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Innovative Industrial Properties, Inc. (IIPR)

NYSE - Nasdaq Real-time price. Currency in USD
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94.36+2.21 (+2.40%)
At close: 04:00PM EDT
95.50 +1.14 (+1.21%)
After hours: 07:56PM EDT

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  • G
    GoldRoyalty
    Some stats to ponder. As of last 10K, 14% of the IIPR portfolio sq ft was in Michigan. Michigan is among the most over-capitalized and most competitive cannabis markets in the country (and falling prices reflect this reality). Then IIPR has over 16% of the sq ft invested in PA. This is fast emerging as an overcapitalized market albeit still only medical. All the real big boys are there in additional to many tier 2 and 3 players (unlike MI which is more dominated by 2-3 tier players).

    One state is seeing a war of attrition right now (MI). The other state (PA) will surely see that if adult recreation doesn't come soon, and some may not make it to the adult recreational payday. Furthermore , NJ is now siphoning off some of the growth on the East side of the state of PA.

    SMG benefited greatly in the rush to build out these markets. But most of the investment has happened and will be online by year end. No more investment needed. Time to see who can win. IIPR sells picks and shovels. Do the have the right customers? That is the key question. If their customers shut, will those assets be absorbed by others, or will they be shuttered forever as cannabis cultivation ghost towns.
  • p
    peter
    For the life of me, I cannot see anything negative about IIPR. The financials are excellent; Banks will not be in direct competition with IIPR and interest rates will remain high for cannabis growers; Growth seems inevitable and pretty much unchallenged. So all this fear about?
  • H
    Harrison
    Per usual, IIPR beating all the estimates.
  • t
    thomas
    Unlike many other growth stocks over the last few weeks, this stock hasn’t had a move of any sort off its lows. This could pop easily/pretty quickly to $130.
  • J
    Jim Gardner
    If u take out ALL of kings rent its 6.6 million for the quarter, puts us back to 64 million revenue and 1.32... same last report. Not end of the world.
  • G
    GRiZ
    Just got done listening to the call. Didn’t go much into Kings Garden current legal situation. They did say there is interest in the properties. Parallel paid full rent and is on track to pay August as well. Time for the share price to start moving higher.
  • J
    Jim Gardner
    Revenue 70 million vs 64 million last report. Earnings 1.42 vs 1.32. Beats estimate by .06. Payout is only 82%, low for reits !
  • p
    peter
    Hydroponics is our solution for growing all vegetation much more efficiently than traditional farming methods: 98% less water is required, no soil, no tilling, control of nutrients, minimal labor costs, less transportation costs, control of all environmental conditions, no rats, animal, bugs nor soil. Plant roots grow vertically in search for nutrients making it possible to massively increasing yield and stacking is an advantage when growing in warehouses. When you add computerization and robotics to this farming technique you have a one employee farm. IIPR is in an ideal position to modernizing our farming method to benefit all of us. The future for IIPR in my opinion is extremely bright!
  • R
    Richard
    ER looked good to me… any thoughts from the experienced investors? Seems like we should only see upside from here, what’s holding things up- beside the overall negative state of the universe?
  • S
    Stockguru
    Added at $92.70
  • s
    sodajoe
    Really tired of the talk about a "default". At this point, KG missed one months rental payment. I've missed paying a bill before and was never considered in default. I paid it late, big deal. I believe this tenant has until the 10th of each month to make payment so mark your calendars for August. Hope they address on Thursdays earnings call.
  • a
    allan
    shorts are realy leaning into iipr at this point I am just going to ignore the action
  • a
    assil
    IIPR looks like it is about to drop. Be careful guys. I have been reading (http://Achieverspot.tech) and their stocks have been doing way better.
  • s
    sodajoe
    Anyone noticing that the class action lawsuit has quietly faded away?
  • G
    GoldRoyalty
    Scotts Miracle Grow reported today. They are the largest manufacturer and seller of the hydroponic equipment that goes into IIPR facilities. Here is what they had to say about equipment Net sales being down 63% year-over-year. when they predicted in May a 50-55% decline, which was up from a 25% decline announced in March for 2022: "lower than expected sales due to continued oversupply in the cannabis industry."

    Both Scotts (Hawthorne) and IIPR are the "picks and shovels" plays on Cannabis growth. And that all works great and did work great when Cannabis was going great guns a year ago. But that is no longer the case. You have oversupply in retail and manufacturing/cultivation. A shakeout is inevitable. That increases the urgency of assessing the portfolio vs risks.
  • M
    MARKB
    I’ll take a bit more at $90.3 thanks
  • J
    Jerry R
    Bought a few share 2 days ago this in my mind is a winner owned it before took profit now in back in buying on dips an the dividend is great n solid.
  • S
    Shoes
    Anything under $100 is a gift.
  • G
    GoldRoyalty
    Quotes from Scotts Miracle-Gro Conference Call on 8/3/22. FYI: Scotts owns Hawthorne - largest maker of all the cannabis agricultural equipment that goes into the Cannabis Cultivation Facilities financed by IIPR. Sales were down over 60% from last year. This is the same world in which IIPR is operating. These trends will (a) affect IIPR's growth in the next 5 years (b) affect IIPR's profitability. They need healthy customers. And because of oversupply, don't assume companies are waiting to absorb excess assets and pay IIPR for the rent. And don't forget, the equipment in the facilities is not owned by IIPR.

    "we misread the market, which drove investment decisions that I'd reverse if I could, but I can't"

    "The story has not changed much. Cannabis prices remain significantly lower due to excess inventory produced by cultivators. As the challenges continue, it is increasingly clear the role public policy has played in fueling the problem. Some states licensed far greater levels of cannabis production than their citizens could consume. The combination of loose regulation and limited enforcement has fueled the illicit market and created a hurdle the legal market is struggling to overcome. We believe we are seeing a reset in the industry right now with some cultivators simply walking away because of the tough business climate."

    "the market is evolving to one which large-scale innovative growers are most likely to succeed"

    "We clearly overbuilt the infrastructure of this business, and I'm not going to sugarcoat it. The difference in cost of what we have versus what we need is roughly $65 million a year. While we are moving aggressively to reduce Hawthorne's supply chain footprint, it won't happen overnight."

    "oversupply in the cannabis industry...combined with the overinvestment in the Hawthorne supply chain, led to a noncash impairment charge of $633 million, related to goodwill and intangible assets."

    "There are states like Michigan and Oklahoma that are producing and licensed producers so much cannabis that it is -- that cannot be sold because there's no -- I don't know what the numbers are, but let's just say that Oklahoma requires 0.5 million pounds. I think the number is like 11 million pounds or something like that that they've licensed or if everybody grew to what the license would allow. So that product can't be used in the state. It has to be illegally shipped out of the state. And it is -- if you look at the volume of it, it's depressing the entire like American market and then throw banking and taxation on top of that. And if someone wants to know what's your other mistakes, Jim, it was assuming the Feds would actually get around to solving the problems of banking and taxation on a product that's legal to like 75% of consumers in this country. We based our investment thesis on this concept of prohibition will end in this space, whatever exactly that meant."