Roth MKM analyst Scott Fortune raised the firm’s price target on Innovative Industrial Properties to $115 from $110 and keeps a Buy rating on the shares. The company’s Q4 results outperformed expectations on increased rent that was 96% collected, tenant reimbursement, and building improvements on base rent, the analyst tells investors in a research note. Investors are not fully valuing the REIT’s upside on its base business, new relet tenants, and improving tenant free cash flow sustainability to drive growth, the firm added.
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