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Innovative Industrial Properties, Inc.

IIPR Real Estate Reit Industrial

Innovative Industrial Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $266.0 million, down 13.8% from fiscal 2024.

Revenue
+0.36%
EPS
+17.8%
Free cash flow
+8.47%
Total debt
+104.6%

Quarter to September 2026, against a year earlier

54.65 0.65 −1.18%
Market cap
$1.5B
P/E
11.8×
Fwd P/E
12.2×
Dividend yield
13.8%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.03
Sold, $m 0.03
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 1 — 1 —
Sell — — — — — — — — — 1 — —
Insider Ownership 1.38%

Capital & Financial Ratios $m

Size
Market Cap 1,520.00
Revenue ttm 263.89
Net income ttm 140.40
Free cash flow ttm 245.99
Net debt Q 553.61
Valuation
P/E 11.85
Forward P/E 12.20
Price / sales 5.73
Forward P/S Powerpack
Price / FCF 6.15
Price / book 0.89
Financial health
Current ratio Q 10.66
Debt / equity Q 0.38
Interest coverage Q 2.49
Growth
Revenue growth Q +0.36% (above 0%: growing)
Operating income growth Q −0.10% (below 0%: shrinking)
EPS, this year +8.21%
EPS, next year A +2.41%
Revenue, next year A −4.04% (below 0%: weak)
EPS, past 5 yrs +3.75%
EPS, next 5 yrs A +4.70%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.8×, against a ten-year median of 12.2×; over the ten years it ranged from 5.5× in 2025 to 56.8× in 2019.
P/E against its own 10 years 8.18%
10-year low 10-year high
P/S against its own 10 years 12.95%
10-year low 10-year high
P/B against its own 10 years 12.38%
10-year low 10-year high
EV/Sales against its own 10 years 25.36%
10-year low 10-year high
EV/FCF against its own 10 years 18.61%
10-year low 10-year high

Dividends raised every year since 2017

Yield
13.8%
Annual rate
7.60
Payout ratio
165.9%
Growth, 2017–25
+38.9%/yr
  1. 0.55 ’17
  2. 1.20 ’18 +118
  3. 2.83 ’19 +136
  4. 4.47 ’20 +58
  5. 5.72 ’21 +28
  6. 7.10 ’22 +24
  7. 7.22 ’23 +2
  8. 7.52 ’24 +4
  9. 7.60 ’25 +1
  10. 7.60 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 162 151 48 142
Receivables — — — —
Inventory — — — —
Other — — — —
162 151 48 142
2023 2024 2025 Q'26
Payables 11 11 11 13
ST’ Debt — — — —
Other — — — —
11 11 11 13

Compound Annual Growth %

10y 5y 3y
Sales — 17.87% (1.27%)
Cash Flow — 12.33% (5.40%)
Earnings — 12.19% (9.23%)
Book Value — 3.92% (1.97%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.74 Actual 1.96

