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Home CompaniesInnovative Industrial Properties Inc

Innovative Industrial Properties Inc

Real Estate REIT - Industrial
PortfolioPortfolio WatchlistWatchlist
Company price
55.98 USD 1.15 ( 2.10%)
Last update at 2026-11-09T17:58:00Z
VOLUME
87401
Market Cap
1555.30M
P/E
12.76

Momentum Score

…

Innovative Industrial Properties, Inc. is an internally managed real estate investment trust focused on the acquisition, ownership and management of specialized industrial properties and financial investments in the life science industry. As of June 30, 2026, we owned 108 properties comprising an aggregate of approximately 8.4 million rentable square feet in 19 states. Innovative Industrial Properties, Inc. was established on June 15th 2016 and is incorporated in Maryland.

Source: TradingView
The charts and visual representations are sourced from TradingView through embedded widgets. For any issues with chart display, please visit the TradingView website

Day Price Range
55.51
Low
56.12
High
52 Week Price Range
40.04
Low
65.38
High

Momentum Score

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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

Innovative Industrial Properties is a publicly traded REIT that acquires, owns and leases industrial properties to regulated medical-use cannabis operators in the United States. Long-term growth may be supported by expansion of state-level cannabis markets, ongoing demand for compliant cultivation and processing facilities, and recurring rental income from long-term sale-leaseback arrangements, which may appeal to investors seeking yield and sector exposure.

Key risks include federal illegality of cannabis and related tax and banking constraints, tenant concentration and credit exposure to a small number of operators, and sensitivity to rising interest rates and REIT leverage, which investors should monitor.

Risk Score
Medium

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
54.83
Dividend Yield
13.47%
Revenue TTM
263.65M
Revenue Per Share
9.39
Gross Profit TTM
232.95M
Debt / Equity
0.21
ROE
7.39%
Net Debt
346.10M
ROCE
6.56%
Diluted EPS TTM
4.42

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Income before tax 114.44M 161.65M 165.59M 154.39M 113.99M
Net income 114.44M 161.66M 165.59M 154.39M 113.99M
Selling general administrative 33.73M 37.44M 42.83M 38.52M 22.96M
Selling and marketing expenses - - 0.49M - -
Gross profit 235.78M 280.05M 284.61M 265.84M 200.11M
Reconciled depreciation 74.07M 70.81M 66.40M 61.30M 41.78M
Ebit 134.63M 177.91M 181.68M 169.62M 135.37M
Ebitda 208.70M 248.72M 248.88M 230.51M 177.54M
Depreciation and amortization 74.07M 70.81M 67.19M 60.90M 42.17M
Non operating income net other - - - - -3.29M
Operating income 124.12M 168.34M 174.59M 169.62M 135.37M
Other operating expenses 141.83M 140.17M 134.92M 110.34M 69.18M
Interest expense 20.20M 16.26M 16.10M 18.30M 18.09M
Interest income 14.32M 10.99M 8.41M 3.19M 0.40M
Net interest income -5.88M -6.69M -9.43M -15.11M -17.69M
Income tax expense - -1.80M 1.48M -3.48M 18.09M
Total revenue 265.95M 308.52M 309.51M 276.36M 204.55M
Total operating expenses 111.66M 111.70M 110.03M 99.82M 64.74M
Cost of revenue 30.18M 28.47M 24.89M 10.52M 4.44M
Total other income expense net -9.69M -6.69M -9.00M -15.23M -21.38M
Net income from continuing ops 118.25M 161.65M 165.46M 154.39M 113.99M
Net income applicable to common shares 111.45M 157.60M 162.75M 152.20M 112.64M
Preferred stock and other adjustments - - - - 1.35M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Total assets 2370.86M 2378.05M 2391.09M 2414.84M 2084.60M
Intangible assets 6.37M 7.38M 8.24M 9.11M 9.15M
Other current assets -16.80M - 1.45M 1.45M 5.32M
Total liab 522.85M 441.99M 438.12M 452.94M 472.90M
Total stockholder equity 1848.00M 1936.06M 1952.97M 1961.89M 1611.70M
Other current liab -64.14M 54.82M 51.83M 50.84M 38.85M
Common stock 0.03M 0.03M 0.03M 0.03M 0.03M
Capital stock 47.81M 23.66M 14.04M 14.04M 14.04M
Retained earnings -312.99M -211.71M -156.85M -117.39M -75.22M
Other liab - - - 88.12M 100.25M
Other assets 2316.39M 2223.47M 2241.24M 2102.97M 2059.35M
Cash 47.60M 146.25M 140.25M 87.12M 81.10M
Cash and equivalents 47.60M 146.25M 140.25M 87.12M 81.10M
Total current liabilities 319.26M 132.78M 132.18M 149.55M 145.64M
Current deferred revenue 50.31M 57.18M 59.36M 58.72M 52.80M
Net debt 346.10M 151.62M 160.63M 214.37M 245.00M
Short term debt 319.26M 0.00M 4.43M 0.00M 0.00M
Short long term debt 102.50M - - - -
Short long term debt total 393.70M 297.87M 300.88M 301.50M 326.09M
Other stockholder equity 2113.18M 2124.11M 2095.79M 2065.25M 1672.88M
Property plant equipment 2113.96M 2169.73M 2167.18M 2068.02M 1641.23M
Total current assets 47.60M 169.04M 163.70M 106.59M 99.33M
Long term investments 47.43M 5.00M 21.95M 200.94M 12.92M
Net tangible assets - - - 1937.82M 1588.54M
Short term investments - - 21.95M 239.67M 309.44M
Net receivables 16.80M 22.80M 22.00M 18.02M 12.92M
Long term debt 290.60M 297.87M 300.88M 301.50M 326.09M
Accounts payable 13.83M 20.79M 21.00M 39.99M 53.99M
Accumulated other comprehensive income - - -0.03M - -
Common stock total equity - - - - 0.03M
Preferred stock total equity - - - - 14.01M
Retained earnings total equity - - - - -75.22M
Non currrent assets other -2288.91M 2195.67M 2195.84M 2096.46M 10.00M
Non current assets total 6.88M 2209.00M 2227.39M 2308.24M 1985.27M
Long term debt total 393.10M 297.87M 300.88M 301.50M 326.09M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Investments -145.25M -56.00M -0.46M -396.20M -367.40M
Change to liabilities - - - 8.63M 3.10M
Total cashflows from investing activities -174.30M -56.00M -6.79M -396.20M -384.09M
Net borrowings 93.80M -4.44M 0.00M - 293.14M
Total cash from financing activities -122.54M -197.90M -195.63M 164.22M 155.76M
Change to operating activities - - - -3.51M -3.69M
Net income 114.44M 161.66M 164.11M 154.39M 113.99M
Change in cash -98.65M 4.55M 53.13M 2.15M -39.59M
Begin period cash flow 146.25M 141.70M 88.57M 86.42M 126.01M
End period cash flow 47.60M 146.25M 141.70M 88.57M 86.42M
Total cash from operating activities 198.19M 258.45M 255.54M 234.13M 188.75M
Issuance of capital stock 24.15M 21.38M 9.56M 351.96M 0.00M
Depreciation 74.07M 70.81M 67.19M 61.30M 41.78M
Other cashflows from investing activities -179.30M -73.45M -150.09M 127.77M -16.69M
Dividends paid 219.51M 213.53M 204.06M -183.94M -132.31M
Sale purchase of stock -20.11M 21.38M -0.57M 351.96M -
Other cashflows from financing activities -0.86M 8.31M -1.13M -3.79M 288.06M
Change to netincome - - - 11.97M 12.40M
Capital expenditures 23.43M 81.75M 150.09M 523.97M 662.13M
Cash flows other operating - - - - 14.62M
Cash and cash equivalents changes - - - - -39.59M
Change in working capital -9.01M 3.95M 4.92M -215.69M 18.07M
Stock based compensation 10.13M 17.32M 19.58M 17.51M 8.62M
Other non cash items 8.56M 4.71M 149.79M 216.62M 6.64M
Free cash flow 174.76M 258.45M 105.45M 234.13M 188.75M

