Innovative Industrial Properties (IIPR) Stock Pops 3.5% on Strong Earnings Report

Innovative Industrial Properties (NYSE: IIPR), a cannabis industry-focused real estate investment trust (REIT), reported strong third-quarter 2020 results after the market close on Wednesday, Nov. 4. 

Shares closed up 3.5% in Wednesday's after-hours trading session. We can attribute the market's initial reaction to both revenue and earnings coming in higher than the Wall Street consensus estimates. This after-hours performance bodes well for the stock's performance on Thursday.

In 2020, Innovative Industrial Properties (often called IIP) stock has returned 82.1% through Wednesday's regular trading session -- 10 times the S&P 500's 8.2% return over this period.

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Source Fool.com