Innovative Industrial Properties' Q4 Crushes Estimates
Marijuana real estate investment trust (REIT) Innovative Industrial Properties (NYSE: IIPR) is sure to see lively trading on Thursday after reporting its Q4 and full-year fiscal 2019 results late Wednesday.
For the quarter, the company booked nearly $17.7 million in revenue, triple and then some over the Q4 2018 result. Net profit more than quadrupled to almost $9.6 million, or $0.78 per share. Adjusted funds from operations (AFFO), the most important profitability metric for REITs, rose to just under $14.3 million ($1.18 per share) from the year-ago tally of $3.6 million.
Over the course of the full fiscal year, revenue came in at nearly $44.7 million, against 2018's almost $14.8 million. Net profit of $22.1 million well eclipsed the year-ago $5.6 million. AFFO was just under $34.9 million, or $3.27 per share, well up from the $9.7 million and $1.34, respectively, of 2018.
Source Fool.com
