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Innovative Industrial Properties, Inc.

$56.75 +$7.28 (+14.72%)
NYSE · 14 Sep 2026 17:46 UTC
Previous Close
$56.25
Day Range
$56.01$56.9
Year Range
$44.58$65.38
Market Cap
1.65B
AVG Volume
357.03K
Trailing/Forward PE
12.58/12.72
PEG ratio
2.55
Dividend Yield
13.39%
Next Earnings Date
2026-11-02
Primary Exchange
New York Stock ExchangeUS
Revenue (USD)
0100M200M300M400M201720182019202020212022202320242025
IIPR Revenue (USD) by year
PeriodRevenue (USD)
2025265.95M
2024308.52M
2023309.51M
2022276.36M
2021204.55M
2020116.9M
201944.67M
201814.79M
20176.46M
Net Income (USD)
-50M050M100M150M200M201720182019202020212022202320242025
IIPR Net Income (USD) by year
PeriodNet Income (USD)
2025118.25M
2024161.66M
2023165.59M
2022154.39M
2021113.99M
202065.73M
201922.2M
20185.83M
2017-115K
Operating Income (USD)
-50M050M100M150M200M201720182019202020212022202320242025
IIPR Operating Income (USD) by year
PeriodOperating Income (USD)
2025124.45M
2024168.34M
2023174.59M
2022169.62M
2021135.37M
202069.74M
201924.93M
20185.34M
2017-188K
EBITDA (USD)
0100M200M300M201720182019202020212022202320242025
IIPR EBITDA (USD) by year
PeriodEBITDA (USD)
2025212.51M
2024248.72M
2023248.88M
2022232.64M
2021172.15M
2020100.95M
201937.7M
20187.97M
2017805K
Cash Flows (USD)
-100M0100M200M300M201720182019202020212022202320242025
IIPR Cash Flows (USD) by year
PeriodCash Flows (USD)
2025198.19M
2024241.26M
2023255.54M
2022-10.35M
2021100.31M
2020-33.37M
2019-24.69M
201815.69M
2017-890K
EPS (USD)
-20246201720182019202020212022202320242025
IIPR EPS (USD) by year
PeriodEPS (USD)
20253.93
20245.53
20235.78
20225.5
20214.56
20203.22
20191.96
20180.78
2017-0.12
Expenses (USD)
0100M200M300MSG&ACapex201720182019202020212022202320242025
IIPR Expenses (USD) by year
PeriodExpenses (USD)
202533.73M
202454.89M
202342.83M
2022283M
2021111.4M
2020158.36M
201979.44M
20186.38M
201711.4M
Cash & Debt (USD)
0100M200M300M400MCashLong Term DebtShort Term Debt201720182019202020212022202320242025
IIPR Cash & Debt (USD) by year
PeriodCash & Debt (USD)
202547.6M
2024146.25M
2023140.25M
202287.12M
202181.1M
2020126.01M
201982.24M
201813.05M
201711.76M
Debt ratios
00.20.40.60.8202020212022202320242025
IIPR Debt ratios by year
PeriodDebt ratios
20250.37
20240.17
20230.21
20220.39
20210.77
20200.08
Margins
0%25%50%75%100%201720182019202020212022202320242025
IIPR Margins by year
PeriodMargins
202574.71%
202490.77%
202391.96%
202296.19%
202197.83%
202095.76%
201997.06%
201896.99%
201798.17%
Return on Capital
-2.5%0%2.5%5%7.5%10%201720182019202020212022202320242025
IIPR Return on Capital by year
PeriodReturn on Capital
20256.4%
20248.35%
20238.48%
20227.87%
20217.07%
20204.31%
20194.05%
20182.21%
2017-0.16%
Shares Outstanding
010M20M30M201720182019202020212022202320242025
IIPR Shares Outstanding by year
PeriodShares Outstanding
202527.91M
202428.25M
