Innovative Industrial Properties (IIPR)
Market Price (8/30/2026): $56.5 | Market Cap: $1.6 BilSector: Real Estate | Industry: Industrial REITs
Innovative Industrial Properties (IIPR)
Market Price (8/30/2026): $56.5Market Cap: $1.6 BilSector: Real EstateIndustry: Industrial REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 18%, FCF Yield is 12% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 75%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 75% Low stock price volatilityVol 12M is 38% Megatrend and thematic driversMegatrends include Emerging & Regulated Markets. Themes include Cannabis Real Estate & Infrastructure, and Specialty Industrial REITs. | Weak multi-year price returns2Y Excs Rtn is -79%, 3Y Excs Rtn is -74% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.97, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.3% Key risksIIPR key risks include [1] significant tenant defaults and high revenue concentration from financially distressed cannabis operators, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 18%, FCF Yield is 12% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 75%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 75% |
| Low stock price volatilityVol 12M is 38% |
| Megatrend and thematic driversMegatrends include Emerging & Regulated Markets. Themes include Cannabis Real Estate & Infrastructure, and Specialty Industrial REITs. |
| Weak multi-year price returns2Y Excs Rtn is -79%, 3Y Excs Rtn is -74% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.97, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.3% |
| Key risksIIPR key risks include [1] significant tenant defaults and high revenue concentration from financially distressed cannabis operators, Show more. |
Qualitative Assessment
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Innovative Industrial Properties (IIPR) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Stronger-than-Expected Fiscal Q2 2026 Earnings. Innovative Industrial Properties reported an Earnings Per Share (EPS) of $1.36 for fiscal Q2 2026 (the quarter ended June 30, 2026), which surpassed analysts' consensus estimates of $1.02 by $0.34. This positive earnings surprise contributed to investor confidence, despite revenue of $63.32 million falling short of the $67.09 million consensus estimate. The company also demonstrated a healthy Funds From Operations (FFO) margin of 75% in fiscal Q2 2026, an increase from 69% in fiscal Q2 2025.
2. Consistent Dividend Payout. The company's board of directors declared a second quarter 2026 dividend of $1.90 per common share, representing an annualized dividend of $7.60 per common share. This dividend, paid on July 15, 2026, to stockholders of record as of June 30, 2026, signifies continued income generation and return to shareholders, enhancing the stock's attractiveness to income-focused investors.
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Innovative Industrial Properties (IIPR) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Stronger-than-Expected Fiscal Q2 2026 Earnings. Innovative Industrial Properties reported an Earnings Per Share (EPS) of $1.36 for fiscal Q2 2026 (the quarter ended June 30, 2026), which surpassed analysts' consensus estimates of $1.02 by $0.34. This positive earnings surprise contributed to investor confidence, despite revenue of $63.32 million falling short of the $67.09 million consensus estimate. The company also demonstrated a healthy Funds From Operations (FFO) margin of 75% in fiscal Q2 2026, an increase from 69% in fiscal Q2 2025.
2. Consistent Dividend Payout. The company's board of directors declared a second quarter 2026 dividend of $1.90 per common share, representing an annualized dividend of $7.60 per common share. This dividend, paid on July 15, 2026, to stockholders of record as of June 30, 2026, signifies continued income generation and return to shareholders, enhancing the stock's attractiveness to income-focused investors.
3. Strategic Capital Management and Diversification Efforts. During fiscal Q2 2026, Innovative Industrial Properties completed a private offering of $402.5 million aggregate principal amount of Exchangeable Notes. The company utilized $80.5 million of the net proceeds from this offering to repurchase common stock, demonstrating a commitment to shareholder value and efficient capital allocation. Additionally, the company completed the funding of its $270 million investment in IQHQ, advancing its diversification strategy into life sciences real estate.
4. Positive Regulatory Developments in the U.S. Cannabis Market. The broader U.S. cannabis market, which forms the core of IIPR's tenant base, experienced positive regulatory momentum during the period. The Department of Justice completed the rescheduling of medical cannabis products, and hearings were initiated for the rescheduling of adult-use products. These developments, alongside the first-time listing of two U.S. cannabis operators on the New York Stock Exchange, signal a potentially improving regulatory landscape and renewed industry optimism that could favorably impact IIPR.
