Buried Treasures:  5 Undervalued High-Yield REITs With Strong Balance Sheets

REITs present attractive value, thanks in part to a shortage of new supply and relative immunity to AI disruption, and are outperforming the S&P 500 YTD. This article identifies 25 high-yield REITs with current yields at least 75 basis points above the "no-risk" rate on Treasuries. The list is then screened for dividend safety, FFO growth, and balance sheet quality to arrive at a final list of 5 companies, each offering safe yields above 5.25%.

Seeking Alpha • May 18, 2026

Innovative Industrial Properties Q1 Earnings Call Highlights

Innovative Industrial Properties NYSE: IIPR reported first-quarter 2026 revenue of $69 million and adjusted funds from operations of $53.4 million, or $1.88 per share, as executives said the company is working to stabilize its cannabis real estate portfolio, refinance a near-term bond maturity and position itself for growth amid changes in federal cannabis policy.

MarketBeat • May 11, 2026

Innovative Industrial Properties: Gradual Recovery That I Believe In

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.

Seeking Alpha • May 7, 2026

5% Yield Hides a Problem: XSHD Holdings Cut Dividends Faster Than Share Prices Fall

The Invesco S&P SmallCap High Dividend Low Volatility ETF (NASDAQ:XSHD) promises small-cap yield with smoother price action.

24/7 Wall Street • May 7, 2026

High yield ETF KBWY faces hidden payout risk from cannabis REIT tenant defaults

The Invesco KBW Premium Yield Equity REIT ETF (NASDAQ:KBWY) concentrates in roughly 30 small and mid-cap REITs that pass a high-yield screen.

24/7 Wall Street • May 7, 2026

Innovative Industrial Properties Announces Closing of $56.5 Million Secured Term Loan

SAN DIEGO--(BUSINESS WIRE)--Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) announced today it has closed on a $56.5 million secured term loan (the “Loan”). The Loan has an initial term of three years, bears interest at the one-month Secured Overnight Financing Rate (SOFR) plus a spread of 500 basis points, is interest only and is secured by certain properties of the Company. The proceeds from the Loan are expected to be used to pay off the Company's unsecured notes that are maturing.

Business Wire • May 6, 2026

Innovative Industrial Properties: High Yield At Low Leverage

Innovative Industrial Properties offers a compelling AFFO yield of 13.7% on common stock and over 10% current yield on preferreds. IIPR trades at a P/B of 0.91, reflecting market skepticism due to troubled tenants and cannabis sector uncertainty despite strong asset coverage and low leverage. Portfolio diversification into life sciences increases credit risk, with new investments yielding 14% but reducing fixed charge coverage and raising Net Debt/EBITDA to 2.09x.

Seeking Alpha • May 6, 2026

Innovative Industrial Properties: Medical Cannabis Rescheduling Implies Bottoming Tenant Default Risks - Reiterate Buy

IIPR navigates ongoing tenant defaults and elevated AFFO payout ratio, with the management funding dividends through stock issuance and debt amid deteriorating balance sheet. Recent federal medical cannabis rescheduling offers potential bottom-line relief for the REIT's tenants, supporting future rental collections and moderating default risks. IIPR's valuation floor at Price/AFFO of ~7x and the management's dividend commitment underpin a high-risk, high-yield contrarian income thesis.

Seeking Alpha • May 6, 2026

Innovative Industrial Properties, Inc. (IIPR) Q1 2026 Earnings Call Transcript

Innovative Industrial Properties, Inc. (IIPR) Q1 2026 Earnings Call Transcript

Seeking Alpha • May 5, 2026

IIPR's Q1 AFFO & Revenues Beat Estimates on Strong Leasing Momentum

IIPR tops Q1 estimates as leasing gains and IQHQ income boost results, even as revenue dips and tenant defaults weigh on year-over-year performance.

Zacks Investment Research • May 5, 2026