Innovative Industrial Properties, Inc. Common stock

- Innovative Industrial Properties reported stellar Q4 financial results, beating revenue estimates by $2.68 million and funds from operations per share estimates by five cents.
- According to our calculations, the REIT's normalized revenue decreased by $400,000, but it still recorded an organic FFO per share increase of 12 cents year-over-year.
- Innovative Industrial Properties announced a 100% year-to-date rent collection rate, but caution is urged due to the riskiness of its tenant base.
- IIPR stock is relatively undervalued and presents a solid dividend. Sure, risks are evident, but we maintain our strong buy rating.