Cannabis REIT
Innovative Industrial Properties, Inc. (NYSE:IIPR) announced Wednesday that its total revenue increased by 103% year-over-year to $42.9 million in the first quarter of 2021.
Net income for the same period was roughly $25.6 million, or $1.05 per diluted share, representing an annual growth of 122%.
Adjusted funds from operations amounted to approximately $38.4 million, or $1.47 per diluted share – an increase of 116% year-over-year.
The significant yearly increase in revenue, net income and AFFO can be attributed to the acquisition and leasing of new properties and operations related to existing properties.
As of March 31, the San Diego-based company had roughly $122.1 million in cash and cash equivalents and around $539.3 million in short-term investments.