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IIPR 
Innovative Industrial Properties Inc (IIPR)
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Upturn Advisory Summary
12/04/2025: IIPR (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
6 Analysts rated it
Limited analyst coverage, niche firm, research info may be scarce.
1 Year Target Price $57.25
1 Year Target Price $57.25
| 1 | Strong Buy |
| 1 | Buy |
| 2 | Hold |
| 1 | Sell |
| 1 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 14.93% | Avg. Invested days 55 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  2.0 |
| Profits based on simulation | Last Close 12/04/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 1.43B USD | Price to earnings Ratio 12.03 | 1Y Target Price 57.25 |
Price to earnings Ratio 12.03 | 1Y Target Price 57.25 | ||
Volume (30-day avg) 6 | Beta 1.52 | 52 Weeks Range 42.41 - 96.21 | Updated Date 12/5/2025 |
52 Weeks Range 42.41 - 96.21 | Updated Date 12/5/2025 | ||
Dividends yield (FY) 14.78% | Basic EPS (TTM) 4.23 |
Earnings Date
Report Date 2025-11-05 | When After Market | Estimate 0.9 | Actual 0.97 |
Profitability
Profit Margin 45.8% | Operating Margin (TTM) 45.47% |
Management Effectiveness
Return on Assets (TTM) 3.66% | Return on Equity (TTM) 6.64% |
Valuation
Trailing PE 12.03 | Forward PE 12.06 | Enterprise Value 1786962144 | Price to Sales(TTM) 5.16 |
Enterprise Value 1786962144 | Price to Sales(TTM) 5.16 | ||
Enterprise Value to Revenue 6.47 | Enterprise Value to EBITDA 8.24 | Shares Outstanding 28022975 | Shares Floating 27564239 |
Shares Outstanding 28022975 | Shares Floating 27564239 | ||
Percent Insiders 1.58 | Percent Institutions 69.74 |
Upturn AI SWOT
Innovative Industrial Properties Inc
Company Overview
History and Background
Innovative Industrial Properties, Inc. (IIP) was founded in 2016. It is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for regulated cannabis facilities.
Core Business Areas
- Real Estate: Acquisition, ownership, and management of specialized industrial properties leased to state-licensed cannabis operators. Providing long-term capital solutions to operators in the cannabis industry through sale-leaseback transactions and construction financing.
Leadership and Structure
Paul Smithers (Chairman of the Board), Alan Gold (CEO).
Top Products and Market Share
Key Offerings
- Real Estate Leases: IIP's core offering involves leasing specialized industrial properties to cannabis operators. Market share is difficult to define precisely, but IIP is a leading REIT in this niche sector. Competitors include other cannabis REITs and private real estate investors. Exact figures on revenue per property are not publicly disclosed, but overall revenue comes from rental income from these leases.
Market Dynamics
Industry Overview
The regulated cannabis industry is growing rapidly, with increasing legalization across US states. This drives demand for specialized cultivation and processing facilities.
Positioning
IIP is a leading real estate investment trust (REIT) focused on the regulated cannabis industry. They provide capital solutions and real estate expertise. Its competitive advantage lies in its established relationships, access to capital, and specialized knowledge of the cannabis real estate market.
Total Addressable Market (TAM)
The TAM for cannabis real estate is large and growing, estimated to be in the tens of billions of dollars. IIP is well-positioned to capture a significant portion of this market by providing specialized real estate solutions.
Upturn SWOT Analysis
Strengths
- First-mover advantage in the cannabis REIT sector
- Strong relationships with cannabis operators
- Access to capital markets
- Experienced management team
- Diversified portfolio of properties
Weaknesses
- Concentration in a single industry (cannabis)
- Regulatory risks associated with the cannabis industry
- Tenant credit risk
- Relatively high cost of capital compared to traditional REITs
Opportunities
- Expansion into new states as cannabis legalization progresses
- Increased demand for specialized cannabis real estate
- Potential for strategic acquisitions
- Growth in ancillary cannabis businesses
- Partnerships with larger MSOs
Threats
- Increased competition from other REITs and private investors
- Changes in cannabis regulations
- Economic downturn impacting cannabis operators
- Tenant defaults
- Federal legalization potentially reducing the barriers to enter the space
Competitors and Market Share
Key Competitors
- Power REIT (PW)
- NewLake Capital Partners, Inc. (NLCP)
- AFC Gamma, Inc. (AFCG)
Competitive Landscape
IIP's advantages include its size, established relationships, and access to capital. Disadvantages include its concentration in a single industry and regulatory risks.
Major Acquisitions
Various Properties
- Year: 2023
- Acquisition Price (USD millions): 43.2
- Strategic Rationale: Expansion of property portfolio to support growth of cannabis industry. 13.2 million for buildings in Massachusets. 30 million for tenant improvements
Growth Trajectory and Initiatives
Historical Growth: IIP experienced significant growth in its early years, driven by the expansion of the cannabis industry. Growth has slowed recently due to tenant issues and market conditions.
Future Projections: Future growth is dependent on continued cannabis legalization, expansion into new markets, and the resolution of tenant issues. Analyst estimates vary. These numbers are calculated with the recent financial data.
Recent Initiatives: IIP's recent initiatives include focusing on strengthening tenant relationships, managing its existing portfolio, and selectively pursuing new investment opportunities.
Summary
Innovative Industrial Properties is a leading REIT in the cannabis industry, with strong historical growth. However, recent tenant issues have impacted financial performance. Future success depends on continued cannabis legalization, effective portfolio management, and managing regulatory risks. IIPR needs to mitigate the risks involved with their tenants and the regulatory enviroment of the cannabis industry.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company SEC Filings (10-K, 10-Q)
- Company Investor Presentations
- Earnings Call Transcripts
- Analyst Reports
Disclaimers:
The information provided is for informational purposes only and does not constitute financial advice. Investment decisions should be based on thorough research and consultation with a financial professional. Market share estimates are approximate.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Innovative Industrial Properties Inc
Exchange NYSE | Headquaters San Diego, CA, United States | ||
IPO Launch date 2016-12-01 | President, CEO & Director Mr. Paul E. Smithers | ||
Sector Real Estate | Industry REIT - Industrial | Full time employees 23 | |
Full time employees 23 | |||
Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and life science real estate.
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