IIPR Stock Analysis: Innovative Industrial | NYSE
REIT - Industrial | NYSE, USA | Market Cap: 1.500m USD | 12M Return: 28.2% | US45781V1017 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 16.4M
EPS Trend: -53.1%
Qual. Beats: 2
Rev. Trend: -93.1%
Qual. Beats: 1
Warnings
Tailwinds
Seasonality 9.8 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Innovative Industrial Properties, Inc. (IIPR) is an internally managed real estate investment trust (REIT) that acquires, owns, and manages specialized industrial properties and related financial investments serving the life sciences industry. As of June 30, 2026, the company held 108 properties totaling approximately 8.4 million rentable square feet across 19 U.S. states, and was established on June 15, 2016 as a Maryland-incorporated entity listed on the NYSE.
IIPR operates within the Industrial REITs sub-industry and is recognized for focusing on sale-leaseback and triple-net lease structures with state-licensed cannabis operators, making it one of the few public REITs with material exposure to the U.S. regulated cannabis sector. As a REIT under U.S. tax law, the company is generally required to distribute the majority of its taxable income to shareholders in the form of dividends.
- Cannabis tenant rent collections face regulatory uncertainty
- Triple-net lease escalators drive same-property revenue growth
- Capital allocation focuses on portfolio diversification beyond core cannabis holdings
| Net Income: 137.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA -1.49 > 1.0 |
| NWC/Revenue: -67.04% < 20% (prev -5.73%; Δ -61.31% < -1%) |
| CFO/TA 0.07 > 3% & CFO 196.4m > Net Income 137.2m |
| Net Debt (252.3m) to EBITDA (234.9m): 1.07 < 3 |
| Current Ratio: 0.45 > 1.5 & < 3 |
| Outstanding Shares: last quarter (28.0m) vs 12m ago -1.21% < -2% |
| Gross Margin: 60.61% > 18% (prev 89.20%; Δ -28.59% > 0.5%) |
| Asset Turnover: 10.58% > 50% (prev 11.81%; Δ -1.23% > 0%) |
| Interest Coverage Ratio: 4.78 > 6 (EBIT TTM 159.4m / Interest Expense TTM 33.3m) |
| A: -0.07 (Total Current Assets 142.4m - Total Current Liabilities 319.3m) / Total Assets 2.65b |
| B: -0.12 (Retained Earnings -313.0m / Total Assets 2.65b) |
| C: 0.06 (EBIT TTM 159.4m / Avg Total Assets 2.49b) |
| D: 2.23 (Book Value of Equity 1.83b / Total Liabilities 820.2m) |
| Altman-Z'' = 1.95 = BBB |
As of November 04, 2026, the stock is trading at USD 55.00 with a total of 544,931 shares traded. Over the past week, the price has changed by +3.85%, over one month by +8.82%, over three months by -2.74% and over the past year by +28.22%.
Current recommended Stop Loss: 53.30 (which is 3.1% or 1.2 ATR below the current price).
Innovative Industrial has received a consensus analysts rating of 3.43. Therefore, it is recommended to hold IIPR.
- StrongBuy: 2
- Buy: 0
- Hold: 4
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 61.5 | 11.7% |
P/E Trailing = 12.3077
P/E Forward = 11.6686
P/S = 5.6887
P/B = 0.8329
Revenue TTM = 263.9m USD
EBIT TTM = 159.4m USD
EBITDA TTM = 234.9m USD
Long Term Debt = 290.6m USD (from longTermDebt, last fiscal year)
Short Term Debt = 319.3m USD (from shortTermDebt, last fiscal year)
Debt = 394.7m USD (from shortLongTermDebtTotal, last fiscal year) + Leases 998k
Net Debt = 252.3m USD (calculated: Debt 394.7m - CCE 142.4m)
Enterprise Value = 1.75b USD (1.50b + Debt 394.7m - CCE 142.4m)
Interest Coverage Ratio = 4.78 (Ebit TTM 159.4m / Interest Expense TTM 33.3m)
EV/FCF = 8.92x (Enterprise Value 1.75b / FCF TTM 196.4m)
FCF Yield = 11.21% (FCF TTM 196.4m / Enterprise Value 1.75b)
FCF Margin = 74.44% (FCF TTM 196.4m / Revenue TTM 263.9m)
Net Margin = 52.00% (Net Income TTM 137.2m / Revenue TTM 263.9m)
Gross Margin = 60.61% ((Revenue TTM 263.9m - Cost of Revenue TTM 103.9m) / Revenue TTM)
Gross Margin QoQ = 89.31% (prev 88.63%)
Tobins Q-Ratio = 0.66 (Enterprise Value 1.75b / Total Assets 2.65b)
Interest Expense / Debt = 8.44% (Interest Expense 33.3m / Debt 394.7m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 125.9m (EBIT 159.4m * (1 - 21.00%))
Current Ratio = 0.45 (Total Current Assets 142.4m / Total Current Liabilities 319.3m)
Debt / Equity = 0.22 (Debt 394.7m / totalStockholderEquity, last quarter 1.83b)
Debt / EBITDA = 1.07 (Net Debt 252.3m / EBITDA 234.9m)
Debt / FCF = 1.28 (Net Debt 252.3m / FCF TTM 196.4m)
Total Stockholder Equity = 1.86b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.50% (Net Income 137.2m / Total Assets 2.65b)
RoE = 7.39% (Net Income TTM 137.2m / Total Stockholder Equity 1.86b)
RoCE = 7.42% (EBIT 159.4m / Capital Employed (Equity 1.86b + L.T.Debt 290.6m))
RoIC = 4.77% (NOPAT 125.9m / Invested Capital 2.64b)
WACC = 6.16% (E(1.50b)/V(1.89b) * Re(6.03%) + D(394.7m)/V(1.89b) * Rd(8.44%) * (1-Tc(0.21)))
Discount Rate = 6.03% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 10.53 | Cagr: -0.96%
[DCF] Terminal Value 74.64% ; FCFF base≈201.1m ; Y1≈192.4m ; Y5≈185.1m
[DCF] Fair Price = 96.36 (EV 2.91b - Net Debt 252.3m = Equity 2.66b / Shares 27.6m; r=8.35% [WACC [floored]]; 5y FCF grow -5.64% → 2.50% )
EPS Correlation: -53.12 | EPS CAGR: -8.65% | SUE: 3.38 | # QB: 2
Revenue Correlation: -93.14 | Revenue CAGR: -7.46% | SUE: 1.49 | # QB: 1
EPS current Year (2026-12-31): EPS=4.15 | Chg30d=-3.04% | Revisions=-25% | GrowthEPS=+5.6% | GrowthRev=-4.0%
EPS next Year (2027-12-31): EPS=4.39 | Chg30d=-8.35% | Revisions=+0% | GrowthEPS=+5.8% | GrowthRev=+1.4%