202328M
202227.94M
202123.94M
202022.8M
201911.91M
20189.37M
20175.88M
Dividends (USD)
024682017201820192020202120222023202420252026
IIPR Dividends (USD) by year
PeriodDividends (USD)
20263.8
20257.6
20247.52
20237.22
20227.1
20215.72
20204.47
20192.83
20181.2
20170.55
Employee Count
01020302016201720182019202020212022202320242025
IIPR Employee Count by year
PeriodEmployee Count
202523
202422
202321
202219
202118
202015
201913
20186
20176
20165
Book Value Per Share (USD)
020406080201720182019202020212022202320242025
IIPR Book Value Per Share (USD) by year
PeriodBook Value Per Share (USD)
202566.2
202468.52
202369.76
202270.22
202167.32
202066.87
201946.03
201828.21
201712.5
Total Assets (USD)
01B2B3B201720182019202020212022202320242025
IIPR Total Assets (USD) by year
PeriodTotal Assets (USD)
20252.37B
20242.38B
20232.39B
20222.41B
20212.08B
20201.77B
2019745.86M
2018281.47M
201780.03M
PE Ratio
510152025med 11.66Dec 24Apr 25Jul 25Oct 25Feb 26May 26Sep 26
IIPR PE Ratio by year
PeriodPE Ratio
Sep 2611.61
Sep 2611.81
Aug 2611.62
Aug 2611.7
Aug 2611.56
Aug 2612.21
Jul 2613.72
Jul 2614.34
Jul 2615.04
Jul 2615.03
Jul 2614.78
Jun 2614.68
Jun 2613.91
Jun 2614.11
Jun 2613.66
May 2613.53
May 2613.31
May 2612.59
May 2613.37
May 2612.86
Apr 2613.2
Apr 2612.5
Apr 2612.04
Apr 2611.85
Mar 2612.03
Mar 2612.18
Mar 2612.43
Mar 2612.83
Feb 2612.5
Feb 2610.09
Feb 2610.14
Feb 2610.74
Jan 2610.67
Jan 2610.96
Jan 2611.16
Jan 2611.17
Jan 2610.92
Dec 2511.23
Dec 2511.73
Dec 2512.53
Dec 2511.07
Nov 2510.92
Nov 2510.61
Nov 2510.69
Nov 2511.36
Oct 2510.2
Oct 2510.74
Oct 2510.92
Oct 2510.41
Oct 2511.48
Sep 2511.07
Sep 2511.68
Sep 2511.58
Sep 2511.65
Aug 2511.52
Aug 2511.17
Aug 2510.62
Aug 259.32
Aug 259.47
Jul 259.9
Jul 259.68
Jul 2510.35
Jul 2510.5
Jun 2510.54
Jun 2510.7
Jun 2510.39
Jun 2510.21
May 2510.18
May 2510.24
May 2510.51
May 2510.07
May 259.76
Apr 259.36
Apr 259.02
Apr 258.63
Apr 259.34
Mar 2511.14
Mar 2511.12
Mar 2512.17
Mar 2512.8
Feb 2512.58
Feb 2512.7
Feb 2512.65
Feb 2512.72
Jan 2512.4
Jan 2511.76
Jan 2511.79
Jan 2510.98
Jan 2511.78
Dec 2411.79
Dec 2412.75
Dec 2418.12
Dec 2418.46
Nov 2418.87
Nov 2418.54
Nov 2417.69
Nov 2418.41
Nov 2421.79
Oct 2422.63
Oct 2422.85
Free Cash Flow Yield
5%10%15%20%med 13.39%Dec 24Apr 25Jul 25Oct 25Feb 26May 26Sep 26
IIPR Free Cash Flow Yield by year
PeriodFree Cash Flow Yield
Sep 2612.28%
Sep 2612.07%
Aug 2612.27%
Aug 2612.18%
Aug 2612.34%
Aug 2611.67%
Jul 2611.97%
Jul 2611.45%
Jul 2610.92%
Jul 2610.92%
Jul 2611.11%
Jun 2611.19%
Jun 2611.81%
Jun 2611.64%
Jun 2612.02%
May 2612.14%
May 2612.34%
May 2613.04%
May 2612.29%
May 2613.03%
Apr 2612.7%
Apr 2613.41%
Apr 2613.92%
Apr 2614.14%
Mar 2613.94%
Mar 2613.76%
Mar 2613.48%
Mar 2613.06%
Feb 2613.41%
Feb 2614.81%
Feb 2614.73%
Feb 2613.91%
Jan 2614.01%
Jan 2613.63%
Jan 2613.39%
Jan 2613.37%
Jan 2613.68%
Dec 2513.3%
Dec 2512.73%
Dec 2511.92%
Dec 2513.5%
Nov 2513.69%
