Innovative Industrial Properties, Inc. (IIPR)

US — Real Estate Sector
Peers: ARI  EFC  KREF  LADR  TRTX  EPR  VRE  PLYM  UMH  FOR 

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Key Metrics & Ratings

  • symbol IIPR
  • Rev/Share 9.8894
  • Book/Share 66.7556
  • PB 0.7526
  • Debt/Equity 0.1826
  • CurrentRatio 0.2921
  • ROIC -1.6444

 

  • MktCap 1407874264.0
  • FreeCF/Share 7.3833
  • PFCF 6.8314
  • PE 11.0918
  • Debt/Assets 0.1455
  • DivYield 0.1513
  • ROE 0.0665

 

  • Rating A+
  • Score 4
  • Recommendation Buy
  • P/E Score 3
  • DCF Score 5
  • P/B Score 4
  • D/E Score 4

Recent Analyst Ratings

Type Ticker Analyst Firm Previous Rating Current Rating Previous Price Target Current Price Target Date
Downgrade IIPR Wolfe Research Outperform Peer Perform -- -- July 2, 2025
Resumed IIPR Wolfe Research -- Outperform -- $57 April 23, 2025
Downgrade IIPR Compass Point Neutral Sell $61 $50 March 31, 2025
Downgrade IIPR BTIG Research Buy Neutral -- -- Dec. 23, 2024
Downgrade IIPR Piper Sandler Neutral Underweight $118 $70 Dec. 20, 2024
Downgrade IIPR Compass Point Buy Neutral $125 $78 Dec. 20, 2024
Initiation IIPR Alliance Global Partners -- Buy -- $130 Dec. 17, 2024

News

Wall Street Roundup: Is Everything Priced In But Normalcy?
BAC, C, CAT, DAL, GS, HAL, IIPR, JBHT, META, MU, OKLO, RBLX, SNDK, VST, WFC
Published: January 09, 2026 by: Seeking Alpha
Sentiment: Neutral

AI-driven demand is fueling outsized gains in memory, storage, and power infrastructure stocks, with SNDK up 71% in a month and MU up 230% in 2025. Geopolitical events, notably US action in Venezuela, boosted oil and defense stocks, but pressured Canadian oil sands due to heavy crude competition.

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image for news Wall Street Roundup: Is Everything Priced In But Normalcy?
3 Marijuana Stocks That Can Make You Money In 2026
IIPR, NLCP, REFI
Published: January 09, 2026 by: MarijuanaStocks
Sentiment: Positive

What are the thoughts and strategies for marijuana stock investors in 2026? This year will be another turning point for the cannabis industry as a whole. Particularly in the United States, 2026 is gearing up to be another ride. With the recent rescheduling of cannabis, there is a lot of work that will need to be followed up on. What this looks like is more companies working together through strategic partnerships, leading towards a more corporate structure.

Read More
image for news 3 Marijuana Stocks That Can Make You Money In 2026
Innovative Industrial: Cannabis Rescheduling Changes Everything - 16% Yield Is A Conviction Buy
IIPR
Published: January 01, 2026 by: Seeking Alpha
Sentiment: Positive

Innovative Industrial Properties is upgraded to a conviction buy as imminent cannabis rescheduling could dramatically improve tenant fundamentals and stock valuation. IIPR's 16% dividend yield appears mispriced given its low leverage (

Read More
image for news Innovative Industrial: Cannabis Rescheduling Changes Everything - 16% Yield Is A Conviction Buy
Income-Focused Ancillary Cannabis Stocks to Watch Heading Into 2026
IIPR, NLCP, REFI
Published: December 30, 2025 by: MarijuanaStocks
Sentiment: Positive

The U.S. cannabis industry continues to evolve as legalization momentum slowly expands. Sales have grown across both medical and adult-use markets. Analysts expect long-term demand to keep rising as more states approve regulated programs. However, plant-touching companies still face regulatory hurdles, difficult banking conditions, and market challenges. Because of this, many investors have started to focus on ancillary stocks instead. These companies do not touch the plant. Yet, they still benefit from industry growth.

