IIPR - Innovative Industrial Properties Earnings Call: 2 Key Things Investors Should Know
Last week, Innovative Industrial Properties (NYSE: IIPR) , a real estate investment trust (REIT) focused on the U.S. cannabis sector, reported solid third-quarter results .
Revenue jumped 32% year over year to $70.9 million, driven primarily by the acquisition and leasing of new properties, along with contractual rental increases at certain properties. Earnings per share increased 10% to $1.32, and adjusted funds from operations (FFO) -- a key profitability metric for REITs -- grew 25% to $1.71 per share.
As of Nov. 3, IIP (as the company is often called) owned 111 properties (109 operating and two under construction) across 19 states where marijuana for medical use is legal.
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Innovative Industrial Properties Earnings Call: 2 Key Things Investors Should Know