Cannabis REIT Beats Expectations in Q2

Innovative Industrial Properties Reports Second Quarter 2023 Results

SAN DIEGO–(BUSINESS WIRE)–Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today results for the second quarter ended June 30, 2023.

Second Quarter 2023

Financial Results

• Generated total revenues of approximately $76.5 million in the quarter, representing an 8% increase from the prior year’s quarter.
• Recorded net income attributable to common stockholders of approximately $40.9 million for the quarter, or $1.44 per diluted share.
• Recorded adjusted fund from operations (AFFO) of approximately $64.0 million, or $2.26 per diluted share, increases of 6% and 5% from the prior year’s quarter, respectively.
• Paid a quarterly dividend of $1.80 per common share on July 14, 2023 to stockholders of record as of June 30, 2023. The common stock dividends declared for the twelve months ended June 30, 2023 of $7.20 per common share represent an increase of $0.70, or 11%, over dividends declared for the twelve months ended June 30, 2022.

Original press release

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