Innovative Industrial Properties/$IIPR
1D1W1M3M6MYTD1Y5YMAX
Capital at risk
About Innovative Industrial Properties
Innovative Industrial Properties Inc is a real estate investment trust focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Its properties are prominently leased to state-licensed operators for their regulated cannabis facilities. The company conducts its business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which properties are owned by its Operating Partnership, directly or through subsidiaries. Its segments are: Cannabis Portfolio and Life Science Portfolio, with the majority of revenue coming from the Cannabis Portfolio segment, which involves acquiring, developing, and leasing real estate to regulated cannabis operators on long-term triple-net leases.
- Ticker
- $IIPR
- Sector
- Real Estate
- Primary listing
- NYSE
- Employees
- 24
- Headquarters
- San Diego, United States
IIPR Metrics
BasicAdvanced
$1.4B
11.76
$4.43
1.40
$7.60
14.60%
Price and volume
Market cap
$1.4B
Beta
1.4
52-week high
$65.38
52-week low
$44.58
Average daily volume
399K
Dividend rate
$7.60
Financial strength
Current ratio
4.581
Quick ratio
3.166
Long term debt to equity
0.329
Total debt to equity
0.329
Dividend payout ratio (TTM)
160.71%
Interest coverage (TTM)
4.83%
Profitability
EBITDA (TTM)
202.605
Gross margin (TTM)
88.35%
Net profit margin (TTM)
52.27%
Operating margin (TTM)
48.57%
Revenue per employee (TTM)
$10,990,000
Management effectiveness
Return on assets (TTM)
3.28%
Return on equity (TTM)
7.39%
Valuation
Price to earnings (TTM)
11.76
Price to revenue (TTM)
5.54
Price to book
0.83
Price to tangible book (TTM)
0.84
Price to free cash flow (TTM)
7.656
Free cash flow yield (TTM)
13.06%
Free cash flow per share (TTM)
6.797
Dividend yield (TTM)
14.60%
Forward dividend yield
14.60%
Growth
Revenue change (TTM)
-8.42%
Earnings per share change (TTM)
-4.09%
3-year revenue growth (CAGR)
-3.55%
3-year earnings per share growth (CAGR)
-7.80%
3-year dividend per share growth (CAGR)
1.82%
What the Analysts think about IIPR
Analyst ratings (Buy, Hold, Sell) for Innovative Industrial Properties stock.
Analyst projections of the future price of Innovative Industrial Properties stock.
Bulls say / Bears say
The operating portfolio remained 95.8% leased at the end of June, with an 11.9-year weighted-average lease term. Second-quarter rental revenue was broadly flat year on year despite tenant defaults, suggesting the wider rent base has held up so far. (Innovative Industrial Properties)
IIP reported $299.7 million of liquidity and net debt of just 14.2% of gross assets at the end of June. That gives it room to manage tenant turnover and fund its plans without relying heavily on new borrowing. (Innovative Industrial Properties)
The April federal order moved certain state-licensed medical cannabis activity to Schedule III, which could remove the 280E tax burden for qualifying operators and improve their cash flow. Stronger tenant finances could support rent payments and demand for facilities, though the relief does not extend to all cannabis businesses. (American Banker, U.S. Securities and Exchange Commission)
Parallel defaulted on two Florida leases in July after stopping operations at the properties. The leases represented about 5.2% of IIP’s annualised contractual rent and loan and securities income, creating a meaningful gap if the sites are not re-let promptly. (U.S. Securities and Exchange Commission)
Some earlier tenant defaults remain unresolved: PharmaCann was still in possession of its New York and Pennsylvania sites beyond the agreed handover dates, while proposed leases for all four former 4Front properties remained subject to contingencies. Delays or weaker replacement rents could prolong the hit to income. (Innovative Industrial Properties)
Tenant income is concentrated: five operators generated about half of second-quarter rental revenue, and Ascend alone accounted for 14%. Financial strain at a small number of large operators could therefore have an outsized effect on rent collections. (U.S. Securities and Exchange Commission)
Data summarised monthly by Lightyear AI. Last updated on 23 Oct 2026.
IIPR Financial Performance
Revenues and expenses
IIPR Earnings Performance
Company profitability
Upcoming events
No upcoming events
IIPR News
AllArticlesVideos
Innovative Industrial Properties Announces Third Quarter 2026 Earnings Release Date and Conference Call
Business Wire2 weeks ago
Marijuana Stocks And The Cannabis Industry: What Investors Should Watch
MarijuanaStocks3 weeks ago
Innovative Industrial Properties Prices Public Offering of 9.25% Series B Cumulative Redeemable Preferred Stock
Business Wire3 weeks ago
Funds containing IIPR
AllUSDEURGBP
Fund name | Fund size | $IIPR weighting |
|---|---|---|
iShares Developed Markets Property Yield$IDWP | $1.2B | 0.09% |
iShares Developed Markets Property Yield£IWDP | $1.2B | 0.09% |
iShares S&P SmallCap 600$IDP6 | $3.2B | 0.08% |
iShares S&P Small Cap 600£ISP6 | $3.2B | 0.08% |
SPDR Russell 2000 US Small Cap£R2SC | $5.3B | 0.05% |
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
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