Marijuana REIT Innovative Industrial Properties Doubles Revenue, Profitability in Q1

In its first quarter, Innovative Industrial Properties (NYSE: IIPR) not only convincingly beat analyst estimates, it also managed to more than double several key financial line items. For the quarter, the company -- which is currently the only specialty marijuana-property real estate investment trust (REIT) on the stock market -- took in nearly $42.9 million in revenue. Net income and adjusted funds from operations (AFFO, widely considered to be a more accurate gauge of profitability for REITs) followed a similar trajectory.