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IIPR

Innovative Industrial Properties, Inc.

IIPR

NYSE·Real Estate·REIT - Industrial·Mkt cap $1.8B

$63.40

▲ +1.12%

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Our plain-language verdict, the thesis, risk factors, and what is changing about the business.

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52-Week Range

$44.58 - $63.64

P/E

15.93

Fwd P/E

14.81

Beta

1.45

Div Yield

12.12%

Avg Vol

382.1K

Shares Out

28.1M

Mkt Cap

$1.8B

Price action

Price chart

Up 9.9% over the trailing year

1W
1M
3M
6M
YTD
1Y
5Y
MAX

Total returns

Price performance

Total return across standard periods - splits & dividends adjusted by FMP. Periods longer than 1Y show annualized in the tooltip.

Why we rate it this way

The thesis at a glance

Bull and bear case · plain-English context across the five lenses we evaluate.

▲

Bull Case

5 reasons

  • First-mover advantage in cannabis-focused REIT space with established operator relationships
  • Specialized expertise in cannabis facility requirements and regulatory compliance across states
  • Diversified tenant base and geographic footprint reducing concentration risk
  • Self-advised structure eliminating external management fees and improving cost efficiency
  • Long-term triple-net lease agreements providing stable, predictable cash flows
▼

Bear Case

1 risk

  • Average volatility.

Growth

Stable outlook

Expansion of medical cannabis legalization across additional U.S. states

Value

Deep value opportunity - significant discount to Industrial REITs peers

Momentum

Hot

+24.9% over 3m

Quality

Excellent

Strong fundamentals

Dividend

High yield

12.12% yield

Earnings track record

Latest print - beat on both lines

AI-summarized recap of last quarter, plus the surprise on every print.

Next: May 5, 2026

“
Q2 26 RECAP

MAY 4, 2026

Reported EPS of $1.88 vs $1.07 consensus (+75.7% surprise). Revenue of $69.0M vs $65.7M expected (+5.1%). Beat on both top and bottom lines.

EPS beat +75.7%
Rev beat +5.1%
Double beat

EPS surprise · last 4Q

1 of 1 beats

Q2 26

+75.7%

Next: May 5, 2026

Revenue trend · last 8Q

—

—

-3%

-5%

-21%

-15%

-13%

-4%

Q2 24

Q3 24

Q4 24

Q1 25

Q2 25

Q3 25

Q4 25

Q1 26

$79.8M

$76.5M

$76.7M

$71.7M

$62.9M

$64.7M

$66.7M

$69.0M

Margins · last 8Q

Gross

—

Operating

—

Profit

47.5%

View full earnings history →

Wall Street consensus

2 analysts · 0% Buy

Live ratings and price targets aggregated across covering analysts.

Buy

0%

Hold

1

50%

Sell

1

50%

Median Price Target

—

Latest: Compass Point · Mar 3, 2026

View full analyst page →

vs Industry

How IIPR stacks vs REIT - Industrial

Stock metrics vs industry averages. Green = better than industry.

Industry comparison data unavailable for this stock.