Innovative Industrial Properties Inc (IIPR) Stock Price…

Summary

Innovative Industrial Properties, Inc. is an independently managed, Maryland-based corporation primarily focused on acquiring, owning, and overseeing unique real estate assets. These properties are subsequently leased to experienced, state-licensed operators who utilize them for their regulated medical cannabis facilities. For tax purposes, the company adopted the structure of a Real Estate Investment Trust (REIT) starting from the end of 2017.

Website

www.innovativeindustrialproperties.com

Location

San Diego, UT, US

Phone(858) 997-3332

Employees24

CEOPaul E. Smithers

Sector

Real Estate

IndustryREIT - Industrial

IPO DateDec 1, 2016

Ask AI

Company overview

Business model, segments, and competition.

Peer comparison

Metrics vs closest competitors.

Guidance & outlook

Forward guidance and assumptions.

Bull vs bear case

Upside drivers and key risks.

Valuation snapshot

Multiples vs history and peers.

Competitive moat

Defensibility and market position.

Management track record

Leadership and capital allocation history.

How it makes money

A short diagram of the business model.

Latest Documents

Mentions in Filings

To our knowledge, the NYSE American has not approved for listing any U.S.-based REITs engaged in the ownership of cannabis-related properties, other than Innovative Industrial Properties, Inc., a cannabis-focused real estate investment trust listed in late 2016 just prior to the nomination of former Attorney General Sessions. Although we currently believe we meet the maintenance listing standards of the NYSE American, we cannot assure you that we …
Power REITInnovative Industrial Properties Inc·10-Q - Quarterly report Q3·Q3 26·6 Nov
… tion for the repayment of the $49,000,000 Promissory Note dated May 26, 2026 (the “Seller Note”) made by NY PropCo in favor of IIP-NY 2 LLC, a Delaware limited liability company (“IIP-NY”), a subsidiary of Innovative Industrial Properties, Inc., IIP-NY endorsed to the Lender, without recourse, the Seller Note pursuant to an Allonge to Promissory Note (the “Allonge”), and IIP-NY assigned to the Lender the mortgage securing the Seller Note pursuant …
Vireo Growth Inc.Innovative Industrial Properties Inc·8-K - Entry into a Material Definitive Agreement·Q4 26·8 Oct
n Shares are currently listed on the NYSE American. To our knowledge, The NYSE American has not approved for listing any U.S.-based REITs engaged in the ownership of cannabis-related properties, other than Innovative Industrial Properties, Inc. (NYSE: IIPR), a cannabis-focused real estate investment trust listed in late 2016 just prior to the nomination of former Attorney General Sessions. Although we currently believe we meet the maintenance lis …
Power REITInnovative Industrial Properties Inc·PRE 14A - Preliminary proxy statement·Q3 26·4 Sep
***Tracie Hager*** Ms. Hager has served as a director, as a member of the Compensation Committee and Audit Committee and as the Chair of the Nominating and Corporate Governance Committee since March 2023. Ms. Hager has served as Vice President, asset management, at Innovative Industrial Properties, Inc. (NYSE: IIPR) since October 2020 and as Senior Vice President, Asset Management, since January 2025. She has almost 30 years of experience in comm …
Presidio Property Trust, Inc.Innovative Industrial Properties Inc·424B3 - Prospectus filing (Rule 424(b)(3))·Q3 26·2 Sep
… ensaries, directs the allocation of capital, and funds operating losses or collects profits, as the case may be. On August 20, 2026, GRNY entered into a master lease (the “Master Lease”) with an affiliate of Innovative Industrial Properties, as landlord, pursuant to which GRNY became the direct tenant of PCNY’s cultivation and manufacturing facility located in Hamptonburgh, New York (the “Hamptonburgh Facility”). Additionally, GRNY entered into …
Grown Rogue International Inc.Innovative Industrial Properties Inc·8-K - Entry into a Material Definitive Agreement·25 Aug·25 Aug
… ges PCNY's day-to-day operations, including its four dispensaries, directs capital allocation and funds operating losses or collects profits during the interim period. * Master Lease: Between an affiliate of Innovative Industrial Properties, as landlord, and GRNY for the Hamptonburgh facility, under which GRNY becomes the direct tenant. * Sublease: Between GRNY, as sublandlord, and PCNY, providing the licensed entity continued control of the H …
Grown Rogue International Inc.Innovative Industrial Properties Inc·EX-99.1 - 8-K - Entry into a Material Definitive Agreement·25 Aug·25 Aug

