Cannabis REIT IIP Reports Q3 Revenue Growth 57% YoY, 28% Higher Dividends

-focused REIT Innovative Industrial Properties, Inc. (NYSE: IIPR) released its third-quarter earnings on Wednesday with total revenue of around $53.9 million, up by 57% year-over-year from $34.3 million. The increase was driven primarily by the acquisition and leasing of new properties, in addition to contractual rental escalations and amendments at certain properties.

Third Quarter Financial Highlights

  • Rental revenues reached $1.4 million, compared to $2.8 million in the same quarter of 2020;
  • Net income attributable to common stockholders amounted to $29.8 million, or $1.20 per diluted share, compared to net income of $18.88 million, or $0.87 per diluted share in …

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