01-21-2023, 04:31 AM
(01-20-2023, 09:37 PM)Kerim Wrote: Is IIPR's dividend properly covered? Any concern about tenant troubles?
The dividend is properly covered, for now.
But yes, plenty of concern about those tenants. I've owned this since divmenow introduced it to us when it was around $40, so since 2018 or something? I cannot remember a single time that the rent collection would have been under 95%. They were at 94% for Q4 of 2022 and currently sitting at 92% for January. And these are including the stuff they took out of the security deposits to cover the non-payment. The majority of last year was somewhere very very close to 100%, so the increase in payment problems has been fast and brutal.
Having 1 or 2 tenants with payment difficulties is normal for them and nothing to worry about. But I can't recall having this many tenants in trouble before.
The info is here.
http://investors.innovativeindustrialpro...-012112668