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Innovative Industrial Properties Inc (IIPR) stock

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NYSE: IIPR NYSE Other Specialized REITs Next results ~February 22, 2027

C+ Fundamentals grade

Innovative Industrial Properties Inc is a US-listed company in the other specialized REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$84

Cash-flow model

Base case. Range ~$62–$110 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 54% above it.

Price used: $54.40, November 2, 2026

Innovative Industrial Properties Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 1 selling6 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds193 adding, 95 cuttingOf 30 active managers that changed their stake, 18 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Innovative Industrial Properties files

Where Innovative Industrial Properties stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $264m, down 8.4% on a year earlier, a smaller fall than the 13.6% decline a quarter earlier. Free-cash-flow margin fell to 46.2% from 52.9% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 1 financial-health checks. Our cash-flow model value is $69.85 a share, against a share price of $53.33. At that price, our model says the market is pricing in cash flow shrinking about 2.0% a year for five years, slower than the 5.2% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 22, 2027 (estimated)

Innovative Industrial Properties Inc's trailing-twelve-month revenue fell 8.4% year on year, with a free-cash-flow margin of 46.2%. Where it stands out: change in growth rate of +5.2pp ranks 1 of 6 other specialized reits companies we cover. Where it lags: revenue growth of -8.4% ranks 6 of 6 other specialized reits companies we cover.

Our discounted-cash-flow model values the business at ~$84 per share in the base case (~$62–$110 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 20.0% while net income grew 0.3%: a 20pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $54.40 is 54% below our value per share of $84.
  • High operating margin. 51.4% of revenue is left as operating profit, against a median of 31.8% for other specialized reits companies we cover.
  • Strong cash generation. 46.2% of revenue turned into free cash flow.
  • Net cash. Cash exceeds long-term debt by $0.2bn.

Things to watch

  • Revenue shrinking. Revenue fell 8.4% over the last 12 months.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 4.1% ranks 6 of 6 other specialized reits companies we cover (median 2.2%).
  • Below peers: change in share count. Change in share count of 0.9% ranks 5 of 6 other specialized reits companies we cover (median 0.9%).
  • Heavily shorted. 19.8% of the shares available to trade are sold short (7.6 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 8.4% over 90 days.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.96 against an average estimate of $1.02: missed by 6.3%
Revenue
$63m, up 0.7% on a year earlier
Share reaction
+2.6% in the first session after the results on August 3, 2026, against +3.3% for the S&P 500
Next report
November 2, 2026; average EPS estimate $0.83

Innovative Industrial Properties' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.5%
  • 1 week+1.3%
  • 1 month+7.7%
  • This year+27.5%
  • 1 year+25.2%
  • 5 years-66.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$264M
Operating margin
51.4%
Net margin
52.3%
EPS (TTM, diluted)
$4.79

Growth

Revenue growth
−8.4%
Change in growth rate
+5.2 pts
Share count change
+0.9%

Cash

Free cash flow (TTM)
$122M
FCF margin
46.2%
Stock pay % of revenue
4.1%

Earnings

Last results
November 2, 2026
Next results (est.)
February 22, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Agreement
  3. Agreement
  4. Insider trade
  5. Agreement
  6. Governance
  7. Announcement
  8. Results
  9. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Innovative Industrial Properties Inc valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 5.2% a year for five years.That is slower than the 5.2% a year revenue growth Innovative Industrial Properties has delivered.

  • Priced in-5.2%
  • Last 12 months-8.4%
  • 3 years a year-3.6%
  • 5 years a year5.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($55.63, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$84
Price used
$55.63close November 3, 2026
Implied change
▲ +51%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Innovative Industrial Properties Inc's free cash flow after stock-based pay with after-tax interest added back ($145M, FY2026 Q2 TTM), growing 0% and 1.9% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$62–~$110 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Innovative Industrial Properties Inc's free cash flow after stock-based pay ( $145M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Innovative Industrial Properties Inc as an equity reit, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.69 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$84 ~$62–$110 Primary model, counts double
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$140 ~$120–$180 Included
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$2.6 ~$66–$130 Left out: out of range vs price (0.05x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$150 ~$120–$180 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$84–$150 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Innovative Industrial Properties Inc with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▼ −11%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $74$102$138$185$247$327
8.5% $56$76$102$136$180$237
10% $46$61$81$107$141$184

