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

Company Overview

Innovative Industrial Properties, Inc. (NYSE: IIPR) is a specialized real estate investment trust (REIT) focused on the regulated medical cannabis industry in the United States. The company acquires, owns and manages industrial properties that are leased to state-licensed medical cannabis operators on a long-term, triple-net lease basis. Its property portfolio includes cultivation facilities, processing centers and manufacturing sites designed to meet the stringent regulatory and security requirements of the cannabis sector.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties completed its initial public offering in December of the same year, becoming the first publicly traded REIT solely dedicated to serving the medical cannabis market. Since inception, the company has executed acquisitions across multiple states, including California, Arizona, Pennsylvania and Florida, reflecting its strategy of geographic diversification in leading cannabis markets. By partnering with licensed operators, Innovative Industrial Properties provides critical real estate capital that enables tenants to allocate more resources toward cultivation, product development and market expansion.

Under the leadership of Co-Founder and Chief Executive Officer Paul Smith, the company has pursued a disciplined approach to asset selection, focusing on facilities that meet both regional regulatory standards and the operational needs of sophisticated cannabis businesses. Innovative Industrial Properties’ management team oversees property development, leasing, asset management and compliance functions, maintaining a hands-on relationship with tenants to ensure ongoing adherence to local licensing requirements.

As the regulated cannabis industry continues to evolve, Innovative Industrial Properties aims to expand its portfolio and enhance shareholder value through strategic acquisitions, disciplined capital allocation and the provision of specialized real estate solutions. The company’s business model is designed to deliver stable, long-term cash flows derived from rents paid by established, licensed operators in an emerging and highly regulated industry.

Key Stats

• Today's Range: $53.16 to $55.49
• 50-Day Range: $53.94 to $59.01
• 52-Week Range: $45.44 to $138.35
• Volume: 299,704 shs
• Average Volume: 284,149 shs
• Market Capitalization: $1.51 billion
• P/E Ratio: 10.37
• Dividend Yield: 14.09%
• Price Target: $78.67
• Consensus Rating: Hold

Innovative Industrial Properties Stock Analysis - MarketRank™

Innovative Industrial Properties scored higher than 78% of companies evaluated by MarketBeat, and ranked 327th out of 933 stocks in the finance sector. Scores are calculated by averaging available category scores, with extra weight given to analysis and valuation.

Analyst's Opinion

• Score: 3.1 / 5
• Analyst Rating: Hold

Consensus Rating

Innovative Industrial Properties has received a consensus rating of Hold. The company's average rating score is 2.11, and is based on 1 buy rating, 5 hold ratings, and 2 sell ratings.

Amount of Analyst Coverage

Innovative Industrial Properties has only been the subject of 1 research reports in the past 90 days.

Earnings and Valuation

• Score: 2.5 / 5
• Proj. Earnings Growth: 6.76%

Earnings Growth

Earnings for Innovative Industrial Properties are expected to grow by 6.76% in the coming year, from $8.28 to $8.84 per share.

Price to Earnings Ratio vs. the Market

The P/E ratio of Innovative Industrial Properties is 10.37, which means that it is trading at a less expensive P/E ratio than the market average P/E ratio of about 25.90.

Price to Earnings Ratio vs. Sector

The P/E ratio of Innovative Industrial Properties is 10.37, which means that it is trading at a less expensive P/E ratio than the Finance sector average P/E ratio of about 18.11.

Price to Book Value per Share Ratio

Innovative Industrial Properties has a P/B Ratio of 0.80. P/B Ratios below 1 indicate that a company could be undervalued with respect to its assets and liabilities.

Short Interest

• Score: 1.0 / 5
• Short Interest Level: Bearish

Percentage of Shares Shorted

6.56% 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 6.5.

Change versus previous month

Short interest in Innovative Industrial Properties has recently increased by 0.56%, indicating that investor sentiment is decreasing.

Dividend

• Score: 1.7 / 5
• Dividend Strength: Weak

Dividend Leadership

Innovative Industrial Properties is a leading dividend payer. It pays a dividend yield of 14.08%, 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 146.15%. 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 85.97% in the coming year. This indicates that Innovative Industrial Properties may not be able to sustain their current dividend.

Sustainability and ESG

• Score: 0.0 / 5
• Environmental Score: -1.91

Percentage of Shares Shorted

6.56% 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 6.5.

Change versus previous month

Short interest in Innovative Industrial Properties has recently increased by 0.56%, indicating that investor sentiment is decreasing.

News and Social Media

• Score: 2.9 / 5
• News Sentiment: 1.15

News Sentiment

Innovative Industrial Properties has a news sentiment score of 1.15. 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 is a higher news sentiment than the 0.93 average news sentiment score of Finance companies.

