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After the market closed on Wednesday, Progressive Industrial Properties, Inc. (IIP) (NYSE: IIPR) delivered one other quarter of strong outcomes. The actual property funding belief (REIT) reported that its complete revenues elevated 103% to $42.9 million for the primary quarter ending March 31, 2021. This beat the yahoo Finance common analyst estimate for revenues of $42.88 for the quarter.
IIP additionally recorded internet revenue of roughly $25.6 million for the quarter, or $1.05 per diluted share, and adjusted funds from operations (“AFFO”) of roughly $38.4 million, or $1.47 per diluted share (Be aware: AFFO per diluted share for the interval contains the dilutive impression of the assumed full change of IIP’s $143.75 million of exchangeable senior notes for shares of frequent inventory). This additionally beat the analyst estimate for $0.96. As well as, IIP paid a quarterly dividend of $1.32 per share on April 15, 2021, to frequent stockholders of report as of March 31, 2021, representing a 32% improve over the primary quarter of 2020’s dividend and an roughly 6% improve over the fourth quarter 2020 dividend. The corporate additionally determined towards internet hosting a convention name to debate its first-quarter outcomes and administration made no feedback within the firm’s press launch.
The REIT famous that the rise in its first-quarter income over final yr was pushed primarily by the acquisition and leasing of latest properties, further tenant enchancment allowances and development funding at current properties leading to changes to base hire, and contractual rental escalations at sure properties.
Portfolio of Properties
As of Might 5, 2021, IIP mentioned it owned 69 properties situated in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia and Washington, representing a complete of roughly 6.2 million rentable sq. toes (together with roughly 2.3 million rentable sq. toes beneath improvement/redevelopment), which have been 100% leased with a weighted-average remaining lease time period of roughly 16.7 years. As of Might 5, 2021, IIP had invested roughly $1.2 billion throughout its portfolio and had dedicated an extra roughly $339.5 million to reimburse sure tenants and sellers for the completion of development and tenant enhancements at IIP’s properties.
The typical worth goal for the inventory is $217 and the shares have been currently buying and selling at $173. It seems to be as if the shares are promoting barely larger in early buying and selling on Thursday.
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