Innovative Industrial Properties, Inc. (IIPR)

NYSE: IIPR · Real-Time Price · USD
48.30
-0.35 (-0.72%)
At close: Feb 9, 2026, 4:00 PM EST
48.25
-0.05 (-0.10%)
Pre-market: Feb 10, 2026, 8:02 AM EST
Market Cap1.35B -29.0%
Revenue (ttm)276.04M -11.2%
Net Income120.38M -22.6%
EPS4.24 -24.5%
Shares Out 28.02M
PE Ratio11.40
Forward PE11.78
Dividend$7.60 (15.74%)
Ex-Dividend DateDec 31, 2025
Volume173,431
Open48.60
Previous Close48.65
Day's Range47.56 - 48.76
52-Week Range44.58 - 75.71
Beta1.49
AnalystsHold
Price Target74.67 (+54.6%)
Earnings DateFeb 20, 2026

About IIPR

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. [Read more]

IPO Date Dec 1, 2016
Employees 23
Stock Exchange NYSE
Ticker Symbol IIPR
Full Company Profile

Financial Performance

In 2024, IIPR's revenue was $308.52 million, a decrease of -0.32% compared to the previous year's $309.51 million. Earnings were $157.60 million, a decrease of -3.16%.

Financial Statements

Analyst Summary

According to 5 analysts, the average rating for IIPR stock is "Hold." The 12-month stock price target is $74.67, which is an increase of 54.60% from the latest price.

Price Target
$74.67
(54.60% upside)
Analyst Consensus: Hold
Stock Forecasts

News

3 Cannabis REIT Stocks Offering Income Potential in Q1 2026

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3 Popular REITs At High Risk Of Cutting Their Dividends

The most popular REITs are often the highest-yielding ones. But high yield comes with high risk. I highlight 3 popular high-yielding REITs facing significant risks.

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5 days ago - Seeking Alpha

Innovative Industrial Properties Announces Tax Treatment of 2025 Distributions

SAN DIEGO--(BUSINESS WIRE)--Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) today announced the tax treatment of its 2025 distributions as follows: Security Description: Common Stock CUSIP: ...

18 days ago - Business Wire

3 Cannabis REITs Investors Are Watching Closely in January 2026

The cannabis sector continues evolving as capital markets slowly reopen. However, volatility remains high for plant-touching cannabis operators. Because of that, many investors look toward cannabis re...

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18 days ago - MarijuanaStocks

Innovative Industrial: Why I Am Downgrading It

Innovative Industrial Properties is downgraded from Strong Buy to Hold due to sector and REIT-specific concerns, including the sell-off of the preferred stock. IIPR remains attractively valued, tradin...

26 days ago - Seeking Alpha

Innovative Industrial Properties: Amid Diversification, Evaluating The 9.7% Preferred Stock Yield Again

Innovative Industrial Properties is diversifying into life sciences, investing $105M in IQHQ to reduce cannabis sector risk and stabilize revenues. IIPR's projected Q4 balance sheet reflects increased...

27 days ago - Seeking Alpha

Innovative Industrial: Buying The 9.7% Yielding Preferreds

Innovative Industrial Properties (IIPR) has not cut its dividend despite significant tenant defaults and a 15% YoY revenue decline. IIPR's 2026 bonds have performed well. Tenant receiverships are ongo...

27 days ago - Seeking Alpha

If I Could Only Buy 3 REITs For The Next Year

Now is the time to make our picks for the next year. Some REITs enjoy strong near-term catalysts for upside. I highlight 3 such REITs that could surge in 2026.

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4 weeks ago - MarijuanaStocks

Innovative Industrial Properties: Leverage (For A REIT) Is Everything

Innovative Industrial Properties (IIPR) is Julian Lin's conviction buy due to its deeply discounted valuation and robust balance sheet, despite sector headwinds. IIPR trades at a 15% dividend yield an...

