Marijuana REIT Innovative Industrial Properties posts $164.2M profit in 2023

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Marijuana industry real estate company Innovative Industrial Properties (IIP) reported $164.2 million in net income for its common shareholders in its full 2023 fiscal year.

The full-year profit was earned on $309.5 million in revenue for the fiscal year ended Dec. 31, an increase of 12% over IIP’s 2022 revenue.

IIP’s annual dividend was $7.22 per share, including a fourth-quarter dividend of $1.82 per share.

The San Diego-headquartered real estate investment trust (REIT) reported fourth-quarter net income of $41.3 million and quarterly revenue of $79.2 million, up 12% over the same quarter in 2022.

During the fourth quarter, IIP said it collected 100% of rent and property management fees from its cannabis industry tenants.

Rent collection also remained at 100% through the end of February 2024.

Year-to-date, IIP said it has:

  • Amended an agreement with multistate cannabis company PharmaCann regarding a property in New York to boost the improvement allowance by $16 million, “adjust base rent accordingly and extend the lease term.”
  • Found a new tenant for Michigan retail property previously leased to Green Peak Industries, also known as Skymint, which entered receivership in 2023.
  • Executed a letter of intent to lease another Michigan property previously used by Green Peak to Lume Cannabis Co.

IIP said it owned 108 properties in 19 states as of the end of 2023.

Of that portfolio, 103 properties are in operation and five are under development or redevelopment.

The company’s shares trade as IIPR on the New York Stock Exchange.