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.
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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
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