Added to YB: 2025-08-08
Pitch date: 2025-06-21
IIPR [bearish]
Innovative Industrial Properties, Inc.
+10.5%
current return
Author Info
No bio for this author
Company Info
Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and life science real estate.
Market Cap
$1.3B
Pitch Price
$51.80
Price Target
39.33 (-15%)
Dividend
16.55%
EV/EBITDA
7.67
P/E
10.84
EV/Sales
5.92
Sector
Industrial REITs
Category
N/A
Innovative Industrial Properties, Inc. - $IIPR (short)
IIPR short: Cannabis industrial REIT at risk with flawed sale-leaseback model. Basis of $281/sf vs. $150/sf replacement cost. 4 tenants (27% ABR) defaulted. Majority of portfolio under pressure with 60% public tenants down 75%. Likely 40% dividend cut needed. NAV $39/sh (-32%) at 15% cap rate, still above $75-100/sf industrial value.
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