Innovative Industrial Properties, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 02, 2023 at 04:45 pm EDT
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Innovative Industrial Properties, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 75.92 million compared to USD 70 million a year ago. Revenue was USD 76.46 million compared to USD 70.51 million a year ago. Net income was USD 41.27 million compared to USD 40.21 million a year ago. Basic earnings per share from continuing operations was USD 1.45 compared to USD 1.42 a year ago. Diluted earnings per share from continuing operations was USD 1.44 compared to USD 1.42 a year ago.
For the six months, sales was USD 151.45 million compared to USD 134.11 million a year ago. Revenue was USD 152.52 million compared to USD 135.02 million a year ago. Net income was USD 82.36 million compared to USD 75.26 million a year ago. Basic earnings per share from continuing operations was USD 2.89 compared to USD 2.77 a year ago. Diluted earnings per share from continuing operations was USD 2.87 compared to USD 2.75 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. 