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Stock Movement Drivers
Fundamental Drivers
The 7.0% change in IIPR stock from 4/30/2026 to 8/29/2026 was primarily driven by a 17.6% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8292026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.62 | 56.31 | 7.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 266 | 264 | -0.9% |
| Net Income Margin (%) | 44.5% | 52.3% | 17.6% |
| P/E Multiple | 12.4 | 11.6 | -6.4% |
| Shares Outstanding (Mil) | 28 | 28 | -1.9% |
| Cumulative Contribution | 7.0% |
Market Drivers
4/30/2026 to 8/29/2026| Return | Correlation | |
|---|---|---|
| IIPR | 7.0% | |
| Market (SPY) | 7.1% | 19.0% |
| Sector (XLRE) | 0.2% | 21.3% |
Fundamental Drivers
The 24.8% change in IIPR stock from 1/31/2026 to 8/29/2026 was primarily driven by a 16.7% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8292026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.11 | 56.31 | 24.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 276 | 264 | -4.5% |
| Net Income Margin (%) | 45.8% | 52.3% | 14.1% |
| P/E Multiple | 10.0 | 11.6 | 16.7% |
| Shares Outstanding (Mil) | 28 | 28 | -1.9% |
| Cumulative Contribution | 24.8% |
Market Drivers
1/31/2026 to 8/29/2026| Return | Correlation | |
|---|---|---|
| IIPR | 24.8% | |
| Market (SPY) | 11.5% | 29.1% |
| Sector (XLRE) | 8.1% | 20.2% |
Fundamental Drivers
The 25.6% change in IIPR stock from 7/31/2025 to 8/29/2026 was primarily driven by a 40.6% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8292026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.83 | 56.31 | 25.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 305 | 264 | -13.5% |
| Net Income Margin (%) | 50.3% | 52.3% | 3.9% |
| P/E Multiple | 8.3 | 11.6 | 40.6% |
| Shares Outstanding (Mil) | 28 | 28 | -0.6% |
| Cumulative Contribution | 25.6% |
Market Drivers
7/31/2025 to 8/29/2026| Return | Correlation | |
|---|---|---|
| IIPR | 25.6% | |
| Market (SPY) | 22.7% | 25.7% |
| Sector (XLRE) | 10.2% | 26.8% |
Fundamental Drivers
The -1.6% change in IIPR stock from 7/31/2023 to 8/29/2026 was primarily driven by a -8.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8292026 | Change |
|---|---|---|---|
| Stock Price ($) | 57.20 | 56.31 | -1.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 288 | 264 | -8.4% |
| Net Income Margin (%) | 55.7% | 52.3% | -6.2% |
| P/E Multiple | 10.0 | 11.6 | 16.6% |
| Shares Outstanding (Mil) | 28 | 28 | -1.7% |
| Cumulative Contribution | -1.6% |
Market Drivers
7/31/2023 to 8/29/2026| Return | Correlation | |
|---|---|---|
| IIPR | -1.6% | |
| Market (SPY) | 74.0% | 31.2% |
| Sector (XLRE) | 27.9% | 40.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IIPR Return | 47% | -59% | 9% | -29% | -18% | 28% | -51% |
| Peers Return | 64% | -42% | -11% | 13% | -21% | 8% | -18% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| IIPR Win Rate | 67% | 25% | 42% | 58% | 50% | 62% | |
| Peers Win Rate | 69% | 33% | 47% | 50% | 45% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| IIPR Max Drawdown | -25% | -66% | -42% | -50% | -34% | -15% | |
| Peers Max Drawdown | -15% | -50% | -42% | -31% | -46% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AFCG, PW, STAG, ARE, PLD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/28/2026 (YTD)
How Low Can It Go
| Event | IIPR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.6% | -18.8% |
| % Gain to Breakeven | 48.3% | 23.1% |
| Time to Breakeven | 429 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.9% | -6.7% |
| % Gain to Breakeven | 36.9% | 7.1% |
| Time to Breakeven | 127 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.0% | -33.7% |
