IIPR - Has Innovative Industrial Properties' Growth Stalled?
2023-07-06 05:40:00 ET
Innovative Industrial Properties (NYSE: IIPR) was early to tap into the growth of the marijuana industry. The real estate investment trust (REIT) owned no properties when it held its initial public offering. Starting from zero means that growth has been robust. At least, it was ; the company's portfolio growth appears to have ground to a halt. What's going on?
Innovative Industrial came public in late 2016, using the proceeds it raised to buy its first asset. From that point, it expanded its portfolio to include 108 properties at the end of the first quarter of 2023. The number of lessees increased from one to 29. And the number of states in which it operates jumped from one to 19. That's a pretty substantial amount of growth, but it came off of a small base.
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Has Innovative Industrial Properties' Growth Stalled?