Symbols / IIPR Stock $60.49 -2.07% Innovative Industrial Properties, Inc.

Real Estate • REIT - Industrial • United States • NYQ
IIPR (Stock) Chart
O: — H: — L: — C: — V: —
SMA 20: — SMA 50: — SMA 200: —
Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Real Estate
Industry REIT - Industrial
CEO Mr. Paul E. Smithers
Exch · Country NYQ · United States
Market Cap 1.75B
Enterprise Value 2.13B
Income 111.07M
Sales 263.23M
FCF (ttm) 156.34M
Book/sh 63.09
Cash/sh 3.10
Employees 23
Insider 10d —
IPO Dec 01, 2016
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 193.88%
P/E 15.43
Forward P/E 12.63
PEG —
P/S 6.66
P/B 0.96
P/C —
EV/EBITDA 10.59
EV/Sales 8.07
Quick Ratio 0.25
Current Ratio 0.35
Debt/Eq 19.32
LT Debt/Eq —
EPS (ttm) 3.92
EPS next Y 4.79
EPS Growth -0.00%
Revenue Growth -3.80%
EPS Gr Q/Q 5.60%
Rev Gr Q/Q —
Earnings (next) 2026-05-04
Earnings (prior) 2026-05-04
ROA 3.33%
ROE 6.29%
ROIC —
Gross Margin 88.46%
Oper. Margin 49.80%
Profit Margin 45.58%
Shs Outstand 29.00M
Shs Float 28.23M
Insider Own 1.76%
Instit Own 71.56%
Short Float 15.90%
Short Ratio 9.64
Short Interest 3.05M
52W High 62.30
vs 52W High -2.91%
52W Low 44.58
vs 52W Low 35.69%
Beta 1.45
Impl. Vol. 55.62%
Rel Volume 1.54
Avg Volume 360.93K
Volume 554.39K
Target (mean) $61.75
Tgt Median $56.00
Tgt Low $45.00
Tgt High $90.00
# Analysts 4
Recom Hold
Prev Close $61.77
Price $60.49
Change -2.07%
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. Innovative Industrial Properties, Inc. was incorporated on June 15th 2016 in Maryland and is based in San Diego, United States.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$61.75
Mean price target
2. Current target
$60.49
Latest analyst target
3. DCF / Fair value
$97.06
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$60.49
Low
$45.00
High
$90.00
Mean
$61.75

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
News
RSS: Latest IIPR news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-01-20 SMITH DAVID JON Chief Financial Officer — 20,061 $0.00 $0
2026-01-20 BUI ANDY Officer — 6,522 $0.00 $0
2026-01-20 SMITHERS PAUL E Chief Executive Officer — 47,643 $0.00 $0
2026-01-02 SMITHERS PAUL E Chief Executive Officer — 10,653 — —
2026-01-02 SHOEMAKER SCOTT Director — 911 — —
2025-12-31 SMITH DAVID JON Chief Financial Officer — 4,555 — —
2025-11-24 GOLD ALAN D Officer and Director — 2,600 $49.09 $127,634
2025-11-20 GOLD ALAN D Officer and Director — 2,000 $45.70 $91,955
2025-11-20 SMITH DAVID JON Chief Financial Officer — 600 $45.90 $27,540
2025-10-15 KREITZER GARY A Director — 15,655 $52.91 $1,372,273
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
265.95
-13.80%
308.52
-0.32%
309.51
+11.99%
276.36
Operating Revenue
265.49
-13.50%
306.94
-0.13%
307.35
+12.02%
