Innovative Industrial's Business Model Fails, While Plymouth Shows Resilience

On the surface, Innovative Industrial Properties, Inc. (NYSE:IIPR) and Plymouth Industrial REIT, Inc. (NYSE:PLYM) are quite similar. Industrial real estate investment trusts, or REITs Discounted adjusted funds from operations, or AFFO, multiples relative to the rest of the industrial sector Enticing dividend yields. Yet, we are bullish on PLYM and bearish on IIPR. As value investors, the extremely low AFFO multiples appeal to us, but value alone does not create a total return. Business models need to be d ...