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Revolutionary Industrial Properties Inc (NYSE: IIPR), the one actual property firm on the NYSE targeted on the regulated US hashish trade, lately introduced its outcomes for the second quarter of 2021 ended June 30, 2021.
The corporate reported complete revenues of $48.9 million within the quarter, a 101% enhance from an identical interval in 2020. The web revenue attributable to widespread stockholders was $1.17 per diluted share ($29 million), whereas adjusted funds from operations have been $1.64 per diluted share ( $43.0 million).
The corporate paid a quarterly dividend of $1.40 per share in July to widespread stockholders as of file June 30, 2021. This was a 32% enhance from the dividends paid within the second quarter of 2020.
The corporate additional obtained an investment-grade score from a nationwide score company and closed on a $330 million personal placement of 5.50% senior notes due in 5 years.
On the finish of the quarter, the corporate reported $156.3 million in money and money equivalents and round $649.4 million in short-term investments, bringing the entire to about $805.7 million. The corporate additionally reported 21% debt to complete gross belongings, with the entire gross belongings at 2.1 billion and no secured debt.
From April 1, 2021, the corporate made 5 acquisitions in Massachusetts, Illinois, Michigan, and Pennsylvania and executed three lease amendments to offer extra tenant enhancements at Florida and Pennsylvania properties.
These transactions established new relationships with Temescal Wellness of Massachusetts, LLC, and Sozo Firms, Inc. Whereas increasing present relationships with Inexperienced Peak Industries LLC, 4Front Ventures Corp, and Harvest Well being & Recreation Inc.
Building in California
On June 25, 2021, IIP closed on a building mortgage with a developer to assemble a regulated hashish cultivation and processing facility in California. The corporate is predicted to lend a building firm $18.5 million to construct a 102,000 sq. foot constructing. After the constructing’s completion, IIP has the choice to purchase or lease the constructing from an affiliate developer or one other third celebration. The developer is predicted to complete building by June 2020, topic to time extensions in distinctive circumstances.
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