Dividend-Paying Cannabis REIT, IIP, Quarterly Revenue Hits $75M, Representing 1% YoY Decline
Portfolio Pulse from Nina Zdinjak
Innovative Industrial Properties, Inc (NYSE:IIPR), a cannabis REIT, reported a slight decline in its Q1 2024 revenue, earning $75 million, a 1% decrease YoY. The company attributed the decline to a decrease in contractual rent and property management fees, partially offset by increases in other areas. Net income for Q1 2024 was $39.1 million, with a dividend of $1.82 per share paid in April. IIPR shares fell 3.89% in Thursday's pre-market session.
May 09, 2024 | 12:58 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
IIPR's Q1 2024 earnings show a slight revenue decline and a small drop in net income, with a consistent dividend payout. Shares dropped 3.89% in pre-market trading following the announcement.
The slight decline in revenue and net income, coupled with the pre-market share price drop, suggests a negative short-term impact on IIPR's stock. The consistent dividend may provide some stability, but the immediate market reaction is negative.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100