Symbols / IIPR $53.83 -1.30%
IIPR Chart
About
Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and life science real estate.
Fundamentals
Scroll to Statements| Sector | Real Estate | Industry | REIT - Industrial | Market Cap | 1.51B |
| Enterprise Value | 1.93B | Income | 111.45M | Sales | 265.96M |
| Book/sh | 64.24 | Cash/sh | 1.69 | Dividend Yield | 13.93% |
| Payout | 193.38% | Employees | 23 | IPO | — |
| P/E | 13.70 | Forward P/E | 11.24 | PEG | — |
| P/S | 5.69 | P/B | 0.84 | P/C | — |
| EV/EBITDA | 9.45 | EV/Sales | 7.25 | Quick Ratio | 0.17 |
| Current Ratio | 0.23 | Debt/Eq | 21.30 | LT Debt/Eq | — |
| EPS (ttm) | 3.93 | EPS next Y | 4.79 | EPS Growth | -22.10% |
| Revenue Growth | -13.10% | Earnings | 2026-05-06 | ROA | 3.42% |
| ROE | 6.25% | ROIC | — | Gross Margin | 88.65% |
| Oper. Margin | 51.28% | Profit Margin | 44.46% | Shs Outstand | 28.14M |
| Shs Float | 27.59M | Short Float | 17.48% | Short Ratio | 11.91 |
| Short Interest | — | 52W High | 72.83 | 52W Low | 44.58 |
| Beta | 1.50 | Avg Volume | 401.30K | Volume | 117.16K |
| Target Price | $58.75 | Recom | Hold | Prev Close | $54.54 |
| Price | $53.83 | Change | -1.30% |
Valuation Models
Price estimates from analyst targets and simple models.
1. Analyst consensus
$58.75
Mean price target
2. Current target
$53.83
Latest analyst target
3. DCF / Fair value
$99.30
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$53.83
Low
$45.00
High
$90.00
Mean
$58.75
Latest analyst rating changes
| Date | Action | Analyst | Rating Change | Price Target |
|---|---|---|---|---|
| 2026-03-03 | up | Compass Point | Sell → Neutral | $45 |
| 2026-02-25 | main | Piper Sandler | Underweight → Underweight | $45 |
| 2025-11-05 | main | Piper Sandler | Underweight → Underweight | $44 |
| 2025-07-02 | down | Wolfe Research | Outperform → Peer Perform | — |
| 2025-04-15 | main | Piper Sandler | Underweight → Underweight | $45 |
| 2025-03-31 | down | Compass Point | Neutral → Sell | $50 |
| 2025-03-31 | main | Piper Sandler | Underweight → Underweight | $55 |
| 2025-03-18 | main | Compass Point | Neutral → Neutral | $60 |
| 2025-03-17 | main | Piper Sandler | Underweight → Underweight | $60 |
| 2025-03-17 | reit | Citizens Capital Markets | Market Perform → Market Perform | — |
| 2025-02-21 | main | Roth MKM | Buy → Buy | $130 |
| 2024-12-23 | down | BTIG | Buy → Neutral | — |
| 2024-12-20 | down | Compass Point | Buy → Neutral | $78 |
| 2024-12-17 | init | Alliance Global Partners | — → Buy | $130 |
| 2024-12-16 | reit | JMP Securities | Market Perform → Market Perform | — |
| 2024-11-08 | main | Piper Sandler | Neutral → Neutral | $118 |
| 2024-11-08 | up | Compass Point | Neutral → Buy | $125 |
| 2024-08-09 | main | Piper Sandler | Neutral → Neutral | $120 |
| 2024-07-22 | main | Roth MKM | Buy → Buy | $140 |
| 2024-03-07 | main | Craig-Hallum | Hold → Hold | $100 |
- Assessing Innovative Industrial Properties (IIPR) Valuation After Recent Share Price Momentum And Mixed Returns - Yahoo Finance Fri, 06 Mar 2026 22
- Is It Time To Reconsider Innovative Industrial Properties (IIPR) After Recent Cannabis Sector Rethink? - simplywall.st Fri, 06 Mar 2026 20
- Innovative Industrial: Forget 16.5% Yield, Get The 9.7%-Yielding Preferreds (NYSE:IIPR) - Seeking Alpha hu, 19 Feb 2026 08
