IIPR: Innovative Industrial Properties
The San Diego-based company is a real estate investment trust (REIT) specializing in properties used for growing and processing cannabis in U.S. states where medical marijuana is legal.
While Innovative Industrial's stock has been dragged down over the last few months by sector weakness, the fast-growing company continues to post great quarterly numbers. In the second quarter, its revenue soared 155% year over year to $8.28 million, earnings per share (EPS) jumped 76% to $0.30, and adjusted funds from operations (FFO) per share -- a key profitability metric for REITs -- surged 90% to $0.59.
Innovative Industrial Properties (NYSE:IIPR) is back to doing what it does best: purchase facilities that can be used to grow and process cannabis, lease them to state-licensed operators, and pass the profits on to investors.
The real estate investment trust (REIT) completed a sale-leaseback deal with multistate dispensary company PharmaCann on Oct. 30. IIP paid $18 million plus transaction costs for a 48,000-square-foot industrial property in Dwight, Illinois. The REIT immediately entered into a triple-net lease with PharmaCann, which will continue to use the facility for cannabis cultivation and processing.
IIPR will also reimburse PharmaCann for up to $7 million in tenant improvements. PharmaCann intends to use the funds to expand the property by about 18,000 square feet as it seeks to double its production capacity. The deal is the fifth time IIP has acquired a property from, and leased it back to, PharmaCann.
Market Cap 845.75m
Eneterprise Value 948.99
Way undervalued
Dividend Yield 4.08%
P/E FY 39x
P/B 2.9x
EPS 2020 79.4% YoY estimate.
Price Target 140$ near 100% potential paying solid dividend.
MACD showing bullish momentum BUY
RSI breaking above downtrend line BUY
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While Innovative Industrial's stock has been dragged down over the last few months by sector weakness, the fast-growing company continues to post great quarterly numbers. In the second quarter, its revenue soared 155% year over year to $8.28 million, earnings per share (EPS) jumped 76% to $0.30, and adjusted funds from operations (FFO) per share -- a key profitability metric for REITs -- surged 90% to $0.59.
Innovative Industrial Properties (NYSE:IIPR) is back to doing what it does best: purchase facilities that can be used to grow and process cannabis, lease them to state-licensed operators, and pass the profits on to investors.
The real estate investment trust (REIT) completed a sale-leaseback deal with multistate dispensary company PharmaCann on Oct. 30. IIP paid $18 million plus transaction costs for a 48,000-square-foot industrial property in Dwight, Illinois. The REIT immediately entered into a triple-net lease with PharmaCann, which will continue to use the facility for cannabis cultivation and processing.
IIPR will also reimburse PharmaCann for up to $7 million in tenant improvements. PharmaCann intends to use the funds to expand the property by about 18,000 square feet as it seeks to double its production capacity. The deal is the fifth time IIP has acquired a property from, and leased it back to, PharmaCann.
Market Cap 845.75m
Eneterprise Value 948.99
Way undervalued
Dividend Yield 4.08%
P/E FY 39x
P/B 2.9x
EPS 2020 79.4% YoY estimate.
Price Target 140$ near 100% potential paying solid dividend.
MACD showing bullish momentum BUY
RSI breaking above downtrend line BUY
EXANTE is a broker for professionals. Direct access to over 50 financial markets through one account.
Stocks & ETFs, Currencies, Metals, Futures , Options, Funds, Bonds, Crypto¬currencies.
Any information contained on this website is provided to you for informational purposes only and should not be regarded as an offer or solicitation of an offer to buy or sell any investments or related services that may be referenced here. Investing in certain instruments, including stocks, options, futures , foreign currencies, and bonds involve a high level of risk.
Single trading account
Trade in 50+ markets in the US, Europe and Asia — from your all-in-one multicurrency account on any device
exante.eu/p/11315/fromtog/