Innovative Industrial Properties, Inc. (NYSE: IIPR) (the
"Company") announced today results for the quarter ended December
31, 2016 and for the period from June 15, 2016 (date of
incorporation) through December 31, 2016.
Fourth Quarter 2016 Highlights
- The Company completed its initial
public offering on the New York Stock Exchange.
- The Company acquired a 127,000 square
foot industrial property in a sale-leaseback transaction with
PharmaCann LLC (the "Initial Property").
- The Company generated total revenues of
$321,000 and rental revenues of $180,000, reflecting the pro rata
rent paid by PharmaCann at its Initial Property in December
2016.
Initial Public Offering
On December 5, 2016, the Company completed its initial public
offering on the New York Stock Exchange, issuing an aggregate of
3,350,000 shares of common stock and receiving approximately $61.1
million of net proceeds. Approximately $30.0 million of the net
proceeds from the Company's initial public offering were utilized
to purchase the Initial Property. At December 31, 2016, the Company
had cash and cash equivalents of approximately $33.0 million.
Acquisition Activity and Pipeline
On December 19, 2016, the Company completed the acquisition of
the Initial Property in New York in a sale-leaseback transaction
with PharmaCann for approximately $30.0 million. Concurrent with
the closing of the acquisition, the Company entered into a
triple-net lease with PharmaCann, as tenant, which includes the
following terms:
- PharmaCann is responsible for paying
for all structural repairs, maintenance expenses, insurance and
taxes related to the Initial Property.
- The term of the lease is 15 years, with
two options to extend the term for two five-year periods.
- The initial base rent is $319,580 per
month, subject to annual increases at a rate based on the higher of
(i) 4% or (ii) 75% of the consumer price index.
- The Company receives a property
management fee equal to 1.5% of the then-current base rent
throughout the term, and supplemental base rent for the first five
years of the term at a rate of $105,477 per month.
- Together, the annualized initial base
rent, property management fee and supplemental base rent equate to
approximately 17.2% of the purchase price of the Initial
Property.
As of March 22, 2017, the Company had identified and was in
various stages of reviewing approximately $120 million of
additional potential properties for acquisition, which amount is
estimated based on sellers’ asking prices for the properties,
ongoing negotiations with sellers, the Company's assessment of the
values of such properties after taking into account the current and
expected lease revenue, operating history, age and condition of the
property, and other relevant factors. There can be no assurance
that the Company will consummate the acquisition of any of the
properties in its current acquisition pipeline on the terms
anticipated, or at all.
Financial Results
For the fourth quarter 2016 and for the period from June 15,
2016 (date of incorporation) through December 31, 2016, the Company
had total revenues of $321,000 and rental revenues of $180,000.
Rental revenues reflect the pro rata rent paid for the month of
December by PharmaCann at the Company's Initial Property, which was
the only property that the Company owned as of December 31, 2016.
The Company began real estate operations after closing its initial
public offering and purchasing the Initial Property in December
2016.
For the fourth quarter 2016 and for the period from June 15,
2016 (date of incorporation) through December 31, 2016, the Company
recorded a net loss of $4.2 million ($2.80 per basic and diluted
share) and $4.4 million ($4.56 per basic and diluted share),
respectively, which includes $3.5 million and $3.7 million,
respectively, of a one-time, non-cash expense related to the
redemption of the Company's Class B common stock. All shares of the
Company's Class B common stock were initially purchased by the
founders of the Company at par value ($0.001 per share) and were
subsequently redeemed in their entirety by the Company at par value
($0.001 per share). Notwithstanding the fact that no value was
received by any of the founders (including any executive officer or
director of the Company) for the Class B common stock, the Company,
in accordance with U.S. generally accepted accounting principles
("GAAP"), was required to record the unamortized value of the Class
B common stock as a non-cash Class B stock forfeiture expense in
the fourth quarter 2016.
For the fourth quarter 2016, funds from operations ("FFO") and
FFO per basic and diluted share were ($4.2) million and ($2.78) per
basic and diluted share, respectively, and were ($658,000) and
($0.44) per share, respectively, excluding the one-time, non-cash
Class B stock forfeiture expense. For the period from June 15, 2016
(date of incorporation) through December 31, 2016, FFO and FFO per
share were ($4.4) million and ($4.53) per share, respectively, and
were ($658,000) and ($0.68) per share excluding the one-time,
non-cash Class B stock forfeiture expense.
