NASDAQ Traded Cannabis REIT Reports 10% YoY Revenue Increase, Touts Property Across 19 States
Portfolio Pulse from Jelena Martinovic
Innovative Industrial Properties, Inc. (NYSE:IIPR) reported a 10% YoY increase in total revenues to $77.8 million for Q3 2023. The company also reported net income of $41.3 million, up from $37.3 million in the prior year's period. Total expenses were around $34 million, up from $29.5 million in Q3 2022. The company paid a quarterly dividend of $1.80 per common share and declared dividends of $7.20 per common share for the twelve months ended Sept. 30, 2023. IIPR's shares traded 4.48% higher at $75.84 per share during the pre-market session on Thursday.
November 02, 2023 | 1:24 pm
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Innovative Industrial Properties reported strong Q3 2023 results, with a 10% YoY increase in revenues and higher net income. This positive financial performance led to a 4.48% increase in the company's share price in pre-market trading.
The company's strong financial performance in Q3 2023, including a 10% YoY increase in revenues and higher net income, is likely to have a positive impact on the company's share price in the short term. This is reflected in the 4.48% increase in the company's share price in pre-market trading following the announcement of the results.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100