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. 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. Here's The Marijuana Stock You've Been Waiting ForA little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom. And make no mistake – it is coming. Cannabis legalization is sweeping over North America – 11 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018. And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution. Because a game-changing deal just went down between the Ontario government and this powerhouse company...and you need to hear this story today if you have even considered investing in pot stocks. Simply click here to get the full story now. Learn moreEric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Innovative Industrial Properties. The Motley Fool has a disclosure policy.Source