Read More
image for news Income-Focused Ancillary Cannabis Stocks to Watch Heading Into 2026
3 Cannabis REITs Investors Are Watching Closely in December 2025
IIPR, NLCP, REFI
Published: December 23, 2025 by: MarijuanaStocks
Sentiment: Positive

Cannabis real estate investment trusts remain a unique way to gain sector exposure. Instead of selling cannabis, these companies collect rent or interest. As a result, they reduce direct operational risk. Still, tenant health and capital markets remain critical factors. As December 2025 approaches, several names stand out for investors. In particular, Innovative Industrial Properties, NewLake Capital Partners, and Chicago Atlantic Real Estate Finance deserve attention. Each offers a different risk and income profile. Therefore, understanding their structures matters before committing capital.

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image for news 3 Cannabis REITs Investors Are Watching Closely in December 2025
Innovative Industrial Properties: Falling Knife Buy Thesis - Compelling Dividend/Upside Story
IIPR
Published: December 09, 2025 by: Seeking Alpha
Sentiment: Neutral

IIPR's headwinds remain elevated, attributed to its growing tenant default issues despite the sequential improvements in its FQ3'25 rental revenues. The management's choice to sustain its dividends despite the impacted FFO per share performance has also triggered the inflated FFO payout ratio of 118.7%, against the sector median of 66.68%. These reasons may also be why IIPR has reported a deteriorating balance sheet health, with it uncertain when/if the management may change their dividend policy.

Read More
image for news Innovative Industrial Properties: Falling Knife Buy Thesis - Compelling Dividend/Upside Story
Innovative Industrial Properties (IIPR) Upgraded to Buy: Here's Why
IIPR
Published: December 01, 2025 by: Zacks Investment Research
Sentiment: Positive

Innovative Industrial Properties (IIPR) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

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image for news Innovative Industrial Properties (IIPR) Upgraded to Buy: Here's Why
3 Top Marijuana Stocks To Watch In Today's Stock Market
IIPR, NLCP, REFI
Published: November 28, 2025 by: MarijuanaStocks
Sentiment: Positive

The push for better cannabis reform is and seems to be an ongoing battle. Now, from the time the first state legalized cannabis, there has been tremendous growth and opportunity. This led other states and global regions to take action and build an entire cannabis industry. This has allowed investors to enter the space and find cannabis companies that are publicly traded. Investing in top marijuana stocks is the quickest way to get involved from the sidelines.

Read More
image for news 3 Top Marijuana Stocks To Watch In Today's Stock Market
Is Innovative Industrial Properties (IIPR) a Great Value Stock Right Now?
IIPR
Published: November 20, 2025 by: Zacks Investment Research
Sentiment: Positive

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Read More
image for news Is Innovative Industrial Properties (IIPR) a Great Value Stock Right Now?
Three Leading Ancillary Cannabis Stocks Poised for Growth in November 2025
IIPR, NLCP, REFI
Published: November 20, 2025 by: MarijuanaStocks
Sentiment: Neutral

The ancillary cannabis sector continues to draw new interest as the industry navigates a shifting landscape in late 2025. Many investors remain cautious about traditional plant-touching companies because they still face heavy tax burdens, banking restrictions, and regulatory uncertainty. However, ancillary operators avoid many of these challenges. They support the cannabis market through real estate, financing, and essential infrastructure rather than handling the product directly. Consequently, these companies often show steadier revenues, stronger margins, and healthier long-term fundamentals than some retailers or cultivators.

Read More
image for news Three Leading Ancillary Cannabis Stocks Poised for Growth in November 2025
Innovative Industrial: 14% Yield Backed By Low Leverage And Regulatory Catalyst
IIPR
Published: November 07, 2025 by: Seeking Alpha
Sentiment: Positive

Innovative Industrial Properties offers a compelling 14% dividend yield, supported by a conservatively leveraged balance sheet and net lease model. IIPR faces ongoing tenant struggles and sector headwinds, but diversification into life sciences and a strong balance sheet provide resilience. Potential regulatory reform, such as cannabis rescheduling, could serve as a major catalyst, while the stock already prices in a lot of the worst-case scenarios.

