IIPR
Innovative Industrial Properties, Inc.
$62.32
-0.94
(-1.49%)
Mkt Cap
1.81B
Volume
137,150
52W Range
44.58-65.38
Sector
Real Estate
Beta
1.43
EPS (TTM)
3.99
P/E Ratio
15.62
Revenue (TTM)
263.23M
Rev Growth (5Y)
+17.9%
EPS Growth (5Y)
+3.9%
AlphaVal · Fair Value
What we estimate one share is worth
$165.68
Undervalued
strong signal
62.4% below fair value
Modeled from cash flows & growth.
AlphaQuality · Grade
How strong & durable the business is
B-
Real Estate Investment Trust
68.3 / 100 composite
A real-estate investment trust — graded A–F vs. similar companies.
Company Description
Innovative Industrial Properties, Inc. is an independently managed, Maryland-based corporation primarily focused on acquiring, owning, and overseeing unique real estate assets. These properties are subsequently leased to experienced, state-licensed operators who utilize them for their regulated medical cannabis facilities. For tax purposes, the company adopted the structure of a Real Estate Investment Trust (REIT) starting from the end of 2017.
Track Record
Showing latest 4 periods • Swipe for more
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 265.95M | 308.52M | 309.51M | 276.36M | 204.55M | 116.90M | 44.67M | 14.79M | 6.42M | 321,000 | 5.63M |
| Net Income | 114.44M | 161.66M | 165.59M | 154.39M | 113.99M | 65.73M | 23.48M | 6.99M | (72,000) | (4.39M) | 4.99M |
| EPS | 3.98 | 5.58 | 5.82 | 5.57 | 4.69 | 3.28 | 1.63 | 0.98 | -0.02 | -4.56 | 2.89 |
| Free Cash Flow | 174.76M | 258.45M | 255.54M | (139.75M) | 188.75M | (419.01M) | (298.98M) | (6.60M) | (896,000) | (28.34M) | 0 |
| FCF / Share | 6.24 | 9.16 | 9.13 | -5.11 | 7.90 | -21.55 | -28.35 | -0.92 | -0.27 | -29.43 | N/A |
| Operating CF | 198.19M | 258.45M | 255.54M | 234.13M | 188.75M | 110.81M | 44.93M | 15.69M | 5.01M | 1.69M | 0 |
| Total Assets | 2.37B | 2.38B | 2.39B | 2.41B | 2.08B | 1.77B | 745.86M | 281.47M | 80.03M | 63.33M | N/A |
| Total Debt | 393.70M | 297.87M | 300.88M | 301.50M | 326.09M | 137.75M | 135.86M | 0 | 0 | 0 | N/A |
| Cash & Equiv | 47.60M | 146.25M | 140.25M | 87.12M | 81.10M | 126.01M | 82.24M | 13.05M | 11.76M | 33.00M | N/A |
| Book Value | 1.85B | 1.94B | 1.95B | 1.96B | 1.61B | 1.52B | 548.01M | 264.29M | 73.55M | 60.44M | N/A |
| Return on Equity | 0.06 | 0.08 | 0.08 | 0.08 | 0.07 | 0.04 | 0.04 | 0.03 | -0.00 | -0.07 | N/A |
| Metric | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 69.00M | 66.66M | 64.69M | 62.89M | 71.72M | 76.74M | 76.53M | 79.79M | 75.45M | 79.16M | 77.83M | 76.46M |
| Net Income | 32.81M | 31.84M | 29.30M | 26.02M | 31.08M | 40.02M | 40.22M | 41.99M | 39.43M | 41.63M | 41.59M | 41.27M |
| EPS | 1.04 | 1.07 | 1.01 | 0.87 | 1.05 | 1.38 | 1.38 | 1.45 | 1.37 | 1.48 | 1.46 | 1.45 |
| Free Cash Flow | 53.08M | 49.91M | 45.59M | 48.45M | 54.24M | 40.62M | 64.87M | 64.20M | 71.57M | 66.08M | 63.08M | 61.76M |
| FCF / Share | 1.90 | 1.79 | 1.63 | 1.74 | 1.92 | 1.44 | 2.30 | 2.27 | 2.54 | 2.36 | 2.25 | 2.21 |
| Operating CF | 56.03M | 49.91M | 45.59M | 48.45M | 54.24M | 58.07M | 64.87M | 64.20M | 71.57M | 66.08M | 63.08M | 61.76M |
| Total Assets | 2.39B | 2.37B | 2.34B | 2.31B | 2.35B | 2.38B | 2.40B | 2.38B | 2.40B | 2.39B | 2.39B | 2.40B |
| Total Debt | 365.98M | 393.70M | 340.23M | 289.86M | 289.50M | 297.87M | 297.50M | 297.15M | 296.80M | 300.88M | 300.53M | 300.19M |
| Cash & Equiv | 89.12M | 47.60M | 36.67M | 99.67M | 128.01M | 146.25M | 147.13M | 120.83M | 153.50M | 140.25M | 117.03M | 92.60M |
| Book Value | 1.89B | 1.85B | 1.86B | 1.88B | 1.92B | 1.94B | 1.95B | 1.95B | 1.96B | 1.95B | 1.95B | 1.95B |
| Return on Equity | 0.02 | 0.02 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
IIPR News
Innovative Industrial Properties (IIPR) Stock Sinks As Market Gains: Here's Why
Innovative Industrial Properties Announces Second Quarter 2026 Earnings Release Date and Conference Call
AI Bubble Risks Make Dividend Stocks Attractive Again
The REIT Strategy I Would Use To Retire Today
Innovative Industrial Properties: Capital Structure Risk Solved, 9% Preferred Yield Remains
Innovative Industrial Properties Preferred: High Income Yield But Not A Buy-And-Hold Allocation
Innovative Industrial Properties: Cannabis Rescheduling Progress Reinforces The Re-Rating Thesis
Innovative Industrial Properties (IIPR) Increases Despite Market Slip: Here's What You Need to Know
Innovative Industrial Properties (IIPR) Exceeds Market Returns: Some Facts to Consider
KBWY Up 20% This Year, But The Real Test Comes When Rent Rolls Reset