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Innovative Industrial Properties(NYSE) IIPR

Market Cap$1.75BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Since IPO (2016)+470%
5 Year-60%
1 Year+29%
1 Month-5%
$58.62
-2.88%
-1.74Today
After hours$58.55-$0.07 (-0.12%)
Innovative Industrial Properties last closing stock price
MetricPriceDate
Last closeUSD 58.472026-08-05
Innovative Industrial Properties stock price return by period
PeriodPrice returnPrice at period startPeriod start date
1 week-4.48%USD 61.212026-07-29
1 month-5.48%USD 61.862026-07-06
3 month+6.52%USD 54.892026-05-07
Year to date+32.23%USD 44.222025-12-31
1 year+28.97%USD 45.342025-08-05
3 year+1.86%USD 57.402023-08-04
5 year-60.46%USD 147.882021-08-06
Since inception+469.8%USD 10.592016-12-01

Innovative Industrial Properties Financials at a Glance

Market Cap

$1.75BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Revenue (TTM)

$263.65M

Net Income (TTM)

$131.97M

EPS (TTM)

$3.92

P/E Ratio

15.41

Dividend

$7.60

Beta (Volatility)

1.08 (Average)

Price

$58.62

Volume

484,126

Open

$59.77

Previous Close

$58.47

Daily Range

$57.63 - $60.56

52-Week Range

$44.58 - $65.38

Estimated Earnings Date

Nov 2, 2026

IIPR News

Cannabis greenhouse.

5 Best Marijuana Stocks for 2026 and How to Invest

Keith SpeightsJul 14, 2026
industrial-reits-infographic

Best Industrial REITs for 2026 and How to Invest

Matt DiLalloJun 5, 2026
Person in lab gear working with marijuana plants

The Most Important Marijuana Stock You're Not Watching

Eric VolkmanMay 23, 2026
A cannabis leaf on top of a $100 bill.

Best Cannabis ETFs to Buy in 2026 and How to Invest

Keith SpeightsMay 8, 2026
GettyImages-1391594880

Why Innovative Industrial Properties Stock Is Rising Higher This Week

Josh Kohn-LindquistFeb 27, 2026
Person in lab gear working with marijuana plants

Why Innovative Industrial Properties Stock Zoomed Nearly 11% Higher Today

Eric VolkmanFeb 24, 2026
marijuana farm

4 Things You Need to Know If You're Thinking of Buying Innovative Industrial Properties Today

James HalleyFeb 20, 2026
Cannabis, man in greenhouse

Meet the 15.7% Yield Dividend Stock That Could Soar in 2026

Keith SpeightsFeb 10, 2026
Page 1

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About Innovative Industrial Properties

Innovative Industrial Properties buys and manages buildings for state-licensed cannabis businesses. It helps these companies get cash by buying their property and leasing it back to them. The company now also invests in facilities for the life science industry.

Where the Green Grows

  • Industrial Properties: Cultivation and processing facilities for cannabis operators; accounted for 90% of contractual rent in 2025.
  • Retail Properties: Specialized buildings where licensed operators sell cannabis products; represented 3% of contractual rent in 2025.
  • Industrial and Retail: Combined facilities used for both cannabis production and sales; provided 7% of contractual rent in 2025.
  • Life Science Investments: Preferred stock and loans in companies like IQHQ to fund laboratory and office space.

New Roots in Science

  • Agreed in August 2025 to purchase up to $170 million in IQHQ preferred stock to enter the life science sector.
  • Launched a strategy in March 2025 to replace existing tenants with more stable, long-term operators.
  • Sold properties in Michigan, Palm Springs, and Colorado during 2025 to adjust the real estate portfolio.
  • Increased its revolving credit facility to $87.5 million in November 2024 to boost financial flexibility.

Simple Leases and Lower Costs

Innovative Industrial Properties uses triple-net leases where tenants pay for all maintenance, taxes, and insurance. This structure creates steady income while lowering the company's own operating costs and responsibilities.

Tracking the 2025 Results

  • Rental revenues reached $265.5 million for the year ended December 31, 2025, down 14% from 2024.
  • Net income hit $114.4 million in 2025, a 28% decrease compared to the previous year.
  • Adjusted funds from operations (AFFO) was $205.4 million in 2025, down 20% year-over-year.
  • Free cash flow for Q4 2025 rose to $49.9 million, up 22.8% from Q4 2024.

