Home Dividends Analysis REITs Analysis Real Estate Analysis Summary Innovative Industrial Properties, Inc. remains a Buy after a ~78% drop since 2022, supported by recent solid earnings and attractive valuation. IIPR’s triple-net lease model, 110-property portfolio, and 12.4-year WALT provide predictable cash flows and operational resilience. With a 7% AFFO per share CAGR and 9% annual DPS growth, IIPR offers compelling, growing dividends for income-focused investors. Regulatory catalysts, including cannabis rescheduling and sector growth, position IIPR for double-digit total returns and improved operator economics. Pakin Jarerndee/iStock via Getty Images I consider Innovative Industrial Properties, Inc. ( IIPR ) as one of the most beaten-down REITs in the whole sector. Since the start of 2022, I've watched its stock price drop by ~78%. That's a lot.…