Innovative Industrial Properties, Inc. IIPR R2K

Real Estate · REIT - Industrial · United States

https://www.innovativeindustrialproperties.com

Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and life science real estate. Innovative Industrial Properties, Inc. was incorporated on June 15th 2016 in Maryland and is based in San Diego, United States.

Market & Price

Market Cap

$1.67B

Current Price

$57.99

High / Low (52W)

$60.32 / $40.97

Beta

1.45

Valuation

Stock P/E

14.79

Industry PE

26.58

Forward P/E

12.11

PEG Ratio

Book Value

$63.09

Price to Book

0.92

P/S

6.34

EV/EBITDA

10.23

Dividend Yield

13.11%

Profitability & Returns

ROCE

6.37%

ROE

6.29%

ROA

3.33%

Profit Margin

45.58%

Op Margin

49.80%

EPS (Latest Qtr)

$1.02

EPS (TTM)

$3.92

Balance Sheet & Liquidity

Debt/Equity

0.19

Quick Ratio

0.25

Current Ratio

0.35

Debt

$365.98M

Total Assets

$2.37B

Current Assets

$166.89M

Working Capital

$-54.66M

Ownership

Promoter Holding

1.78%

Chg in Prom Hold

FII / Inst Holding

72.11%

Chg in FII Hold

-0.00%

Financial Snapshot

Enterprise Value

$2.05B

Total Revenue (TTM)

$263.23M

EBITDA

$200.70M

Free Cash Flow

$156.34M

Operating Cash Flow

$199.98M

Shares Outstanding

28.77M

Gross Margin

88.46%

Payout Ratio

193.88%

Growth (CAGR)

Revenue 5Y

-1.27%

Profit 5Y

-8.51%

Revenue (YoY)

-3.80%

Earnings (YoY)

-0.00%

PROS

Excellent profit margin of 45.6%.
Attractive dividend yield of 13.11%.
Generates positive free cash flow.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

Revenue declined at -1.3% CAGR over 5 years.
Earnings shrank at -8.5% CAGR over 5 years.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Real Estate).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	IIPR Innovative Industrial Properties, Inc. R2K	57.99	14.79	$1.67B	13.11%	6.37%	6.29%	-1.27%	-8.51%
2	WELL Welltower Inc. SPX	205.33	99.19	$144.95B	1.44%	0.26%	3.67%	22.69%	87.90%
3	PLD Prologis, Inc. SPX	143.47	36.14	$133.76B	2.98%	4.94%	6.84%	13.74%	-0.36%
4	EQIX Equinix, Inc. SPX	1,068.04	74.07	$105.33B	1.84%	5.61%	10.06%	8.27%	24.18%
5	AMT American Tower Corporation SPX	186.96	30.11	$87.10B	3.73%	7.82%	29.95%	3.34%	12.73%
6	SPG Simon Property Group, Inc. SPX	204.91	14.25	$77.86B	4.29%	17.44%	113.59%	6.35%	29.32%
7	DLR Digital Realty Trust, Inc. SPX	190.00	50.53	$67.96B	2.57%	3.99%	5.69%	9.22%	51.32%
8	O Realty Income Corporation SPX	61.28	50.23	$57.14B	5.30%	3.27%	2.83%	19.80%	6.78%
9	PSA Public Storage SPX	303.69	31.34	$53.31B	3.95%	10.69%	20.18%	4.88%	-25.69%

Quarterly Results

Figures in USD.

Metric	Mar 2017	Jun 2017	Sep 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	1.29M	1.56M	2.76M	3.31M	3.93M	4.78M	6.82M	8.62M	11.55M	17.67M	21.13M	24.35M	34.33M	37.09M	42.88M	48.87M	53.86M	64.50M	70.51M	70.88M	76.07M	76.46M	77.83M	75.45M	79.79M	76.53M	-	71.72M	62.89M	64.69M	66.66M	69.00M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7.38M	6.87M	7.95M	7.98M	7.58M
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	64.34M	56.02M	56.73M	58.68M	61.42M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	26.85M	27.13M	27.32M	26.50M	28.93M
Operating Income	-626.00K	-465.00K	295.00K	724.00K	1.24M	1.57M	1.81M	3.44M	4.07M	6.82M	10.60M	12.28M	14.18M	20.42M	22.86M	27.68M	32.94M	36.29M	39.88M	44.14M	41.36M	43.36M	43.42M	43.85M	42.03M	42.35M	41.96M	-	37.49M	28.90M	29.41M	32.17M	32.49M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	53.97M	48.97M	52.47M	55.64M	57.82M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4.50M	4.44M	4.53M	5.26M	6.43M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	31.08M	26.02M	29.30M	31.84M	32.81M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	-591.00K	-422.00K	334.00K	945.00K	1.54M	1.83M	2.67M	3.64M	3.41M	6.52M	9.90M	11.87M	13.31M	19.21M	21.33M	25.93M	29.34M	30.09M	35.05M	40.21M	37.62M	41.09M	41.27M	41.59M	39.43M	41.99M	40.22M	-	31.08M	26.02M	29.30M	31.84M	32.81M
Diluted EPS	-0.18	-0.13	0.09	0.09	0.17	0.21	0.24	0.33	0.30	0.55	0.78	0.72	0.73	0.86	0.91	1.05	1.17	1.20	1.32	1.42	1.32	1.43	1.44	1.45	1.36	1.44	1.37	-	1.03	0.86	0.97	1.06	1.02

