What prompted me to part with my hard-earned cash and invest it in this cannabis stock? First and foremost, I think that Innovative Industrial Properties has tremendous growth prospects. Over the last three years, IIP's trailing-12-month revenue has skyrocketed more than 900%.
Presenting today are Alan Gold, Executive Chairman; Paul Smithers, President and Chief Executive Officer; Catherine Hastings, Chief Financial Officer; and Ben Regin, Vice President of Investments. Before we begin, I'd like to remind everyone that statements made during today's conference call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995, and actual results may differ materially due to a variety of risks, uncertainties and other factors.
Hence, these investors need businesses that should continue to prosper for at least that long. Not only does this indicate company stability, but it can also generate a cash return. With this cash, these investors can manifest a virtuous cycle of more share purchases and higher income.
Cannabis stock IIPR looks poised to fall on Thursday following the REIT's release of Q1 results on Wednesday afternoon.
Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on the acquisition of a property in southern California, which comprises approximately 70,000 square feet of industrial space.
Innovative Industrial Properties, Inc. (the "Company") (NYSE: IIPR) announced today that it has commenced a public offering of 1,000,000 shares of its common stock. The Company expects to grant the underwriter a 30-day option to purchase up to an additional 150,000 shares of its common stock. All of the shares are being sold by the Company.
Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the medical-use U.S. cannabis industry, announced today results for the quarter ended March 31, 2020.
Cannabis stocks have largely been getting clobbered in 2020, because of both the coronavirus-driven market sell-off and growing pains within the young industry. However, there's still reason to believe there will be at least a couple of big longer term winners among the group.
Innovative Industrial Properties, Inc. (the "Company") (NYSE: IIPR) announced today the upsize and pricing of an underwritten public offering of 1,348,389 shares of its common stock for gross proceeds of approximately $100.0 million. The offering is expected to close on or about May 29, 2020, subject to customary closing conditions. The Company has also granted the underwriter a 30-day option to purchase up to an additional 202,259 shares of its common stock. All of the shares are being sold by the Company.
Cannabis real estate investment trust Innovative Industrial Properties Inc. said late Tuesday that it plans to raise money by selling 1 million shares. IIPR stock fell 1.8% in late trading Tuesday after closing up 2.6% to $85 during the regular session. The company said that it plans to use the proceeds to invest in real estate assets for cannabis cultivation and processing and general corporate purposes. BTIG is the sole underwriter and it is being given the option to sell an additional 150,000 shares. IIPR stock has fallen 2.6% this year, as the S&P 500 index has gained 4.6%.
No kidding. The chances this stock could deliver 100% returns or more by 2024 are actually quite good.
Innovative Industrial Properties, Inc. (NYSE: IIPR) announced today it will report results for its first quarter ended March 31, 2020 after the market closes on Wednesday, May 6, 2020.
Innovative Industrial Properties (NYSE: IIPR) stock is a smart pick to buy right now. Before we delve into why Innovative Industrial Properties is a great cannabis stock to buy, let's address the objections to the stock. Short-seller Grizzly Research raised concerns about IIP in April with a blistering report on the company.
Innovative Industrial Properties (NYSE:IIPR) has had a rough three months with its share price down 14%. But if you...
Cannabis REIT Innovative Industrial Properties has soundly beat Wall Street's expectations in the last two quarters.
When most people think of marijuana stocks, the last thing they think of is dividends. The legal marijuana industry is still very young, and new companies in growing industries need money to expand. Furthermore, U.S. investors in the marijuana space tend to currently focus on a handful of Canadian companies that have enjoyed the opportunity to list on U.S. exchanges.
With more states in the United States giving cannabis the green light, Innovative Industrial Properties' (IIPR) investment in such properties is likely to have aided its Q1 performance.
Marijuana real estate investment trust Innovative Industrial Properties Inc. shares fell 2.6% in after-hours trading Wednesday after the company reported first-quarter net income of $11.5 million, or 72 cents a share, compared with net income of $3.3 million, or 33 cents a share a year ago. Revenue rose to $21.1 million from $6.8 million in the year-ago quarter. The four analysts surveyed by FactSet estimated revenue of $20.8 million. The company noted that in the majority of U.S. states, cannabis has been deemed an essential business but the company did not discuss any further impacts on its REIT operations. The company was the subject of a short report in April by Grizzly Research that claimed it was akin to the "WeWork of cannabis." Innovative Industrial stock is down 7.1% in the past year, as the S&P 500 index fell 2.2%.
The stock of Innovative Industrial Properties (NYSE: IIPR) received a smack on the chin from investors on Thursday for its first-quarter fiscal 2020 results. The company, the only marijuana-focused real estate investment trust (REIT) traded on the stock market, released those quarterly figures after hours on Wednesday. Adjusted funds from operations (FFO), considered a more accurate measure of profitability for REITs, ballooned to almost $17.8 million ($1.12 per share) from the year-ago figure of just under $5.3 million.
Innovative Industrial Properties (NYSE: IIPR) has expanded its portfolio with the addition of new real estate in California. It did, however, reveal that it has already leased the property to Kings Garden, a privately held marijuana cultivation company active in the state that holds licenses not only for growing, but also production, processing, delivery, and distribution. Kings Garden and Innovative have a history together; this is the fifth property it has leased from the REIT.