Innovative Industrial Properties, Inc. (NYSE:IIPR) Q4 2022 Earnings Conference Call February 28, 2023 1:00 PM ET

Company Participants

Brian Wolfe - General Counsel

Alan Gold - Executive Chairman

Paul Smithers - President and Chief Executive Officer

Catherine Hastings - Chief Financial Officer

Ben Regin - Vice President of Investments

Conference Call Participants

Tom Catherwood - BTIG

Connor Mitchell - Piper Sandler

Scott Fortune - ROTH Capital

Eric Des Lauriers - Craig-Hallum Capital

Operator

Good day and welcome to the Innovative Industrial Properties, Inc. Q4 2022 Earnings Conference Call. [Operator Instructions]. Please note, today's event is being recorded.

I would now like to turn the conference over to Brian Wolfe, General Counsel. Please go ahead, sir.

Brian Wolfe

Thank you for joining the call. Presenting today are Alan Gold, Executive Chairman; Paul Smithers, President and Chief Executive Officer; Catherine Hastings, Chief Financial Officer; and Ben Regin, Chief Investment Officer.

Before we begin, I'd like to remind everyone that statements made during today's conference call maybe deemed forward-looking statements within the meaning of the Safe Harbor of the Private Securities Litigation Reform Act of 1995, and actual results may differ materially due to a variety of risks, uncertainties and other factors. Please refer to the documents filed by the company with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

In addition, on today's call, we will discuss certain non-GAAP financial information, such as FFO, normalized FFO and adjusted FFO. You can find this information, together with reconciliations to the most directly comparable GAAP financial measure, in our earnings release issued yesterday as well as in our 8-K filed with the SEC.

I'll now hand the call over to Alan. Alan?

Alan Gold

Thank you, Brian, and welcome, everyone. Today we are pleased to discuss our results for our seventh full year of operations and our recent activity. As reflected by our total revenue growth of over 35% over 2021, the company performed well in 2022, especially in the context of the significant macroeconomic headwinds experienced across industries and in the regulated cannabis industry in particular. That financial performance drove dividend growth per share of 24% over 2021, totaling $7.10 of dividends declared over the course of 2022.