Innovative Industrial Properties, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 01, 2023 at 04:10 pm EDT
Share
Innovative Industrial Properties, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 77.29 million compared to USD 70.35 million a year ago. Revenue was USD 77.83 million compared to USD 70.88 million a year ago. Net income was USD 41.59 million compared to USD 37.62 million a year ago. Basic earnings per share from continuing operations was USD 1.46 compared to USD 1.33 a year ago. Diluted earnings per share from continuing operations was USD 1.45 compared to USD 1.32 a year ago.
For the nine months, sales was USD 228.73 million compared to USD 204.45 million a year ago. Revenue was USD 230.35 million compared to USD 205.9 million a year ago. Net income was USD 123.96 million compared to USD 112.88 million a year ago. Basic earnings per share from continuing operations was USD 4.36 compared to USD 4.1 a year ago. Diluted earnings per share from continuing operations was USD 4.32 compared to USD 4.06 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. 