Nov 2514.08%
Nov 2513.97%
Nov 2513.15%
Oct 2514.87%
Oct 2514.11%
Oct 2513.88%
Oct 2514.56%
Oct 2513.2%
Sep 2513.69%
Sep 2512.98%
Sep 2513.09%
Sep 2513.01%
Aug 2513.16%
Aug 2513.58%
Aug 2514.27%
Aug 2516.27%
Aug 2515.42%
Jul 2514.75%
Jul 2515.09%
Jul 2514.11%
Jul 2513.91%
Jun 2513.87%
Jun 2513.65%
Jun 2514.05%
Jun 2514.31%
May 2514.34%
May 2514.26%
May 2513.9%
May 2514.5%
May 2515.29%
Apr 2515.94%
Apr 2516.54%
Apr 2517.3%
Apr 2515.98%
Mar 2513.39%
Mar 2513.42%
Mar 2512.26%
Mar 2511.66%
Feb 2511.87%
Feb 2511.75%
Feb 2512.91%
Feb 2512.84%
Jan 2513.17%
Jan 2513.89%
Jan 2513.86%
Jan 2514.88%
Jan 2513.87%
Dec 2413.86%
Dec 2412.82%
Dec 249.01%
Dec 248.85%
Nov 248.66%
Nov 248.81%
Nov 249.23%
Nov 248.87%
Nov 247.38%
Oct 247.11%
Oct 247.04%
Price to Sales
468101214med 5.56Dec 24Apr 25Jul 25Oct 25Feb 26May 26Sep 26
IIPR Price to Sales by year
PeriodPrice to Sales
Sep 266.07
Sep 266.17
Aug 266.07
Aug 266.12
Aug 266.04
Aug 266.38
Jul 266.25
Jul 266.54
Jul 266.86
Jul 266.85
Jul 266.74
Jun 266.69
Jun 266.34
Jun 266.43
Jun 266.23
May 266.17
May 266.07
May 265.74
May 266.09
May 265.72
Apr 265.87
Apr 265.56
Apr 265.35
Apr 265.27
Mar 265.35
Mar 265.42
Mar 265.53
Mar 265.71
Feb 265.56
Feb 264.62
Feb 264.64
Feb 264.92
Jan 264.89
Jan 265.02
Jan 265.11
Jan 265.12
Jan 265
Dec 255.14
Dec 255.37
Dec 255.74
Dec 255.07
Nov 255
Nov 254.86
Nov 254.9
Nov 255.2
Oct 254.86
Oct 255.12
Oct 255.21
Oct 254.97
Oct 255.48
Sep 255.28
Sep 255.57
Sep 255.53
Sep 255.56
Aug 255.5
Aug 255.33
Aug 255.07
Aug 254.45
Aug 254.77
Jul 254.98
Jul 254.87
Jul 255.21
Jul 255.28
Jun 255.3
Jun 255.38
Jun 255.23
Jun 255.13
May 255.12
May 255.15
May 255.28
May 255.07
May 255.11
Apr 254.91
Apr 254.73
Apr 254.52
Apr 254.89
Mar 255.84
Mar 255.83
Mar 256.38
Mar 256.71
Feb 256.59
Feb 256.66
Feb 256.64
Feb 256.68
Jan 256.51
Jan 256.18
Jan 256.19
Jan 255.76
Jan 256.18
Dec 246.19
Dec 246.69
Dec 249.52
Dec 249.69
Nov 249.91
Nov 249.73
Nov 249.29
Nov 249.67
Nov 2411.49
Oct 2411.93
Oct 2412.05
EV/EBITDA
57.51012.51517.5med 8.25Dec 24Apr 25Jul 25Oct 25Feb 26May 26Sep 26
IIPR EV/EBITDA by year
PeriodEV/EBITDA
Sep 268.41
Sep 268.52
Aug 268.41
Aug 268.46
Aug 268.38
Aug 268.75
Jul 268.89
Jul 269.23
Jul 269.62
Jul 269.62
Jul 269.48
Jun 269.42
Jun 268.99
Jun 269.11
Jun 268.86
May 268.78
May 268.66
May 268.26
May 268.69
May 268.79
Apr 268.97
Apr 268.58
Apr 268.33
Apr 268.22
Mar 268.32
Mar 268.41
Mar 268.55
Mar 268.77
Feb 268.58
Feb 267.29
Feb 267.31
Feb 267.66
Jan 267.62
Jan 267.79
Jan 267.91
Jan 267.92
Jan 267.77
Dec 257.95
Dec 258.24
Dec 258.71
Dec 257.86
Nov 257.77
Nov 257.59
Nov 257.64
Nov 258.03
Oct 257.01
Oct 257.34
Oct 257.45
Oct 257.14
Oct 257.79
Sep 257.54
Sep 257.91
Sep 257.85
Sep 257.89
Aug 257.81
Aug 257.6
Aug 257.27
Aug 256.48
Aug 256.68
Jul 256.95
Jul 256.81
Jul 257.23
Jul 257.33
Jun 257.35
Jun 257.46
Jun 257.26
Jun 257.14
May 257.13
May 257.16
May 257.33
May 257.06
May 256.95
Apr 256.69