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$17.70$25.67$44.29$111.32$164.19$67.29$73.20$52.30$42.68$54.40
Market value$60m$187m$473m$2.2bn$4.3bn$1.9bn$2.1bn$1.5bn$1.2bn$1.6bn
+ Net debt (− = net cash)−$12m−$13m$52m−$126m$213m$208m$156m$152m$346m−$79m
Enterprise value$48m$174m$526m$2.1bn$4.5bn$2.1bn$2.2bn$1.6bn$1.6bn$1.5bn
Multiples
Price / sales 9.3x12.7x10.6x18.6x21.1x6.7x6.7x4.8x4.6x5.9x
Price / earnings —26.8x20.2x33.1x37.8x12.1x12.5x9.2x10.2x11.4x
Price / free cash flow —11.9x10.5x19.6x22.8x8.0x8.1x5.8x6.1x—
EV / EBITDA 69.4x21.8x15.7x21.0x25.5x9.0x9.2x6.9x7.9x7.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

64 /100

Moderate moat

How hard Innovative Industrial Properties's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Net income has been a median 5.3% of total assets over 9 years.

  • Durability 17 / 20

    Operating margin has been a median 55.1%; its worst year was 28.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 9 of 9 years, at a median 62.9% of revenue.

  • Discipline 7 / 20

    The diluted share count rose 16.1% over five years; stock-based pay has been a median 5.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.15 +6% $255m −4%
Next $4.39 +6% $259m +1%

Next year's EPS estimate has moved −8.4% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −3.0% on 90 days ago. In the last 30 days, 0 analysts raised Innovative Industrial Properties Inc's forecast and 1 cut it.

Consensus EPS forecast Innovative Industrial Properties Inc, last 90 days
$4.00 $4.20 $4.40 $4.60 $4.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.28 Current fiscal year, 60 days ago: $4.28 Current fiscal year, 30 days ago: $4.28 Current fiscal year, 7 days ago: $4.15 Current fiscal year, Now: $4.15 $4.15 Next fiscal year, 90 days ago: $4.79 Next fiscal year, 60 days ago: $4.79 Next fiscal year, 30 days ago: $4.79 Next fiscal year, 7 days ago: $4.59 Next fiscal year, Now: $4.39 $4.39

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.28$4.79
60 days ago $4.28$4.79
30 days ago $4.28$4.79
7 days ago $4.15$4.59
Now $4.15$4.39

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.02 $0.96 −6.3%
Mar 2026 $1.07 $1.04 −2.7%
Dec 2025 $1.05 $1.06 +1.3%
Sept 2025 $0.90 $0.97 +7.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 3, 2026

No numeric guidance in Innovative Industrial Properties Inc's latest earnings release (filed August 3, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Innovative Industrial Properties Inc's revenue by -0.0% next year and +1.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-2.5%, weight 45%) and the company's own record (+2.0%, weight 55%) . How the weights are set.

Analyst recommendations

7 analysts, Nov 2026
Buy229%
Hold457%
Sell114%

Monthly trend

  1. Nov 20262417
  2. Oct 20261416

Counts of recommendations published by analysts covering Innovative Industrial Properties Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
19.8%
of tradable shares
Days to cover
7.6
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
79%
of shares
Held by insiders
2.0%
of shares
Employees
24
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +25.2%

$43.47 on October 31, 2025 to $54.40

ThenNowEffect
Revenue (last 12 months) $288m $264m −8.4%
Net margin 47.7% 52.3% +9.6%
P/E multiple 9.0x 11.4x +25.9%
Share count 28m 29m −0.9%

Biggest factor: p/e multiple.