274.38
Cost Of Revenue
30.18
+5.99%
28.47
+14.38%
24.89
+136.63%
10.52
Reconciled Cost Of Revenue
30.18
+5.99%
28.47
+14.38%
24.89
+136.63%
10.52
Gross Profit
235.78
-15.81%
280.05
-1.60%
284.61
+7.06%
265.84
Operating Expense
107.80
-0.41%
108.25
-1.61%
110.03
+10.22%
99.82
Selling General And Administration
33.73
-9.91%
37.44
-12.58%
42.83
+11.19%
38.52
General And Administrative Expense
33.73
-9.91%
37.44
-12.58%
42.83
+11.19%
38.52
Other Gand A
33.73
-9.91%
37.44
-12.58%
42.83
+11.19%
38.52
Total Expenses
137.98
+0.92%
136.72
+1.34%
134.92
+22.27%
110.34
Operating Income
127.97
-25.51%
171.79
-1.60%
174.59
+5.16%
166.02
Total Operating Income As Reported
124.12
-26.27%
168.34
-3.58%
174.59
+2.93%
169.62
EBITDA
211.04
-15.15%
248.72
-0.06%
248.88
+6.98%
232.64
Normalized EBITDA
214.90
-14.78%
252.17
+1.32%
248.88
+8.66%
229.04
Reconciled Depreciation
74.07
+4.61%
70.81
+5.38%
67.19
+9.61%
61.30
EBIT
136.97
-23.01%
177.91
-2.08%
181.68
+6.04%
171.34
Total Unusual Items
-3.85
-11.71%
-3.45
0.00
-100.00%
3.60
Total Unusual Items Excluding Goodwill
-3.85
-11.71%
-3.45
0.00
-100.00%
3.60
Special Income Charges
-3.53
0.00
0.00
—
Impairment Of Capital Assets
3.53
0.00
0.00
—
Net Income
118.25
-26.85%
161.66
-2.37%
165.59
+7.26%
154.39
Pretax Income
118.25
-26.85%
161.65
-2.38%
165.59
+7.26%
154.39
Net Non Operating Interest Income Expense
-5.88
+12.20%
-6.69
+25.83%
-9.02
+40.28%
-15.11
Interest Expense Non Operating
18.73
+15.19%
16.26
+1.01%
16.10
-5.05%
16.95
Net Interest Income
-5.88
+12.20%
-6.69
+25.83%
-9.02
+40.28%
-15.11
Interest Expense
18.73
+15.19%
16.26
+1.01%
16.10
-5.05%
16.95
Interest Income Non Operating
14.32
+30.32%
10.99
+30.10%
8.45
+164.35%
3.19
Interest Income
14.32
+30.32%
10.99
+30.10%
8.45
+164.35%
3.19
Other Income Expense
-3.85
-11.71%
-3.45
-15777.27%
0.02
-99.37%
3.48
Other Non Operating Income Expenses
—
—
0.02
+117.60%
-0.12
Gain On Sale Of Security
-0.33
+90.55%
-3.45
—
3.60
Tax Rate For Calcs
0.00
+0.00%
0.00
+0.00%
0.00
+0.00%
0.00
Tax Effect Of Unusual Items
-0.81
-11.71%
-0.72
0.00
-100.00%
0.76
Net Income Including Noncontrolling Interests
118.25
-26.85%
161.66
-2.37%
165.59
+7.26%
154.39
Net Income From Continuing Operation Net Minority Interest
118.25
-26.85%
161.66
-2.37%
165.59
+7.26%
154.39
Net Income From Continuing And Discontinued Operation
118.25
-26.85%
161.66
-2.37%
165.59
+7.26%
154.39
Net Income Continuous Operations
118.25
-26.85%
161.65
-2.38%
165.59
+7.26%
154.39
Normalized Income
121.29
-26.22%
164.39
-0.73%
165.59
+9.27%
151.54
Net Income Common Stockholders
111.45
-29.29%
157.60
-3.16%
162.75
+6.93%
152.20
Otherunder Preferred Stock Dividend
2.99
+32.52%
2.25
+52.09%
1.48
+77.70%
0.83
Diluted EPS
3.93
-28.80%
5.52
-4.33%
5.77
+4.53%
5.52
