Innovative Industrial Properties Inc. (NYSE: IIPR) reported Q2 EPS of $0.73, $0.02 worse than the analyst estimate of $0.75. Revenue for the quarter came in at $24.3 million versus the consensus estimate of $24.28 million.

• IIP generated total revenues of approximately $24.3 million in the quarter, representing a 183% increase from the prior year’s second quarter.
• IIP recorded net income available to common stockholders of approximately $13.0 million for the quarter, or $0.73 per diluted share, and adjusted funds from operations (AFFO) of approximately $21.0 million, or $1.19 per diluted share. Net income available to common stockholders and AFFO increased by 322% and 263% from the prior year’s second quarter, respectively.
• IIP paid a quarterly dividend of $1.06 per share on July 15, 2020 to common stockholders of record as of June 30, 2020, representing a 77% increase over the second quarter 2019’s dividend.
• In May, IIP completed an underwritten public offering of 1,550,648 shares of common stock, including the exercise in full of the underwriter’s option to purchase an additional 202,259 shares, resulting in net proceeds of approximately $114.9 million.
• Subsequent to the end of the quarter, in July, IIP completed an underwritten public offering of 3,085,867 shares of common stock, including the exercise in full of the underwriters’ option to purchase an additional 402,504 shares, resulting in gross proceeds of approximately $258.7 million.

For earnings history and earnings-related data on Innovative Industrial Properties Inc. (IIPR) click here.