Last 3 years −5.4%

$57.49 on November 3, 2023 to $54.40

ThenNowEffect
Revenue (last 12 months) $294m $264m −10.3%
Net margin 55.0% 52.3% −4.9%
P/E multiple 10.0x 11.4x +13.2%
Share count 28m 29m −2.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
IIPR+48%−59%+9%−29%−18%+28%
Industry peers (median)+42%−15%+15%+6%−1%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
IIPR67%25%42%58%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
IIPR−25%−66%−42%−50%−35%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since December 1, 2016: 78% from November 15, 2021 to August 8, 2025. Getting back needed a 363% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$38.64 – $62.42
From 52-week high
−12.8%
vs 50-day average
+2.0%
vs 200-day average
+4.5%
Volatility (1 year)
37%
Beta vs S&P 500
0.63

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 5 down
typical move ±6.8%
After a week
8 up, 3 down
typical move ±6.3%
After a month
7 up, 4 down
typical move ±8.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +2.6% +3.3% −2.4% −4.5%
May 4, 2026 +10.7% +0.4% +3.7% +5.1%
February 23, 2026 +11.8% −0.3% +17.4% +15.0%
November 4, 2025 +7.1% −0.8% +5.0% +2.8%
August 7, 2025 −11.2% +0.7% +3.0% +10.0%
May 7, 2025 +5.0% +1.1% +4.4% +4.4%
February 20, 2025 −1.0% −2.1% −1.3% −13.4%
November 7, 2024 −13.5% +1.2% −15.9% −12.7%
August 6, 2024 −0.2% +0.2% +3.6% +7.6%
May 9, 2024 −3.0% +0.7% +5.6% −0.7%
February 27, 2024 +8.6% +0.1% +7.5% +18.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Innovative Industrial Properties Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Innovative Industrial Properties Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Innovative Industrial Properties Inc
$260M $280M $300M $320M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $300.8M Revenue (TTM), FY23 Q4: $309.5M Revenue (TTM), FY24 Q1: $308.9M Revenue (TTM), FY24 Q2: $312.2M Revenue (TTM), FY24 Q3: $310.9M Revenue (TTM), FY24 Q4: $308.5M Revenue (TTM), FY25 Q1: $304.8M Revenue (TTM), FY25 Q2: $287.9M Revenue (TTM), FY25 Q3: $276M Revenue (TTM), FY25 Q4: $266M Revenue (TTM), FY26 Q1: $263.2M Revenue (TTM), FY26 Q2: $263.7M $263.7M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $300.8M
FY23 Q4 $309.5M
FY24 Q1 $308.9M
FY24 Q2 $312.2M
FY24 Q3 $310.9M
FY24 Q4 $308.5M
FY25 Q1 $304.8M
FY25 Q2 $287.9M
FY25 Q3 $276M
FY25 Q4 $266M
FY26 Q1 $263.2M
FY26 Q2 $263.7M
Revenue growth, TTM YoY Innovative Industrial Properties Inc
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 13.6% Revenue growth, TTM YoY, FY23 Q4: 12.0% Revenue growth, TTM YoY, FY24 Q1: 7.3% Revenue growth, TTM YoY, FY24 Q2: 6.2% Revenue growth, TTM YoY, FY24 Q3: 3.4% Revenue growth, TTM YoY, FY24 Q4: -0.3% Revenue growth, TTM YoY, FY25 Q1: -1.3% Revenue growth, TTM YoY, FY25 Q2: -7.8% Revenue growth, TTM YoY, FY25 Q3: -11.2% Revenue growth, TTM YoY, FY25 Q4: -13.8% Revenue growth, TTM YoY, FY26 Q1: -13.6% Revenue growth, TTM YoY, FY26 Q2: -8.4% -8.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 13.6%
FY23 Q4 12.0%
FY24 Q1 7.3%
FY24 Q2 6.2%
FY24 Q3 3.4%
FY24 Q4 -0.3%
FY25 Q1 -1.3%
FY25 Q2 -7.8%
FY25 Q3 -11.2%
FY25 Q4 -13.8%
FY26 Q1 -13.6%
FY26 Q2 -8.4%
Operating margin (TTM) Innovative Industrial Properties Inc
45% 50% 55% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 58.1% Operating margin (TTM), FY23 Q4: 56.4% Operating margin (TTM), FY24 Q1: 56.1% Operating margin (TTM), FY24 Q2: 55.1% Operating margin (TTM), FY24 Q3: 54.8% Operating margin (TTM), FY24 Q4: 54.6% Operating margin (TTM), FY25 Q1: 52.6% Operating margin (TTM), FY25 Q2: 51.0% Operating margin (TTM), FY25 Q3: 48.6% Operating margin (TTM), FY25 Q4: 46.7% Operating margin (TTM), FY26 Q1: 46.8% Operating margin (TTM), FY26 Q2: 51.4% 51.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 58.1%
FY23 Q4 56.4%
FY24 Q1 56.1%
FY24 Q2 55.1%
FY24 Q3 54.8%
FY24 Q4 54.6%
FY25 Q1 52.6%
FY25 Q2 51.0%
FY25 Q3 48.6%
FY25 Q4 46.7%
FY26 Q1 46.8%
FY26 Q2 51.4%
FCF margin (TTM) Innovative Industrial Properties Inc
45% 50% 55% 60% 65% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 59.3% FCF margin (TTM), FY23 Q4: 60.9% FCF margin (TTM), FY24 Q1: 63.1% FCF margin (TTM), FY24 Q2: 62.9% FCF margin (TTM), FY24 Q3: 63.4% FCF margin (TTM), FY24 Q4: 60.8% FCF margin (TTM), FY25 Q1: 55.5% FCF margin (TTM), FY25 Q2: 52.9% FCF margin (TTM), FY25 Q3: 47.9% FCF margin (TTM), FY25 Q4: 46.7% FCF margin (TTM), FY26 Q1: 47.8% FCF margin (TTM), FY26 Q2: 46.2% 46.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 59.3%
FY23 Q4 60.9%
FY24 Q1 63.1%
FY24 Q2 62.9%
FY24 Q3 63.4%
FY24 Q4 60.8%
FY25 Q1 55.5%
FY25 Q2 52.9%
FY25 Q3 47.9%
FY25 Q4 46.7%
FY26 Q1 47.8%
FY26 Q2 46.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Innovative Industrial Properties took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $266M
  2. Selling, general and admin $33.7M · 12.7%
  3. Other operating costs $108M · 40.6%
  4. Operating income $124M · 46.7%
  5. Interest and other $5.9M · 2.2%
  6. Net income $118M · 44.5%

