Innovative Industrial Properties faces dividend risks amid tenant defaults, with shares expected to stay $50–$60.

Innovative Industrial Properties (IIPR) is a high-risk REIT due to ongoing tenant defaults and a high risk of dividend cuts. Its Q2 revenue and adjusted funds from operations (AFFO) declined, with AFFO insufficient to cover dividends on a nominal basis. The company is shifting focus to the life science sector, aiming for a 14% yield on new investments while selling properties to recycle capital. Despite a flexible balance sheet and a low AFFO multiple of 8.6x, near-term share price upside is limited, with shares expected to trade between $50 and $60.

Innovative Industrial Properties (IIPR) offers a dividend yield of 13.69% on Pluang, with shares priced at USD 55.52. The stock shows a slight increase of 0.09% as of Sep 28, 2026 18:43 WIB, reflecting steady investor interest despite the risks highlighted in the news.