AH Realty Trust vs Innovative Industrial Properties
Innovative Industrial Properties is the larger business, with $266m of revenue in fiscal 2025 against $210m for AH Realty Trust (1.3 times as much). Innovative Industrial Properties grew faster (-13.8% against -51.5%). Innovative Industrial Properties kept more of each dollar of sales as profit: a net margin of 44.5% against 2.7%. Innovative Industrial Properties carries less debt relative to equity (21.3% against 243.2%).
| Latest fiscal year | AH Realty TrustAHRT, 2025 | Innovative Industrial PropertiesIIPR, 2025 |
|---|---|---|
| Revenue | $210m | $266m |
| Revenue growth | -51.5% | -13.8% |
| Net income | $5.6m | $118m |
| Operating margin | 23.1% | 46.7% |
| Net margin | 2.7% | 44.5% |
| Return on equity | 0.9% | 6.2% |
| Free cash flow | — | $198m |
| Cash | $40.7m | $47.6m |
| Total debt | $1.53bn | $394m |
| Debt to equity | 243.2% | 21.3% |
| Dividend per share | — | — |
| Dividend yield | 16.5% | 14.4% |
| Share buybacks | $0 | $20.1m |
| Employees | 98 | 23 |
| Market value | $484m | $1.52bn |
| Price vs our value range | — | Below our value range |
| Moat score | 41 (Weak) | 64 (Moderate) |
| Insider trades, 12 months | 10 buys, 0 sales | 6 buys, 1 sales |