4 weeks ago - Seeking Alpha

Innovative Industrial: Cannabis Rescheduling Changes Everything - 16% Yield Is A Conviction Buy

Innovative Industrial Properties is upgraded to a conviction buy as imminent cannabis rescheduling could dramatically improve tenant fundamentals and stock valuation. IIPR's 16% dividend yield appears...

5 weeks ago - Seeking Alpha

Income-Focused Ancillary Cannabis Stocks to Watch Heading Into 2026

The U.S. cannabis industry continues to evolve as legalization momentum slowly expands. Sales have grown across both medical and adult-use markets. Analysts expect long-term demand to keep rising as m...

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3 Cannabis REITs Investors Are Watching Closely in December 2025

Cannabis real estate investment trusts remain a unique way to gain sector exposure. Instead of selling cannabis, these companies collect rent or interest. As a result, they reduce direct operational r...

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Innovative Industrial Properties: Without AFFO Growth, It May Just Become A Value Trap (Rating Downgrade)

Innovative Industrial Properties faces deteriorating financials and an unsustainable dividend, prompting a downgrade from Buy to Hold. IIPR's current dividend payout exceeds free cash flow, making a s...

7 weeks ago - Seeking Alpha

Cannabis REIT Innovative Industrial Is A Great Option For Investing In The Sector

Innovative Industrial Properties remains a Strong Buy due to its deeply discounted valuation and resilient balance sheet, despite sector headwinds. IIPR trades at just 0.74x tangible book and 7.4x AFF...

7 weeks ago - Seeking Alpha

Innovative Industrial Properties Declares Fourth Quarter 2025 Dividends

SAN DIEGO--(BUSINESS WIRE)--Innovative Industrial Properties, Inc. (NYSE: IIPR) (“IIP” or the “Company”) announced today that its board of directors has declared a fourth quarter 2025 dividend of $1.9...

2 months ago - Business Wire

Innovative Industrial Properties: Why I'm Buying One Of The Most Mispriced REITs In Today's Market

Innovative Industrial Properties (IIPR) offers a compelling REIT opportunity, trading at a steep discount to intrinsic value with robust financial strength. IIPR's Q3 saw an AFFO decline due to tenant...

2 months ago - Seeking Alpha

Innovative Industrial Properties: Falling Knife Buy Thesis - Compelling Dividend/Upside Story

IIPR's headwinds remain elevated, attributed to its growing tenant default issues despite the sequential improvements in its FQ3'25 rental revenues. The management's choice to sustain its dividends de...

2 months ago - Seeking Alpha

Cannabis REITs to Watch This December

Ancillary cannabis companies remain a fascinating part of the industry because they help it operate without touching the plant. These companies supply real estate, financing, or essential services. Be...

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Three Leading Ancillary Cannabis Stocks Poised for Growth in November 2025

The ancillary cannabis sector continues to draw new interest as the industry navigates a shifting landscape in late 2025. Many investors remain cautious about traditional plant-touching companies beca...

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2 months ago - MarijuanaStocks

Innovative Industrial Properties: Shareholders Hold On To Hope Of No Dividend Cut

Innovative Industrial Properties has fallen by around 54% from its 1-year high as shareholders, skittish about a dividend cut, have fled the common shares. The REIT has seen its dividend yield sell to...

3 months ago - Seeking Alpha

Cannabis REITs and Financing Firms to Consider in November 2025

The U.S. cannabis sector continues to expand as more states adopt medical or adult-use legalization. Although plant-touching companies attract most headlines, ancillary cannabis stocks have become inc...

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3 months ago - MarijuanaStocks

Innovative Industrial: 14% Yield Backed By Low Leverage And Regulatory Catalyst

Innovative Industrial Properties offers a compelling 14% dividend yield, supported by a conservatively leveraged balance sheet and net lease model. IIPR faces ongoing tenant struggles and sector headw...

3 months ago - Seeking Alpha

3 Top Marijuana Stocks For Better Investing And Larger Profits In 2026

The continuous evolution and future outlook on legal cannabis is what keeps investors in the game. After a long battle to see any true stable trading momentum, it has for some time worked the same for...

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