- Price-Driven Insight from (IIPR) for Rule-Based Strategy - Stock Traders Daily Sun, 08 Mar 2026 15
- Should Value Investors Buy Innovative Industrial Properties (IIPR) Stock? - Nasdaq hu, 30 Oct 2025 07
- Innovative Industrial sets Feb. 24 call on Q4 2025 results - Stock Titan hu, 12 Feb 2026 08
- Segall Bryant & Hamill LLC Purchases New Shares in Innovative Industrial Properties, Inc. $IIPR - MarketBeat Fri, 06 Mar 2026 10
- Compass Point Moves Innovative Industrial Properties (IIPR) to Neutral - Yahoo Finance Fri, 06 Mar 2026 02
- A Look At Innovative Industrial Properties (IIPR) Valuation After Recent Share Price Momentum - simplywall.st hu, 05 Mar 2026 12
- Innovative Industrial Properties Stock: Cannabis REIT At Risk Premium (NYSE:IIPR) - Seeking Alpha Fri, 27 Feb 2026 08
- Innovative Industrial Properties (NYSE: IIPR) approves new $100M stock buyback - Stock Titan ue, 03 Mar 2026 22
- Intech Investment Management LLC Sells 22,305 Shares of Innovative Industrial Properties, Inc. $IIPR - MarketBeat Fri, 06 Mar 2026 10
- Innovative Industrial: Cannabis Rescheduling Changes Everything - 16% Yield Is A Conviction Buy - Seeking Alpha hu, 01 Jan 2026 08
- Is New US$100 Million Buyback Shifting the Investment Case for Innovative Industrial Properties (IIPR)? - Yahoo Finance Fri, 06 Mar 2026 18
- Assessing Innovative Industrial Properties (IIPR) Valuation After Recent Share Price Momentum And Life Science Expansion - simplywall.st hu, 26 Feb 2026 05
Insider Transactions
| Date | Shares | Value | Url | Text | Insider | Position | Transaction | Start Date | Ownership |
|---|---|---|---|---|---|---|---|---|---|
| 0 | 6522 | — | — | Stock Award(Grant) at price 0.00 per share. | BUI ANDY | Officer | — | 2026-01-20 00:00:00 | D |
| 1 | 47643 | — | — | Stock Award(Grant) at price 0.00 per share. | SMITHERS PAUL E | Chief Executive Officer | — | 2026-01-20 00:00:00 | D |
| 2 | 20061 | — | — | Stock Award(Grant) at price 0.00 per share. | SMITH DAVID JON | Chief Financial Officer | — | 2026-01-20 00:00:00 | D |
| 3 | 10653 | nan | — | — | SMITHERS PAUL E | Chief Executive Officer | — | 2026-01-02 00:00:00 | D |
| 4 | 911 | nan | — | — | SHOEMAKER SCOTT | Director | — | 2026-01-02 00:00:00 | D |
| 5 | 4555 | nan | — | — | SMITH DAVID JON | Chief Financial Officer | — | 2025-12-31 00:00:00 | D |
| 6 | 2600 | 127634.0 | — | Purchase at price 49.09 per share. | GOLD ALAN D | Officer and Director | — | 2025-11-24 00:00:00 | I |
| 7 | 2000 | 91955.0 | — | Purchase at price 45.70 - 46.26 per share. | GOLD ALAN D | Officer and Director | — | 2025-11-20 00:00:00 | I |
| 8 | 600 | 27540.0 | — | Purchase at price 45.90 per share. | SMITH DAVID JON | Chief Financial Officer | — | 2025-11-20 00:00:00 | D |
| 9 | 15655 | 1372273.0 | — | Stock Award(Grant) at price 52.91 - 240.98 per share. | KREITZER GARY A | Director | — | 2025-10-15 00:00:00 | D |
Financials
| Line Item | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| TaxEffectOfUnusualItems | -809.13K | -724.29K | 0.00 | 756.21K |
| TaxRateForCalcs | 0.21 | 0.21 | 0.21 | 0.21 |
| NormalizedEBITDA | 214.90M | 252.17M | 248.88M | 229.04M |
| TotalUnusualItems | -3.85M | -3.45M | 0.00 | 3.60M |
| TotalUnusualItemsExcludingGoodwill | -3.85M | -3.45M | 0.00 | 3.60M |
