On September 11, we noted, “With a yield of just over 6%, Innovative Industrial Properties (IIPR) is a commercial mortgage real estate investment trust (REIT) that provides financing to the cannabis industry. While cannabis is still a controversial investing topic, it’s tough to avoid. For one, both presidential candidates support legalization efforts.”

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At the time, IIPR traded at about $124. Today, it’s up to $138.35 and could rally even more, especially with growing support for cannabis and its current yield of 5.6%. Just last week, the REIT declared a dividend of $1.90 per share, – payable on October 15 to shareholders of record as of September 30.

Even more impressive, IIPR’s second-quarter funds from operations (FFO) of $2.06 beat by six cents. Revenue of $79.8 million, up 4.4% year over year, beat by $2.54 million. Again, should we see further legalization efforts, IIPR could be a prime beneficiary.

Sincerely,

Ian Cooper