Overview Dividends

(IIPR) Innovative Industrial - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US45781V1017

Industrial Properties, Life Science Real Estate, Medical-Use Cannabis Facilities, Sale-Leaseback Transactions

Industrial REITs
Market Cap in USD: 1,347m
IPO / Inception: 2016-12-01
Return 12m vs S&P 500: -55.0%

EPS (Earnings per Share)

EPS (Earnings per Share) of IIPR over the last years for every Quarter: "2020-09": 0.86, "2020-12": 0.91, "2021-03": 1.05, "2021-06": 1.17, "2021-09": 1.2, "2021-12": 1.14, "2022-03": 1.32, "2022-06": 1.42, "2022-09": 1.32, "2022-12": 1.46, "2023-03": 1.43, "2023-06": 1.44, "2023-09": 1.45, "2023-12": 1.45, "2024-03": 1.36, "2024-06": 1.34, "2024-09": 1.37, "2024-12": 1.36, "2025-03": 1.03, "2025-06": 0.86, "2025-09": 0.97,
EPS CAGR: -4.21%
EPS Trend: -52.5%
Last SUE: 1.05
Qual. Beats: 1

Revenue

Revenue of IIPR over the last years for every Quarter: 2020-09: 34.327, 2020-12: 37.093, 2021-03: 42.885, 2021-06: 48.867, 2021-09: 53.856, 2021-12: 58.943, 2022-03: 64.504, 2022-06: 70.511, 2022-09: 70.883, 2022-12: 70.461, 2023-03: 76.067, 2023-06: 76.457, 2023-09: 77.826, 2023-12: 79.156, 2024-03: 75.454, 2024-06: 79.793, 2024-09: 76.526, 2024-12: 76.744, 2025-03: 71.722, 2025-06: 62.891, 2025-09: 64.685,
Rev. CAGR: 2.51%
Rev. Trend: 21.2%
Last SUE: 0.52
Qual. Beats: 0

Dividends

Dividend Yield 15.35%
Yield on Cost 5y 7.10%
Yield CAGR 5y 13.89%
Payout Consistency 100.0%
Payout Ratio 1.8%
Risk via 10d forecast
Volatility 37.9%
Value at Risk 5%th 57.8%
Relative Tail Risk -7.34%
Reward TTM
Sharpe Ratio -1.31
Alpha -59.98
CAGR/Max DD -0.29
Character TTM
Hurst Exponent 0.206
Beta 0.734
Beta Downside 0.621
Drawdowns 3y
Max DD 62.92%
Mean DD 30.69%
Median DD 31.91%

Description: IIPR Innovative Industrial November 14, 2025

Innovative Industrial Properties, Inc. (NYSE:IIPR) is a publicly traded REIT that acquires, owns, and manages specialized industrial and life-science properties, primarily leasing to federally regulated cannabis cultivators.

Key operating metrics that investors watch include a ~96% occupancy rate across its portfolio, a 2023 funds-from-operations (FFO) growth of roughly 12% year-over-year, and a leverage ratio near 5.2× net debt to EBITDA. The REIT’s performance is closely tied to macro-drivers such as the pace of U.S. cannabis legalization, interest-rate sensitivity typical of REITs, and broader industrial-real-estate demand for high-spec facilities.

For a deeper, data-driven look at IIPR’s valuation multiples and peer comparison, you might explore the analytics available on ValueRay.

Piotroski VR‑10 (Strict, 0-10) 5.5

Net Income (126.4m TTM) > 0 and > 6% of Revenue (6% = 16.6m TTM)
FCFTA 0.08 (>2.0%) and ΔFCFTA -1.50pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)
NWC/Revenue -5.73% (prev 9.35%; Δ -15.08pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)
CFO/TA 0.09 (>3.0%) and CFO 206.3m > Net Income 126.4m (YES >=105%, WARN >=100%)
Net Debt (303.6m) to EBITDA (216.8m) ratio: 1.40 <= 3.0 (WARN <= 3.5)
Current Ratio 0.91 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)
Outstanding Shares last Quarter (28.3m) change vs 12m ago -0.97% (target <= -2.0% for YES)
Gross Margin 89.20% (prev 90.98%; Δ -1.77pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)
Asset Turnover 11.66% (prev 12.98%; Δ -1.32pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)
Interest Coverage Ratio 8.62 (EBITDA TTM 216.8m / Interest Expense TTM 16.6m) >= 6 (WARN >= 3)

Altman Z'' -0.68

(A) -0.01 = (Total Current Assets 159.7m - Total Current Liabilities 175.5m) / Total Assets 2.34b
(B) -0.12 = Retained Earnings (Balance) -289.9m / Total Assets 2.34b
(C) 0.06 = EBIT TTM 143.0m / Avg Total Assets 2.37b
(D) -0.61 = Book Value of Equity -289.9m / Total Liabilities 474.6m
Total Rating: -0.68 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 65.42

1. Piotroski 5.50pt
2. FCF Yield 11.45%
3. FCF Margin 68.43%
4. Debt/Equity 0.18
5. Debt/Ebitda 1.40
6. ROIC - WACC (= -0.57)%
7. RoE 6.65%
8. Rev. Trend 21.17%
9. EPS Trend -52.49%

What is the price of IIPR shares?

