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Innovative Industrial Properties’ stock surges 10% after reporting Q3 2018 financial results

Innovative Industrial Properties’ stock surges 10% after reporting Q3 2018 financial resultsLeading Maryland-based cannabis investing company, Innovative Industrial Properties, Inc. (NYSE: IIPR) surged 10% to $44 per share after announcing results for the quarter ended September, 2018, the seventh quarter since it began operations in December 2016.

IIPR is a self-advised Maryland corporation focused on buying and owning properties leased to experienced, licensed operators for their medical-use cannabis facilities. IIPR is taxed as a real estate investment trust.

In Q3, IIPR reported revenue of $3.9 million, an increase of 150% from prior year. It posted net income of $1.5 million, or $0.21 per share

It paid its sixth consecutive quarterly dividend of $0.35 per share on October 15, 2018, a 40% increase over its Q2 dividend.

After the quarter, it completed a public offering of almost 3 million shares, raising $113.9 million.

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IIPR press release

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Innovative Industrial Properties’ stock surges 10% after reporting Q3 2018 financial results

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