Innovative Industrial Properties Shoots 3.9% Higher on In-Line Q2 Results

Innovative Industrial Properties (NYSE: IIPR), the only real estate investment trust (REIT) on the market catering specifically to the needs of the cannabis industry, saw sharp rises in key fundamentals in its latest quarter.

The company unveiled its Q2 of fiscal 2020 figures after market close on Thursday. Total revenue was roughly $24.3 million for the period, 183% higher on a year-over-year basis. Net income of around $13 million ($0.73 per share) was 322% better than the Q2 2019 result.

Finally, Innovative's adjusted funds from operations (AFFO), widely considered to be the most important profitability line item for REITs, came in at $21 million ($1.19 per share), a 263% improvement.

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Source Fool.com