09-19-2018, 09:28 PM
(09-19-2018, 11:08 AM)divmenow Wrote: Just bought some Innovative Industrial Properties, Inc. - IIPR
I suggest you all take a position in this one. Pays a nice 3% yield and best of all its in the growing cannabis industry. They provide state-licensed cannabis growers under long-term triple-net lease agreements. Thank me later on this one lol
I decided to take a look. A few points:
+Ridiculously good cap rates.
+Definitely a business that is growing fast. Just compare Q2 results with last years. Or even last Q.
+Competitive dividend
+NO DEBT!? For a REIT? Yup. (they paid for all the acquisitions though issuing new shares. Lots of cash left from that for more acquisitions)
+-Apparently they are officially not a REIT yet but that is the plan.
-FFO looks to be a little over $1.00, so "P/E" of 40 or so. Less with AFFO.
-cashflows are a bit iffy, then again that would be normal if they are going for the 90% distribution that REIT status requires.
-We are a little late to the party. Was trading below $40 until a month ago and you could get it for below $30 for almost the whole Q1 this year.
Overall it really does look good! Thanks divmenow! I have some thinking to do but this will probably end up in my portfolio.