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.81 1.88 Beat by 0.07
Q1 FY26 1.87 1.88 Beat by 0.01
Q2 FY26 1.78 1.83 Beat by 0.05
Q3 FY26 1.74 1.96 Beat by 0.22
Q4 FY26 1.79 — Reports 22 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.02 1.36 1.14 — —
’25 1.03 0.86 0.97 1.06 3.93
’24 1.36 1.44 1.37 1.36 5.52
’23 1.43 1.44 1.45 1.45 5.77
’22 1.32 1.42 1.32 1.46 5.52
’21 1.05 1.17 1.20 1.14 4.55
’20 0.72 0.73 0.86 0.91 3.27
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 69 63 65 — —
’25 72 63 65 67 266
’24 75 80 77 77 309
’23 76 76 78 79 310
’22 65 71 71 70 276
’21 43 49 54 59 205
’20 21 24 34 37 117
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 56 45 49 — —
’25 54 48 46 50 198
’24 72 64 65 58 258
’23 65 62 63 66 256
’22 60 62 57 55 234
’21 43 47 52 48 189
’20 20 24 33 34 111
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 59 88 49 — —
’25 54 50 46 50 200
’24 72 73 65 58 268
’23 65 62 63 66 256
’22 60 62 57 79 258
’21 43 47 52 48 189
’20 20 24 33 34 111
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 0 6 15 45 117 205 276 310 309 266 264 +115.3% 255 259 241 (3.2%)
Gross margin, % 67.42 98.16 96.99 97.06 95.76 97.83 96.19 91.96 90.77 88.65 88.75 +21.2 pt
EBT (4) 0 7 23 66 114 154 166 162 118 140 n/m
EBT margin, % (1,644.94) (1.12) 47.24 52.56 56.23 55.73 55.86 53.50 52.40 44.46 53.20 +1,689.4 pt
Net income (4) 0 7 23 66 114 154 166 162 118 140 n/m
Per share, $
Per share, $ Revenue 0.28 1.90 2.07 4.24 6.01 8.56 10.11 11.06 10.93 9.50 9.65 +48.1%
Earnings (4.56) (0.13) 0.76 2.06 3.28 4.69 5.57 5.82 5.58 3.98 4.67 n/m
Cash flow 1.76 1.49 2.20 4.26 5.70 7.90 8.56 9.13 9.16 7.08 7.32 +16.7%
Capex 0.00 (1.75) (3.12) 0.00 0.00 0.00 0.86 0.00 0.32 0.08 1.67 n/m
Free cash flow 1.76 (0.27) (0.92) 4.26 5.70 7.90 9.42 9.13 9.48 7.16 8.99 +16.9%
Book value 62.76 21.79 37.02 51.96 78.43 67.43 71.75 69.80 68.59 65.99 66.91 +0.6%
Shares, m 1 3 7 11 19 24 27 28 28 28 28 +45.4%
Valuation, ×
Valuation, × P/E 0.00 0.00 61.34 37.94 56.70 55.94 17.64 17.39 11.94 11.90 11.85 27.1
P/S 0.00 19.22 21.91 17.91 30.46 30.72 9.72 9.15 6.10 4.99 5.73 15.0
P/B 18,999.20 2.07 1.29 1.50 2.36 3.93 1.38 1.46 0.98 0.74 0.89 1,901.5
EV/Sales 0.00 17.39 12.89 16.41 25.25 30.33 9.77 9.60 6.57 6.29 7.83 13.4
EV/FCF 0.00 22.27 (15.24) (8.06) (117.98) 117.26 21.14 19.92 6.97 8.34 8.40 5.5
Cash, $m
Cash, $m Operating cash flow 2 5 16 45 111 189 234 256 258 198 200 +69.8%
Capex — (6) (22) (85) (290) (375) 24 — 9 2 46 n/m
Free cash flow 2 (1) (7) 45 111 189 258 256 268 200 246 +70.0%
Balance, $m
Balance, $m Working capital 33 11 132 198 741 398 277 151 141 37 129 +1.2%
Net debt (33) (12) (133) (67) (609) (80) 13 139 147 346 554 n/m
Shareholders’ equity 60 74 264 548 1,525 1,612 1,962 1,953 1,936 1,848 1,830 +46.2%
Returns, %
Returns, % ROA (13.87) (0.55) 3.12 4.31 5.12 5.85 6.80 6.83 6.70 4.82 5.20 +18.7 pt
ROIC (10.13) (0.23) 2.55 3.24 4.76 5.52 5.37 5.22 5.05 3.54 3.55 +13.7 pt
ROE (7.29) (0.66) 3.64 5.64 6.30 7.25 8.63 8.45 8.30 6.16 7.37 +13.5 pt
People
People Employees 5 6 6 13 15 18 19 21 22 23 — +18.5%
Revenue/emp, $m 0.05 1.07 2.46 3.44 7.79 11.36 14.55 14.74 14.02 11.56 — +81.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Innovative Industrial Properties, Inc. vs peers in Reit Industrial (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LINE Lineage, Inc. $9.0B — (loss-making) — (loss-making) +0.81% (above 0%: growing) n/m +91.92% (above 0%: growing) 31.23% 3.97% Compare
REXR Rexford Industrial Realty, Inc. $8.1B — (loss-making) — (loss-making) −5.58% (below 0%: shrinking) −81.08% (below 0%: shrinking) +58.30% (above 0%: growing) 76.16% 39.41% Compare
FR First Industrial Realty Trust, Inc. $7.4B 20.1× 21.7× +8.65% (above 0%: growing) −10.20% (below 0%: shrinking) −240.72% (below 0%: shrinking) 74.45% 44.21% Compare
TRNO Terreno Realty Corporation $7.3B 19.9× 33.2× +13.74% (above 0%: growing) −38.00% (below 0%: shrinking) +118.95% (above 0%: growing) 75.26% 42.18% Compare
STAG Stag Industrial, Inc. $7.1B 26.1× 33.6× +9.44% (above 0%: growing) +44.00% (above 0%: growing) +2,111.22% (above 0%: growing) 79.99% 38.36% Compare
COLD Americold Realty Trust Inc. $4.5B 19.0× — (loss-making) +4.20% (above 0%: growing) n/m +237.07% (above 0%: growing) 32.79% 107.39% Compare
SMA Smartstop Self Storage REIT Inc $2.3B 75.1× 54.8× +18.65% (above 0%: growing) n/m +93.06% (above 0%: growing) 60.10% 22.55% Compare
IIPR Innovative Industrial Properties, Inc. $1.5B 11.8× 12.2× +0.36% (above 0%: growing) +17.77% (above 0%: growing) +8.47% (above 0%: growing) 89.31% 45.26%
ILPT Industrial Logistics Properties Trust $403.9M — (loss-making) — (loss-making) +5.29% (above 0%: growing) n/m −59.02% (below 0%: shrinking) 86.08% 35.09% Compare
Median of peers $7.2B 20.1× 33.4× +6.97% −24.10% +92.49% 74.86% 38.89%

