Innovative Industrial Properties nets $164M in 2023

IIPR also continued expanding and streamlining its marijuana real estate portfolio.

Maryland-based Innovative Industrial Properties Inc. (NYSE: IIPR) reported net income of $164.2 million for the 2023 calendar year, including $41.3 million in the fourth quarter alone.

The cannabis real estate company posted a 12% year-over-year annual revenue increase to $309.5 million, with $79.2 million in revenue for the quarter that ended on New Year’s Eve.

IIPR also appears solidly positioned heading into 2024, with 100% rent collections from its cannabis tenants in the fourth quarter and the same percentage through the end of February for this year. That’s a significant change from some quarters in the past few years, when Innovative had to chase some tenants for rent collections or retain their security deposits.

In addition, IIPR continued expanding and streamlining its marijuana real estate portfolio, with the sale last year of some properties in California for $16.2 million, a new lease execution in Michigan for Lume Cannabis Co. at a property previously used by Green Peak Industries, and a new lease amendment at one of Innnovative’s New York properties with a subsidiary of multistate operator Goodness Growth Holdings (CSE: GDNS) (OTCQX: GDNSF) to increase the rent by $14 million.

In 2024 thus far, the company also amended the lease agreement with PharmaCann at another New York facility to increase the rent there by $16 million.

Innovative’s property portfolio at the close of 2023 stood at 108 parcels in 19 states with approximately 8.9 million rentable square feet.

Innovative had $2.3 billion in total assets at the end of 2023, including $140.2 million in cash, against $438.1 million in total liabilities.

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