A Business at a Glance
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INNOVATIVE INDUSTRIAL PROPERTIES INC
IIPR
$1.8B
Mkt Cap
$61.48
+0.34%
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) has a current P/E ratio of 15.6, compared to its historical median P/E of 19.0. The stock is currently considered Fair based on its historical valuation range.
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) has a 5-year average return on invested capital (ROIC) of 8.8%. This is below average and may indicate limited pricing power.
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) has a market capitalization of $1.7B. It is classified as a small-cap stock.
Yes, INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) pays a dividend with a trailing twelve-month yield of 12.40%. The company also returns capital through share buybacks, with a buyback yield of 1.14%.
Based on historical P/E analysis, INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) appears fair. The current P/E of 15.6 is 18% below its historical median of 19.0. The estimated fair value CAGR (P/E method) is 23.1%.
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) operates in the Real Estate industry, within the Real Estate sector.
As used herein, the terms “we”, “us”, “our” or the “Company” refer to Innovative Industrial Properties, Inc., a Maryland corporation, and any of our subsidiaries, including IIP Operating Partnership, LP, a Delaware limited partnership (our “Operating Partnership”). We are an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Our properties are primarily leased to experienced, state-licensed operators for their regulated cannabis facilities. We have acquired and expect to continue to acquire our cannabis properties through sale-leaseback transactions and third-party purchases.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 263M | 266M | 309M | 310M | 276M | 205M |
| Net Income | 114M | 114M | 160M | 164M | 153M | 113M |
| EPS | $4.07 | $3.93 | $5.52 | $5.77 | $5.52 | $4.55 |
| Free Cash Flow | 200M | 198M | 258M | 256M | 234M | 189M |
| ROIC | 6.5% | 5.7% | 8.1% | 8.7% | 9.8% | 11.8% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.04 | 0.27 | 0.15 | 0.15 | 0.13 | 0.20 |
| Dividends/Share | $7.62 | $7.43 | $7.32 | $7.12 | $6.63 | $5.29 |
| Operating Income | 123M | 124M | 168M | 175M | 170M | 135M |
| Operating Margin | 46.8% | 46.7% | 54.6% | 56.4% | 61.4% | 66.2% |
| ROE | 6.0% | 6.0% | 8.2% | 8.4% | 8.6% | 7.2% |
| Shares Outstanding | 28M | 29M | 29M | 28M | 28M | 25M |
| Metric | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 321K | 6.4M | 15M | 45M | 117M | 205M | 276M | 310M | 309M | 266M | 263M |
| Gross Margin | 64.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 770K | 5.5M | 6.4M | 9.8M | 14M | 23M | 39M | 43M | 37M | 34M | 36M |
| EBIT | N/A | -223K | 5.3M | 25M | 70M | 135M | 170M | 175M | 168M | 124M | 123M |
| Op. Margin | N/A | -3.5% | 36.1% | 55.8% | 59.7% | 66.2% | 61.4% | 56.4% | 54.6% | 46.7% | 46.8% |
| Net Income | N/A | -395K | 5.6M | 22M | 64M | 113M | 153M | 164M | 160M | 114M | 114M |
| Net Margin | N/A | -6.2% | 38.1% | 49.5% | 55.1% | 55.1% | 55.4% | 53.1% | 51.8% | 43.0% | 43.4% |
| Non-Recurring | 0 | 113K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.5M | 3.5M |
| Returns on Capital | |||||||||||
| ROIC | N/A | -0.6% | 5.5% | 8.2% | 11.1% | 11.8% | 9.8% | 8.7% | 8.1% | 5.7% | 6.5% |
| ROE | N/A | -0.6% | 3.3% | 5.4% | 6.2% | 7.2% | 8.6% | 8.4% | 8.2% | 6.0% | 6.0% |
| ROA | N/A | -0.6% | 3.1% | 4.3% | 5.1% | 5.8% | 6.8% | 6.8% | 6.7% | 4.8% | 4.8% |
| Cash Flow | |||||||||||
| Op. Cash Flow | 1.7M | 5.0M | 16M | 45M | 111M | 189M | 234M | 256M | 258M | 198M | 200M |
| Free Cash Flow | 1.7M | -896K | 16M | 45M | 111M | 189M | 234M | 256M | 258M | 198M | 200M |
| Owner Earnings | 1.6M | 2.4M | 12M | 34M | 79M | 138M | 155M | 169M | 170M | 114M | 115M |
| CapEx | 0 | 5.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 27K | 915K | 2.6M | 8.6M | 28M | 42M | 61M | 67M | 71M | 74M | 74M |
| Growth CapEx | N/A | 5.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 27K | 915K | 2.6M | 8.6M | 28M | 42M | 61M | 67M | 71M | 74M | 74M |
| CapEx/OCF | 1773.9% | 117.9% | 366.2% | 578.4% | 217.0% | 152.4% | 64.1% | 13.7% | 7.2% | 4.0% | 0.0% |
| Capital Allocation | |||||||||||
