Ryland Zweifel
Innovative Industrial Properties (NYSE:IIPR) recorded stronger-than-expected Q4 2023 earnings on Monday, and its revenue also beat the Wall Street consensus, as the cannabis REIT collected 100% of its rent in the quarter.
Q4 normalized FFO per share of $2.07, topping the average analyst estimate of $2.02, fell from $2.09 in Q3 and increased from $1.95 in Q4 2022.
Revenue of $79.2M, beating the $76.5M consensus, increased from $77.8M in the prior quarter and $70.5M a year ago.
Innovative Industrial (IIPR) stock rose 1.9% in Monday after-hours trading.
Expenses of $35.2M climbed from $34.0M in Q3 and $29.8M in Q4 2022.
The owner of medical cannabis properties collected 100% of rent in Q4, compared with 97% in the previous quarter. Rental revenue during the most recent quarter included ~$0.8M of security deposits applied in connection with an amendment with 4Front Ventures, one of IIP’s Illinois properties, and…