Read More
image for news Innovative Industrial: 14% Yield Backed By Low Leverage And Regulatory Catalyst
3 Top Marijuana Stocks For Better Investing And Larger Profits In 2026
IIPR, NLCP, REFI
Published: November 07, 2025 by: MarijuanaStocks
Sentiment: Positive

The continuous evolution and future outlook on legal cannabis is what keeps investors in the game. After a long battle to see any true stable trading momentum, it has for some time worked the same for most marijuana stocks. It often comes from positive news on federal reform or when a company achieves a significant milestone in business or reports strong financial results.

Read More
image for news 3 Top Marijuana Stocks For Better Investing And Larger Profits In 2026
Innovative Industrial Properties, Inc. (IIPR) Q3 2025 Earnings Call Transcript
IIPR
Published: November 04, 2025 by: Seeking Alpha
Sentiment: Neutral

Innovative Industrial Properties, Inc. ( IIPR ) Q3 2025 Earnings Call November 4, 2025 12:00 PM EST Company Participants Eli Kanter Alan Gold - Executive Chairman Paul Smithers - President, CEO & Director Ben Regin - Chief Investment Officer David Smith - CFO & Treasurer Conference Call Participants William Catherwood - BTIG, LLC, Research Division Aaron Grey - Alliance Global Partners, Research Division William Kirk - ROTH Capital Partners, LLC, Research Division Alexander Goldfarb - Piper Sandler & Co., Research Division Presentation Operator Good day, and welcome to the Innovative Industrial Properties, Inc. Q3 2025 Earnings Conference Call. [Operator Instructions] …

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image for news Innovative Industrial Properties, Inc. (IIPR) Q3 2025 Earnings Call Transcript
Should Value Investors Buy Innovative Industrial Properties (IIPR) Stock?
IIPR
Published: October 30, 2025 by: Zacks Investment Research
Sentiment: Positive

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Read More
image for news Should Value Investors Buy Innovative Industrial Properties (IIPR) Stock?
When The AI Hype Train Slows: 2 Smart Money Plays For Solid Returns
AVGO, AXP, CELH, DGRO, DVY, IIPR, LCID, NVDA, ORCL, PEP, PLTR, SCHD
Published: October 21, 2025 by: Seeking Alpha
Sentiment: Positive

Schwab U.S. Dividend Equity ETF™ and PepsiCo, Inc. are positioned to benefit as market enthusiasm for AI normalizes and investors seek reliable dividend payers. SCHD offers a 3.86% yield, low expense ratio, and potential for capital appreciation as interest rates fall and fixed-income yields decline. PEP faces near-term headwinds but boasts strong liquidity, strategic acquisitions, and a below-average valuation, supporting long-term upside.

Read More
image for news When The AI Hype Train Slows: 2 Smart Money Plays For Solid Returns
Innovative Industrial Properties Announces Third Quarter 2025 Earnings Release Date and Conference Call
IIPR
Published: October 21, 2025 by: Business Wire
Sentiment: Neutral

SAN DIEGO--(BUSINESS WIRE)--Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) announced today it will report its third quarter 2025 results after the close of trading on the New York Stock Exchange on Monday, November 3, 2025. Management will host an investor conference call at 9:00 a.m. Pacific Time on Tuesday, November 4, 2025, 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 se.

Read More
image for news Innovative Industrial Properties Announces Third Quarter 2025 Earnings Release Date and Conference Call
2 Stocks That Yield 12% and Higher Are Passive Income Kings
IIPR, NLY
Published: October 13, 2025 by: 24/7 Wall Street
Sentiment: Positive

Read More
image for news 2 Stocks That Yield 12% and Higher Are Passive Income Kings
Innovative Industrial Properties: Contrarian Buy, Capital Appreciation Prospects
IIPR
Published: September 17, 2025 by: Seeking Alpha
Sentiment: Positive

IIPR's tenant default issues continue, with FQ2'25 bringing forth impacted rental collections and AFFO per share performance. Given the stable dividend per share payouts, it is unsurprising that the REIT's dividend safety has been called into question, as observed in the inflated AFFO payout ratio of 111%. There is no denying IIPR's extremely cheap FWD Price/AFFO valuations of 8x, compared to the 5Y mean of 15x, with it implying a near doubling of upside potential.

