Innovative Industrial Properties, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 26, 2024 at 04:49 pm EST
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Innovative Industrial Properties, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 78.62 million compared to USD 69.92 million a year ago. Revenue was USD 79.16 million compared to USD 70.46 million a year ago. Net income was USD 41.63 million compared to USD 41.51 million a year ago. Basic earnings per share from continuing operations was USD 1.46 compared to USD 1.47 a year ago. Diluted earnings per share from continuing operations was USD 1.45 compared to USD 1.46 a year ago.
For the full year, sales was USD 307.35 million compared to USD 274.38 million a year ago. Revenue was USD 309.51 million compared to USD 276.36 million a year ago. Net income was USD 165.59 million compared to USD 154.39 million a year ago. Basic earnings per share from continuing operations was USD 5.82 compared to USD 5.57 a year ago. Diluted earnings per share from continuing operations was USD 5.77 compared to USD 5.52 a year ago.
Innovative Industrial Properties, Inc. is an internally managed real estate investment trust (REIT). The Company is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated cannabis facilities. The Company is engaged in the business of providing real estate for the regulated cannabis industry. It acquires its properties through sale-leaseback transactions and third-party purchases. The Company owns approximately d 108 properties comprising an aggregate of approximately 8.9 million rentable square feet (including approximately 1.4 million rentable square feet under development/redevelopment) in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington. Its subsidiaries include IIP-AZ 1 LLC, IIP-AZ 2 LLC, IIP-AZ 3 LLC, IIP-CA 2 LP, and IIP-CA 1 LP.
INNOVATIVE INDUSTRIAL PROPERTIES, INC. 
