Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Innovative Industrial Properties: A High-Flying Cannabis REIT

  • Our inaugural "Small-Cap REIT Spotlight" report focuses on Innovative Industrial Properties, a truly "high-flying" REIT focused on a unique segment of the real estate market: cannabis cultivation facilities.

  • One of the newest and fastest-growing REITs, IIPR was founded in 2016 with just a single property but has been on a continuous acquisition-spree over the last three years.

  • IIPR serves as a de facto lender to the cash-strapped (and generally unprofitable) cannabis cultivators who struggle to finance their businesses due to the intensely challenging competitive and regulatory environment.

  • Growing nearly as fast as its asset portfolio (and surely faster than the plants growing inside of them) has been the share price, which has more than quadrupled since the start of 2017.

  • Trading at sky-high valuations, IIPR is a highly speculative - but immensely interesting - REIT by any measure. We discuss the firm's business strategy and the economics of cannabis-focused real estate ownership.

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Hoya Capital Real Estate, LLC

Invest@HoyaCapital.com

(833) HOYA-CAP

Hoya Capital Real Estate ("Hoya Capital") is an SEC-registered investment advisory firm that provides investment management services to ETFs, individuals, and institutions, focusing on portfolio and index management of publicly traded securities in the real estate industry. It is not possible to invest directly in an index. Index performance cited in this website or commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Nothing on this site nor any published commentary by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and should not be considered a complete discussion of all factors and risks. Data quoted represents past performance, which is no guarantee of future results. Investing involves risk. Loss of principal is possible. Investments in companies involved in the real estate and housing industries involve unique risks, as do investments in ETFs, mutual funds, and other securities. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliate, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings and other important disclosures and definitions are available by clicking the links below.

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