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Innovative Industrial Properties, Inc. (IIPR) (NYSE: IIPR) announced the company’s reports for the first quarter of 2018 on May 9th. IIPR reported rental revenue of $2.7 million and an estimated net income of $607,000. The company also reported it has paid a quarterly dividend of $0.25 per share for the 4thconsecutive quarter in a row.

During the end of Q1 the company acquired an 89,000 sq. ft. facility in Pennsylvania for medical cannabis cultivation and processing through a sale-leaseback transaction. The estimated cost of this facility is an approximate $5.8 million. The tenant that uses the facility will be responsible for all repairs, expenses, insurance and taxes. As part of the agreement IIPR will also fund up to $2.8 million in improvements to the facility.

IIPR stock sharply decreased in value after market close on May 9th. The stock decreased 4.41% in less than an hour and a half of trading after the market closed.