IIPR
Innovative Industrial Properties, Inc.
$54.21
-0.35
(-0.64%)
Mkt Cap
1.49B
Volume
219,315
52W Range
44.58-65.38
Sector
Real Estate
Beta
1.42
EPS (TTM)
4.51 USD
P/E Ratio
12.02
Revenue (TTM)
263.65M USD
Rev Growth (5Y)
+17.9%
EPS Growth (5Y)
+3.9%
AlphaVal · Fair Value
What we estimate one share is worth
$177.42
Undervalued
strong signal
69.4% below fair value
Modeled from cash flows & growth.
AlphaQuality · Grade
How strong & durable the business is
B
Real Estate Investment Trust
70.2 / 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 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 63.31M | 69.00M | 66.66M | 64.69M | 62.89M | 71.72M | 76.74M | 76.53M | 79.79M | 75.45M | 79.16M | 77.83M |
| Net Income | 43.85M | 32.81M | 31.84M | 29.30M | 26.02M | 31.08M | 40.02M | 40.22M | 41.99M | 39.43M | 41.63M | 41.59M |
| EPS | 1.39 | 1.04 | 1.07 | 1.01 | 0.87 | 1.05 | 1.38 | 1.38 | 1.45 | 1.37 | 1.48 | 1.46 |
| Free Cash Flow | 47.87M | 53.08M | 49.91M | 45.59M | 48.45M | 54.24M | 40.62M | 64.87M | 64.20M | 71.57M | 66.08M | 63.08M |
| FCF / Share | 1.68 | 1.90 | 1.79 | 1.63 | 1.74 | 1.92 | 1.44 | 2.30 | 2.27 | 2.54 | 2.36 | 2.25 |
| Operating CF | 44.92M | 56.03M | 49.91M | 45.59M | 48.45M | 54.24M | 58.07M | 64.87M | 64.20M | 71.57M | 66.08M | 63.08M |
| Total Assets | 2.58B | 2.39B | 2.37B | 2.34B | 2.31B | 2.35B | 2.38B | 2.40B | 2.38B | 2.40B | 2.39B | 2.39B |
| Total Debt | 609.03M | 365.98M | 393.70M | 340.23M | 289.86M | 289.50M | 297.87M | 297.50M | 297.15M | 296.80M | 300.88M | 300.53M |
| Cash & Equiv | 204.73M | 89.12M | 47.60M | 36.67M | 99.67M | 128.01M | 146.25M | 147.13M | 120.83M | 153.50M | 140.25M | 117.03M |
| Book Value | 1.85B | 1.89B | 1.85B | 1.86B | 1.88B | 1.92B | 1.94B | 1.95B | 1.95B | 1.96B | 1.95B | 1.95B |
| Return on Equity | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
IIPR News
Here’s the Hands-Down Best Cannabis Stock for Dividend Investors
Why Innovative Industrial Properties (IIPR) Dipped More Than Broader Market Today
Innovative Industrial Properties Announces Third Quarter 2026 Earnings Release Date and Conference Call
Marijuana Stocks And The Cannabis Industry: What Investors Should Watch
Innovative Industrial Properties Prices Public Offering of 9.25% Series B Cumulative Redeemable Preferred Stock
Innovative Industrial Properties Prices Public Offering of 9.25% Series B Cumulative Redeemable Preferred Stock
Innovative Industrial Properties Announces Launch of Series B Preferred Stock Offering
Innovative Industrial Properties: When New Highs Mean Newer Lows
Innovative Industrial Properties (NYSE:IIPR) vs. Americold Realty Trust (NYSE:COLD) Financial Review
2 High-Octane Cannabis Stocks to Buy in October for Aggressive Investors