For the fourth quarter 2016, adjusted funds from operations
("AFFO") and AFFO per share were ($600,000) and $(0.40) per basic
and diluted share, respectively. For the period from June 15, 2016
(date of incorporation) through December 31, 2016, AFFO and AFFO
per share were ($600,000) and $(0.62) per basic and diluted share,
respectively.
FFO and AFFO are supplemental non-GAAP financial measures used
in the real estate industry to measure and compare the operating
performance of real estate companies. A complete reconciliation
containing adjustments from GAAP net loss available to common
stockholders to FFO and AFFO and definitions of terms are included
at the end of this release.
Teleconference and Webcast
Innovative Industrial Properties, Inc. will conduct a
conference call and webcast at 10:00 a.m. Pacific
Time (1:00 p.m. Eastern Time) on Thursday, March 23,
2017 to discuss the company's financial results and operations
for the quarter ended December 31, 2016 and for the period from
June 15, 2016 (date of incorporation) through December 31, 2016.
The call will be open to all interested investors through a live
audio webcast at the Investor Relations section of the company's
website at www.innovativeindustrialproperties.com, or live by
calling 1-866-807-9684 (domestic) or 1-412-317-5415 (international)
and asking to be joined to the Innovative Industrial Properties,
Inc. conference call. The complete webcast will be archived for 90
days on the company's website. A telephone playback of the
conference call will also be available from 12:00 p.m. Pacific
Time on Thursday, March 23, 2017 until 12:00
p.m. Pacific Time on Thursday, March 30, 2017, by calling
1-877-344-7529 (domestic), 1-855-669-9658 (Canada) or
1-412-317-0088 (international) and using access code 10103239.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc. is a self-advised
Maryland corporation focused on the acquisition, ownership and
management of specialized industrial properties leased to
experienced, state-licensed operators for their regulated
medical-use cannabis facilities. Innovative Industrial Properties,
Inc. intends to elect to be taxed as a real estate investment
trust. Additional information is available at
www.innovativeindustrialproperties.com.
This press release contains statements that the
Company believes to be “forward-looking statements” within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than historical
facts are forward-looking statements. When used in this press
release, words such as the Company “expects,” “intends,” “plans,”
“estimates,” “anticipates,” “believes” or “should” or the negative
thereof or similar terminology are generally intended to identify
forward-looking statements. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed in, or implied by, such
statements. Investors should not place undue reliance upon
forward-looking statements. The Company disclaims any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
INNOVATIVE INDUSTRIAL PROPERTIES, INC.
CONSOLIDATED BALANCE SHEET
(Dollars in thousands, except share and
per share amounts)
Assets At December 31, 2016 Real estate, at cost:
Land $ 7,600 Buildings and improvements 22,475 Total real
estate, at cost 30,075 Less accumulated depreciation (27 ) Net real
estate held for investment 30,048 Cash and cash equivalents 33,003
Prepaid insurance and other assets, net 276 Total assets $
63,327
Liabilities and stockholders' equity Accounts
payable, accrued expenses and other liabilities $ 70 Offering cost
liability 276 Rents received in advance and tenant security deposit
2,542 Total liabilities 2,888 Commitments and
contingencies Stockholders' equity: Preferred stock, par value
$0.001 per share, 50,000,000 shares authorized, no shares issued
and outstanding as of December 31, 2016 — Class A common stock, par
value $0.001 per share, 49,000,000 shares authorized, 3,416,508
shares issued and outstanding as of December 31, 2016 3 Class B
common stock, par value $0.001 per share, 1,000,000 shares
authorized, no shares issued and outstanding as of December 31,
2016 — Additional paid-in-capital 64,828 Accumulated deficit (4,392
) Total stockholders' equity 60,439 Total liabilities and
stockholders' equity $ 63,327
INNOVATIVE
INDUSTRIAL PROPERTIES, INC. CONSOLIDATED STATEMENTS
OF OPERATIONS
(Dollars in thousands, except share and
per share amounts)
For the three months ended
December 31, 2016
For the period from June 15,
2016 (date of incorporation) through
December 31, 2016
Revenues: (unaudited) Rental $ 180 $ 180 Tenant reimbursements 87
87 Other 54 54 Total revenues 321
321 Expenses: Property expenses 87 87 General and
administrative 770 770 Stock-based compensation 58 58 Forfeited
Class B common shares 3,507 3,707 Organization costs 64 64
Depreciation 27 27 Total expenses 4,513
4,713 Net loss $ (4,192 ) $ (4,392 ) Net loss per
share (basic and diluted) $ (2.80 ) $ (4.56 ) Weighted average
shares outstanding (basic and diluted) 1,496,564 962,775
INNOVATIVE INDUSTRIAL PROPERTIES, INC.
