Cannabis REIT Innovative Industrial's 2023 Revenue Hits $309.5M, Up 12% From 2022

Cannabis REIT Innovative Industrial Properties, Inc. IIPR announced its financial results for the fourth quarter and year ended December 31, 2023, reporting a 12 % year-over-year increase in total revenue to $79.2 million and $309.5 million, respectively.

The San Diego company attributed the revenue rise to an increase in tenant reimbursements year-over-year, as well as "activity in prior periods for the acquisition and leasing of new properties, additional building infrastructure allowances provided to tenants at certain properties that resulted in increases to base rent and contractual rental escalations at certain properties."

See also: Marijuana REIT Innovative Industrial Properties Q2 FY23 Revenue Grows 8% YoY To $76.5M

Q4 2023 Financial Highlights

• Net income attributable to common stockholders totaled $41.3 million, representing a slight increase from $41.2 million in the fourth quarter of 2022.
• Total expenses amounted to $35.2 million, up from $30 million in the corresponding quarter of last year.
• Recorded AFFO of approximately $64.3 million, or $2.28 per share, each increase of 8% from the prior year's quarter, respectively.

FY 2023 Financial Highlights

• Net income attributable to common stockholders of approximately $164.2 million, up from $153 million in 2022.
• Total expenses amounted to $135 million, up from $110 million in 2022.
• Recorded adjusted funds from operations (AFFO) and normalized funds from operations (normalized FFO) of approximately $256.5 million and $234.1 million, increases of 10% and 9% over 2022, respectively.

Now read: NASDAQ Traded Cannabis REIT Reports 10% YoY Revenue Increase, Touts Property Across 19 States

IIPR Price Action

Industrial Properties' shares traded 3.48% higher at $92.87 per share at the time of writing on Tuesday morning.

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