As of November 27, 2025, the stock is trading at USD 49.51 with a total of 219,286 shares traded.
Over the past week, the price has changed by +7.89%, over one month by -6.80%, over three months by -6.64% and over the past year by -48.45%.

Is IIPR a buy, sell or hold?

Innovative Industrial has received a consensus analysts rating of 3.00. Therefor, it is recommend to hold IIPR.
  • Strong Buy: 1
  • Buy: 1
  • Hold: 2
  • Sell: 1
  • Strong Sell: 1

What are the forecasts/targets for the IIPR price?

Issuer Target Up/Down from current
Wallstreet Target Price 57.3 15.6%
Analysts Target Price 57.3 15.6%
ValueRay Target Price 50 0.9%

IIPR Fundamental Data Overview November 25, 2025

Market Cap USD = 1.35b (1.35b USD * 1.0 USD.USD)
P/E Trailing = 11.3593
P/E Forward = 11.274
P/S = 4.8779
P/B = 0.7396
Beta = 1.52
Revenue TTM = 276.0m USD
EBIT TTM = 143.0m USD
EBITDA TTM = 216.8m USD
Long Term Debt = 290.2m USD (from longTermDebt, last quarter)
Short Term Debt = 50.0m USD (from shortTermDebt, last quarter)
Debt = 340.2m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 303.6m USD (from netDebt column, last quarter)
Enterprise Value = 1.65b USD (1.35b + Debt 340.2m - CCE 36.7m)
Interest Coverage Ratio = 8.62 (Ebit TTM 143.0m / Interest Expense TTM 16.6m)
FCF Yield = 11.45% (FCF TTM 188.9m / Enterprise Value 1.65b)
FCF Margin = 68.43% (FCF TTM 188.9m / Revenue TTM 276.0m)
Net Margin = 45.80% (Net Income TTM 126.4m / Revenue TTM 276.0m)
Gross Margin = 89.20% ((Revenue TTM 276.0m - Cost of Revenue TTM 29.8m) / Revenue TTM)
Gross Margin QoQ = 87.71% (prev 89.08%)
Tobins Q-Ratio = 0.71 (Enterprise Value 1.65b / Total Assets 2.34b)
Interest Expense / Debt = 1.33% (Interest Expense 4.53m / Debt 340.2m)
Taxrate = -1.12% (negative due to tax credits) (-1.80m / 161.7m)
NOPAT = 144.6m (EBIT 143.0m * (1 - -1.12%)) [negative tax rate / tax credits]
Current Ratio = 0.91 (Total Current Assets 159.7m / Total Current Liabilities 175.5m)
Debt / Equity = 0.18 (Debt 340.2m / totalStockholderEquity, last quarter 1.86b)
Debt / EBITDA = 1.40 (Net Debt 303.6m / EBITDA 216.8m)
Debt / FCF = 1.61 (Net Debt 303.6m / FCF TTM 188.9m)
Total Stockholder Equity = 1.90b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.41% (Net Income 126.4m / Total Assets 2.34b)
RoE = 6.65% (Net Income TTM 126.4m / Total Stockholder Equity 1.90b)
RoCE = 6.53% (EBIT 143.0m / Capital Employed (Equity 1.90b + L.T.Debt 290.2m))
RoIC = 6.66% (NOPAT 144.6m / Invested Capital 2.17b)
WACC = 7.23% (E(1.35b)/V(1.69b) * Re(8.72%) + D(340.2m)/V(1.69b) * Rd(1.33%) * (1-Tc(-0.01)))
Discount Rate = 8.72% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.04%
[DCF Debug] Terminal Value 75.77% ; FCFE base≈205.2m ; Y1≈204.0m ; Y5≈214.1m
Fair Price DCF = 119.5 (DCF Value 3.35b / Shares Outstanding 28.0m; 5y FCF grow -1.24% → 3.0% )
EPS Correlation: -52.49 | EPS CAGR: -4.21% | SUE: 1.05 | # QB: 1
Revenue Correlation: 21.17 | Revenue CAGR: 2.51% | SUE: 0.52 | # QB: 0

Additional Sources for IIPR Stock

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