With an economic downturn and rising interest rates threatening commercial real estate, the marijuana industry facing a barrage of headwinds over the last year, and questions about the ability of its tenants to pay their rent, it's no wonder Innovative Industrial Properties' (NYSE: IIPR) shares are down 50% in the past 12 months. But the marijuana greenhouse landlord just gave investors an upbeat earnings report on May 8.

Could it be that things are looking up for IIP? And if they are, is now a good time to buy a few shares of this real estate investment trust (REIT)? Let's check it out. 

The most important metric from Innovative Industrial's Q1 update was its rent collection rate, which was 98%. As its tenants in the cannabis industry struggle with low marijuana selling prices, limited and costly access to capital, and a few other issues, the expectation is that they might struggle to pay up on time. Nonetheless, its rents yielded $76.1 million in quarterly revenue, versus only $1.6 million in contractually obligated rent that wasn't paid. 

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Source Fool.com