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	6.42M	14.79M	44.67M	116.90M	-	276.36M	309.51M	308.52M	265.95M
Cost of Revenue	-	-	-	-	-	10.52M	24.89M	28.47M	30.18M
Gross Profit	-	-	-	-	-	265.84M	284.61M	280.05M	235.78M
Operating Expenses	-	-	-	-	-	99.82M	110.03M	108.25M	107.80M
Operating Income	-223.00K	5.34M	24.93M	69.74M	-	166.02M	174.59M	171.79M	127.97M
EBITDA	-	-	-	-	-	232.64M	248.88M	248.72M	211.04M
Interest Expense	-	-	-	-	-	16.95M	16.10M	16.26M	18.73M
Pretax Income	-	-	-	-	-	154.39M	165.59M	161.65M	118.25M
Tax Provision	-	-	-	-	-	-	-	-	-
Net Income	-72.00K	6.99M	23.48M	65.73M	-	154.39M	165.59M	161.66M	118.25M
Diluted EPS	-0.13	0.75	2.03	3.27	-	5.52	5.77	5.52	3.93

Compounded Sales Growth

5 Years:	-1.27%
1 Year:	-3.80%

Compounded Profit Growth

5 Years:	-8.51%
1 Year:	-0.00%

Stock Price Performance

1 Year:	+21.53%
6 Months:	+27.88%
3 Months:	+13.76%
1 Month:	+8.96%

Balance Sheet (Annual)

Figures in USD.

Metric	Jun 2016	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	63.33M	80.03M	281.47M	745.86M	1.77B	-	2.41B	2.39B	2.38B	2.37B
Current Assets	-	-	-	-	-	-	-	106.59M	163.70M	169.04M	166.89M
Cash & Equivalents	0	33.00M	11.76M	13.05M	82.24M	126.01M	-	87.12M	140.25M	146.25M	47.60M
Inventory	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	18.02M	22.00M	22.80M	119.29M
Total Liabilities	-	2.89M	6.48M	17.17M	197.85M	243.11M	-	452.94M	438.12M	441.99M	522.85M
Current Liabilities	-	-	-	-	-	-	-	149.55M	132.18M	132.78M	221.55M
Long Term Debt	-	-	-	-	134.65M	-	-	301.50M	300.88M	297.87M	290.60M
Total Debt	-	-	-	-	-	-	-	301.50M	300.88M	297.87M	393.10M
Total Equity	0	60.44M	73.55M	264.29M	548.01M	1.52B	-	1.96B	1.95B	1.94B	1.85B
Shares Outstanding	-	-	-	-	-	-	-	27.97M	28.14M	28.33M	28.02M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	5.01M	15.69M	44.93M	110.81M	-	234.13M	255.54M	258.45M	198.19M
Investing Cash Flow	-38.65M	-199.25M	-340.63M	-1.03B	-	-396.20M	-6.79M	-56.00M	-174.30M
Financing Cash Flow	12.38M	184.85M	399.96M	924.99M	-	164.22M	-195.63M	-197.90M	-122.54M
Capital Expenditure	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	234.13M	255.54M	258.45M	198.19M
Net Change in Cash	-	-	-	-	-	2.15M	53.13M	4.55M	-98.65M
Share Buybacks	0	-	-	-	-	-	0	0	20.11M

Ratios (Annual)

Figures in %.

Metric	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	96.2%	92.0%	90.8%	88.7%
Operating Margin %	-3.5%	36.1%	55.8%	59.7%	-	60.1%	56.4%	55.7%	48.1%
Net Margin %	-1.1%	47.2%	52.6%	56.2%	-	55.9%	53.5%	52.4%	44.5%
ROE %	-0.1%	2.6%	4.3%	4.3%	-	7.9%	8.5%	8.3%	6.4%
ROCE %	-	-	-	-	-	7.3%	7.7%	7.7%	6.0%

Shareholding Pattern

Insiders

1.78%

Institutions

72.11%

Public Float

73.41%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	16.62%	4.78M	$277.28M
2	Vanguard Portfolio Management LLC	9.48%	2.73M	$158.25M
3	State Street Corporation	5.51%	1.59M	$92.01M
4	Vanguard Capital Management LLC	4.32%	1.24M	$72.03M
5	Charles Schwab Investment Management, Inc.	1.99%	573.63K	$33.26M
6	Arrowstreet Capital, Limited Partnership	1.88%	539.60K	$31.29M
7	Goldman Sachs Group Inc	1.88%	541.92K	$31.43M
8	Mirae Asset Global ETFs Holdings Ltd.	1.79%	516.11K	$29.93M
9	Invesco Ltd.	1.72%	496.08K	$28.77M
10	Point72 Asset Management, L.P.	1.62%	464.91K	$26.96M

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Sector	Real Estate
Industry	REIT - Industrial
Headquarters	United States
Employees	23
Website	https://www.innovativeindustrialproperties.com

Innovative Industrial Properties, Inc. IIPR R2K

Market & Price

Valuation

Profitability & Returns

Balance Sheet & Liquidity

Ownership

Financial Snapshot

Growth (CAGR)

PROS

CONS

Price Chart

Technical Trend

Fundamental Growth

Peer comparison

Quarterly Results

Profit & Loss (Annual)

Compounded Sales Growth

Compounded Profit Growth

Stock Price Performance

Balance Sheet (Annual)

Cash Flows (Annual)

Ratios (Annual)

Shareholding Pattern

Top Institutional Holders

Analyst View

Latest News

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