Innovative Industrial Properties, Inc. is a self-advising Maryland corporation focused on acquiring, owning, and managing specialty properties leased to experienced state-licensed operators for their regulated medical cannabis facilities.
| Revenue (TTM) | $263.23M |
| Gross Profit (TTM) | $232.85M |
| EBITDA | $200.70M |
| Operating Margin | 49.80% |
| Return on Equity | 6.29% |
| Return on Assets | 3.33% |
| Revenue/Share (TTM) | $9.42 |
| Book Value | $63.09 |
| Price-to-Book | 1.00 |
| Price-to-Sales (TTM) | 6.77 |
| EV/Revenue | 8.23 |
| EV/EBITDA | 10.09 |
| Quarterly Earnings Growth (YoY) | 0.00% |
| Quarterly Revenue Growth (YoY) | -3.80% |
| Shares Outstanding | $29.00M |
| Float | $28.20M |
| % Insiders | 1.87% |
| % Institutions | 71.77% |
Volatility is currently contracting
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In the most recent trading session, Innovative Industrial Properties (IIPR) closed at $63.26, indicating a -1.69% shift from the previous trading day.
SAN DIEGO--(BUSINESS WIRE)--Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) announced today it will report its second quarter 2026 results after the close of trading on the New York Stock Exchange on Monday, August 3, 2026. Management will host an investor conference call at 9:00 a.m. Pacific Time on Tuesday, August 4, 2026, to discuss the company's financial results and operations for the quarter. The call will be available through a live audio webcast at the Investor Relations secti.
Innovative Industrial Properties (IIPR) navigated a $290M bond maturity by issuing preferred equity and later securing cheap senior unsecured debt. IIPR.PR.A preferred shares experienced a sharp drawdown due to capital structure decisions, not deteriorating fundamentals, and have since rebounded. IIPR's balance sheet remains robust with a Debt/Assets ratio of 0.14 and a debt service coverage ratio of 10.4x.
Innovative Industrial Properties Series A preferred shares offer an ~9.17% yield but are best suited for short-term, moderate allocations. IIPR.PR.A trades just below par, post-call date, exposing investors to negative convexity and heightened interest-rate sensitivity, limiting upside if rates decline. IIPR's low leverage and robust common equity base (~$1.8B) provide strong coverage for preferred obligations, with 19x earnings coverage on preferred dividends.
Innovative Industrial Properties remains a Strong Buy, with a compelling valuation, robust balance sheet, and a double-digit dividend yield. IIPR's AFFO was stable at $1.88/share, leverage is still low for a REIT, and recent capital raises support both investments and buybacks. Upcoming cannabis rescheduling could materially improve tenant health, expand the client base, and drive long-term growth and re-rating potential.
Innovative Industrial Properties (IIPR) concluded the recent trading session at $59.6, signifying a +1.62% move from its prior day's close.
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SAN DIEGO--(BUSINESS WIRE)--Innovative Industrial Properties, Inc. (the “Company”) (NYSE: IIPR) announced today the pricing of a private offering of $350.0 million aggregate principal amount of 6.0% exchangeable senior notes due 2029 (the “notes”) of its operating partnership, IIP Operating Partnership, LP (the “Operating Partnership”). The offering was upsized from the previously announced offering size of $250.0 million in aggregate principal amount of notes. The offering is expected to close.
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