Innovative Industrial Properties (IIPR) Stock Price, News & Analysis

Company Overview

Innovative Industrial Properties, Inc. (NYSE: IIPR) is a real estate investment trust focused on the regulated cannabis industry. The company acquires, owns and manages specialized industrial properties that are used for cannabis cultivation and processing.

IIPR generally leases its properties to state-licensed cannabis operators through long-term, often triple-net lease agreements. Under these arrangements, tenants typically remain responsible for property-level expenses such as maintenance, insurance and taxes. The company also provides capital to operators through sale-leaseback transactions and funds property development, redevelopment and improvements.

Founded in 2016, Innovative Industrial Properties was established to provide real estate capital to the medical-use cannabis sector. Its portfolio serves cannabis operators in multiple U.S. states with regulated medical and adult-use markets. The company is headquartered in San Diego, California, and operates exclusively in the United States.

Key Stats

• Today's Range: $55.90 to $56.99
• 50-Day Range: $55.05 to $64.68
• 52-Week Range: $44.58 to $65.38
• Volume: 347,866 shs
• Average Volume: 324,380 shs
• Market Capitalization: $1.57 billion
• P/E Ratio: 12.88
• Dividend Yield: 13.38%
• Price Target: $48.00
• Consensus Rating: Reduce

Innovative Industrial Properties Stock Analysis - MarketRank™

Innovative Industrial Properties scored higher than 42% of companies evaluated by MarketBeat, and ranked 134th out of 187 stocks in the real estate sector. Scores are calculated by averaging available category scores, with extra weight given to analysis and valuation.

Analyst's Opinion

• Score: 1.3 / 5
• Analyst Rating: Reduce

Consensus Rating

Innovative Industrial Properties has received a consensus rating of Reduce. The company's average rating score is 1.75, and is based on no strong buy ratings, no buy ratings, 3 hold ratings, and 1 sell rating.

Downside Risk

Innovative Industrial Properties has a consensus price target of $48.00, representing about 15.5% downside from its current price of $56.80.

Amount of Analyst Coverage

Innovative Industrial Properties has only been the subject of 2 research reports in the past 90 days.

Earnings and Valuation

• Score: 3.1 / 5
• Proj. Earnings Growth: 9.08%

Earnings Growth

Earnings for Innovative Industrial Properties are expected to grow by 9.08% in the coming year, from $7.05 to $7.69 per share.

Price to Earnings Ratio vs. the Market

The P/E ratio of Innovative Industrial Properties is 12.88, which means that it is trading at a less expensive P/E ratio than the market average P/E ratio of about 44.84.

Price to Earnings Ratio vs. Sector

The P/E ratio of Innovative Industrial Properties is 12.88, which means that it is trading at a less expensive P/E ratio than the Real Estate sector average P/E ratio of about 28.00.

Price to Book Value per Share Ratio

Innovative Industrial Properties has a P/B Ratio of 0.88. P/B Ratios below 1 indicate that a company could be undervalued with respect to its assets and liabilities.

Short Interest

• Score: 0.0 / 5
• Short Interest Level: Bearish

Percentage of Shares Shorted

13.72% of the float of Innovative Industrial Properties has been sold short.

Short Interest Ratio / Days to Cover

Innovative Industrial Properties has a short interest ratio ("days to cover") of 11.3, which indicates bearish sentiment.

Change versus previous month

Short interest in Innovative Industrial Properties has recently increased by 5.32%, indicating that investor sentiment is decreasing significantly.

Dividend

• Score: 1.7 / 5
• Dividend Strength: Weak

Dividend Leadership

Innovative Industrial Properties is a leading dividend payer. It pays a dividend yield of 13.53%, putting its dividend yield in the top 25% of dividend-paying stocks.

Dividend Growth

Innovative Industrial Properties has only been increasing its dividend for 4 years.

Dividend Coverage

The dividend payout ratio of Innovative Industrial Properties is 172.34%. Payout ratios above 75% are not desirable because they may not be sustainable.