Peer Comparison*

Sector: Real Estate Industry: REIT - Industrial

Stock Name
Change
(USD)
Price
(USD)
Trailing
PE (x)
Forward
PE (x)
Price Sales
TTM (x)
Price to Book Value (x)
Enterprise Value
to Revenue (x)
Enterprise Value
to EBITDA (x)
IIPR
Innovative Industrial Properties Inc		 1.15
2.10%		 55.98 12.76 12.64 5.90 0.90 7.92 8.82
PLD
Prologis Inc		 3.82
3.01%		 130.78 30.25 29.41 13.67 2.39 17.76 19.15
PSA
Public Storage		 4.70
1.39%		 342.16 28.17 32.68 11.29 11.40 14.20 19.63
PLDGP
Prologis Inc		 -0.04
0.08%		 50.51 10.25 - 4.32 - - -
EXR
Extra Space Storage Inc		 2.35
1.47%		 161.53 30.31 30.40 8.63 2.22 12.53 17.85

Profile*

Innovative Industrial Properties Inc

Innovative Industrial Properties, Inc. is an internally managed real estate investment trust focused on the acquisition, ownership and management of specialized industrial properties and financial investments in the life science industry. As of June 30, 2026, we owned 108 properties comprising an aggregate of approximately 8.4 million rentable square feet in 19 states. Innovative Industrial Properties, Inc. was established on June 15th 2016 and is incorporated in Maryland.

11440 West Bernardo Court, San Diego, CA, United States, 92127

858 997 3332

https://www.innovativeindustrialproperties.com

24

Name Title Year Born
Mr. Alan D. Gold Exec. Chairman 1960
Mr. Paul E. Smithers Pres, CEO & Director 1957
Ms. Catherine Hastings CPA CFO & Treasurer 1971
Mr. Brian J. Wolfe VP, Gen. Counsel & Company Sec. 1976
Mr. Andy Bui VP & Chief Accounting Officer 1982
Mr. Ben Regin Director of Investments & Fin. NA
Mr. Griffin Marquardt Director of Construction Management NA
Mr. Alan D. Gold Executive Chairman 1960
Mr. Paul E. Smithers President, CEO & Director 1957
Mr. David Jon Smith CFO & Treasurer 1981

Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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