REIT - NASDAQ Traded Cannabis REIT Reports 10% YoY Revenue Increase Touts Property Across 19 States | Benzinga
Innovative Industrial Properties, Inc. (NYSE: IIPR) reported its third quarter financial results on Wednesday for the three month period ended Sept.30, 2023, revealing a 10% year-over-year increase in total revenues to $77.8 million.
The company is the first and only real estate company on the New York Stock Exchange.
Q3 2023 Financial Results
- Net income attributable to common stockholders of approximately $41.3 million for the quarter, or $1.45 per share, up from $37.3 million, or $1.32 per share in the prior year’s period.
- Total expenses amounted to roughly $34 million, up from $29.5 million in the third quarter of last year.
- Recorded adjusted funds from operations of approximately $64.8 million, or $2.29 per share, increases of 7.8% and 7.5% from the prior year’s quarter, respectively.
- Paid a quarterly dividend of $1.80 per common share on Oct. 13, 2023 to stockholders of record as of Sept. 29, 2023.
- The common stock dividends declared for the ...