Apr 256.47
Apr 256.22
Apr 256.68
Mar 257.85
Mar 257.84
Mar 258.52
Mar 258.93
Feb 258.78
Feb 258.87
Feb 258.9
Feb 258.95
Jan 258.74
Jan 258.32
Jan 258.34
Jan 257.81
Jan 258.33
Dec 248.34
Dec 248.97
Dec 2412.49
Dec 2412.72
Nov 2412.98
Nov 2412.77
Nov 2412.21
Nov 2412.68
Nov 2415.13
Oct 2415.68
Oct 2415.83
Price/Operating Cashflow
57.51012.515med 7.18Dec 24Apr 25Jul 25Oct 25Feb 26May 26Sep 26
IIPR Price/Operating Cashflow by year
PeriodPrice/Operating Cashflow
Sep 268.14
Sep 268.28
Aug 268.15
Aug 268.21
Aug 268.11
Aug 268.57
Jul 268.23
Jul 268.61
Jul 269.02
Jul 269.02
Jul 268.87
Jun 268.81
Jun 268.34
Jun 268.47
Jun 268.2
May 268.12
May 267.99
May 267.56
May 268.02
May 267.67
Apr 267.87
Apr 267.46
Apr 267.18
Apr 267.07
Mar 267.18
Mar 267.27
Mar 267.42
Mar 267.66
Feb 267.46
Feb 266.19
Feb 266.22
Feb 266.59
Jan 266.54
Jan 266.72
Jan 266.85
Jan 266.85
Jan 266.7
Dec 256.89
Dec 257.2
Dec 257.69
Dec 256.79
Nov 256.7
Nov 256.51
Nov 256.56
Nov 256.97
Oct 256.21
Oct 256.55
Oct 256.65
Oct 256.34
Oct 257
Sep 256.75
Sep 257.12
Sep 257.06
Sep 257.1
Aug 257.02
Aug 256.8
Aug 256.47
Aug 255.68
Aug 256.02
Jul 256.3
Jul 256.15
Jul 256.58
Jul 256.67
Jun 256.7
Jun 256.81
Jun 256.61
Jun 256.49
May 256.48
May 256.51
May 256.68
May 256.4
May 256.1
Apr 255.86
Apr 255.64
Apr 255.4
Apr 255.84
Mar 256.97
Mar 256.95
Mar 257.61
Mar 258.01
Feb 257.87
Feb 257.94
Feb 257.74
Feb 257.79
Jan 257.59
Jan 257.2
Jan 257.22
Jan 256.72
Jan 257.21
Dec 247.22
Dec 247.8
Dec 2411.09
Dec 2411.3
Nov 2411.55
Nov 2411.35
Nov 2410.83
Nov 2411.27
Nov 2413.54
Oct 2414.06
Oct 2414.2
Price to Book
0.511.52med 0.84Dec 24Apr 25Jul 25Oct 25Feb 26May 26Sep 26
IIPR Price to Book by year
PeriodPrice to Book
Sep 260.86
Sep 260.88
Aug 260.87
Aug 260.87
Aug 260.86
Aug 260.91
Jul 260.87
Jul 260.91
Jul 260.95
Jul 260.95
Jul 260.94
Jun 260.93
Jun 260.88
Jun 260.89
Jun 260.87
May 260.86
May 260.84
May 260.8
May 260.85
May 260.82
Apr 260.84
Apr 260.8
Apr 260.77
Apr 260.76
Mar 260.77
Mar 260.78
Mar 260.8
Mar 260.82
Feb 260.8
Feb 260.68
Feb 260.69
Feb 260.73
Jan 260.72
Jan 260.74
Jan 260.76
Jan 260.76
Jan 260.74
Dec 250.76
Dec 250.8
Dec 250.85
Dec 250.75
Nov 250.74
Nov 250.72
Nov 250.73
Nov 250.77
Oct 250.74
Oct 250.78
Oct 250.8
Oct 250.76
Oct 250.84
Sep 250.81
Sep 250.85
Sep 250.85
Sep 250.85
Aug 250.84
Aug 250.82
Aug 250.78
Aug 250.68
Aug 250.76
Jul 250.79
Jul 250.77
Jul 250.83
Jul 250.84
Jun 250.84
Jun 250.85
Jun 250.83
Jun 250.81
May 250.81
May 250.82
May 250.84
May 250.8
May 250.81
Apr 250.78
Apr 250.75
Apr 250.72
Apr 250.78
Mar 250.93
Mar 250.93
Mar 251.02
Mar 251.07
Feb 251.05
Feb 251.06
Feb 251.06
Feb 251.07
Jan 251.04
Jan 250.99
Jan 250.99
Jan 250.92
Jan 250.99
Dec 240.99
Dec 241.07
Dec 241.52
Dec 241.55
Nov 241.58
Nov 241.55
Nov 241.48
Nov 241.54
Nov 241.84
Oct 241.91
Oct 241.93
Innovative Industrial Properties, Inc.
IIPR
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News: IIPR