Shares of revenue. Source: Innovative Industrial Properties's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 6 15 45 117 205 276 310 309 266 264
EBITDA 1 8 34 98 177 231 242 239 198 210
Operating income −0 5 25 70 135 170 175 168 124 136
Net income −0 7 23 66 114 154 166 162 118 138
Diluted EPS −$0.13 $0.75 $2.03 $3.27 $4.55 $5.52 $5.77 $5.52 $3.93 $4.79
Growth (year on year)
Revenue — +130.3% +202.1% +161.7% +75.0% +35.1% +12.0% −0.3% −13.8% −8.4%
EBITDA — +>999% +320.9% +191.5% +81.2% +30.4% +4.7% −1.1% −17.1% −4.4%
Operating income — — +367.1% +179.7% +94.1% +25.3% +2.9% −3.6% −26.3% −7.6%
Net income — — +236.1% +180.0% +73.4% +35.4% +7.3% −2.4% −26.9% +0.3%
Diluted EPS — — +170.7% +61.1% +39.1% +21.3% +4.5% −4.3% −28.8% −0.6%
Margins
EBITDA margin 10.8% 53.9% 75.1% 83.6% 86.6% 83.6% 78.1% 77.5% 74.5% 79.7%
Operating margin −3.5% 36.1% 55.8% 59.7% 66.2% 61.4% 56.4% 54.6% 46.7% 51.4%
Net margin −1.1% 47.2% 52.6% 56.2% 55.7% 55.9% 53.5% 52.4% 44.5% 52.3%
Free-cash-flow margin −14.0% 106.1% 100.6% 94.8% 92.3% 84.7% 82.6% 83.8% 74.5% —
Cash flow
Cash from operations 5 16 45 111 189 234 256 258 198 196
Capital spending 6 0 0 0 0 0 0 0 0 —
Free cash flow −1 16 45 111 189 234 256 258 198 —
Stock-based pay 2 1 2 3 9 18 20 17 10 11
Free cash flow after stock pay −3 14 42 107 180 217 236 241 188 —
Balance sheet
Cash 12 13 82 126 81 87 140 146 48 205
Total debt 0 0 135 0 294 295 296 298 394 125
Net debt (negative = net cash) −12 −13 52 −126 213 208 156 152 346 −79
Diluted shares 3m 7m 11m 20m 26m 28m 28m 29m 28m 29m
Returned to shareholders
Dividends 1 7 23 75 131 184 203 212 216 216
Buybacks 0 — — — — — 0 0 20 89
Total returned 1 7 23 75 131 184 203 212 236 305