All 14 Reit Industrial stocks →

Pay and ownership Proxy statement filed 22 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.72m 3.81m 38.00
2024 5.00m 3.16m 47.00
2023 5.05m 3.93m 66.00
2022 10.82m (1.02m) 60.00
2021 6.97m 5.24m 147.00

Ownership

Directors and executive officers, together 2.30%
BlackRock, Inc. 16.40%
Vanguard Group, Inc. 15.40%
State Street Corporation 6.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Innovative Industrial Properties, Inc. (IIPR) Latest News

5 Nov

Impact 3 · · GuruFocus.com

3 Nov

Impact 3 · · MarketBeat transcript
Impact 3 · · The Motley Fool transcript

2 Nov

Impact 3 · · Business Wire

27 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

16 Oct

Impact 3 · · Zacks

8 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Business Wire

7 Oct

Impact 3 · · Business Wire

1 Oct

Impact 4 · · Business Wire

29 Sep

Impact 3 · · Zacks

6 Aug

Impact 3 ·

5 Aug

Impact 3 · · MarketBeat transcript

4 Aug

Impact 3 · transcript

3 Aug

Impact 3 ·
Impact 3 ·

18 Jun

Impact 3 · · 24/7 Wall St.

14 Jun

Impact 3 ·

10 Jun

Impact 3 · · Business Wire

9 Jun

Impact 3 · · Business Wire

4 Jun

Impact 5 · · Simply Wall St.

27 May

Impact 3 · · Zacks

26 May

Impact 3 · · Business Wire

23 May

Impact 3 · · The Motley Fool

22 May

Impact 4 · · Simply Wall St.

20 May

Impact 3 · · Business Wire

13 May

Impact 4 · · 24/7 Wall St.

10 May

Impact 3 · · MarketBeat

7 May

Impact 4 · · 24/7 Wall St.
stockrow.com/IIPR · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com