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IIPR - Innovative Industrial Properties: We're Not Ready To Reclassify
Innovative Industrial Properties Inc.
2024-05-03 19:05:08 ET
Summary
We initiated IIPR at a Sell due to concerns over tenants' credit profiles and stretched valuation.
The recent DEA announcement to reschedule marijuana to Schedule III has caused short-lived rallies for producers but more stable gains for IIPR.
The SAFER Banking Act poses a risk to IIPR's business model and premium valuation, as it could allow producers to access mainstream banking and reduce IIPR's economic earnings.
Valuation remains highly stretched and we maintain our Sell rating.