Basic EPS
3.98
-28.67%
5.58
-4.12%
5.82
+4.49%
5.57
Basic Average Shares
28.01
-0.78%
28.23
+0.89%
27.98
+2.31%
27.35
Diluted Average Shares
28.38
-0.54%
28.53
+0.97%
28.26
+2.14%
27.66
Diluted NI Availto Com Stockholders
111.45
-29.30%
157.63
-3.27%
162.97
+6.69%
152.75
Average Dilution Earnings
0.00
-100.00%
0.03
-86.79%
0.21
-61.17%
0.55
Depreciation Amortization Depletion Income Statement
74.07
+4.61%
70.81
+5.38%
67.19
+9.61%
61.30
Depreciation And Amortization In Income Statement
74.07
+4.61%
70.81
+5.38%
67.19
+9.61%
61.30
Preferred Stock Dividends
3.81
+111.31%
1.80
+33.43%
1.35
+0.00%
1.35
Total Other Finance Cost
1.47
+3.24%
1.42
+3.65%
1.37
+1.63%
1.35
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
2,370.86
-0.30%
2,378.05
-0.55%
2,391.09
-0.98%
2,414.84
Current Assets
166.89
-1.27%
169.04
+3.27%
163.70
+53.57%
106.59
Cash Cash Equivalents And Short Term Investments
47.60
-67.45%
146.25
+4.28%
140.25
+60.98%
87.12
Cash And Cash Equivalents
47.60
-67.45%
146.25
+4.28%
140.25
+60.98%
87.12
Receivables
119.29
+423.21%
22.80
+3.64%
22.00
+22.08%
18.02
Loans Receivable
119.29
+423.21%
22.80
+3.64%
22.00
+22.08%
18.02
Restricted Cash
—
0.00
-100.00%
1.45
+0.00%
1.45
Total Non Current Assets
2,203.97
-0.23%
2,209.00
-0.83%
2,227.39
-3.50%
2,308.24
Net PPE
0.51
-46.19%
0.95
-30.18%
1.35
-22.08%
1.74
Gross PPE
0.51
-46.19%
0.95
-30.18%
1.35
-22.08%
1.74
Properties
0.00
0.00
0.00
0.00
Buildings And Improvements
0.51
-46.19%
0.95
-30.18%
1.35
-22.08%
1.74
Other Properties
—
—
—
1.74
Goodwill And Other Intangible Assets
6.37
-13.80%
7.38
-10.43%
8.24
-9.45%
9.11
Other Intangible Assets
6.37
-13.80%
7.38
-10.43%
8.24
-9.45%
9.11
Investments And Advances
47.43
+848.60%
5.00
-77.22%
21.95
-89.08%
200.94
Other Investments
0.00
-100.00%
5.00
—
—
Non Current Accounts Receivable
0.86
—
—
—
Other Non Current Assets
27.47
+2.17%
26.89
-10.43%
30.02
-0.54%
30.18
Total Liabilities Net Minority Interest
522.85
+18.30%
441.99
+0.88%
438.12
-3.27%
452.94
Current Liabilities
221.55
+66.85%
132.78
+0.46%
132.18
-11.61%
149.55
Payables And Accrued Expenses
68.75
-9.07%
75.61
+3.82%
72.82
-19.82%
90.83
Payables
68.75
-9.07%
75.61
+3.82%
72.82
-19.82%
90.83
Accounts Payable
13.83
-33.46%
20.79
-0.98%
21.00
-47.50%
39.99
Dividends Payable
54.91
+0.18%
54.82
+5.77%
51.83
+1.94%
50.84
Current Debt And Capital Lease Obligation
102.50
—
—
—
Current Debt
102.50
—
—
—
Current Deferred Liabilities
50.31
-12.01%
57.18
-3.68%
59.36
+1.09%
58.72
Current Deferred Revenue
50.31
-12.01%
57.18
-3.68%
59.36
+1.09%
58.72
Total Non Current Liabilities Net Minority Interest
301.30
-2.56%
309.20
+1.07%
305.94
+0.84%
303.40
Long Term Debt And Capital Lease Obligation
290.60
-2.44%
297.87
-1.00%
300.88
-0.20%
301.50