| % Gain to Breakeven | 127.5% | 50.9% |
| Time to Breakeven | 133 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -19.6% | -3.7% |
| % Gain to Breakeven | 24.4% | 3.9% |
| Time to Breakeven | 31 days | 6 days |
In The Past
Innovative Industrial Properties's stock fell -32.6% during the 2025 US Tariff Shock. Such a loss loss requires a 48.3% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | IIPR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.6% | -18.8% |
| % Gain to Breakeven | 48.3% | 23.1% |
| Time to Breakeven | 429 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.9% | -6.7% |
| % Gain to Breakeven | 36.9% | 7.1% |
| Time to Breakeven | 127 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.0% | -33.7% |
| % Gain to Breakeven | 127.5% | 50.9% |
| Time to Breakeven | 133 days | 140 days |
In The Past
Innovative Industrial Properties's stock fell -32.6% during the 2025 US Tariff Shock. Such a loss loss requires a 48.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Innovative Industrial Properties (IIPR)
Innovative Industrial Properties (IIPR) is a real estate investment trust (REIT) that specializes in the acquisition, ownership, and management of industrial properties. The company's unique focus lies in providing real estate tailored specifically for the regulated medical-use cannabis industry.
IIPR's primary service involves leasing these specialized properties to state-licensed operators who run medical cannabis facilities. By doing so, IIPR serves as a crucial landlord and capital provider for the infrastructure needs of the medical cannabis market. Its primary customers are experienced, state-licensed businesses operating within this highly regulated sector, providing them with the necessary real estate assets to conduct their cultivation, processing, and distribution activities.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Innovative Industrial Properties (IIPR):
Prologis for the cannabis industry.
Equinix for cannabis facilities.
AI Analysis | Feedback
- Real Estate Leasing: Innovative Industrial Properties acquires, owns, and manages specialized industrial properties, which it then leases to state-licensed operators for their regulated medical-use cannabis facilities.
AI Analysis | Feedback
Innovative Industrial Properties (symbol: IIPR) sells primarily to other companies. Its major customers are state-licensed operators in the regulated medical-use and adult-use cannabis industry, to whom IIPR leases its specialized properties. Based on their most recent financial disclosures, the company's major tenants include:
- Green Thumb Industries Inc. (Symbol: GTBIF)
- Trulieve Cannabis Corp. (Symbol: TCNNF)
- Verano Holdings Corp. (Symbol: VRNOF)
- Curaleaf Holdings, Inc. (Symbol: CURLF)
- Cresco Labs Inc. (Symbol: CRLBF)
- PharmaCann Inc. (Private Company)
- Ascend Wellness Holdings, Inc. (Symbol: AAWHF)
- Vireo Health International, Inc. (Symbol: VREOF)
- Jushi Holdings Inc. (Symbol: JUSHF)
- Goodness Growth Holdings, Inc. (Symbol: GDNSF)
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Paul Smithers was appointed CEO of Innovative Industrial Properties in June 2016. Prior to his role at IIPR, he served as Chief Legal Officer and Co-Founder of BST NanoCarbon from July 2013 to August 2015. He also worked as an attorney at the law firm of Ropers Majeski from January 1982 to August 1987. Mr. Smithers is a member of the California Bar and a licensed California real estate broker. He earned a Doctor of Law degree from Santa Clara University School of Law and a BS from San Diego State University.
