Marijuana REIT Innovative Industrial Properties Doubles Revenue, Profitability in Q1
In its first quarter, Innovative Industrial Properties (NYSE: IIPR) not only convincingly beat analyst estimates, it also managed to more than double several key financial line items.
For the quarter, the company -- which is currently the only specialty marijuana-property real estate investment trust (REIT) on the stock market -- took in nearly $42.9 million in revenue. That was a 103% improvement over the prior-year quarter.
Net income and adjusted funds from operations (AFFO, widely considered to be a more accurate gauge of profitability for REITs) followed a similar trajectory. The former landed at nearly $25.6 million, well more than double the $11.5 million of last year's first quarter. The latter was $38.4 million, or $1.47 per share, from the year-ago quarter's $17.8 million.
Source Fool.com