Long Term Debt
290.60
-2.44%
297.87
-1.00%
300.88
-0.20%
301.50
Other Non Current Liabilities
10.70
-5.64%
11.34
+124.25%
5.06
+165.97%
1.90
Stockholders Equity
1,848.00
-4.55%
1,936.06
-0.87%
1,952.97
-0.45%
1,961.89
Common Stock Equity
1,800.22
-5.87%
1,912.43
-1.37%
1,938.96
-0.46%
1,947.88
Capital Stock
47.81
+102.06%
23.66
+68.55%
14.04
+0.00%
14.04
Common Stock
0.03
+0.00%
0.03
+0.00%
0.03
+0.00%
0.03
Preferred Stock
47.78
+102.18%
23.63
+68.69%
14.01
+0.00%
14.01
Share Issued
28.02
-1.09%
28.33
+0.68%
28.14
+0.60%
27.97
Ordinary Shares Number
28.02
-1.09%
28.33
+0.68%
28.14
+0.60%
27.97
Additional Paid In Capital
2,113.18
-0.51%
2,124.11
+1.35%
2,095.79
+1.48%
2,065.25
Retained Earnings
-312.99
-47.84%
-211.71
-34.97%
-156.85
-33.62%
-117.39
Total Equity Gross Minority Interest
1,848.00
-4.55%
1,936.06
-0.87%
1,952.97
-0.45%
1,961.89
Total Capitalization
2,138.61
-4.27%
2,233.93
-0.88%
2,253.85
-0.42%
2,263.39
Working Capital
-54.66
-250.75%
36.26
+15.05%
31.52
+173.37%
-42.95
Invested Capital
2,193.33
-0.77%
2,210.29
-1.32%
2,239.84
-0.42%
2,249.38
Total Debt
393.10
+31.97%
297.87
-1.00%
300.88
-0.20%
301.50
Net Debt
345.50
+127.88%
151.62
-5.61%
160.63
-25.07%
214.37
Net Tangible Assets
1,841.64
-4.51%
1,928.67
-0.83%
1,944.73
-0.41%
1,952.79
Tangible Book Value
1,793.86
-5.84%
1,905.04
-1.33%
1,930.72
-0.42%
1,938.78
Available For Sale Securities
47.43
—
—
—
Financial Assets
7.88
—
—
—
Investment Properties
2,113.45
-2.55%
2,168.78
+0.14%
2,165.82
+4.82%
2,066.28
Investmentin Financial Assets
47.43
0.00
—
—
Line Of Credit
102.50
0.00
—
—
Preferred Shares Number
2.02
+101.41%
1.00
+67.11%
0.60
+0.00%
0.60
Preferred Stock Equity
47.78
+102.18%
23.63
+68.69%
14.01
+0.00%
14.01
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
198.19
-23.32%
258.45
+1.14%
255.54
+9.15%
234.13
Cash Flow From Continuing Operating Activities
198.19
-23.32%
258.45
+1.14%
255.54
+9.15%
234.13
Net Income From Continuing Operations
118.25
-26.85%
161.66
-2.37%
165.59
+7.26%
154.39
Depreciation Amortization Depletion
74.07
+4.61%
70.81
+5.38%
67.19
+9.61%
61.30
Depreciation And Amortization
74.07
+4.61%
70.81
+5.38%
67.19
+9.61%
61.30
Other Non Cash Items
0.90
-49.32%
1.77
+19.57%
1.48
-3.39%
1.53
Stock Based Compensation
10.13
-41.49%
17.32
-11.56%
19.58
+11.85%
17.51
Asset Impairment Charge
3.53
0.00
0.00
—
Operating Gains Losses
0.33
-90.55%
3.45
+15777.27%
-0.02
+99.37%
-3.48
Gain Loss On Investment Securities
0.33
-90.55%
3.45
—
-3.60
Net Foreign Currency Exchange Gain Loss
0.00
0.00
+100.00%
-0.02
-117.60%
0.12
Change In Working Capital
-9.01
-328.31%
3.95
-19.76%
4.92
-3.98%
5.12
Change In Payables And Accrued Expense
-0.85
-114.23%
6.00
+52.96%
3.92
+44.42%
2.72
Change In Payable
-0.85
-114.23%
6.00
