Published on 27 Feb 2024 on Benzinga
Cannabis REIT Innovative Industrial's 2023 Revenue Hits $309.5M, Up 12% From 2022 - Innovative Ind...
Cannabis REIT Innovative Industrial Properties, Inc. IIPR announced its financial results for the fourth quarter and year ended December 31, 2023, reporting a 12 % year-over-year increase in total revenue to $79.2 million and $309.5 million, respectively.
The San Diego company attributed the revenue rise to an increase in tenant reimbursements year-over-year, as well as "activity in prior periods for the acquisition and leasing of new properties, additional building infrastructure allowances provided to tenants at certain properties that resulted in increases to base rent and contractual rental escalations at certain properties."