Read More
image for news Innovative Industrial Properties: Contrarian Buy, Capital Appreciation Prospects
Cash Cows: 12 High-Yield REITs With Safe Dividends
APLE, ARE, CIO, IIPR, INN, KRC, NLCP, NNN, PINE, RLJ, SELF, SILA, VNQ
Published: September 05, 2025 by: Seeking Alpha
Sentiment: Positive

REITs are attractive now due to low inflation, expected rate cuts, and technical indicators suggesting a bullish trend with up to 40% upside. This article identifies 12 high-yield REITs (5.25%+), each with strong dividend safety grades, outyielding no-risk treasuries. Dividend safety is paramount, and Seeking Alpha's Quant Ratings indicate these REITs show low risk of cuts, supported by solid debt and payout ratios.

Read More
image for news Cash Cows: 12 High-Yield REITs With Safe Dividends
Best Ancillary Marijuana Stocks for Investors This Week: REITs and Financing Leaders
IIPR, NLCP, REFI
Published: September 04, 2025 by: MarijuanaStocks
Sentiment: Positive

The U.S. cannabis industry continues to show resilience despite market challenges. In 2024, sales exceeded $33 billion nationwide, and analysts project annual revenues could surpass $50 billion by 2030. Growth is fueled by new state markets, expanding consumer demand, and strong ancillary services. Recently, U.S. lawmakers revisited cannabis reform discussions, signaling renewed potential for federal legalization. Moreover, the Department of Health and Human Services has recommended reclassifying cannabis under the Controlled Substances Act. This development adds optimism for investors. Ancillary stocks, which provide real estate, equipment, and financing, remain essential in this expanding market. Importantly, these businesses avoid plant-touching risks. …

Read More
image for news Best Ancillary Marijuana Stocks for Investors This Week: REITs and Financing Leaders
REIT Replay: U.S. REIT Indexes Grow During Week Ended Aug. 15
CBL, CCI, CTRE, EPR, GNL, IIPR, OUT, PK, SAFE, SILA, SVC, WELL
Published: August 18, 2025 by: Seeking Alpha
Sentiment: Positive

The Dow Jones Equity All REIT index grew 0.59% during the recent week, while the MSCI US REIT index increased 0.71%. The healthcare REIT index was the sole Dow Jones US real estate sector property index to close the recent week in the red, down 1.57%. Cannabis-oriented Innovative Industrial Properties Inc. was the top-performing REIT stock above a $200 million market capitalization for the recent week, with a share-price gain of 14.01%.

Read More
image for news REIT Replay: U.S. REIT Indexes Grow During Week Ended Aug. 15
Innovative Industrial Properties: Life Science Pivot, Rescheduling Progress, And Tenant Changes
IIPR
Published: August 15, 2025 by: Seeking Alpha
Sentiment: Positive

Innovative Industrial Properties is currently not covering its 14.3% dividend yield to its common shareholders. The PharmaCann rent default is still being resolved as the industry faces a possible step change from the rescheduling of cannabis. IIPR life science investment opens up new risks but will be accretive to AFFO.

Read More
image for news Innovative Industrial Properties: Life Science Pivot, Rescheduling Progress, And Tenant Changes
5 High-Yield Dividend Stocks Paying Investors Over 10% Every Year
AGNC, EFC, IIPR, SUNS, TWO
Published: August 15, 2025 by: 24/7 Wall Street
Sentiment: Positive

Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.

