Overview

* Innovative Industrial Properties ( IIPR ) 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/Mis Actual Consensu

s s

Estimate

Q2 Miss $62.90 $63.90

Revenue mln mln (5

Analysts

)

Q2 Net $25.10

Income 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 ( IIPR ) 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:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)