Market Pulse Archives

May 6, 2020, 6:09 p.m. EDT

Cannabis REIT Innovative Industrial Properties shares fall after earnings

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Innovative Industrial Properties Inc. (IIPR)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Max A. Cherney

Marijuana real estate investment trust Innovative Industrial Properties Inc. /zigman2/quotes/208038978/composite IIPR -2.54% shares fell 2.6% in after-hours trading Wednesday after the company reported first-quarter net income of $11.5 million, or 72 cents a share, compared with net income of $3.3 million, or 33 cents a share a year ago. Revenue rose to $21.1 million from $6.8 million in the year-ago quarter. The four analysts surveyed by FactSet estimated revenue of $20.8 million. The company noted that in the majority of U.S. states, cannabis has been deemed an essential business but the company did not discuss any further impacts on its REIT operations. The company was the subject of a short report in April by Grizzly Research that claimed it was akin to the "WeWork of cannabis." Innovative Industrial stock is down 7.1% in the past year, as the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.74% fell 2.2%.

/zigman2/quotes/208038978/composite
US : U.S.: NYSE
$ 107.84
-2.81 -2.54%
Volume: 34,663
June 30, 2022 10:30a
P/E Ratio
22.26
Dividend Yield
6.50%
Market Cap
$3.09 billion
Rev. per Employee
$12.57M
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,752.34
-66.49 -1.74%
Volume: 513.32M
June 30, 2022 10:30a
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.