News Coverage This Week

MarketBeat has tracked 4 news articles for Innovative Industrial Properties this week, compared to 10 articles on an average week.

Search Interest

Only 16 people have searched for IIPR on MarketBeat in the last 30 days. This is a decrease of -38% compared to the previous 30 days.

MarketBeat Follows

6 people have added Innovative Industrial Properties to their MarketBeat watchlist in the last 30 days. This is an increase of 200% compared to the previous 30 days.

Company Ownership

• Score: 1.7 / 5
• Insider Trading: N/A

Insider Buying vs. Insider Selling

In the past three months, Innovative Industrial Properties insiders have not sold or bought any company stock.

Percentage Held by Insiders

Only 2.00% 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.

IIPR Stock Analysis - Frequently Asked Questions

How have IIPR shares performed this year?

Innovative Industrial Properties' stock was trading at $66.64 on January 1st, 2025. Since then, IIPR shares have decreased by 19.1% and is now trading at $53.9440.

How were Innovative Industrial Properties' earnings last quarter?

Innovative Industrial Properties, Inc. (NYSE:IIPR) issued its quarterly earnings data on Wednesday, May, 7th. The company reported $1.94 EPS for the quarter, missing the consensus estimate of $2.06 by $0.12. The firm's revenue was down 5.7% on a year-over-year basis.
Read the conference call transcript.

When did Innovative Industrial Properties IPO?

Innovative Industrial Properties (IIPR) raised $176 million in an initial public offering (IPO) on Thursday, December 1st 2016. The company issued 8,800,000 shares at $20.00 per share. Ladenburg Thalmann and Compass Point served as the underwriters for the IPO.

Who are Innovative Industrial Properties' major shareholders?

Top institutional shareholders of Innovative Industrial Properties include TrueWealth Advisors LLC (0.22%), Wedge Capital Management L L P NC (0.17%), Exchange Traded Concepts LLC (0.14%) and State of Alaska Department of Revenue (0.11%). Insiders that own company stock include Alan D Gold and David Stecher.
View institutional ownership trends.

How do I buy shares of Innovative Industrial Properties?

Shares of IIPR stock can be purchased through any online brokerage account. Popular online brokerages with access to the U.S. stock market include Charles Schwab, E*TRADE, Fidelity, and Vanguard Brokerage Services.

What other stocks do shareholders of Innovative Industrial Properties own?

Based on aggregate information from My MarketBeat watchlists, some other companies that Innovative Industrial Properties investors own include Mesa Air Group (MESA), BMO Capital Markets (), Stifel Nicolaus (), Wunderlich (), Standpoint Research (), Duncan Williams () and Soleil Securities ().

Company Calendar

• Last Earnings: 5/07/2025
• Record date for 7/15 Dividend: 6/30/2025
• Ex-Dividend for 7/15 Dividend: 6/30/2025
• Dividend Payable: 7/15/2025
• Today: 7/16/2025
• Next Earnings (Estimated): 8/04/2025
• Fiscal Year End: 12/31/2025

Industry, Sector and Symbol

• Stock Exchange: NYSE
• Sector: Finance
• Industry: REIT - EQTY TRUST - OTHER
• Sub-Industry: Cannabis
• Current Symbol: NYSE:IIPR
• Previous Symbol: NASDAQ:IIPR
• CIK: 1677576
• Web: www.innovativeindustrialproperties.com
• Phone: (858) 997-3332
• Fax: N/A
• Employees: 20
• Year Founded: N/A

Price Target and Rating

• Average Price Target for Innovative Industrial Properties: $78.67
• High Price Target: $130.00
• Low Price Target: $45.00
• Potential Upside/Downside: +45.8%
• Consensus Rating: Hold
• Rating Score (0-4): 2.11
• Research Coverage: 9 Analysts

Profitability

• EPS (Trailing Twelve Months): $5.20
• Trailing P/E Ratio: 10.37
• Forward P/E Ratio: 6.51
• P/E Growth: N/A
• Net Income: $161.66 million
• Net Margins: 50.30%
• Pretax Margin: 50.30%
• Return on Equity: 8.01%
• Return on Assets: 6.45%

Debt

• Debt-to-Equity Ratio: 0.15
• Current Ratio: 10.73
• Quick Ratio: 10.73

Sales & Book Value

• Annual Sales: $308.52 million
• Price / Sales: 4.90
• Cash Flow: $8.24 per share
• Price / Cash Flow: 6.55
• Book Value: $67.50 per share
• Price / Book: 0.80

Miscellaneous

• Outstanding Shares: 28,010,000
• Free Float: 27,451,000
• Market Cap: $1.51 billion
• Optionable: Optionable
• Beta: 1.69