After the market closed on Wednesday, Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) delivered another quarter of solid results. The real estate investment trust (REIT) reported that its total revenues increased 103% to $42.9 million for the first quarter ending March 31, 2021. This beat the yahoo Finance average analyst estimate for revenues of $42.88 for the quarter.

IIP also recorded net income of approximately $25.6 million for the quarter, or $1.05 per diluted share, and adjusted funds from operations (“AFFO”) of approximately $38.4 million, or $1.47 per diluted share (Note: AFFO per diluted share for the period includes the dilutive impact of the assumed full exchange of IIP’s $143.75 million of exchangeable senior notes for shares of common stock). This also beat the analyst estimate for $0.96. In addition, IIP paid a quarterly dividend of $1.32 per share on April 15, 2021, to common stockholders of record as of March 31, 2021, representing a 32% increase over the first quarter of 2020’s dividend and an approximately 6% increase over the fourth quarter 2020 dividend. The company also decided against hosting a conference call to discuss its first-quarter results and management made no comments in the company’s press release.

The REIT noted that the increase in its first-quarter revenue over last year was driven primarily by the acquisition and leasing of new properties, additional tenant improvement allowances and construction funding at existing properties resulting in adjustments to base rent, and contractual rental escalations at certain properties.

Portfolio of Properties

As of May 5, 2021, IIP said it owned 69 properties located 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 total of approximately 6.2 million rentable square feet (including approximately 2.3 million rentable square feet under development/redevelopment), which were 100% leased with a weighted-average remaining lease term of approximately 16.7 years. As of May 5, 2021, IIP had invested approximately $1.2 billion across its portfolio and had committed an additional approximately $339.5 million to reimburse certain tenants and sellers for the completion of construction and tenant improvements at IIP’s properties.

The average price target for the stock is $217 and the shares were lately trading at $173. It looks as if the shares are selling slightly higher in early trading on Thursday.