Innovative Industrial Properties (IIPR): "Patience is a Virtue"
Description
Innovative Industrial Properties is America's only publicly-traded REIT who's exclusively focused on the cannabis industries. It buys cannabis-growing facilities and then rents the spaces out to tenants through triple-net leases.
Business was booming in the zero-interest rate economy, with IIP's committed capital skyrocketing 60-fold from $30 million in 2016 to $2 billion in 2023.
But with interest rates rising and a shaky economy, growth is much slower these days.
The stock currently pays a dividend of 6.7%. That's much higher than money market funds and bonds, with the possibility of rising if the Fed cuts rates in 2024.
https://7investing.com/company-update/innovative-industrial-properties-patience-is-a-virtue/
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