David Smith, Chief Financial Officer and Treasurer
David Smith joined Innovative Industrial Properties as Chief Financial Officer and Treasurer in March 2023. Before joining IIPR, Mr. Smith served as Executive Vice President and Chief Financial Officer of Aventine Property Group, Inc., a privately-held REIT focused on the regulated cannabis industry, starting in January 2021, following its spin-off from Treehouse Real Estate Investment Trust, Inc. He held the same roles at Treehouse from October 2019 through December 2020. From January 2019 to September 2019, he was Executive Vice President and Chief Financial Officer of New Senior Investment Group Inc. (NYSE: SNR). Mr. Smith's background includes working in the Private Equity Group at Fortress Investment Group, New Senior's financial sponsor, as a Managing Director from September 2016 to January 2019 and Vice President from September 2014 to September 2016, where he led capital markets and investor relations activities. This demonstrates a pattern of managing companies backed by private equity firms. He also served as Managing Director, Capital Markets & Investor Relations at Aviv REIT, Inc. (NYSE: AVIV) from April 2012 to August 2014, and held various finance, capital markets, and investor relations roles at Ventas (NYSE: VTR) from November 2006 to March 2012. He began his career in real estate investment banking at A.G. Edwards.
Catherine Hastings, Chief Operating Officer
Catherine Hastings has served as Chief Operating Officer of Innovative Industrial Properties since March 2023. Previously, she was IIP's Chief Financial Officer and Treasurer from June 2017 to March 2023, and Chief Accounting Officer from January 2017 to January 2021. Prior to joining IIPR, Ms. Hastings was Vice President, internal audit of BioMed Realty Trust, Inc. (formerly NYSE: BMR) until December 2016. From 2004 to 2009, she was the Director of financial accounting and audit for The Corky McMillin Companies, a privately held real estate land developer and homebuilder. She also served as a Senior Manager with KPMG LLP from 1997 to 2004, auditing financial statements for public and private companies with a focus on real estate.
Ben Regin, Chief Investment Officer
Ben Regin has served as Chief Investment Officer since January 2023. He previously held the positions of Vice President of Investments since January 2020, and Director of Investments and Finance since joining IIP in January 2017. Before his tenure at IIP, Mr. Regin was a Senior Associate, Investments (May 2015 to December 2016) and Senior Associate, Asset Management (April 2013 to May 2015) with BioMed Realty Trust, Inc. His prior experience also includes roles at Westcore Properties and PricewaterhouseCoopers LLP.
Alan D. Gold, Executive Chairman
Alan D. Gold is the Executive Chairman of Innovative Industrial Properties' Board. Mr. Gold served as Executive Chairman of IQHQ, Inc., a privately-held life science real estate company, from December 2018 until December 2024. He previously served as Chairman, President, and Chief Executive Officer of BioMed Realty Trust, Inc. (formerly NYSE: BMR).
AI Analysis | Feedback
The key risks to Innovative Industrial Properties (IIPR) are primarily concentrated around the evolving landscape of the cannabis industry and the financial health of its tenants.
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Tenant Financial Distress and Defaults: Innovative Industrial Properties faces significant risk from the financial health and potential defaults of its state-licensed cannabis operator tenants. Recent reports indicate that tenant defaults have directly led to reduced rental revenue for IIPR, impacting its financial performance and cash flow. For example, a notable decline in revenue in Q3 2025 was attributed to tenant defaults from operators such as PharmaCann, Gold Flora, TILT, and 4Front. The sustainability of IIPR's dividend is also under pressure due to these tenant issues and an increasing payout ratio.
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Federal Cannabis Legalization and Regulatory Changes: The current federal illegality of cannabis in the United States has been a cornerstone of IIPR's business model, as it limits traditional financing options for cannabis businesses, thereby increasing the demand for sale-leaseback arrangements offered by IIPR. However, a significant risk lies in potential federal cannabis reform. If cannabis becomes federally legal, it could open the door for cannabis operators to access cheaper and more conventional financing, intensifying competition for IIPR and potentially leading to pressure on rental rates and property values.
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High Concentration in the Cannabis Industry and Tenant Concentration: Innovative Industrial Properties operates almost exclusively within the cannabis industry, exposing it to the sector's inherent volatility, regulatory uncertainties, and competition from illicit markets. Furthermore, the company exhibits tenant concentration, meaning a substantial portion of its revenue is derived from a limited number of major tenants. The financial struggles or defaults of even a few of these key tenants can have a material and immediate adverse effect on IIPR's overall revenue and financial stability.
