Innovative Industrial Properties Earnings and Revenue Crush Expectations
Innovative Industrial Properties (NYSE: IIPR), a cannabis industry-focused real estate investment trust (REIT), reported powerful fourth-quarter and full-year 2019 results after the market closed on Wednesday.
The company didn't release its results until 8:28 p.m. EST, which is after Wednesday's after-hours trading session ended. In a usual market, this stock would be poised to soar on Thursday, since the company crushed the Wall Street consensus estimates on both the top and bottom lines, and adjusted funds from operations (AFFO) came in strong. However, this week's market has been widely negatively affected by the spread of the novel coronavirus, so it's challenging to predict how Innovative Industrial Properties stock will fare on Thursday.
The stock has returned 27.2% in 2020 through Wednesday, versus the S&P 500's return of negative 3.3%.
Source Fool.com
