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Innovative Industrial Properties Inc IIPR

Alternate Symbol(s):  IIPR.PR.A

Innovative Industrial Properties, Inc. is an internally managed real estate investment trust (REIT). The Company is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated cannabis facilities. The Company is engaged in the business of providing real estate for the regulated cannabis industry. The Company acquires its properties through sale-leaseback transactions and third-party purchases. The Company owns approximately 108 properties comprising 9.0 million square feet (including 722,000 rentable square feet under development/redevelopment) in 19 states, including Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington. Its subsidiaries include IIP Operating Partnership, LP, Innovative Industrial Properties, LP, IIPR, Inc. and IIP-GP 2 LLC.


NYSE:IIPR - Post by User

Post by drbob512on Jul 10, 2020 6:22pm
109 Views
Post# 31254053

Appears that IIPR has

Appears that IIPR hasno material changes to report re: 4 tenants; 1 default ( DionyMed L.A. property) & 3 tenant rent deferrals. Thus they apparently are still in advanced talks with a "quality MSO" to lease out their defaulted property. Not guaranteed to happen but likely to occur sometime, sooner than later, as it is still in process. IIPR has stated fairly recently that no new tenants need deferral help; the 3 tenants' temporary deferrals ended July 1 according to prior news. Dont know if it will be extended or not but so far no comment by company. Wish IIPR would update status on these 4 properties in July & have ER in Aug with Conf Call to follow, and with good news. I expect another Sale/Leaseback deal in July, on the heels of the recent Cresco Labs deal. Also, i believe Gold & Smithers have a plan in case the SAFE Banking Act becomes law & allows banks to loan capital to MSOs; btw, banks have tough underwriting guidelines & MSOs won't easily get capital from them so a need for IIPR's capital & regulations guidance. I think IIPR will still grow EPS/FFO even if cap rate goes down to 8-10% from 13%+ (current). Jmho dyodd
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