AI Analysis | Feedback
The most significant emerging threat to Innovative Industrial Properties (IIPR) is the potential for federal cannabis legalization or substantial federal banking reform, such as the passage of the SAFE Banking Act or a re-scheduling of cannabis under federal law. IIPR’s business model and competitive advantage are largely built upon the current federal prohibition of cannabis, which restricts traditional financial institutions from engaging with state-licensed cannabis businesses. This creates a unique niche for IIPR to provide real estate capital solutions (e.g., sale-leasebacks) that are otherwise unavailable or prohibitively expensive for cannabis operators.
Should federal legalization or significant banking reform occur, the barriers preventing traditional lenders, banks, and other institutional investors from entering the cannabis real estate and financing market would be removed. This would fundamentally alter IIPR’s operating environment by:
- Increasing Competition: More players, including larger, established financial institutions and REITs, would likely enter the market, offering capital and real estate solutions at potentially lower costs and with more diverse financing options than IIPR. This could lead to a significant erosion of IIPR's market share and competitive advantage.
- Reducing Demand for IIPR's Niche Services: Cannabis operators would have broader access to conventional financing, potentially reducing their reliance on IIPR’s specialized sale-leaseback transactions and other high-yield leasing arrangements.
- Compressing Yields: Increased competition for properties would likely drive up acquisition prices and compress yields on new investments for IIPR.
This situation is analogous to how Netflix's streaming model threatened Blockbuster's physical rental business, or how Uber disrupted traditional taxi services. The emergence of a normalized, federally legal cannabis industry would fundamentally shift the landscape, undermining the regulatory arbitrage that forms the core of IIPR's current profitable niche.
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The addressable market for Innovative Industrial Properties (IIPR), which focuses on real estate for regulated medical-use cannabis facilities, is primarily the U.S. medical cannabis market.
The U.S. medical marijuana market size was valued at approximately USD 9.63 billion in 2023. This market is projected to grow significantly, reaching around USD 70.30 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 21.99% from 2024 to 2033.
More broadly, the total U.S. cannabis market, encompassing both medical and recreational use, was estimated at USD 25.08 billion in 2025. This combined market is projected to expand substantially, reaching approximately USD 320.77 billion by 2034, with a CAGR of 32.74% between 2026 and 2034.
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Innovative Industrial Properties (IIPR) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Strategic Diversification into Life Sciences Real Estate: Innovative Industrial Properties has made a significant investment in IQHQ, a life sciences real estate platform. This strategic pivot aims to broaden the company's focus beyond its historical cannabis-centric business model, with the life sciences assets expected to provide resilient cash flows and contribute to earnings growth. The investment includes participation in a revolving credit facility and preferred stock, which are designed to generate substantial yields for IIPR.
- Resolution of Tenant Defaults and Increased Re-leasing Activity: The company has been actively addressing tenant defaults within its cannabis portfolio. Recent reports indicate progress in resolving litigation related to these defaults and successful re-leasing of properties previously occupied by problematic tenants. This ongoing re-leasing activity and the recovery of unpaid rent are anticipated to contribute positively to revenue and Adjusted Funds From Operations (AFFO).
- Expansion in State-Regulated Cannabis Markets: The U.S. legal cannabis market is projected to experience continued growth, with emerging adult-use markets in various states acting as significant drivers. Innovative Industrial Properties, with its established geographic footprint in state-regulated cannabis markets, is well-positioned to capitalize on this market expansion and legislative developments, which can lead to new leasing opportunities and increased demand for its specialized properties.
- Opportunistic Capital Market Activities: IIPR has demonstrated its ability to raise attractively priced debt and preferred equity in the capital markets. This access to capital provides the company with the financial resources to pursue new acquisitions and investments, both within its core cannabis real estate sector and its diversifying life sciences portfolio, thereby fueling future revenue generation.
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Share Repurchases
- Innovative Industrial Properties' board approved a new share repurchase program on March 3, 2026, authorizing up to $100 million of common stock buybacks. This program replaced an existing one set to expire on March 17, 2026.
- In 2025, the company repurchased 371,538 common shares for $20.1 million.