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image for news 5 High-Yield Dividend Stocks Paying Investors Over 10% Every Year
Cannabis REIT IIPR Trades At A Very Low Valuation
IIPR
Published: August 10, 2025 by: Seeking Alpha
Sentiment: Positive

IIPR's stock has plunged, but I see this as a fantastic opportunity to buy a high-yielding REIT with a strong balance sheet and management. Despite cannabis industry headwinds and tenant defaults, IIPR's diversification into life sciences real estate with IQHQ offers new growth and risk mitigation. The current valuation is highly attractive, with a 16.6% dividend yield and shares trading at just 0.7x tangible book value and 6.5x expected 2026 AFFO.

Read More
image for news Cannabis REIT IIPR Trades At A Very Low Valuation
Innovative Industrial Properties, Inc. (IIPR) Q2 2025 Earnings Call Transcript
IIPR
Published: August 07, 2025 by: Seeking Alpha
Sentiment: Neutral

Innovative Industrial Properties, Inc. (NYSE:IIPR ) Q2 2025 Earnings Conference Call August 7, 2025 12:00 PM ET Company Participants Alan D. Gold - Executive Chairman Ben Regin - Chief Investment Officer David J.

Read More
image for news Innovative Industrial Properties, Inc. (IIPR) Q2 2025 Earnings Call Transcript
The Safest 10% Yields I've Found
IIPR, NLCP
Published: July 30, 2025 by: Seeking Alpha
Sentiment: Positive

Most 10% yields are risky. But these two high yielding stocks stand out. They are the safest ≈10% yielding companies that I know.

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image for news The Safest 10% Yields I've Found
Top REIT and Lending Cannabis Stocks to Watch in July 2025
IIPR, NLCP, REFI
Published: July 24, 2025 by: MarijuanaStocks
Sentiment: Positive

The U.S. cannabis industry continues its rapid expansion. In 2025, the legal market is projected to reach nearly $45 billion. Its total economic impact may exceed $120 billion by year-end. Recreational cannabis is now legal in 24 states, while medical use is permitted in 40 states. Public support for legalization remains strong, with approval ratings near all-time highs. Additionally, major beverage companies are entering the cannabis space, signaling wider mainstream acceptance. Although federal reform is still pending, investors continue to show interest. As a result, ancillary cannabis stocks are gaining momentum. These companies offer exposure without the risk of handling …

Read More
image for news Top REIT and Lending Cannabis Stocks to Watch in July 2025
Innovative Industrial Properties Is A Cautious Buy
IIPR
Published: July 21, 2025 by: Seeking Alpha
Sentiment: Positive

IIPR remains risky but attractive for cannabis investors after a major price drop, offering deep value compared to peers despite ongoing tenant and industry challenges. Recent financials show declining revenue, EPS, and AFFO, with dividend sustainability in question and refinancing risk looming, but the balance sheet remains relatively stable. Valuation is compelling at 0.8x tangible book and a 14.5% dividend yield, though a dividend cut is likely; technicals suggest possible further downside but also significant upside potential.

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image for news Innovative Industrial Properties Is A Cautious Buy
Innovative Industrial's Preferred Got Interesting
IIPR
Published: July 16, 2025 by: Seeking Alpha
Sentiment: Neutral

IIPR has significant tenant troubles ahead. The common remains troubled, but the preferred is better positioned. With so much equity beneath it, the preferred looks reliable and offers high yield.

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image for news Innovative Industrial's Preferred Got Interesting
Credit Rating For The Unrated REITs (Part 9): Innovative Industrial Properties
IIPR
Published: July 15, 2025 by: Seeking Alpha
Sentiment: Positive

IIPR boasts one of the strongest balance sheets in the REIT sector, with an asset coverage ratio over 800% and robust asset growth. The company's market-adjusted return on assets is an impressive 14.90%, reflecting both profitability and undervaluation at a P/B ratio of 0.84. IIPR's common stock trades at a low price-to-forward FFO of 8.7, offering an attractive 11.49% FFO yield for investors.

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image for news Credit Rating For The Unrated REITs (Part 9): Innovative Industrial Properties

About Innovative Industrial Properties, Inc. (IIPR)

  • IPO Date 2016-12-01
  • Website https://www.innovativeindustrialproperties.com
  • Industry REIT - Industrial
  • CEO Paul E. Smithers
  • Employees 21

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.