Innovative Industrial Properties Keeps Up the Pace With Torrid Q3 Growth
On an excellent day for marijuana stocks generally, Innovative Industrial Properties (NYSE: IIPR) was a star performer on Thursday. In addition to the optimism buffeting such companies in recent days, the cannabis real estate investment trust also reported very good results for the third quarter of fiscal 2020.
For the quarter, Innovative's total revenue nearly tripled on a year-over-year basis, landing at just over $34.3 million. The company's adjusted funds from operations (AFFO, considered to be the best profitability yardstick for REITs) rose to almost $27.9 million, or $1.28 per diluted share, from the year-ago result of $9.5 million.
Image source: Getty Images.
Source Fool.com
