Innovative Industrial Properties lights up to 1-month high

Innovative Industrial Properties

19/09/2022 19:03

** Shares of cannabis REIT Innovative Industrial Properties
 IIPR.N  up 9.9% at $100.54. Stock touches $101.54, highest in
exactly a month
    ** Compass Point upgrades IIPR to "buy" from "neutral",
following announced legal settlement 
    ** Early Fri, IIPR said it reached a "confidential,
conditional settlement agreement" with Kings Garden Inc
regarding lawsuit filed on Jul 25 following tenant's default on
rental obligations, per a regulatory filing https://www.sec.gov/ix?doc=/Archives/edgar/data/1677576/000110465922100628/tm2226007d1_8k.htm
    ** BTIG says in note on Mon it considers "the swift
resolution a positive indication for the company"
    ** Before the bell on Thurs, IIPR raised qtrly cash dividend
on its common shares to $1.80 from $1.75  urn:newsml:reuters.com:*:nBwpW4Ha
    ** IIPR's shares rising for third straight session, but
still off ~62% YTD. This compares to S&P small cap real estate
index's  .SPSMCR  28% decline in 2022
    ** Avg rating among 8 analysts on IIPR is "buy" and
breakdown is 2 "strong buy", 4 "buy" and 2 "hold"
recommendations; median PT of $162.50 down from $220 on Jun 19,
per Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))