Dividend Sustainability

Based on EPS estimates, Innovative Industrial Properties will have a dividend payout ratio of 98.83% in the coming year. This indicates that Innovative Industrial Properties may not be able to sustain their current dividend.

News and Social Media

• Score: 2.9 / 5
• News Sentiment: 0.60

News Sentiment

Innovative Industrial Properties has a news sentiment score of 0.60. This score is calculated as an average of sentiment of articles about the company over the last seven days and ranges from 2 (good news) to -2 (bad news). This news sentiment score is similar to the average news sentiment of Real Estate companies.

News Coverage This Week

MarketBeat has tracked 6 news articles for Innovative Industrial Properties this week, compared to 4 articles on an average week.

Search Interest

Only 10 people have searched for IIPR on MarketBeat in the last 30 days. This is a decrease of -57% compared to the previous 30 days.

MarketBeat Follows

11 people have added Innovative Industrial Properties to their MarketBeat watchlist in the last 30 days. This is an increase of 1,000% compared to the previous 30 days.

Company Ownership

• Score: 1.5 / 5
• Insider Trading: Balanced

Insider Buying vs. Insider Selling

In the past three months, Innovative Industrial Properties insiders have sold just slightly more of their company's stock than they have bought. Specifically, they have bought $29,938.00 in company stock and sold $34,436.00 in company stock. It is common for insiders to sell company stock at intervals simply to diversify their holdings.

Percentage Held by Insiders

2.30% of the stock of Innovative Industrial Properties is held by insiders.

Percentage Held by Institutions

70.58% of the stock of Innovative Industrial Properties is held by institutions. High institutional ownership can be a signal of strong market trust in this company.

Company Calendar

• Record date for 7/15 Dividend: 6/30/2026
• Ex-Dividend for 7/15 Dividend: 6/30/2026
• Dividend Payable: 7/15/2026
• Last Earnings: 8/03/2026
• Today: 9/22/2026
• Record date for 10/15 Dividend: 9/30/2026
• Ex-Dividend for 10/15 Dividend: 9/30/2026
• Dividend Payable: 10/15/2026
• Next Earnings (Estimated): 11/02/2026
• Fiscal Year End: 12/31/2026

Industry, Sector and Symbol

• Stock Exchange: NYSE
• Sector: Real Estate
• Industry: Industrial REITs
• Sub-Industry: Industrial REITs
• Current Symbol: NYSE:IIPR
• Previous Symbol: NASDAQ:IIPR
• CIK: 1677576
• Web: www.innovativeindustrialproperties.com
• Phone: (858) 997-3332
• Fax: N/A
• Employees: 24
• Year Founded: 2016

Price Target and Rating

• Average Price Target for Innovative Industrial Properties: $48.00
• High Price Target: $51.00
• Low Price Target: $45.00
• Potential Upside/Downside: -15.5%
• Consensus Rating: Reduce
• Rating Score (0-4): 1.75
• Research Coverage: 4 Analysts

Profitability

• EPS (Trailing Twelve Months): $4.41
• Trailing P/E Ratio: 12.88
• Forward P/E Ratio: 8.06
• P/E Growth: N/A
• Net Income: $118.25 million
• Net Margins: 52.27%
• Pretax Margin: 52.27%
• Return on Equity: 7.73%
• Return on Assets: 5.69%

Debt

• Debt-to-Equity Ratio: 0.35
• Current Ratio: 24.51
• Quick Ratio: 24.51

Sales & Book Value

• Annual Sales: $265.95 million
• Price / Sales: 5.89
• Cash Flow: $7.01 per share
• Price / Cash Flow: 8.10
• Book Value: $64.24 per share
• Price / Book: 0.88

Miscellaneous

• Outstanding Shares: 27,570,000
• Free Float: 26,937,000
• Market Cap: $1.57 billion
• Optionable: Optionable
• Beta: 1.35