| NetIncomeFromContinuingOperationNetMinorityInterest | 118.25M | 161.66M | 165.59M | 154.39M |
| ReconciledDepreciation | 74.07M | 70.81M | 67.19M | 61.30M |
| ReconciledCostOfRevenue | 30.18M | 28.47M | 24.89M | 10.52M |
| EBITDA | 211.04M | 248.72M | 248.88M | 232.64M |
| EBIT | 136.97M | 177.91M | 181.68M | 171.34M |
| NetInterestIncome | -5.88M | -6.69M | -9.02M | -15.11M |
| InterestExpense | 18.73M | 16.26M | 16.10M | 16.95M |
| InterestIncome | 14.32M | 10.99M | 8.45M | 3.19M |
| NormalizedIncome | 121.29M | 164.39M | 165.59M | 151.54M |
| NetIncomeFromContinuingAndDiscontinuedOperation | 118.25M | 161.66M | 165.59M | 154.39M |
| TotalExpenses | 137.98M | 136.72M | 134.92M | 110.34M |
| TotalOperatingIncomeAsReported | 124.12M | 168.34M | 174.59M | 169.62M |
| DilutedAverageShares | 28.38M | 28.53M | 28.26M | 27.66M |
| BasicAverageShares | 28.01M | 28.23M | 27.98M | 27.35M |
| DilutedEPS | 3.93 | 5.52 | 5.77 | 5.52 |
| BasicEPS | 3.98 | 5.58 | 5.82 | 5.57 |
| DilutedNIAvailtoComStockholders | 111.45M | 157.63M | 162.97M | 152.75M |
| AverageDilutionEarnings | 0.00 | 28.00K | 212.00K | 546.00K |
| NetIncomeCommonStockholders | 111.45M | 157.60M | 162.75M | 152.20M |
| OtherunderPreferredStockDividend | 2.99M | 2.25M | 1.48M | 834.00K |
| PreferredStockDividends | 3.81M | 1.80M | 1.35M | 1.35M |
| NetIncome | 118.25M | 161.66M | 165.59M | 154.39M |
| NetIncomeIncludingNoncontrollingInterests | 118.25M | 161.66M | 165.59M | 154.39M |
| NetIncomeContinuousOperations | 118.25M | 161.65M | 165.59M | 154.39M |
| PretaxIncome | 118.25M | 161.65M | 165.59M | 154.39M |
| OtherIncomeExpense | -3.85M | -3.45M | 22.00K | 3.48M |
| OtherNonOperatingIncomeExpenses | 22.00K | -125.00K | -3.69M | |
| SpecialIncomeCharges | -3.53M | 0.00 | 0.00 | |
| ImpairmentOfCapitalAssets | 3.53M | 0.00 | 0.00 | |
| GainOnSaleOfSecurity | -326.00K | -3.45M | 3.60M | -3.69M |
| NetNonOperatingInterestIncomeExpense | -5.88M | -6.69M | -9.02M | -15.11M |
| TotalOtherFinanceCost | 1.47M | 1.42M | 1.37M | 1.35M |
| InterestExpenseNonOperating | 18.73M | 16.26M | 16.10M | 16.95M |
| InterestIncomeNonOperating | 14.32M | 10.99M | 8.45M | 3.19M |
| OperatingIncome | 127.97M | 171.79M | 174.59M | 166.02M |
| OperatingExpense | 107.80M | 108.25M | 110.03M | 99.82M |
| DepreciationAmortizationDepletionIncomeStatement | 74.07M | 70.81M | 67.19M | 61.30M |
| DepreciationAndAmortizationInIncomeStatement | 74.07M | 70.81M | 67.19M | 61.30M |
| SellingGeneralAndAdministration | 33.73M | 37.44M | 42.83M | 38.52M |
| GeneralAndAdministrativeExpense | 33.73M | 37.44M | 42.83M | 38.52M |
| OtherGandA | 33.73M | 37.44M | 42.83M | 38.52M |
| GrossProfit | 235.78M | 280.05M | 284.61M | 265.84M |
| CostOfRevenue | 30.18M | 28.47M | 24.89M | 10.52M |
| TotalRevenue | 265.95M | 308.52M | 309.51M | 276.36M |
| OperatingRevenue | 265.49M | 306.94M | 307.35M | 274.38M |
| Line Item | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| PreferredSharesNumber | 2.02M | 1.00M | 600.00K | 600.00K |
| OrdinarySharesNumber | 28.02M | 28.33M | 28.14M | 27.97M |
| ShareIssued | 28.02M | 28.33M | 28.14M | 27.97M |
| NetDebt | 345.50M | 151.62M | 160.63M | 214.37M |
| TotalDebt | 393.10M | 297.87M | 300.88M | 301.50M |
