Why Innovative Industrial Properties Stock Surged Today

Shares of Innovative Industrial Properties (NYSE: IIPR) jumped 16.7% on Thursday after the real estate investment trust (REIT) delivered strong third-quarter results.  

IIP has steadily expanded its portfolio of medical-use cannabis facilities over the past year. In the third quarter, its revenue soared 197% to $34.3 million, while its net income and adjusted funds from operations (AFFO) -- an important cash flow metric for REITs -- climbed 205% and 192%, respectively, to $18.9 million and $27.9 million.

Innovative Industrial Properties delivered sizable gains to its investors on Thursday. Image source: Getty Images.

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Source Fool.com