Net Lease REITs: Diversification Or Diworsification?

seekingalpha.com · 13 Sep 2026

Net Lease REITs: Diversification Or Diworsification?

Essential Properties Realty Trust offers a compelling blend of diversification, income, safety, and growth, with its largest tenant at just 3.1% of base rent. Diversification reduces tenant-specific risk, but quality of tenants, lease coverage, and disciplined capital allocation are critical for durable, repeatable AFFO-per-share growth. Concentrated REITs like PSTL or GLPI may deliver higher yields and faster growth but carry materially higher risk premiums due to tenant or sector concentration.

Innovative Industrial Properties (IIPR) Laps the Stock Market: Here's Why

zacks.com · 11 Sep 2026

Innovative Industrial Properties (IIPR) Laps the Stock Market: Here's Why

Innovative Industrial Properties (IIPR) reached $56.25 at the closing of the latest trading day, reflecting a +1.17% change compared to its last close.

Innovative Industrial Properties: One Of The Most Mispriced High-Yield REITs Today

seekingalpha.com · 11 Sep 2026

Innovative Industrial Properties: One Of The Most Mispriced High-Yield REITs Today

Innovative Industrial Properties, Inc. remains a Strong Buy, with valuation deeply discounted despite robust AFFO growth and a double-digit dividend yield. IIPR's Q2 AFFO per share rose 7% year-over-year, supported by disciplined capital allocation, balance sheet strength, and opportunistic share repurchases. Cannabis rescheduling progress and the industry's evolution could drive long-term re-rating, even as tenant risk and macroeconomic headwinds persist.

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The cannabis sector continues to evolve as investors search for opportunities beyond traditional marijuana producers and dispensary operators. One area attracting attention is cannabis real estate investment trusts, or cannabis REITs. These companies offer investors another way to participate in the expanding legal cannabis industry. Instead of selling marijuana products, cannabis REITs provide real estate and financing to licensed operators. Therefore, they can generate revenue without directly handling cannabis. This business structure has also made several cannabis REITs attractive dividend stocks. Many offer dividend yields considerably higher than those available from traditional income investments. As a result, income investors may find this small corner of the marijuana stock market especially interesting. However, higher dividend yields usually come with additional risks. Cannabis remains federally illegal in the United States. Consequently, marijuana businesses continue facing banking, financing, taxation, and regulatory challenges. These difficulties can also affect landlords and lenders serving the industry.

Innovative Industrial Properties: Compelling 13% Dividend Yield Backed By Regulatory Catalysts

seekingalpha.com · 4 Sep 2026

Innovative Industrial Properties: Compelling 13% Dividend Yield Backed By Regulatory Catalysts

Innovative Industrial Properties offers a high double-digit dividend yield, supported by a conservatively leveraged balance sheet and sector-specific regulatory tailwinds. IIPR trades at a 13.4% yield, with a strong buy rating reiterated based on its risk-adjusted upside and potential for re-rating as AFFO improves. Tenant concentration and cannabis sector volatility remain key risks, but low leverage (1.7x debt/EBITDA) provides significant flexibility versus net lease peers.

Why Is Innovative Industrial Properties (IIPR) Down 6.9% Since Last Earnings Report?

zacks.com · 2 Sep 2026

Why Is Innovative Industrial Properties (IIPR) Down 6.9% Since Last Earnings Report?

Innovative Industrial Properties (IIPR) reported earnings 30 days ago. What's next for the stock?

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Down 12.9% in 4 Weeks, Here's Why You Should You Buy the Dip in Innovative Industrial Properties (IIPR)

zacks.com · 19 Aug 2026

Down 12.9% in 4 Weeks, Here's Why You Should You Buy the Dip in Innovative Industrial Properties (IIPR)

The heavy selling pressure might have exhausted for Innovative Industrial Properties (IIPR) as it is technically in oversold territory now. In addition to this technical measure, strong agreement among Wall Street analysts in revising earnings estimates higher indicates that the stock is ripe for a trend reversal.

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