Innovative Industrial Properties Reports Strong Q4 and Annual Results
PARK CITY, Utah (PR Newswire) - Innovative Industrial Properties, Inc. (IIPR) today announced its financial results for the fourth quarter and full year ended December 31, 2023.
Key Highlights:
* Fourth-quarter funds from operations (FFO): $63.4 million ($2.22 per share)
* Fourth-quarter net income: $39.5 million ($1.36 per share)
* Fourth-quarter revenue: $76.7 million
Annual Results:
* Annual FFO: $256.1 million
* Annual revenue: $308.5 million
IIPR's strong performance was driven by its continued focus on acquiring and leasing industrial properties to the regulated cannabis industry.
"We are pleased with our results for the fourth quarter and full year, which reflect the continued strength of our business and our commitment to delivering value to our shareholders," said Alan Gold, President and CEO of IIPR.
IIPR is a leading provider of capital to the cannabis industry, with a portfolio of 116 properties across 19 states. The company has a proven track record of providing long-term, triple-net lease financing to its tenants.
For more information, visit https://www.innovativeindustrialproperties.com.