Innovative Industrial Properties/$IIPR
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About Innovative Industrial Properties
Innovative Industrial Properties Inc is a real estate investment trust engaged in the acquisition, ownership, and management of specialized industrial properties leased to state-licensed operators for their regulated medical-use cannabis facilities. It conducts its business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which properties are owned by Operating Partnership, directly or through subsidiaries. Its property portfolio is spread across the United States.
Ticker
$IIPR
Sector
Primary listing
NYSE
Employees
23
Headquarters
IIPR Metrics
BasicAdvanced
$1.6B
12.18
$4.64
1.68
$7.60
13.46%
Price and volume
Market cap
$1.6B
Beta
1.68
52-week high
$134.77
52-week low
$45.44
Average daily volume
302K
Dividend rate
$7.60
Financial strength
Current ratio
1.889
Quick ratio
1.531
Long term debt to equity
15.444
Total debt to equity
15.458
Dividend payout ratio (TTM)
159.80%
Interest coverage (TTM)
8.44%
Profitability
EBITDA (TTM)
224.194
Gross margin (TTM)
89.88%
Net profit margin (TTM)
47.71%
Operating margin (TTM)
52.50%
Revenue per employee (TTM)
$12,520,000
Management effectiveness
Return on assets (TTM)
4.03%
Return on equity (TTM)
7.18%
Valuation
Price to earnings (TTM)
12.178
Price to revenue (TTM)
5.526
Price to book
0.86
Price to tangible book (TTM)
0.86
Price to free cash flow (TTM)
7.13
Free cash flow yield (TTM)
14.03%
Free cash flow per share (TTM)
7.919
Dividend yield (TTM)
13.46%
Forward dividend yield
13.46%
Growth
Revenue change (TTM)
-7.80%
Earnings per share change (TTM)
-18.54%
3-year revenue growth (CAGR)
5.12%
3-year earnings per share growth (CAGR)
-3.06%
3-year dividend per share growth (CAGR)
5.35%
What the Analysts think about IIPR
Analyst ratings (Buy, Hold, Sell) for Innovative Industrial Properties stock.
Bulls say / Bears say
The company’s conservative capital structure strengthens its resilience, boasting an 11% debt-to-gross-assets ratio, $192.4 million in liquidity, and a 15.0 times debt service coverage ratio as of June 30, 2025, all of which provide significant financial flexibility.
A steady quarterly dividend of $1.90 per share—maintained since Q2 2024—shows a continued commitment to rewarding shareholders, even in a challenging industry environment.
A $270 million strategic investment in IQHQ’s life science real estate platform is expected to deliver a blended yield over 14%, expanding and diversifying income streams beyond cannabis properties.
Revenue dropped 21% year-over-year to $62.9 million in Q2 2025, largely due to $15.8 million in tenant rent defaults from four key lessees, undermining core cash flow.
Adjusted funds from operations per share declined 26% year-over-year to $1.71, covering just 90% of the $1.90 quarterly dividend—a payout ratio that may not be sustainable for a REIT.
Tenant concentration risk remains high, with the top ten tenants accounting for 73% of total rent; defaults among several major lessees increase both re-leasing uncertainty and collection risk.
Data summarised monthly by Lightyear AI. Last updated on 30 Sept 2025.
IIPR Financial Performance
Revenues and expenses
IIPR Earnings Performance
Company profitability
IIPR News
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FAQs
What’s the current market cap for Innovative Industrial Properties stock?
Innovative Industrial Properties (IIPR) has a market cap of $1.6B as of October 05, 2025.
What is the P/E ratio for Innovative Industrial Properties stock?
The price to earnings (P/E) ratio for Innovative Industrial Properties (IIPR) stock is 12.18 as of October 05, 2025.
Does Innovative Industrial Properties stock pay dividends?
Yes, the Innovative Industrial Properties (IIPR) stock pays dividends to shareholders. As of October 05, 2025, the dividend rate is $7.6 and the yield is 13.46%. Innovative Industrial Properties has a payout ratio of 159.8% on a trailing twelve-month basis.
When is the next Innovative Industrial Properties dividend payment date?
The next Innovative Industrial Properties (IIPR) dividend payment is scheduled for October 15, 2025.
What is the beta indicator for Innovative Industrial Properties?
Innovative Industrial Properties (IIPR) has a beta rating of 1.68. This means that it is more volatile than the market, on average. A beta of 1 would indicate the stock moves in-line with the market, while a beta of 2 would indicate the stock moves twice as much as the market.