CONSOLIDATED FUNDS FROM OPERATIONS
(In thousands, except share data)
(Unaudited)
The Company's FFO available to common
shares and a reconciliation to net loss for the three months ended
December 31, 2016 and for the period from June 15, 2016 (date of
incorporation) through December 31, 2016 were as follows (dollars
in thousands, except for share and per share amounts):
For the three months ended
December 31, 2016
For the period from June 15,
2016 (date of incorporation) through
December 31, 2016
Net loss $ (4,192 ) $ (4,392 ) Real estate depreciation 27
27 FFO $ (4,165 ) $ (4,365 ) FFO per common
share – basic and diluted
$
(2.78
)
$ (4.53 ) Weighted-average common shares outstanding – basic and
diluted 1,496,564 962,775
The Company's AFFO available to common
shares and a reconciliation of FFO to AFFO for the three months
ended December 31, 2016 and for the period from June 15, 2016 (date
of incorporation) through December 31, 2016 were as follows
(dollars in thousands, except for share and per share amounts):
For the three months ended
December 31, 2016
For the period from June 15,
2016 (date of incorporation) through
December 31, 2016
FFO $ (4,165 ) $ (4,365 ) Stock-based compensation 58 58 Forfeited
Class B common shares
3,507
3,707
Total adjustments 3,565 3,765
AFFO $ (600 ) $ (600 ) AFFO per common share – basic and diluted
$
(0.40
)
$
(0.62
)
Weighted-average common shares outstanding – basic and diluted
1,496,564 962,775
FFO and FFO per share are operating performance measures adopted
by the National Association of Real Estate Investment Trusts, Inc.
("NAREIT"). NAREIT defines FFO as the most commonly accepted and
reported measure of a REIT's operating performance equal to "net
income (loss) (computed in accordance with GAAP), excluding gains
(or losses) from sales of property, plus depreciation and
amortization related to real estate properties, and after
adjustments for unconsolidated partnerships and joint
ventures."
Management believes FFO and FFO per share to be important
supplemental measures of a REIT's performance because they provide
an understanding of the operating performance of the Company's
properties without giving effect to certain significant non-cash
items, primarily depreciation expense. Historical cost accounting
for real estate assets in accordance with GAAP assumes that the
value of real estate assets diminishes predictably over time.
However, real estate values instead have historically risen or
fallen with market conditions. The Company believes that by
excluding the effect of depreciation, FFO and FFO per share can
facilitate comparisons of operating performance between periods.
The Company reports FFO and FFO per share because these measures
are observed by management to also be the predominant measures used
by the REIT industry and by industry analysts to evaluate REITs and
because FFO per share is consistently reported, discussed, and
compared by research analysts in their notes and publications about
REITs. For these reasons, management has deemed it appropriate to
disclose and discuss FFO and FFO per share.
Management believes that AFFO and AFFO per share are also
appropriate supplemental measures of a REIT's operating
performance. The Company calculates AFFO by adding to FFO certain
non-cash expenses, consisting primarily of non-cash stock-based
compensation expense and forfeited Class B common shares.
The Company's computation of FFO and AFFO may differ from the
methodology for calculating FFO and AFFO utilized by equity REITs
and, accordingly, may not be comparable to such REITs. Further, FFO
and AFFO do not represent cash flow available for management's
discretionary use. FFO and AFFO should not be considered as an
alternative to net income (loss) (computed in accordance with GAAP)
as an indicator of the Company's financial performance or to cash
flow from operating activities (computed in accordance with GAAP)
as an indicator of the Company's liquidity, nor is it indicative of
funds available to fund the Company's cash needs, including the
Company's ability to pay dividends or make distributions. FFO and
AFFO should be considered only as supplements to net income (loss)
computed in accordance with GAAP as measures of the Company's
operations.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170322006236/en/
Innovative Industrial Properties, Inc.Robert SistekChief
Financial Officer and Executive Vice President,
Investments858-997-3332
Innovative Industrial Pr... (NYSE:IIPR)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Innovative Industrial Pr... (NYSE:IIPR)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024