Overview Dividends

(IIPR) Innovative Industrial - Ratings and Ratios

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

Rental,Properties,Lease,Cannabis,Assets

IIPR EPS (Earnings per Share)

EPS Growth (3Y CAGR): -13.82%
EPS Trend (3Y Correlation): -81.9%

IIPR Revenue

Revenue Growth (3Y CAGR): -3.06%
Revenue Trend (3Y Correlation): -52.6%

Risk via 10d forecast
Volatility	38.4%
Value at Risk 5%th	59.0%

Reward
Sharpe Ratio	-1.21
Alpha Jensen	-67.66

Character
Hurst Exponent	0.232
Beta	1.520

Drawdowns 3y
Max DD	62.92%
Mean DD	29.90%

Description: IIPR Innovative Industrial August 14, 2025

Innovative Industrial Properties Inc (NYSE:IIPR) is a US-based Industrial REIT, a specialized real estate investment trust that focuses on a specific niche. The companys business model is centered around leasing properties to tenants in the industrial sector, providing a steady stream of rental income.

To assess IIPRs performance, key metrics such as Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) are crucial, as they provide insights into the companys ability to generate cash from its operations. A growing FFO and AFFO would indicate a healthy and sustainable business model. Additionally, the companys debt-to-equity ratio and interest coverage ratio are important indicators of its financial health and ability to meet its obligations.

The Industrial REITs sector is influenced by various economic drivers, including GDP growth, industrial production, and demand for logistics and warehouse space. As e-commerce continues to grow, the demand for industrial properties is likely to remain strong, driving rental income and property valuations. IIPRs exposure to this trend is a key factor in its potential for long-term growth.

From a valuation perspective, IIPRs Price-to-FFO ratio is a relevant metric, as it provides a more accurate picture of the companys valuation compared to the traditional P/E ratio. A lower Price-to-FFO ratio may indicate undervaluation, while a higher ratio could suggest overvaluation. Furthermore, the companys dividend yield is also an important consideration, as it provides a return on investment for shareholders.

To evaluate IIPRs future prospects, its essential to monitor its occupancy rates, rental growth, and property portfolio diversification. A high occupancy rate and growing rents are indicative of a well-managed portfolio, while a diversified portfolio reduces the companys exposure to specific tenants or geographic regions.

IIPR Stock Overview

Market Cap in USD	1,442m
Sub-Industry	Industrial REITs
IPO / Inception	2016-12-01
Return 12m vs S&P 500	-52.4%
Analyst Rating	3.0 of 5

IIPR Dividends

Dividend Yield	15.06%
Yield on Cost 5y	7.11%
Yield CAGR 5y	13.89%
Payout Consistency	100.0%
Payout Ratio	1.8%

IIPR Growth Ratios

CAGR	-16.30%
CAGR/Max DD Calmar Ratio	-0.26
CAGR/Mean DD Pain Ratio	-0.55
Current Volume	209k
Average Volume	263.3k

Piotroski VR‑10 (Strict, 0-10) 5.5

Net Income (126.4m TTM) > 0 and > 6% of Revenue (6% = 16.6m TTM)

FCFTA 0.09 (>2.0%) and ΔFCFTA -0.77pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -32.19% (prev 9.35%; Δ -41.54pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.09 (>3.0%) and CFO 206.1m > Net Income 126.4m (YES >=105%, WARN >=100%)

Net Debt (303.6m) to EBITDA (212.4m) ratio: 1.43 <= 3.0 (WARN <= 3.5)

Current Ratio 0.29 (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 8.35 (EBITDA TTM 212.4m / Interest Expense TTM 16.6m) >= 6 (WARN >= 3)

Altman Z'' -0.90

(A) -0.04 = (Total Current Assets 36.7m - Total Current Liabilities 125.5m) / Total Assets 2.34b

