Innovative Industrial Properties (IIPR) reported total revenues of $76.7 million for the fourth quarter ended December 31, 2024, a 3% decrease from $79.2 million in Q4 2023. Net income attributable to common stockholders for the quarter was $39.461 million, or $1.36 per share, down from $41.295 million, or $1.45 per share, in the prior year. Adjusted Funds From Operations (AFFO) for Q4 2024 was $63.361 million, or $2.22 per share, compared to $64.338 million, or $2.28 per share, in Q4 2023.
For the full year 2024, total revenues were $308.5 million, a decrease of under 1% from $309.5 million in 2023. Full-year net income attributable to common stockholders was $159.857 million, or $5.52 per share, compared to $164.236 million, or $5.77 per share, in 2023. Full-year AFFO was $8.98 per share, a slight decrease from $9.08 per share in 2023.
The company's leasing activity for 2024 totaled 530,000 square feet, representing 6% of its total portfolio. IIP applied $5.7 million of security deposits for rent payments from five tenants during Q4 2024. The common stock dividends declared for the twelve months ended December 31, 2024, totaled $7.52 per common share, marking an increase each year since the company's inception in 2016, with an AFFO payout ratio of 86% for Q4 2024.
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