Marijuana Company IIP Earnings Call: 3 Things Investors Should Know

Innovative Industrial Properties (NYSE: IIPR), a real estate investment trust (REIT) focused on the U.S. cannabis sector, reported strong fourth-quarter 2021 results late last month.

In the fourth quarter, revenue soared 59% year over year to $58.9 million, driven primarily by the acquisition and leasing of new properties, along with contractual rental increases at certain properties. As of Feb. 23, the date of the earnings release, IIP (as the company is sometimes called) owned 105 properties in 19 states where marijuana for medical use is legal.

The quarter's earnings per share jumped 25% to $1.14, and adjusted funds from operations (FFO) -- a key profitability metric for REITs -- surged 42% to $1.85 per share.

Source Fool.com