Cannabis REIT Innovative Industrial's 2023 Revenue Hits $309.5M, Up 12% From 2022
Portfolio Pulse from Jelena Martinovic
Innovative Industrial Properties, Inc. (IIPR) reported a 12% increase in 2023 revenue to $309.5 million, with Q4 revenue at $79.2 million. The growth is attributed to tenant reimbursements, acquisitions, leasing of new properties, and rental escalations. Net income for 2023 was $164.2 million, up from $153 million in 2022. Total expenses for the year rose to $135 million. The company's shares saw a 3.48% increase to $92.87 per share.
February 27, 2024 | 4:25 pm
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Innovative Industrial Properties, Inc. (IIPR) reported a 12% increase in 2023 revenue to $309.5 million, with shares trading 3.48% higher at $92.87.
The reported increase in revenue and net income for IIPR indicates a strong financial performance for the year 2023, which is likely to positively influence investor sentiment and stock price in the short term. The specific mention of a 3.48% increase in share price further supports the expectation of continued positive momentum.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100