Share Issuance
- In 2025, Innovative Industrial Properties issued 1,016,852 shares of Series A Preferred Stock through its "at-the-market" (ATM) equity offering program, resulting in $24.1 million in net proceeds.
- Subsequent to December 31, 2025, an additional 1,794,323 shares of Series A Preferred Stock were issued under the ATM Program for $40.4 million in net proceeds, contributing to a total of $45.4 million in net proceeds from preferred stock issuances since the beginning of Q4 2025.
Outbound Investments
- In August 2025, the company announced a strategic investment of up to $270.0 million in IQHQ, Inc., a life science real estate platform, marking a diversification beyond its primary cannabis focus.
- As of December 31, 2025, IIPR had funded $150.0 million of its strategic investment in IQHQ, which included a fully funded $100.0 million revolving credit facility and $50.0 million of Series G preferred equity.
- Innovative Industrial Properties remains committed to funding an additional $120.0 million of preferred equity in IQHQ between the second quarter of 2026 and the second quarter of 2027.
Capital Expenditures
- In 2025, Innovative Industrial Properties committed $275 million across its real estate portfolio and through its strategic investment in IQHQ, aiming for selective and accretive growth.
- As of December 31, 2025, the company had invested an aggregate of $2.5 billion across its property portfolio, including purchase prices and funding for tenant improvements, and had committed an additional $6.5 million for further property improvements.
- In December 2021, IIPR acquired a portfolio of 27 properties in Colorado, Pennsylvania, and North Dakota for approximately $72.7 million, expanding its cannabis cultivation, processing, and dispensing facilities.
Peer Outperformance in Industrial REITs
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 14 | 18.0% | 60.5% | 62.7% | WELL 213% · CTRE 128% · DHC 123% |
| Retail REITs | 22 | 13.5% | 36.9% | 36.8% | IVT 1595% · SKT 179% · SPG 110% |
| Other Specialized REITs | 11 | 4.0% | 18.9% | 20.6% | IRM 206% · LAMR 68% · EPR 68% |
| Real Estate Development | 6 | 0.5% | 10.7% | 20.0% | AXR 61% · JOE 52% · FOR 35% |
| Hotel & Resort REITs | 16 | 36.5% | 36.2% | 11.2% | RHP 88% · HST 73% · DRH 61% |
| Industrial REITs ← | 11 | 14.6% | 20.0% | 6.5% | EGP 30% · FR 26% · PLD 22% |
| Diversified REITs | 12 | 9.6% | 25.2% | -6.9% | CTO 75% · WPC 23% · LXP 17% |
| Single-Family Residential REITs | 4 | -2.4% | 2.9% | -14.8% | AMH -8% · ELS -13% · INVH -17% |
| Multi-Family Residential REITs | 13 | -4.4% | 2.8% | -15.0% | AIV 18% · ESS 4% · BRT 0% |
| Real Estate Services | 26 | -18.5% | -11.2% | -24.6% | REAX 1001% · CHCI 239% · CBRE 57% |
| Office REITs | 18 | 1.3% | 17.9% | -29.1% | PSTL 64% · CDP 61% · SLG 14% |
| Telecom Tower REITs | 3 | -10.2% | -10.5% | -42.1% | AMT -29% · SBAC -42% · CCI -50% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 44.38 |
| Mkt Cap | 4.4 |
| Rev LTM | 572 |
| Op Inc LTM | 333 |
| FCF LTM | 284 |
| FCF 3Y Avg | 303 |
| CFO LTM | 336 |
| CFO 3Y Avg | 339 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.3% |