Key Stats

Trading

Px/Chg 1D$50.52 / -0.94%

Avg Volume362.89K

Beta0.84

Mkt Cap1.46B

FD Mkt Cap1.64B

Float

Shrs Out/Float29.00M / 27.02M

Short Float0.14%

Days to Cover8.88

Stock Repurchased$0.00

Current Valuation

EV1.85B

EV/EBITDA8.55

EV/Sales7.03

P/B0.77

P/S5.56

FCF Yield3.62%

ROE1.73%

ROA1.37%

Current Ratio0.24

Dividend

Cash$1.90

Yield15.15%

Yield (TTM)15.15%

Estimates

P/E12.21

Est P/E0.00

Est EPS1.07

Est PEG0.00

Valuation

Metric	5Yr Avg	May '23	May '24	May '25	May '26	Oct '26
PRICE-BASED RATIOS
Price / Earnings	26.16	12.27	18.20	9.32	46.37	44.65
Price / Sales	12.97	6.85	9.74	4.88	22.15	21.23
Price / Book Value	0.97	0.97	1.54	0.78	0.80	0.77
Price / Free Cash Flow	12.25	-13.55	11.79	5.83	29.59	27.60
ENTERPRISE VALUE METRICS
Enterprise Value	2,142.5	2,122.6	3,187.8	1,681.7	1,870.5	1,849.8
Enterprise Value / Sales	15.66	7.68	10.30	5.45	28.06	26.81
Enterprise Value / EBITDA	18.69	9.12	12.81	6.76	32.76	31.99
Enterprise Value / EBIT	27.01	12.39	17.55	9.45	48.50	47.14

Financials

Full Financials

Millions USD	5Yr CAGR (%)	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
INCOME STATEMENT
Revenue	6.8%	204.6	276.4	309.5	308.5	266.0
Gross Income	4.2%	200.1	265.8	284.6	280.0	235.8
EBITDA	4.9%	172.1	232.6	248.9	248.7	208.7
EBIT	80.7%	130.4	171.3	181.7	177.9	134.6
Net Income	9.7%	114.0	154.4	165.6	161.7	114.4
EPS (Diluted)	-3.6%	4.55	5.52	5.77	5.52	3.93
BALANCE SHEET
Cash & ST Inv	-12.5%	81.1	87.1	140.2	146.2	47.6
Total Assets	3.3%	2,084.6	2,414.8	2,391.1	2,378.0	2,370.9
Total Liabilities	2.5%	472.9	452.9	438.1	442.0	522.9
Total Shareholder Equity	3.5%	1,611.7	1,961.9	1,953.0	1,936.1	1,848.0
CASH FLOW
Net Operating Cash Flow	1.2%	188.7	234.1	255.5	258.4	198.2
Cap Ex	—	-	-373.9	-	-	-23.4
Free Cash Flow	-1.9%	188.7	-139.7	255.5	258.4	174.8

Enterprise Value Bridge

Millions USD		10 Nov '26
Price (As of 10 Nov '26)		54.96
Basic Shares		29.00
Market Cap		1,593.6
Diluted Shares		27.96
Fully Diluted Shares Outstanding		27.96
Fully Diluted Market Cap		1,536.8
+Consolidated Debt		696.0
−In-the-Money Convertible Debt		—
+Capital Leases		-
+Operating Leases		—
−Cash & Equivalents		-142.4
−Short-term Investments		-
+Total Preferred		129.0
−In-the-Money Convertible Preferred		—
−Investments in Unconsolidated Subs		—
+Non-Controlling Interest		-
+Pension Liabilities		—
Enterprise Value		2,276.2

Related companies