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IIPR

Innovative Industrial Properties

$86.39

0.02 (0.02%)

16:38
10/09/19
10/09
16:38
10/09/19
16:38

Innovative Industrial Properties acquires Michigan property

Innovative Industrial Properties announced that it closed on the acquisition of a property in Warren, Michigan, which comprises approximately 156,000 square feet of industrial space. The purchase price for the Michigan property was $19M. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement with LivWell Michigan, a licensee of LivWell Holdings, which intends to operate the property as a licensed cannabis cultivation and processing facility upon completion of redevelopment. LivWell is expected to complete tenant improvements for the property, for which IIP has agreed to provide reimbursement of up to $23M. Assuming full reimbursement for the tenant improvements, IIP's total investment in the property will be $42M.

IIPR Innovative Industrial Properties
$86.39

0.02 (0.02%)

01/14/19
BTIG
01/14/19
INITIATION
Target $60
BTIG
Buy
Innovative Industrial Properties initiated with a Buy at BTIG
BTIG analyst Thomas Catherwood initiated Innovative Industrial Properties with a Buy rating and a price target of $60, citing the company's attributes of "early cycle" participation in cannabis industry, outsized scale relative to other REITS, and defensive position in a secular - not cyclical - business. The analyst contends that the REIT's "strategy, capital structure, and creative acquisition arrangements", along with its first-mover advantage, give it the runway for sustainable growth.
03/19/19
BTIG
03/19/19
NO CHANGE
Target $101
BTIG
Buy
Innovative Industrial Properties price target raised to $101 from $72 at BTIG
BTIG analyst Thomas Catherwood raised his price target on Innovative Industrial Properties to $101 and kept his Buy rating, saying that while his prior research note in January expressed confidence in the company's position as a "creative capital provider to the cannabis industry", the "investor acceptance of the cannabis sector" was even better than anticipated. The analyst is also positive on the "funding sources available to Innovative Industrial Properties, and the management's ability to source/execute deals", both of which are evolving in a short period of time. With $144M convertible debt offering completed, Catherwood says Innovative Industrial Properties has even more capital to pursue acquisitions in spite of its existing $114M in liquidity.
03/20/19
LTCO
03/20/19
DOWNGRADE
LTCO
Neutral
Innovative Industrial Properties downgraded to Neutral from Buy at Ladenburg
Ladenburg Thalmann analyst John Massocca downgraded Innovative Industrial Properties to Neutral from Buy without a price target. The company's "sector leading" growth potential and "unique position" is now reflected in the stock's valuation, Massocca tells investors in a research note. He downgrades the shares following the recent rally.
06/20/19
BTIG
06/20/19
NO CHANGE
Target $148
BTIG
Buy
Innovative Industrial Properties price target raised to $148 from $101 at BTIG
BTIG analyst Thomas Catherwood raised his price target on Innovative Industrial Properties to $148 and kept his Buy rating after the company disclosed an $18M growth capital increase with its Michigan tenant Green Peak yesterday. The analyst notes that the announcement reflects the company's "unique position" to capitalize on a "strategic capital partner" role amid the cannabis industry's "race for growth" trend going forward. Catherwood adds that Green Peak is likely not alone in seeking strategic capital partners to expand cannabis operations in Michigan and Florida.

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