Innovative Industrial Properties, Inc. (NYSE:IIPR) Q2 2024 Results Conference Call August 6, 2024 1:00 PM ET

Company Participants

Brian Wolfe - VP, General Counsel, Secretary
Alan Gold - Executive Chairman
Paul Smithers - President, CEO & Director
Ben Regin - Chief Investment Officer
Catherine Hastings - Chief Operating Officer
David Smith - CFO & Treasurer

Conference Call Participants

Tom Catherwood - BTIG
Connor Mitchell - Piper Sandler
Scott Fortune - Roth Capital Partners
Eric Des Lauriers - Craig-Hallum Capital Group

Operator

Good day, and welcome to the Innovative Industrial Properties Second Quarter 2024 Earnings Conference Call. [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.

Q2 was another solid quarter for IIP generating $80 million in total revenues and $2.29 in AFFO per share. That performance enabled us to sequentially increase our Q2 common stock dividend by 4.4% to $1.90, continuing our track record of increasing our dividend every year since our inception in 2016.

We achieved these results without the full impact of the rents for new leases that we executed in late 2023 and year-to-date, in addition to certain pre-leased properties under development where construction needs to be completed. Ben and Catherine will provide further updates on our progress here.