Reading the tape
NYSE: IIPR
Innovative Industrial Properties, Inc.
Real Estate · REIT - Industrial
Market Cap
$1.70B
52w High
$60.19
52w Low
$44.58
P/E
14.21
Volume
451.42K
Outstanding Shares
28.57M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
1Y Price: 7.53%Revenue (TTM): -13.63%FCF (TTM): -17.85%P/FCF: 22nd pct
What changed
The stock rose 7.53% over the last year. Revenue declined 13.63% over the trailing twelve months. Operating margin moved from 52.59% to 46.88%. Free cash flow declined 17.85% over the trailing twelve months.
What the market seems to be pricing
The stock has moved higher against modestly weakening underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 46.88%. A decisive move in revenue — currently down 13.63% — would be the clearest signal to resolve the ambiguity.
Company profile
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.
CEOPaul E. Smithers
SectorReal Estate
IndustryREIT - Industrial
Employees21
IPO dateDec 1, 2016
Valuation
Forward P/E—
EV/EBITDA8.01
Enterprise value$1.67B
Price / Book0.92
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth-3.8%
Gross margin74.38%▼2.33%vs FY2024
Operating margin46.88%▼14.47%vs FY2024
ROE6.19%▼25.84%vs FY2024
Analyst consensus
RatingHold
Target price$44.00▼26.11%
4
Buy
6
Hold
1
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Aug 5, 2026
Q3 FY26 · EPS est $1.06 · Revenue est $65.92M
View
Dividends
$7.60/shareQuarterly8yr growth streakStretchedIIPR pays a dividend with a 12.76% dividend yield, 8 consecutive years of growth, growing at 9.67% annually, covered 0.8× by free cash flow.
Dividend Yield
12.76%
Annual Div / Share
$7.60
5yr CAGR
+9.67%
Doubles every ~7.5yr
FCF Coverage
0.8×
Stretched
Dividend Growth Rate
3yr CAGR
+2.06%
5yr CAGR
+9.67%
Dividend Safety
2/10Stretched
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2025$7.60+0.0%
2024$7.60+5.0%
2023$7.24+1.3%
2022$7.15+16.3%
2021$6.15+28.4%
2020$4.79+41.7%
2019$3.38+141.4%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$128/yr
$11/mo
In 5 yrs
$202/yr+59%
$17/mo
In 10 yrs
$321/yr+152%
$27/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$128/yr $11/mo | $202/yr+59% $17/mo | $321/yr+152% $27/mo |
Yield-on-cost grows from 12.76% → 32.13% over 10yr
Analysis
Dividend Strengths
Strong dividend growth rate
The 5-year CAGR of 9.67% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
Dividend exceeds free cash flow
Free cash flow covers only 0.80× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.