Will Marijuana Stock IIPR Jump Following the Q2 Earnings Report?
Innovative Industrial Properties (NYSE: IIPR), a real estate investment trust (REIT) focused on the U.S. cannabis industry, is slated to report its second-quarter 2022 results after the market close on Wednesday, Aug. 3. A conference call with analysts is scheduled for the following day at 1 p.m. ET. (Yes, that unusual time is correct.)
Investors will probably be approaching the report with a mix of optimism and caution. On the positive side, the marijuana company's revenue and profitability growth has been consistently strong since it went public in late 2016.
That said, investors are no doubt concerned about the financial health of the company's tenants. On July 15, Innovative Industrial Properties stock fell 14% after the company disclosed in a filing with the Securities and Exchange Commission (SEC) that one of its top-10 tenants, Kings Garden, defaulted on its July base rent, property management fees, and certain operating expenses. The dollar amount totaled about $2.2 million. Kings Garden leases six properties from IIP (as the company is often called).
Source Fool.com