| Rev Chg 3Y Avg | -1.2% |
| Rev Chg Q | 9.6% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 4.9% |
| Op Inc Chg 3Y Avg | -8.9% |
| Op Mgn LTM | 38.4% |
| Op Mgn 3Y Avg | 36.5% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 54.3% |
| CFO/Rev 3Y Avg | 52.4% |
| FCF/Rev LTM | 50.4% |
| FCF/Rev 3Y Avg | 48.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cannabis Portfolio Segment | 266 | 309 | 310 | ||
| Acquiring, developing/redeveloping and leasing real estate to tenants | 276 | ||||
| Other | 0 | ||||
| Rental (including tenant reimbursements) | 205 | ||||
| Total | 266 | 309 | 310 | 276 | 205 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cannabis Portfolio Segment | 164 | 210 | 218 |
| Life Science Portfolio Segment | 5 | 0 | 0 |
| Total | 169 | 210 | 218 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Cannabis Portfolio Segment | 2,165 | 2,222 |
| Life Science Portfolio Segment | 153 | 0 |
| Unallocated | 53 | 156 |
| Total | 2,371 | 2,378 |
Price Behavior
| Market Price | $56.31 | |
| Market Cap ($ Bil) | 1.6 | |
| First Trading Date | 12/01/2016 | |
| Distance from 52W High | -12.9% | |
| 50 Days | 200 Days | |
| DMA Price | $59.98 | $51.87 |
| DMA Trend | up | up |
| Distance from DMA | -6.1% | 8.6% |
| 3M | 1YR | |
| Volatility | 27.3% | 38.3% |
| Downside Capture | 40.63 | 88.91 |
| Upside Capture | 37.76 | 85.62 |
| Correlation (SPY) | 18.3% | 25.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.51 | 0.27 | 0.48 | 0.80 | 0.81 | 0.80 |
| Up Beta | -0.96 | 0.71 | 0.63 | 0.46 | 0.92 | 0.74 |
| Down Beta | 0.47 | 0.49 | 0.40 | 0.47 | 0.47 | 0.68 |
| Up Capture | -103% | 19% | 65% | 129% | 95% | 54% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 8 | 22 | 31 | 65 | 120 | 397 |
| Down Capture | -30% | -10% | 24% | 83% | 87% | 99% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 14 | 21 | 31 | 60 | 128 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IIPR | |
|---|---|---|---|---|
| IIPR | 14.8% | 38.2% | 0.43 | - |
| Sector ETF (XLRE) | 8.1% | 14.0% | 0.32 | 27.9% |
| Equity (SPY) | 20.1% | 12.8% | 1.16 | 25.5% |
| Gold (GLD) | 30.9% | 29.0% | 0.92 | 10.1% |
| Commodities (DBC) | 39.9% | 20.3% | 1.54 | -11.3% |
| Real Estate (VNQ) | 9.9% | 13.7% | 0.44 | 32.3% |
| Bitcoin (BTCUSD) | -27.5% | 43.6% | -0.61 | 19.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IIPR | |
|---|---|---|---|---|
| IIPR | -17.8% | 41.6% | -0.35 | - |
| Sector ETF (XLRE) | 2.1% | 19.2% | 0.01 | 47.7% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 44.8% |
| Gold (GLD) | 19.7% | 18.7% | 0.85 | 6.7% |
| Commodities (DBC) | 11.5% | 19.6% | 0.46 | 5.0% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 51.1% |
| Bitcoin (BTCUSD) | 10.4% | 52.6% | 0.38 | 23.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IIPR | |
|---|---|---|---|---|
| IIPR | 18.2% | 48.0% | 0.54 | - |
| Sector ETF (XLRE) | 6.4% | 20.4% | 0.27 | 42.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 41.5% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 8.6% |
| Commodities (DBC) | 7.3% | 18.0% | 0.33 | 13.0% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 46.1% |
