio is cultivation or processing facilities.
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