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SAN DIEGO - Innovative Industrial Properties Inc. (NYSE:IIPR) reported fourth quarter earnings and revenue that topped analyst expectations, sending shares up 1.4% in after-hours trading Wednesday.
The cannabis-focused real estate investment trust posted adjusted earnings per share of $1.36, beating the consensus estimate of $1.31. Revenue came in at $76.7 million, slightly above expectations of $76.08 million but down 3% YoY.
For the full year 2024, Innovative Industrial Properties generated total revenues of $308.5 million, a slight decrease from $309.5 million in 2023. The company attributed the decline primarily to properties it took back possession of or sold, as well as lease amendments that adjusted and deferred rent for certain properties.
The company declared dividends to common stockholders totaling $7.52 per share for 2024, continuing its track record of increasing dividends each year since inception in 2016.
Looking ahead, Innovative Industrial Properties said it has a property under contract in Maryland for $7.8 million, with closing subject to due diligence and conditions.
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