| Bitcoin (BTCUSD) | 64.0% | 66.1% | 1.04 | 16.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/12/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 3.0% | -2.0% | |
| 5/4/2026 | 14.0% | 6.8% | 8.3% |
| 2/23/2026 | 10.7% | 16.3% | 13.8% |
| 11/4/2025 | 6.5% | 4.5% | 0.8% |
| 8/7/2025 | -0.6% | 15.4% | 23.2% |
| 5/7/2025 | 4.3% | 3.7% | 3.7% |
| 2/20/2025 | -0.3% | -0.5% | -12.7% |
| 11/7/2024 | -10.5% | -16.2% | -13.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 19 | 17 | 16 |
| # Negative | 6 | 8 | 8 |
| Median Positive | 4.2% | 6.8% | 13.3% |
| Median Negative | -4.1% | -3.4% | -9.6% |
| Max Positive | 16.7% | 16.3% | 23.2% |
| Max Negative | -14.3% | -17.4% | -19.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 3.0% | -2.0% | |
| 5/4/2026 | 14.0% | 6.8% | 8.3% |
| 2/23/2026 | 10.7% | 16.3% | 13.8% |
| 11/4/2025 | 6.5% | 4.5% | 0.8% |
| 8/7/2025 | -0.6% | 15.4% | 23.2% |
| 5/7/2025 | 4.3% | 3.7% | 3.7% |
| 2/20/2025 | -0.3% | -0.5% | -12.7% |
| 11/7/2024 | -10.5% | -16.2% | -13.3% |
| 8/6/2024 | 1.3% | 1.1% | 7.4% |
| 5/9/2024 | -2.7% | 5.0% | -0.8% |
| 2/27/2024 | 6.2% | 8.7% | 15.4% |
| 11/2/2023 | 7.0% | 6.5% | 15.6% |
| 8/3/2023 | 1.6% | 6.9% | 14.0% |
| 5/9/2023 | 3.1% | 1.0% | 2.8% |
| 2/28/2023 | 7.1% | 3.8% | -9.1% |
| 11/3/2022 | 8.0% | -2.4% | 11.6% |
| 8/4/2022 | 1.3% | -2.9% | -8.7% |
| 5/5/2022 | -5.5% | -17.4% | -10.2% |
| 2/24/2022 | 3.2% | 7.2% | 12.7% |
| 11/4/2021 | 2.9% | 4.5% | -2.9% |
| 8/5/2021 | 1.4% | 7.3% | 16.5% |
| 5/6/2021 | 4.2% | -3.8% | 4.7% |
| 2/25/2021 | -14.3% | -14.7% | -19.1% |
| 11/5/2020 | 16.7% | 16.3% | 14.5% |
| 8/6/2020 | 3.8% | 9.8% | 15.1% |
| SUMMARY STATS | |||
| # Positive | 19 | 17 | 16 |
| # Negative | 6 | 8 | 8 |
| Median Positive | 4.2% | 6.8% | 13.3% |
| Median Negative | -4.1% | -3.4% | -9.6% |
| Max Positive | 16.7% | 16.3% | 23.2% |
| Max Negative | -14.3% | -17.4% | -19.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Insider Activity
Updated 6/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gold, Alan D | EXECUTIVE CHAIRMAN | Trust | Buy | 11252025 | 49.09 | 2,600 | 127,634 | 127,634 | Form |
| 2 | Gold, Alan D | EXECUTIVE CHAIRMAN | SLAT | Buy | 11202025 | 45.70 | 1,000 | 45,695 | 2,673,158 | Form |
| 3 | Smith, David Jon | CFO AND TREASURER | Direct | Buy | 11202025 | 45.90 | 600 | 27,540 | 27,540 | Form |
| 4 | Gold, Alan D | EXECUTIVE CHAIRMAN | SLAT | Buy | 11202025 | 46.26 | 1,000 | 46,260 | 2,659,950 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gold, Alan D | EXECUTIVE CHAIRMAN | Trust | Buy | 11252025 | 49.09 | 2,600 | 127,634 | 127,634 | Form |
| 2 | Gold, Alan D | EXECUTIVE CHAIRMAN | SLAT | Buy | 11202025 | 45.70 | 1,000 | 45,695 | 2,673,158 | Form |
| 3 | Smith, David Jon | CFO AND TREASURER | Direct | Buy | 11202025 | 45.90 | 600 | 27,540 | 27,540 | Form |
| 4 | Gold, Alan D | EXECUTIVE CHAIRMAN | SLAT | Buy | 11202025 | 46.26 | 1,000 | 46,260 | 2,659,950 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Industrial REITs Resources |
| NAIOP |
| Industrial Property Journal |
| Commercial Property Executive - Industrial |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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