Innovative Industrial Properties, Inc. (NYSE:IIPR) Q4 2023 Earnings Conference Call February 27, 2024 1:00 PM ET

Company Participants

Brian Wolfe - General Counsel

Alan Gold - Executive Chairman

Paul Smithers - President & Chief Executive Officer

Ben Regin - Chief Investment Officer

Catherine Hastings - Chief Operating Officer

David Smith - Chief Financial Officer

Conference Call Participants

Tom Catherwood - BTIG

Scott Fortune - ROTH MKM

Alexander Goldfarb - Piper Sandler

Eric Des Lauriers - Craig-Hallum Capital Group

Operator

Good day. And welcome to the Innovative Industrial Properties Incorporated Fourth Quarter and Full Year 2023 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today’s remarks, there will be an opportunity to ask questions. [Operator Instructions]

Please note this event is being recorded. I would now like to turn the conference over to Brian Wolfe, General Counsel. Please go ahead.

Brian Wolfe

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

Before we begin, I’d like to remind everyone that statements made during today’s conference call may be 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 will now hand the call over to Alan. Alan?

Alan Gold

Thank you, Brian, and welcome, everyone. We are pleased to discuss our results for the full year 2023 and recent activity as we enter into our eighth full year of operations. The company performed well in 2023 and has continued to execute year-to-date, demonstrated by one, annual AFFO per share growth of 7%. Two, increasing our annual dividends declared each year since inception in 2016; three, committing capital totaling $119.5 million during 2023. Four, executing new leases and LOIs to release five properties, representing over $140 million of invested capital and five, further enhancing our liquidity position and strong balance sheet with the closing of a new $45 million revolving credit facility.