Wedge Capital Management L L P NC Sells Shares of Innovative Industrial Properties,
December 28, 2023
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Wedge Capital Management L L P NC recently sold shares of Innovative Industrial Properties ($NYSE:IIPR), Inc. (IIP), a publicly-traded real estate investment trust (REIT) specializing in the acquisition, ownership, and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use or adult-use cannabis facilities. IIP provides operators with modern, safe, and secure facilities, enabling them to expand their businesses and better serve their patients and customers. IIP also offers financing to their tenants for improvements to their properties. Its portfolio includes properties in Arizona, California, Colorado, Florida, Illinois, Maryland, Michigan, Minnesota, New York, Ohio, Pennsylvania, Puerto Rico, and Virginia.
The company’s recent acquisitions include properties in Massachusetts and Nevada. IIP has a proven track record of success in the cannabis industry and is well positioned to capitalize on the continued growth of the sector as the cannabis industry matures. With an experienced management team and strong investor support, IIP is well-positioned to continue its success.
Price History
The sale of the shares had an impact on the stock price of the company, as it opened at $101.4 and closed at $103.8, up by 3.0% from its previous closing price of 100.7. It is clear that the sale of shares by Wedge Capital Management L L P NC had an effect on the stock, and it remains to be seen how this impact will affect the company’s performance in the long run. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for IIPR. More…
| Total Revenues | Net Income | Net Margin |
| 300.81 | 163.9 | – |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for IIPR. More…
| Operations | Investing | Financing |
| 238.53 | -396.2 | 164.22 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for IIPR. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.39k | 440.75 | 69 |
Key Ratios Snapshot
Some of the financial key ratios for IIPR are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| – | – | 56.9% |
| FCF Margin | ROE | ROA |
| – | – | – |
Analysis
GoodWhale has conducted an analysis of INNOVATIVE INDUSTRIAL PROPERTIES’ wellbeing. Our Star Chart showed that INNOVATIVE INDUSTRIAL PROPERTIES has a high health score of 10/10 with regard to its cashflows and debt, indicating that the company is capable to safely ride out any crisis without the risk of bankruptcy. INNOVATIVE INDUSTRIAL PROPERTIES also proved to be strong in dividend, growth, and medium in asset, profitability. We then classified INNOVATIVE INDUSTRIAL PROPERTIES as a ‘cow’, a type of company we conclude that has the track record of paying out consistent and sustainable dividends. Given the strong performance of INNOVATIVE INDUSTRIAL PROPERTIES, we believe that this company may be attractive to investors who are looking for steady returns through dividends. Investors who are comfortable with investing in a more conservative portfolio, but still want to earn a steady return, may be interested in INNOVATIVE INDUSTRIAL PROPERTIES as an investment. More…
Peers
The company’s competitors include Realty Income Corp, Prologis Inc, and Crown Castle International Corp.
– Realty Income Corp ($NYSE:O)
Realty Income Corporation is a real estate investment trust that focuses on the ownership of net-leased commercial properties in the United States. As of December 31, 2020, the Company owned 6,573 properties across 49 states and Puerto Rico. The Company’s leased properties are primarily leased to retail (70.3%), industrial (12.8%), healthcare (9.4%), and other commercial tenants (7.5%).
– Prologis Inc ($NYSE:PLD)
Prologis Inc is a leading global provider of logistics real estate with a focus on the industrial sector. As of 2022, the company has a market cap of 100.2 billion. Prologis owns and operates approximately 585 million square feet of industrial space in 19 countries. The company’s properties are located in key markets around the world, including North America, Europe, Asia and Latin America. Prologis’ focus on the industrial sector provides its customers with access to a wide range of logistics solutions, including warehouses, distribution centers, last-mile facilities and transshipment hubs.
– Crown Castle International Corp ($NYSE:CCI)
Crown Castle International Corp is a holding company that provides wireless infrastructure services in the United States. Its primary business is owning, operating, and leasing wireless communications towers and small cell nodes. As of 2021, the company had approximately 40,000 wireless communications towers and approximately 60,000 small cell nodes across the United States. The company was founded in 1994 and is headquartered in Canonsburg, Pennsylvania.
Summary
Innovative Industrial Properties, Inc. (IIPR) is an attractive investing opportunity for those looking to capitalize on the growing cannabis sector. Recently, Wedge Capital Management L L P NC reported the sale of a large amount of IIPR shares, sending the stock price up significantly the same day. Despite this large sale, IIPR appears to remain strong and is likely to continue to perform well in the future.
The cannabis industry in general demonstrates strong growth potential and IIPR specifically offers a unique real estate investment trust model that has enabled it to outpace the returns of other cannabis stocks. Investors should keep an eye on IIPR and consider it as a potential addition to their portfolios.
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