Why Innovative Industrial Properties Stock Surged by Over 30% in November

Joe Tenebruso, The Motley Fool
·1-min read
Why Innovative Industrial Properties Stock Surged by Over 30% in November

Shares of Innovative Industrial Properties (NYSE: IIPR) soared 31.7% last month, according to data provided by S&P Global Market Intelligence, after the real estate investment trust (REIT) delivered strong third-quarter results and boosted its dividend again. Last quarter, Innovative Industrial Properties' revenue skyrocketed by 197% year over year to $34.3 million. The REIT also acquired several new marijuana growth facilities, which it immediately leased to state-licensed cannabis producers.