Marijuana real estate investment trust (REIT) Innovative Industrial Properties (NYSE:IIPR) is sure to see lively trading on Thursday after reporting its Q4 and full-year fiscal 2019 results late Wednesday. 

For the quarter, the company booked nearly $17.7 million in revenue, triple and then some over the Q4 2018 result. Net profit more than quadrupled to almost $9.6 million, or $0.78 per share. Adjusted funds from operations (AFFO), the most important profitability metric for REITs, rose to just under $14.3 million ($1.18 per share) from the year-ago tally of $3.6 million.

Over the course of the full fiscal year, revenue came in at nearly $44.7 million, against 2018's almost $14.8 million. Net profit of $22.1 million well eclipsed the year-ago $5.6 million. AFFO was just under $34.9 million, or $3.27 per share, well up from the $9.7 million and $1.34, respectively, of 2018.

Marijuana plant in a growing facility.

Image source: Getty Images

Analyst estimates for Innovative are rather thin on the ground. The clutch of analysts that provide them were collectively expecting revenue of only $14.4 million, with a per-share net profit of $0.57 for Q4.

Innovative improved its results the old-fashioned way for REITs: by acquiring and leasing properties. During the quarter, the company added at least 10 facilities to its portfolio. It has recently entered into numerous sale-leaseback arrangements with marijuana companies, in which it buys a property from a cash-strapped producer and leases it back to that entity, often adding funds for tenant improvements.

Innovative's stock dipped by less than 1% on Wednesday, before the company unveiled the quarterly and annual figures. 

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