| TangibleBookValue | 1.79B | 1.91B | 1.93B | 1.94B |
| InvestedCapital | 2.19B | 2.21B | 2.24B | 2.25B |
| WorkingCapital | -54.66M | 36.26M | 31.52M | -42.95M |
| NetTangibleAssets | 1.84B | 1.93B | 1.94B | 1.95B |
| CommonStockEquity | 1.80B | 1.91B | 1.94B | 1.95B |
| PreferredStockEquity | 47.78M | 23.63M | 14.01M | 14.01M |
| TotalCapitalization | 2.14B | 2.23B | 2.25B | 2.26B |
| TotalEquityGrossMinorityInterest | 1.85B | 1.94B | 1.95B | 1.96B |
| StockholdersEquity | 1.85B | 1.94B | 1.95B | 1.96B |
| RetainedEarnings | -312.99M | -211.71M | -156.85M | -117.39M |
| AdditionalPaidInCapital | 2.11B | 2.12B | 2.10B | 2.07B |
| CapitalStock | 47.81M | 23.66M | 14.04M | 14.04M |
| CommonStock | 28.00K | 28.00K | 28.00K | 28.00K |
| PreferredStock | 47.78M | 23.63M | 14.01M | 14.01M |
| TotalLiabilitiesNetMinorityInterest | 522.85M | 441.99M | 438.12M | 452.94M |
| TotalNonCurrentLiabilitiesNetMinorityInterest | 301.30M | 309.20M | 305.94M | 303.40M |
| OtherNonCurrentLiabilities | 10.70M | 11.34M | 5.06M | 1.90M |
| LongTermDebtAndCapitalLeaseObligation | 290.60M | 297.87M | 300.88M | 301.50M |
| LongTermDebt | 290.60M | 297.87M | 300.88M | 301.50M |
| CurrentLiabilities | 221.55M | 132.78M | 132.18M | 149.55M |
| CurrentDeferredLiabilities | 50.31M | 57.18M | 59.36M | 58.72M |
| CurrentDeferredRevenue | 50.31M | 57.18M | 59.36M | 58.72M |
| CurrentDebtAndCapitalLeaseObligation | 102.50M | |||
| CurrentDebt | 102.50M | |||
| LineOfCredit | 102.50M | 0.00 | ||
| PayablesAndAccruedExpenses | 68.75M | 75.61M | 72.82M | 90.83M |
| Payables | 68.75M | 75.61M | 72.82M | 90.83M |
| DividendsPayable | 54.91M | 54.82M | 51.83M | 50.84M |
| AccountsPayable | 13.83M | 20.79M | 21.00M | 39.99M |
| TotalAssets | 2.37B | 2.38B | 2.39B | 2.41B |
| TotalNonCurrentAssets | 2.20B | 2.21B | 2.23B | 2.31B |
| OtherNonCurrentAssets | 27.47M | 26.89M | 30.02M | 30.18M |
| NonCurrentAccountsReceivable | 859.00K | |||
| FinancialAssets | 7.88M | |||
| InvestmentsAndAdvances | 47.43M | 5.00M | 21.95M | 200.94M |
| OtherInvestments | 0.00 | 5.00M | ||
| InvestmentinFinancialAssets | 47.43M | 0.00 | ||
| AvailableForSaleSecurities | 47.43M | |||
| InvestmentProperties | 2.11B | 2.17B | 2.17B | 2.07B |
| GoodwillAndOtherIntangibleAssets | 6.37M | 7.38M | 8.24M | 9.11M |
| OtherIntangibleAssets | 6.37M | 7.38M | 8.24M | 9.11M |
| NetPPE | 509.00K | 946.00K | 1.35M | 1.74M |
| GrossPPE | 509.00K | 946.00K | 1.35M | 1.74M |
| OtherProperties | 1.74M | 1.07M | ||
| BuildingsAndImprovements | 509.00K | 946.00K | 1.35M | 1.74M |
| Properties | 0.00 | 0.00 | 0.00 | 0.00 |
| CurrentAssets | 166.89M | 169.04M | 163.70M | 106.59M |
| RestrictedCash | 0.00 | 1.45M | 1.45M | 5.32M |
| Receivables | 119.29M | 22.80M | 22.00M | 18.02M |
| LoansReceivable | 119.29M | 22.80M | 22.00M | 18.02M |
| CashCashEquivalentsAndShortTermInvestments | 47.60M | 146.25M | 140.25M | 87.12M |
| CashAndCashEquivalents | 47.60M | 146.25M | 140.25M | 87.12M |
| Line Item | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| FreeCashFlow | 198.19M | 258.45M | 255.54M | 234.13M |
| RepurchaseOfCapitalStock | -20.11M | 0.00 | 0.00 | |
| RepaymentOfDebt | -61.20M | -4.44M | 0.00 | 0.00 |
| IssuanceOfDebt | 155.00M | 0.00 | 0.00 | 0.00 |