(B) -0.12 = Retained Earnings (Balance) -289.9m / Total Assets 2.34b

(D) -0.61 = Book Value of Equity -289.9m / Total Liabilities 474.6m

Total Rating: -0.90 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 55.06

1. Piotroski 5.50pt = 0.50

2. FCF Yield 11.81% = 5.0

3. FCF Margin 74.66% = 7.50

4. Debt/Equity 0.18 = 2.48

5. Debt/Ebitda 1.43 = 1.08

6. ROIC - WACC (= -3.21)% = -4.02

7. RoE 6.65% = 0.55

8. Rev. Trend -52.64% = -3.95

9. EPS Trend -81.89% = -4.09

What is the price of IIPR shares?

As of November 13, 2025, the stock is trading at USD 50.47 with a total of 209,018 shares traded.
Over the past week, the price has changed by -4.77%, over one month by -3.68%, over three months by -0.31% and over the past year by -44.83%.

Is Innovative Industrial a good stock to buy?

Neither. Based on ValueRay´s Fundamental Analyses, Innovative Industrial is currently (November 2025) neither a good nor a bad stock to buy. It has a ValueRay Fundamental Rating of 55.06 and therefor a neutral outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of IIPR is around 45.79 USD . This means that IIPR is currently overvalued and has a potential downside of -9.27%.

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	13.4%
Analysts Target Price	57.3	13.4%
ValueRay Target Price	51.6	2.2%

IIPR Fundamental Data Overview November 10, 2025

Market Cap USD = 1.44b (1.44b USD * 1.0 USD.USD)
P/E Trailing = 12.1655
P/E Forward = 14.0449
P/S = 5.2241
P/B = 0.8609
Beta = 1.52
Revenue TTM = 276.0m USD
EBIT TTM = 138.6m USD
EBITDA TTM = 212.4m USD
Long Term Debt = 297.9m USD (from longTermDebt, last fiscal year)
Short Term Debt = unknown (none)
Debt = 340.2m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 303.6m USD (from netDebt column, last quarter)
Enterprise Value = 1.75b USD (1.44b + Debt 340.2m - CCE 36.7m)
Interest Coverage Ratio = 8.35 (Ebit TTM 138.6m / Interest Expense TTM 16.6m)
FCF Yield = 11.81% (FCF TTM 206.1m / Enterprise Value 1.75b)
FCF Margin = 74.66% (FCF TTM 206.1m / 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 = 0.75 (Enterprise Value 1.75b / 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 = 140.1m (EBIT 138.6m * (1 - -1.12%)) [negative tax rate / tax credits]
Current Ratio = 0.29 (Total Current Assets 36.7m / Total Current Liabilities 125.5m)
Debt / Equity = 0.18 (Debt 340.2m / totalStockholderEquity, last quarter 1.86b)
Debt / EBITDA = 1.43 (Net Debt 303.6m / EBITDA 212.4m)
Debt / FCF = 1.47 (Net Debt 303.6m / FCF TTM 206.1m)
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 = 6.30% (EBIT 138.6m / Capital Employed (Equity 1.90b + L.T.Debt 297.9m))
RoIC = 6.45% (NOPAT 140.1m / Invested Capital 2.17b)
WACC = 9.66% (E(1.44b)/V(1.78b) * Re(11.62%) + D(340.2m)/V(1.78b) * Rd(1.33%) * (1-Tc(-0.01)))
Discount Rate = 11.62% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.04%
[DCF Debug] Terminal Value 66.37% ; FCFE base≈215.5m ; Y1≈216.0m ; Y5≈230.4m
Fair Price DCF = 85.41 (DCF Value 2.39b / Shares Outstanding 28.0m; 5y FCF grow -0.28% → 3.0% )
EPS Correlation: -81.89 | EPS CAGR: -13.82% | SUE: 1.05 | # QB: 1
Revenue Correlation: -52.64 | Revenue CAGR: -3.06% | SUE: 0.52 | # QB: 0

Additional Sources for IIPR Stock

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