| Dividends Paid | 0 | 1.1M | 6.6M | 23M | 75M | 131M | 184M | 203M | 212M | 216M | 216M |
| Dividend Yield | N/A | 1.6% | 3.9% | 3.8% | 5.5% | 3.6% | 6.9% | 11.6% | 8.1% | 14.2% | 12.4% |
| Share Buybacks | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20M | 20M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.4% | 1.1% |
| Stock-Based Comp | 58K | 1.7M | 1.5M | 2.5M | 3.3M | 8.6M | 18M | 20M | 17M | 10M | 11M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.4M | 8.7M | 8.7M |
| Balance Sheet | |||||||||||
| Net Debt | N/A | N/A | N/A | -67M | N/A | -87M | -24M | 134M | 147M | 449M | -14M |
| Cash & Equiv. | 33M | 12M | 13M | 82M | 126M | 81M | 87M | 140M | 146M | 48M | 89M |
| Long-Term Debt | N/A | N/A | N/A | 135M | N/A | 318M | 264M | 0 | 4.4M | 394M | N/A |
| Debt/Equity | N/A | 0.09 | 0.06 | 0.25 | 0.16 | 0.20 | 0.13 | 0.15 | 0.15 | 0.27 | 0.04 |
| Interest Coverage | N/A | N/A | N/A | 4.0 | 9.4 | 7.5 | 9.3 | 10.0 | 9.5 | 6.1 | 5.6 |
| Equity | N/A | 74M | 264M | 548M | 1.5B | 1.6B | 2.0B | 2.0B | 1.9B | 1.8B | 1.9B |
| Total Assets | 63M | 80M | 281M | 746M | 1.8B | 2.1B | 2.4B | 2.4B | 2.4B | 2.4B | 2.4B |
| Total Liabilities | N/A | 6.5M | 17M | 198M | 243M | 473M | 453M | 438M | 442M | 523M | 499M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 8.2M | 7.4M | 6.4M | 6.2M |
| Retained Earnings | -4.4M | -4.5M | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | 1.1M | 2.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 15M |
| Per Share Data | |||||||||||
| EPS | -4.56 | -0.07 | 0.75 | 2.03 | 3.27 | 4.55 | 5.52 | 5.77 | 5.52 | 3.93 | 4.07 |
| Owner EPS | 0.46 | 0.39 | 1.54 | 3.11 | 4.04 | 5.59 | 5.60 | 5.93 | 5.88 | 3.91 | 4.06 |
| Book Value | N/A | 12.10 | 35.19 | 50.29 | 77.46 | 65.10 | 70.77 | 68.61 | 66.85 | 63.47 | 66.91 |
| Cash Flow/Share | 0.48 | 0.83 | 2.09 | 4.12 | 5.63 | 7.62 | 8.45 | 8.98 | 8.92 | 6.81 | 6.66 |
| Dividends/Share | N/A | 0.17 | 0.88 | 2.07 | 3.83 | 5.29 | 6.63 | 7.12 | 7.32 | 7.43 | 7.62 |
| Shares Out. | 3.5M | 6.1M | 7.5M | 10.9M | 19.7M | 24.8M | 27.7M | 28.5M | 29.0M | 29.1M | 28.3M |
| Valuation | |||||||||||
| P/E Ratio | N/A | N/A | 38.4 | 23.7 | 38.1 | 39.6 | 13.2 | 14.4 | 10.4 | 12.5 | 15.1 |
| P/FCF | 23.0 | N/A | 13.8 | 11.7 | 22.1 | 23.6 | 8.6 | 9.2 | 6.5 | 7.2 | 8.7 |
| EV/EBIT | N/A | N/A | N/A | 18.4 | 26.4 | 32.3 | 11.8 | 14.3 | 10.8 | 14.3 | 14.0 |
| Price/Book | N/A | 0.7 | 0.8 | 1.0 | 1.6 | 2.8 | 1.0 | 1.2 | 0.9 | 0.8 | 0.9 |
| Price/Sales | 113.1 | 5.1 | 11.4 | 13.2 | 11.8 | 17.7 | 9.7 | 5.6 | 8.5 | 5.7 | 6.6 |
| FCF Yield | 4.3% | -1.7% | 7.3% | 8.6% | 4.5% | 4.2% | 11.6% | 10.8% | 15.5% | 13.9% | 11.5% |
| Market Cap | 39M | 53M | 216M | 525M | 2.5B | 4.5B | 2.0B | 2.4B | 1.7B | 1.4B | 1.7B |
| Avg. Price | 10.30 | 10.84 | 22.51 | 54.16 | 70.07 | 145.85 | 96.63 | 61.36 | 90.36 | 52.47 | 61.48 |
| Year-End Price | 11.06 | 17.42 | 28.81 | 48.16 | 124.63 | 180.16 | 72.81 | 82.85 | 57.65 | 48.94 | 61.48 |
INNOVATIVE INDUSTRIAL PROPERTIES INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
INNOVATIVE INDUSTRIAL PROPERTIES INC trades at 15.6x trailing earnings, compared to its 15-year median P/E of 19.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 9.1x vs a median of 11.7x. The company's 5-year average ROIC is 8.8%. Total shareholder yield (dividends + buybacks) is 13.5%. At current prices, the estimated annualized return to fair value is +28.1%.
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) reported annual revenue of $266 million in its most recent fiscal year, based on SEC EDGAR filings.
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) has a net profit margin of 43.0%. This is a strong margin indicating high profitability.
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) generated $198 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) has a debt-to-equity ratio of 0.27. This indicates a conservatively financed balance sheet.
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) reported earnings per share (EPS) of $3.93 in its most recent fiscal year.
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) has a return on equity (ROE) of 6.0%. This indicates moderate shareholder returns.
The Ledger Terminal provides 10 years of financial data for INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) has a book value per share of $63.47, based on its most recent annual SEC filing.