Bottom Line

Innovative Industrial Properties has transitioned from a pure cannabis real estate focus to include life science investments. This diversification helps the company manage risks in the changing regulated cannabis market.

AI Generated • Apr 30, 2026

Industry

Industrial REITs

Sector

Real Estate

Employees

23

CEO

Paul E. Smithers

Website

www.innovativeindustrialproperties.com

Headquarters

San Diego, CA 92127, US

IIPR Financials

Key Financial Metrics (TTM)

Gross Margin

74.29%

Operating Margin

51.40%

Net Income Margin

50.05%

Return on Equity

7.08%

Return on Capital

5.54%

Return on Assets

5.11%

Earnings Yield

6.49%

Dividend Yield

12.59%

Payout Ratio

1.27%

Stock Overview

Market Cap

$1.75BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Shares Outstanding

29.00M

Volume

484.13K

Avg. Volume

379.49K

Financials (TTM)

Gross Profit

$195.87M

Operating Income

$135.52M

EBITDA

$203.00M

Operating Cash Flow

$151.53M

Capital Expenditure

-$2.95M

Free Cash Flow

$148.58M

Cash & ST Invst.

$204.73M

Total Debt

$0.00

Innovative Industrial Properties Performance Analysis

Innovative Industrial Properties annual revenue and year-over-year revenue growth by fiscal year
Fiscal yearPeriod endRevenueYoY growth
20222022-12-31USD 276,359,00035.1%
20232023-12-31USD 309,506,00012.0%
20242024-12-31USD 308,517,000-0.3%
20252025-12-31USD 265,955,000-13.8%
Innovative Industrial Properties sequential (quarter-over-quarter) revenue growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q32025-09-302.9%
Q42025-12-313.0%
Q12026-03-313.5%
Q22026-06-30-8.2%
Innovative Industrial Properties annual diluted earnings per share and year-over-year EPS growth by fiscal year
Fiscal yearPeriod endDiluted EPSYoY growth
20222022-12-31USD 5.5221.2%
20232023-12-31USD 5.774.5%
20242024-12-31USD 5.53-4.2%
20252025-12-31USD 3.93-28.9%
Innovative Industrial Properties sequential (quarter-over-quarter) diluted earnings per share growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q32025-09-3012.8%
Q42025-12-3110.3%
Q12026-03-31-4.7%
Q22026-06-3033.3%

Revenue Growth Rate

Annual and quarterly growth comparison

Earnings Per Share Growth Rate

Annual and quarterly EPS growth comparison

Quarterly Performance

Name
Q2 2026YOY CHG

Revenue

$63.32M

+0.7%

Gross Profit

$93.29M

+66.5%

Gross Margin

1.47%

N/A

Market Cap

$1.75BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

N/A

Market Cap/Employee

$76.09M

N/A

Employees

23

N/A

Net Income

$38.01M

+46.1%

EBITDA

$35.60M

-27.3%

Quarterly Fundamentals

Name
Q2 2026YOY CHG

Total Cash

$204.73M

+105.4%

Total Debt

$0.00

-100.0%

Accounts Receivable

$0.00

-100.0%

Inventory

$0.00

N/A

Long Term Debt

$0.00

-100.0%

Short Term Debt

$0.00

N/A

Return on Assets

5.11%

N/A

Return on Invested Capital

5.25%

N/A

Free Cash Flow

$0.00

-100.0%

Operating Cash Flow

$0.00

-100.0%

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Questions About IIPR

What is the current price of Innovative Industrial Properties?

Innovative Industrial Properties is trading at $58.47 per share.

What is the 52-week range for Innovative Industrial Properties?

Over the past 52 weeks, Innovative Industrial Properties has traded between $44.58 and $65.38.

How much debt does Innovative Industrial Properties have?

As of the most recent reporting period, Innovative Industrial Properties reported total debt of $365.98M.

How much cash does Innovative Industrial Properties have on hand?

Innovative Industrial Properties reported $89.12M in cash and cash equivalents in its most recent financial results.

What is Innovative Industrial Properties’s dividend yield?

Innovative Industrial Properties currently has a dividend yield of 12.59%.

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