+52.96%
3.92
+44.42%
2.72
Change In Account Payable
-0.85
-114.23%
6.00
+52.96%
3.92
+44.42%
2.72
Change In Other Working Capital
-6.87
-214.80%
-2.18
-439.88%
0.64
-89.14%
5.91
Change In Other Current Assets
-1.29
-1120.63%
0.13
-64.20%
0.35
+110.04%
-3.51
Investing Cash Flow
-174.30
-211.27%
-56.00
-724.93%
-6.79
+98.29%
-396.20
Cash Flow From Continuing Investing Activities
-174.30
-211.27%
-56.00
-724.93%
-6.79
+98.29%
-396.20
Net Investment Purchase And Sale
-145.25
-932.19%
17.45
-90.42%
182.19
+44.36%
126.20
Purchase Of Investment
-155.51
-244.73%
-45.11
+59.68%
-111.87
+71.23%
-388.80
Sale Of Investment
10.26
-83.60%
62.56
-78.72%
294.06
-42.90%
515.00
Net Other Investing Changes
—
-0.80
+79.89%
-3.98
+81.86%
-21.93
Financing Cash Flow
-122.54
+38.08%
-197.90
-1.16%
-195.63
-219.12%
164.22
Cash Flow From Continuing Financing Activities
-122.54
+38.08%
-197.90
-1.16%
-195.63
-219.12%
164.22
Net Issuance Payments Of Debt
93.80
+2214.59%
-4.44
0.00
0.00
Issuance Of Debt
155.00
0.00
0.00
0.00
Repayment Of Debt
-61.20
-1279.55%
-4.44
0.00
0.00
Long Term Debt Issuance
155.00
0.00
0.00
0.00
Long Term Debt Payments
-61.20
-1279.55%
-4.44
0.00
0.00
Net Long Term Debt Issuance
93.80
+2214.59%
-4.44
0.00
0.00
Net Common Stock Issuance
-20.11
-271.03%
11.76
+22.93%
9.56
-97.28%
351.96
Common Stock Payments
-20.11
0.00
0.00
—
Common Stock Dividend Paid
-216.28
-2.04%
-211.95
-4.56%
-202.71
-10.20%
-183.94
Cash Dividends Paid
-219.51
-2.80%
-213.53
-4.64%
-204.06
-10.13%
-185.29
Repurchase Of Capital Stock
-20.11
0.00
0.00
—
Net Other Financing Charges
-0.86
+34.40%
-1.32
-16.65%
-1.13
+53.75%
-2.44
Changes In Cash
-98.65
-2270.00%
4.55
-91.44%
53.13
+2367.58%
2.15
Beginning Cash Position
146.25
+3.21%
141.70
+59.98%
88.57
+2.49%
86.42
End Cash Position
47.60
-67.45%
146.25
+3.21%
141.70
+59.98%
88.57
Free Cash Flow
198.19
-23.32%
258.45
+1.14%
255.54
+9.15%
234.13
Interest Paid Supplemental Data
17.41
+8.48%
16.05
-0.46%
16.12
-6.51%
17.25
Amortization Of Securities
0.00
+100.00%
-0.51
+84.18%
-3.20
-42.39%
-2.25
Common Stock Issuance
0.00
-100.00%
11.76
+22.93%
9.56
-97.28%
351.96
Issuance Of Capital Stock
24.15
+12.95%
21.38
+123.55%
9.56
-97.28%
351.96
Net Investment Properties Purchase And Sale
-29.05
+60.01%
-72.65
+60.73%
-184.99
+63.04%
-500.47
Net Preferred Stock Issuance
24.15
+150.94%
9.62
0.00
0.00
Preferred Stock Dividend Paid
-3.24
-105.32%
-1.58
-16.72%
-1.35
+0.00%
-1.35
Preferred Stock Issuance
24.15
+150.94%
9.62
0.00
0.00
Purchase Of Investment Properties
-31.29
+61.73%
-81.75
+55.81%
-184.99
+64.69%
-523.97
Sale Of Investment Properties
2.24
-75.40%
9.10
0.00
-100.00%
23.50
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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