One marijuana stock Innovative Industrial Properties (NYSE:IIPR) has indicated that it will report its Q2 2019 results on Wednesday, August 7 after the market closes. The San Diego based cannabis real estate Investment Trust has seen its stock rise up 127% since the beginning of the year through August 1.
Expected Q2 earnings
Shareholders are anticipating a lot when they release earnings. This marijuana stock has had a good 2019 and so far the S&P 500 is back to 19.2%. While three of the largest cannabis growers in Canada have seen a respective increase of 22.5%, 17.9%, and 16%.
This cannabis stocks revenue for Q2 2019 is expected to be $8.3 million which 152% increase from the $3.3 million that this marijuana stock company reported in Q2 2018. According to Wall Street analysts, the earnings per share for Q2 2019 is expected to be around $0.29.This is a 71% increase from $0.17 just a year ago.
Affirmative property acquisition strategy
Analysts expect IIP to report a strong year-over-year growth that will mainly be due to the company’s continuous acquisition activity. At the end of Q2 2018, this marijuana stock owned only seven properties in a few states across the US. However a year later the company has over 20 properties in 11 states. As of the end of the second quarter the company acquired three more properties. This would bring them to a total of 26 properties. The properties total in over a million square feet of renting space, which is already being leased.
In Q1 the company reported a 146% increase of its year-over-year net rental revenue to around $6.6 million. The revenue was driven by the acquisition of properties as well as contractual rental hikes of specific properties.