Innovative Industrial Properties Slips Nearly 3% on Q1 Earnings Miss

The stock of Innovative Industrial Properties (NYSE: IIPR) received a smack on the chin from investors on Thursday for its first-quarter fiscal 2020 results.

The company, the only marijuana-focused real estate investment trust (REIT) traded on the stock market, released those quarterly figures after hours on Wednesday. They showed that the company booked $21.1 million in revenue, more than triple the Q1 2019 result.

Innovative's net income also rose more than threefold to hit $11.5 million, or $0.72 per share. Adjusted funds from operations (FFO), considered a more accurate measure of profitability for REITs, ballooned to almost $17.8 million ($1.12 per share) from the year-ago figure of just under $5.3 million.

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Source Fool.com