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Upturn AI Summary - About
Innovative Industrial Properties Inc(IIPR)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for IIPR
10/16/2026: IIPR (1-star) is currently NOT-A-BUY. Pass it for now.
Innovative Industrial Properties Inc is a REIT that specializes in owning and managing industrial facilities leased to the U.S. cannabis industry. The company has a leading position by providing essential real estate to operators who struggle to secure traditional financing. Its primary growth opportunity lies in the long-term expansion of the legal cannabis market, while the main risks involve tenant credit quality and regulatory uncertainty. Although the company historically delivers strong dividends, it is exposed to the volatility of the cannabis sector. Investors should monitor developments in federal legislation and the financial health of key tenants to gauge the long-term sustainability of the company's income and growth trajectory.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Mixed fit | Growth is tied to the expansion of the legal cannabis industry rather than traditional organic business scaling. |
| Momentum investor | Weak fit | Momentum is often high-volatility and driven by headlines, which may not align with the REIT's current maturity phase. |
| Value investor | Strong fit | Current valuation levels may offer value for investors comfortable with the specific risks of the cannabis sector. |
| Dividend investor | Strong fit | The company provides substantial income through dividends, which is a core feature of its REIT business model. |
| Low-risk investor | Weak fit | The underlying regulatory and industry risk profile makes this unsuitable for conservative or low-risk portfolios. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | High | The stock is highly sensitive to news regarding federal cannabis legalization and broader market sentiment. |
| Valuation risk | Medium | Market pricing of cannabis-related equities can fluctuate significantly regardless of underlying property fundamentals. |
| Competition risk (cannabis REIT competition) | Medium | New entrants or private capital may exert pressure on lease terms and yield spreads. |
| Business quality | Medium | While the business model is robust, it is tied to an industry facing unique legal and operational challenges. |
| Dividend income | Medium | Dividends are dependent on the ability of tenants to maintain operational stability and meet lease obligations. |
| Execution risk | Medium | Successfully managing a portfolio of specialized properties across many states involves complex operational and legal execution. |
Price Behavior
Rolling Over
The price momentum is slowing down and beginning to turn downward.
Moderately Choppy
The stock has experienced noticeable price swings while retaining some directional structure.
Analysis of Past Performance
Type Stock | Historic Profit 5.14% | Avg. Invested days 50 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  2.0 | Stock Returns Performance  2.0 |
| Profits based on simulation | Last Close 10/16/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 1.44B USD | Price to earnings Ratio 11.85 | 1Y Target Price 61.45 |
Price to earnings Ratio 11.85 | 1Y Target Price 61.45 | ||
Volume (30-day avg) 419.9K shares | Beta 1.42 | 52 Weeks Range 38.64 - 63.10 | Updated Date 10/18/2026 |
52 Weeks Range 38.64 - 63.10 | Updated Date 10/18/2026 | ||
Dividends yield (FY) 14.29% | Basic EPS (TTM) 4.42 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Rental Revenue | Base rents, property management fees, and expense reimbursements from triple-net leases. | The company acts as a landlord, collecting steady, long-term rent from cannabis companies that operate in their buildings. |
Valuation
Trailing PE 11.85 | Forward PE 12.39 | Enterprise Value 2.06B | Price to Sales(TTM) 5.48 |
Enterprise Value 2.06B | Price to Sales(TTM) 5.48 | ||
Enterprise Value to Revenue 7.8 | Enterprise Value to EBITDA 8.68 | Shares Outstanding 27.57M | Shares Floating 26.99M |
Shares Outstanding 27.57M | Shares Floating 26.99M | ||
Percent Insiders 1.98 | Percent Institutions 79.73 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
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