Dividend-Paying Cannabis REIT, IIP, Quarterly Revenue Hits $75M, Representing 1% YoY Decline
Cannabis REIT Innovative Industrial Properties, Inc (NYSE:IIPR) announced results on Wednesday for the first quarter ended March 31, 2024, reporting revenue of $75 million, compared to $76 million in the same quarter of 2023.
The California-based marijuana company, attributed a 1% year-over-year revenue decrease to a $5.6 million decline in contractual rent and property management fees received during the quarter related to properties that IIP took back possession of since March 2023, and a decrease as a result of $1.5 million in rent received but not recognized in total revenues due to a re-classification of two leases that are treated as sales-type leases …