Innovative Industrial Properties, Inc. (IIPR) Stock

Innovative Industrial Properties, Inc. (IIPR) is a Real Estate stock trading at $56.83 (as of 2026-08-24), with a market capitalization of $1.57B and a trailing P/E of 11.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Innovative Industrial Properties, Inc. is a self-directed Maryland corporation that acquires, owns, and manages specialized properties leased to state-licensed operators for regulated medical-use cannabis facilities. The company has elected to be taxed as a real estate investment trust, starting with the year ended December 31, 2017.

Understand Innovative Industrial Properties, Inc.: how it makes money

Innovative Industrial Properties, Inc. acquires, owns, and manages specialized properties leased to state-licensed operators for regulated medical-use cannabis facilities, and it makes money primarily from rental revenue (including tenant reimbursements) and related property management fees.

Profit is driven by whether the company can collect contractually due base rent and property management fees from its leased medical-use cannabis properties, while keeping the operating portfolio highly leased.

Revenue by segment (latest quarter)
Rental Rev$0.1B
Rental Decrease$0.0B
Other Rev$0.0B
Other$0.0B

Business quality (Solid): The business model is clear and the quarter includes directly relevant operating metrics (collection rates and leased percentage), but segment disclosure here is limited to rental-related lines and a small amount of other revenue.

Valuation: At 15× earnings, IIPR trades 56% below the Real Estate average (34×). Note: one-time items can distort reported P/E.

Bull case

  • Strong rent performance on contractually due amounts: Contractually Due Base Rent and Property Management Fee Collection Rate is 100% for the latest period.
  • Portfolio is nearly fully leased: Leased Percentage of Operating Portfolio is 98.3%.
  • High operating profitability: Operating margin is 47.7% for the latest period.

Bear case

  • Not all billed rent is collected at the headline level: Rent Collection Rate is 97%, below the 100% contractually due measure.
  • Rental revenue includes a decrease line item: Rental Revenue Decrease is 0.01B, indicating some revenue pressure versus prior expectations.
  • Execution risk in the growth pipeline: The company reports Square Feet Under Development or Redevelopment of 483,000 (and 23 Properties), which can introduce timing and completion risk.
Valuation — source: SEC EDGAR (first-party)
Price$56.83
Market Cap$1.57B
P/E Ratio11.4
EV / EBITDA6.5
Price / Book0.85
Price / Sales5.94
DCF Value (model)$198.13
DCF Upside vs Price248.7%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$265.95M
Net Margin44.5%
Revenue Growth (YoY)0.7%
EPS Growth (YoY)59.8%
Valuation vs Sector & Industry
Stock P/E11.4
Sector P/E (Real Estate)27.2
Industry P/E (Real Estate)29.6
vs Sector-58.2%
vs Industry-61.6%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($239.84M)
Institutional Holders Tracked10
Congressional Trades (recent)5
Company
SectorReal Estate
IndustryReal Estate
CEOPaul E. Smithers
Employees21
CountryUS
IPO Date2016-12-01

Related Companies (Real Estate; 8 comparable real estate companies)

  • AH Realty Trust, Inc. (AHRT)
  • Getty Realty Corp. (GTY)
  • Claros Mortgage Trust, Inc. (CMTG)
  • Curbline Properties Corp. (CURB)
  • Urban Edge Properties (UE)
  • Terreno Realty Corporation (TRNO)
  • Angel Oak Mortgage, Inc. (AOMR)
  • Ellington Financial Inc. (EFC)
IIPR earnings history · IIPR institutional & insider holders · IIPR KPIs & operating metrics · IIPR financials · IIPR investor presentations & press releases · IIPR SEC filings · IIPR peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.