IIPR - Why did Innovative Industrial Properties stock jump today? Strong Q4 results

• Innovative Industrial Properties ( IIPR ) stock jumped 7.2% in Tuesday's trading after REIT that specializes in cannabis industry real estate posted better-than-expected Q4 earnings and revenue.
• Q4 adjusted FFO per share of $2.12, topping the $1.89 consensus estimate, slipped from $2.13 in the prior quarter and rose from $1.85 in the year-ago period.
• Revenue of $70.5M, exceeding the $69.0M average analyst estimate, compared with $70.9M in the prior quarter and $58.9M in the year-ago quarter.
• Q4 total expenses were $29.8M, up from $29.5M in Q3 and from $20.5M in Q4 2021.
• During the quarter, Innovative Industrial ( IIPR ) invested ~$394M, excluding transaction costs, including nine acquisitions of properties in seven states and 12 lease amendments to provide funding of qualifying real estate infrastructure improvements at properties in seven states. The company expanded its footprint to 110 properties totaling 8.7M rentable square feet in 19 states at year end.
• SA contributor UFD Capital calls Innovative Industrial Properties ( IIPR ) its favorite REIT trading at a discount

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