This NYSE-listed marijuana stock has outperformed Netflix, Apple, Amazon, Google, and Microsoft.

Investors that added Innovative Industrial Properties (NYSE: IIPR), a real estate investment trust focusing on the marijuana industry, to their portfolios five years ago must be extremely happy with their investment.

IIP, which debuted in 2016, is the first publicly traded business on the New York Stock Exchange to finance real estate for the legal cannabis market. Under the sale-leaseback programme of the corporation, cultivation, processing, and retail sites are leased to carefully selected, licenced operators on long-term, triple-net terms.

IIP has beaten some of the most well-known equities in the world over the past five years, including Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN), Alphabet (NASDAQ: GOOGL), Microsoft (NASDAQ: MSFT), and Netflix (NASDAQ: NFLX). Not only that, but since the second quarter of 2017, the business has paid its common investors a quarterly dividend in a row.

The marijuana REIT, which has its headquarters in San Diego, California, focuses on well-capitalized and state-licensed cannabis firms across all product categories, aiming to close deals in the $5 million to $30+ million range. With initial base rents ranging from 10% to 16% of the total investment, its normal lease durations range from 10 to 20 years.

Some of the largest multi-state operators, like Curaleaf Holdings, are among the company's lessees.

Cresco Labs (OTCQX: CRLBF), Columbia Care (OTCQX: CCHWF), Green Thumb Industries (OTCQX: GTBIF), Goodness Growth Holdings (OTCQX: GDNSF), 4Front Ventures (OTCQX: FFNTF), Holistic Industries, Ayr Wellness (OTCQX: AYRWF), Parallel, and Ascend Wellness Holdings are some examples of companies that participate in the cannabis industry (OTCQX: AAWH).

As of September 1, 2022, IIP owned 111 properties totaling approximately 8.7 million rentable square feet in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington (including roughly 2.1 million rentable square feet under development or redevelopment).

In its most recent financial report, the firm stated that for the second quarter of 2022, net income attributable to common stockholders was around $39.9 million, or $1.42 per diluted share, and AFFO was roughly $60.1 million, or $2.14 per diluted share. Additionally, it distributed a quarterly dividend of $1.75 per common share, or an annualised dividend of $7.00 per share, on July 15, 2022 to stockholders of record as of June 30, 2022. This payment represented a 25% increase over the prior quarter's second quarter 2021 dividend.

The breakdown of returns from October 2017 to the present is as follows:

Netflix's share price increased from $200.01 to $295.72, representing a 47.85% gain;

Google shares increased from $52.5 to $96.29, representing an 83.41% return;

Amazon has increased its share price by 87.85% from $55.05 to $103.41;

Microsoft has increased from $84.14 to $235.87, yielding a return of 180.33%;

Apple has increased their share price by 282.09% from $40.76 to $155.74;

The share price of Innovative Industrial Properties increased from $19.39 to $104.46, representing a return of 438.73%.