IIPR - Innovative Industrial Properties Remains A Compelling Dividend Buy - Reclassification Is Coming

2024-06-16 11:30:00 ET

Summary

• IIPR remains a compelling Buy for growth/ dividend oriented investors, thanks to its inherent undervaluation and rich forward yields.
• The upcoming cannabis federal reclassification will also trigger new growth opportunities for MSOs and REITs alike, further aided by the SAFER Banking Act.
• This is especially since IIPR calls the three largest US Multi-State Operators by Market Cap as its core tenants, namely Curaleaf, Trulieve, and Green Thumb.
• In the mean time, the management continues to deliver profitable operations along with healthier balance sheet and sustained investment growths, with minimal share dilution.
• Combined with the growing bullish support observed in IIPR's stock prices and valuations, we continue to reiterate our Buy rating here.

We previously covered Innovative Industrial Properties (IIPR) in February 2024, discussing why we had maintained our Buy rating, despite the YTD correction in its stock prices and the underperformance compared to the wider market....

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