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November 06, 2024 at 10.20pm
Innovative Industrial Properties, Inc. reported earnings results for the third quarter and nine months ended September 30, 2024. For the third quarter, the company reported revenue of $76.05 million compared to $77.29 million dollars from a year ago. Revenue was $76.53 million compared to $77.83 million a year ago. Net income was $40.22 million compared to $41.59 million a year ago. Basic earnings per share from continuing operations were US$1.38 compared to US$1.46 a year ago. Diluted earnings per share from continuing operations were US$1.37 compared to US$1.45 a year ago.
For the nine months, revenue was US$230.22 million compared to US$228.73 million a year ago. Revenue was $231.77 million compared to $230.35 million a year ago. Net income was $121.64 million compared to $123.96 million a year ago. Basic earnings per share from continuing operations were US$4.21 compared to US$4.36 a year ago. Diluted earnings per share from continuing operations were US$4.16 compared to US$4.32 a year ago.
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Innovative Industrial Properties, Inc. is an internally managed real estate investment trust (REIT). The Company focuses on acquiring, owning and operating 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. The Company acquires its properties through sale-leaseback transactions and third-party purchases. The Company owns approximately 108 properties comprising 9.0 million square feet (including 722,000 leasable square feet under development/redevelopment) in 19 states, including 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 Operating Partnership, LP, Innovative Industrial Properties, LP, IIPR, Inc. and IIP-GP 2 LLC. More information about the Sell company
Buy
Average recommendation
Accumulate
Last closing price
123,00USD
Average target price
135,80USD
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