Innovative Industrial Properties, Inc., the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, released results for the first quarter ended March 31, 2023, revealing total revenues of approximately $76.1 million, compared to approximately $64.5 million for the same period in 2022, an increase of 18%.
Q1 2023 Financial Highlights
Rental revenues for the three months ended March 31, 2023 also included approximately $4.2 million of security deposits applied for payment of rent for IIP’s leases with Green Peak, Parallel and Holistic. Total revenues for the three months ended March 31, 2023 and 2022 included approximately $5.2 million and $1.9 million, respectively, of tenant reimbursements for property insurance premiums and property taxes.
Net income attributable to common stockholders of approximately $40.8 million, or $1.43 per diluted share; funds from operations (diluted) of approximately $57.5 million, or $2.04 per diluted share; normalized FFO of approximately $58.1 million, or $2.06 per diluted share; and adjusted funds from operations …