Progressive Industrial Properties Q3 outcomes exceed consensus (NYSE:IIPR)

Progressive Industrial Properties (NYSE:IIPR) reported Q3 earnings and income that beat Wall Road consensus estimates, as income climbed on tis acquisition and leasing of latest properties and extra infrastructure allowances led to greater rents at sure properties.

Nonetheless, the REIT that owns regulated hashish services mentioned it did not gather $5.7M of lease from two tenants in California throughout the quarter.

Q3 adjusted FFO per share of $2.13, exceeding the $1.89 consensus, rose from $1.97 in Q2 and from $1.71 in Q3 2021.

Q3 income of $70.9M, topping the $68.4M consensus, edged up from $70.5M within the prior quarter and grew from $53.9M within the year-ago quarter.

Whole bills of $29.5M elevated from $26.4M within the prior quarter and from $17.6M within the year-ago quarter.

Throughout Q3, Progressive Industrial Properties (IIPR) did not gather contractual rents totaling $5.7M from two tenants in California — Kings Backyard and associates of Medical Investor Holdings. Nonetheless, it did apply ~$2.6M from safety deposits for defaults by Kings Backyard. IIPR stick slipped 0.4% in after-hours buying and selling.

Throughout the quarter, the corporate acquired a Massachusetts industrial property, totally constructed out and operational as a regulated hashish cultivation and processing facility, in a sale-leaseback transaction with a subsidiary of Curaleaf Holdings for $21.5M.

After the tip of Q3, IIPR bought a Pennsylvania industrial property leased to a subsidiary of Maitri Holdings LLC for $23.5M.

Convention name on Nov. 3 at 1:00 PM ET.

Earlier, Progressive Industrial Properties (IIPR) AFFO of $1.97 beats by $0.08, income of $70.9M beats by $2.47M