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Is IIPR Stock Still a Strong Buy?

IIPR was founded in 2016 and is the first publicly traded company providing real estate to cannabis companies on the New York Stock Exchange. The stock has made significant gains since 2016 but is IIPR stock still a strong buy?

The company’s focus is on purchasing and developing specialized industrial real estate properties for long-term lease to licensed cannabis operators.

Stock Trading Algorithm 5

As of May 4, 2022, IIPR owned 109 properties, in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia and Washington.

Analysts covering IIPR project revenues growth of 30% a year in the next two years, and EPS growth of 19% in the coming year. We have plotted a conservative 14.0% expectation of average annual revenues and FFO/S growth over the next five years.

At quarter end, Innovative Industrial Properties’ debt-to-total-assets ratio stood at 14%, with $2.2 billion in total assets, and an annual fixed cash interest obligation of approximately $16.9 million. The REIT has no debt maturing in 2022 or 2023.

Stock Trading Algorithm 5

Innovative Industrial Properties’ share price is selling quite near its 52-week low, with a P/FFO ratio of 17.2 that is well below its 52-week high P/FFO ratio of 45.1. Assuming a return to a high P/FFO ratio of 20, the share price could reach $249.

On the downside, a further 20% price decline from here would cause the shares to sell at $88. This represents an upside/downside ratio of 6.2-to-1 and a potential total return of 22.0% including an 4.5% annual dividend yield. The current yield of 5.2% is quite attractive as well.

Is IIPR Stock Still a Strong Buy?

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