Added to YB: 2025-08-08
Pitch date: 2025-06-21
IIPR [bearish]
Innovative Industrial Properties, Inc.
-13.97%
current return
Author Info
No bio for this author
Company Info
Innovative Industrial Properties, Inc. is an internally managed real estate investment trust focused on the acquisition, ownership and management of specialized industrial properties and financial investments in the life science industry.
Market Cap
$1.4B
Pitch Price
$46.68
Price Target
39.33 (-26%)
Dividend
14.85%
EV/EBITDA
9.60
P/E
11.57
EV/Sales
7.38
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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