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 1 checks passed · June 30, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $136m against $26m of interest.

From Innovative Industrial Properties Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$89M
Dividends (TTM)
$216M
Returned to shareholders
250%
of free cash flow
Buybacks, last 3 fiscal years
$20.1M
Diluted share count
+0.9%
year over year
Total shareholder yield
20.3%
dividends 14.4% + buybacks 5.9% of market value
Dividend payout ratio
157%
of net income paid out

Competitors: side by side with peers

Closest by revenue in other specialized reits
Last 12 months unless stated IIPR EPR FPI OUT LAMR IRM Median
Revenue, last 12 months $264m $764m $50m $1.9bn $2.3bn $7.6bn $1.3bn
Revenue growth, last 12 months −8.4% 7.3% −5.6% 7.6% 4.4% 17.4% 5.8%
Revenue growth, 3-year average −3.6% 2.4% −4.7% 2.2% 3.9% 13.0% 2.3%
Revenue growth, latest quarter 0.7% 12.0% −13.1% 13.5% 6.5% 18.5% 9.2%
Operating margin 51.4% 59.0% 34.8% 20.5% 31.8% 18.8% 33.3%
Operating margin, 3-year average 52.5% 53.2% 35.2% 19.0% 30.4% 17.1% 32.8%
Net margin 52.3% 38.8% 19.5% 12.7% 23.9% 5.5% 21.7%
Cash from operations / revenue 74.5% 61.9% 36.2% 20.2% 39.0% 21.9% 37.6%
Free-cash-flow margin 46.2% −28.4% 28.9% 15.7% 30.9% −7.9% 22.3%
Free-cash-flow margin, 3-year average 54.0% 3.9% 19.0% 12.6% 32.0% −10.1% 15.8%
Stock pay / revenue 4.1% 2.2% 3.9% 1.3% 1.3% 1.8% 2.0%
Change in share count 0.9% 0.6% −3.1% 4.1% −1.1% 0.9% 0.7%

Median of all 6 companies we cover in other specialized reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

6 other specialized reits companies
Measure Company Peer median Rank
Revenue growth Growth -8.4% 7.3% 6 of 6
Change in growth rate Growth +5.2pp +2.8pp 1 of 6
Operating margin Profitability 51.4% 31.8% 2 of 5
Net margin Profitability 52.3% 23.9% 1 of 6
Stock pay as % of revenue Cash generation 4.1% 2.2% 6 of 6
Long-term debt as % of assets Balance sheet 16.6% 46.7% 1 of 6
Change in share count Balance sheet 0.9% 0.9% 5 of 6

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$1.3B
Institutions reporting
324
Shares held vs prior quarter
▲ 4.6%
Positions opened / closed
51 / 25

