Innovative Industrial Properties Q2 revenue misses expectations
Overview
Innovative Industrial Properties Q2 revenue misses analyst expectations, down 21% yr/yr
Net income for Q2 declines significantly compared to last year
Co repurchased $20 mln of common stock, maintaining liquidity over $190 mln
Result Drivers
TENANT DEFAULTS - Tenant defaults, including PharmaCann and others, led to a $15.8 mln revenue decline
PROPERTY SALES - Revenue decreased due to properties vacated or sold, impacting income by $1.3 mln
NEW LEASES - Revenue partially offset by $1.5 mln increase from new leases on existing properties
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Miss | $62.90 mln | $63.90 mln (5 Analysts) |
Q2 Net Income |
| $25.10 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy."
Wall Street's median 12-month price target for Innovative Industrial Properties Inc is $53.00, about 1.3% above its August 5 closing price of $52.29
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 13 three months ago
Press Release: ID:nBw4xjlk9a