| IssuanceOfCapitalStock | 24.15M | 21.38M | 9.56M | 351.96M |
| InterestPaidSupplementalData | 17.41M | 16.05M | 16.12M | 17.25M |
| EndCashPosition | 47.60M | 146.25M | 141.70M | 88.57M |
| BeginningCashPosition | 146.25M | 141.70M | 88.57M | 86.42M |
| ChangesInCash | -98.65M | 4.55M | 53.13M | 2.15M |
| FinancingCashFlow | -122.54M | -197.90M | -195.63M | 164.22M |
| CashFlowFromContinuingFinancingActivities | -122.54M | -197.90M | -195.63M | 164.22M |
| NetOtherFinancingCharges | -864.00K | -1.32M | -1.13M | -2.44M |
| CashDividendsPaid | -219.51M | -213.53M | -204.06M | -185.29M |
| PreferredStockDividendPaid | -3.24M | -1.58M | -1.35M | -1.35M |
| CommonStockDividendPaid | -216.28M | -211.95M | -202.71M | -183.94M |
| NetPreferredStockIssuance | 24.15M | 9.62M | 0.00 | 0.00 |
| PreferredStockIssuance | 24.15M | 9.62M | 0.00 | 0.00 |
| NetCommonStockIssuance | -20.11M | 11.76M | 9.56M | 351.96M |
| CommonStockPayments | -20.11M | 0.00 | 0.00 | |
| CommonStockIssuance | 0.00 | 11.76M | 9.56M | 351.96M |
| NetIssuancePaymentsOfDebt | 93.80M | -4.44M | 0.00 | 0.00 |
| NetLongTermDebtIssuance | 93.80M | -4.44M | 0.00 | 0.00 |
| LongTermDebtPayments | -61.20M | -4.44M | 0.00 | 0.00 |
| LongTermDebtIssuance | 155.00M | 0.00 | 0.00 | 0.00 |
| InvestingCashFlow | -174.30M | -56.00M | -6.79M | -396.20M |
| CashFlowFromContinuingInvestingActivities | -174.30M | -56.00M | -6.79M | -396.20M |
| NetOtherInvestingChanges | -800.00K | -3.98M | -21.93M | -16.69M |
| NetInvestmentPurchaseAndSale | -145.25M | 17.45M | 182.19M | 126.20M |
| SaleOfInvestment | 10.26M | 62.56M | 294.06M | 515.00M |
| PurchaseOfInvestment | -155.51M | -45.11M | -111.87M | -388.80M |
| NetInvestmentPropertiesPurchaseAndSale | -29.05M | -72.65M | -184.99M | -500.47M |
| SaleOfInvestmentProperties | 2.24M | 9.10M | 0.00 | 23.50M |
| PurchaseOfInvestmentProperties | -31.29M | -81.75M | -184.99M | -523.97M |
| OperatingCashFlow | 198.19M | 258.45M | 255.54M | 234.13M |
| CashFlowFromContinuingOperatingActivities | 198.19M | 258.45M | 255.54M | 234.13M |
| ChangeInWorkingCapital | -9.01M | 3.95M | 4.92M | 5.12M |
| ChangeInOtherWorkingCapital | -6.87M | -2.18M | 642.00K | 5.91M |
| ChangeInOtherCurrentAssets | -1.29M | 126.00K | 352.00K | -3.51M |
| ChangeInPayablesAndAccruedExpense | -854.00K | 6.00M | 3.92M | 2.72M |
| ChangeInPayable | -854.00K | 6.00M | 3.92M | 2.72M |
| ChangeInAccountPayable | -854.00K | 6.00M | 3.92M | 2.72M |
| OtherNonCashItems | 898.00K | 1.77M | 1.48M | 1.53M |
| StockBasedCompensation | 10.13M | 17.32M | 19.58M | 17.51M |
| AssetImpairmentCharge | 3.53M | 0.00 | 0.00 | |
| AmortizationOfSecurities | 0.00 | -506.00K | -3.20M | -2.25M |
| DepreciationAmortizationDepletion | 74.07M | 70.81M | 67.19M | 61.30M |
| DepreciationAndAmortization | 74.07M | 70.81M | 67.19M | 61.30M |
| OperatingGainsLosses | 326.00K | 3.45M | -22.00K | -3.48M |
| GainLossOnInvestmentSecurities | 326.00K | 3.45M | -3.60M | |
| NetForeignCurrencyExchangeGainLoss | 0.00 | 0.00 | -22.00K | 125.00K |
| NetIncomeFromContinuingOperations | 118.25M | 161.66M | 165.59M | 154.39M |
SEC Filings
Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.
Public Trades for IIPR
| Date | User | Broker | Pattern | Type | Position Size | Entry Price | Trade P&L | Status |
|---|