Top buyers and sellers, Q2 2026: 193 institutions bought and 95 sold ; the biggest buyer was Blackrock, Inc (+216K shares) and the biggest seller Goldman Sachs Group Inc (−179K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $310M 5.0M 23.9% ▲ 4.5%
Vanguard Portfolio Management LLC $175M 2.8M 13.5% ▲ 3.3%
State Street Corp $104M 1.6M 8.0% ▲ 2.7%
Vanguard Capital Management LLC $80.1M 1.3M 6.2% ▲ 4.1%
Charles Schwab Investment Management Inc $40.2M 649K 3.1% ▲ 13.1%
Arrowstreet Capital, Limited Partnership $35M 564K 2.7% ▲ 4.6%
Mirae Asset Global Etfs Holdings Ltd. $32.5M 524K 2.5% ▲ 1.6%
Invesco Ltd. $30.8M 497K 2.4% ▲ 0.3%
Northern Trust Corp $24.5M 396K 1.9% ▲ 4.1%
Dimensional Fund Advisors LP $22.6M 365K 1.7% ▼ 0.6%
Goldman Sachs Group Inc $22.5M 363K 1.7% ▼ 33.1%
Point72 Asset Management, L.P. $21.8M 352K 1.7% ▼ 24.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Innovative Industrial Properties Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.3M 6 trades by 3 insiders, last 12 months Insider sales History → $34,436 1 trade by 1 insider · 0% under pre-set plans
Net ▲ $1.2M net buying
Insider Date Trade Shares Price Value
Gold Alan D EXECUTIVE CHAIRMAN October 8, 2026 Buy 40,000 $25.00 $1M
Shoemaker Scott Director September 15, 2026 Sell 611 $56.36 $34,436
Ives Bruce Alan Director August 31, 2026 Buy 528 $56.70 $29,938
Gold Alan D EXECUTIVE CHAIRMAN November 24, 2025 Buy 2,600 $49.09 $127,634
Smith David Jon CFO AND TREASURER November 20, 2025 Buy 600 $45.90 $27,540
Gold Alan D EXECUTIVE CHAIRMAN November 20, 2025 Buy 1,000 $45.70 $45,700
Gold Alan D EXECUTIVE CHAIRMAN November 19, 2025 Buy 1,000 $46.26 $46,260

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Innovative Industrial Properties Inc disclosed in the last 12 months; 5 earlier trades on record.

  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded July 12, 2023, filed August 13, 2023
  • Daniel S. Goldman(D-NY 10):Sale (partial), $1,001 - $15,000, traded April 10, 2023, filed May 19, 2023
  • Chris Jacobs(R-NY 27):Purchase, $1,001 - $15,000, traded October 12, 2022, filed November 16, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 22, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 3, 2026
  • May 4, 2026
  • February 23, 2026
  • November 4, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Innovative Industrial Properties Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Innovative Industrial Properties Inc in brief

What does Innovative Industrial Properties Inc do?
Innovative Industrial Properties Inc is a US-listed company in the other specialized REITs industry. Its financial year ends in December.
What is Innovative Industrial Properties Inc's stock ticker?
Innovative Industrial Properties Inc trades under the ticker IIPR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Innovative Industrial Properties Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Innovative Industrial Properties Inc reported revenue of $264M, 8.4% lower than a year earlier, according to its SEC filings.
What is Innovative Industrial Properties Inc's free cash flow?
Innovative Industrial Properties Inc's free-cash-flow margin is 46.2% of revenue over the trailing twelve months.
What is Innovative Industrial Properties Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Innovative Industrial Properties Inc's free cash flow after stock-based pay gives ~$84 per share in the base case, and ~$62–$110 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Innovative Industrial Properties Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Innovative Industrial Properties Inc buying back stock, and does it pay a dividend?
Innovative Industrial Properties Inc spent $89M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.9% over the year.
What is Innovative Industrial Properties Inc's market cap?
On November 2, 2026, Innovative Industrial Properties Inc's market capitalisation was about $1.6B, with a price-to-earnings ratio of 11.4 and net debt of -$79.4M. Market figures come from third-party market data and may be delayed.
Does Innovative Industrial Properties Inc pay a dividend?
Yes: Innovative Industrial Properties Inc paid $216M in dividends over the trailing twelve months, a dividend yield of 14.39% and a payout ratio of 156.6%.
Who are Innovative Industrial Properties Inc's competitors?
In our Other Specialized REITs peer group, the companies closest to Innovative Industrial Properties Inc are EPR Properties, Farmland Partners Inc., Outfront Media Inc., Lamar Advertising Co and Iron Mountain. The side-by-side comparison below sets their revenue, margins and growth against Innovative Industrial Properties Inc's.
Are insiders buying or selling Innovative Industrial Properties Inc stock?
Over the last 12 months, Innovative Industrial Properties Inc's directors and officers reported 6 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Innovative Industrial Properties Inc's next earnings date?
Around February 22, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Innovative Industrial Properties Inc announces its own schedule.