Innovative Industrial Properties Inc (IIPR)

Official site

REAL ESTATE • REIT - INDUSTRIAL • NYSE

$53.16

+1.73 (+3.36%)

Market Cap: $1.42B

Last updated: Oct 16, 2026 at 1:55 PM ET

Earnings

Performance (10Y)

Beat Rate

59%(23/39)

Avg Surprise

-204.12%

Streak

1 Q

Upcoming Estimates

Period ending Sep 30, 2026

EPS Consensus$0.83

Range$0.83 - $0.83

1 analysts

EPS RevisionsNo revisions (7d)

30d

EPS Estimate DriftChange to current

90d ago$1.09-24.2%

60d ago$1.09-24.2%

30d ago$1.09-24.2%

7d ago$0.830.0%

Current$0.83

Revenue Consensus

$62M

Range$59M - $65M

4 analysts

Period ending Dec 31, 2026

EPS Consensus$1.22

Range$1.22 - $1.22

1 analysts

Revenue Consensus

$61M

Range$52M - $67M

4 analysts

Period	Reported	Est.	Range	Surprise	B/M	Analysts	Revisions	YoY
Dec 31, 2026Dec 26EST	-	$1.22	$1.22 - $1.22	-	-	1	-	-
Sep 30, 2026Sep 26EST	-	$0.83	$0.83 - $0.83	-	-	1	0 1 30d	-
Jun 30, 2026Jun 26 Reported Aug 3, 2026Reported Aug 3	$1.83	$1.69	$1.69 - $1.70	+8.28%	Beat	2	0 1 30d	+112.8%
Mar 31, 2026Mar 26 Reported May 4, 2026Reported May 4	$1.04	$1.07	$1.01 - $1.11	-2.80%	Miss	3	1 1 30d	+1.0%
Dec 31, 2025Dec 25 Reported Feb 23, 2026Reported Feb 23	$1.06	$0.99	$0.96 - $1.12	+7.07%	Beat	3	1 1 30d	-22.1%
Sep 30, 2025Sep 25 Reported Nov 3, 2025Reported Nov 3	$0.97	$0.90	$0.86 - $0.94	+7.78%	Beat	3	1 1 30d	-29.2%
Jun 30, 2025Jun 25 Reported Aug 6, 2025Reported Aug 6	$0.86	$0.91	$0.74 - $1.04	-5.49%	Miss	3	No revisions (30d)	-40.3%
Mar 31, 2025Mar 25 Reported May 7, 2025Reported May 7	$1.03	$1.17	$0.97 - $1.26	-11.97%	Miss	5	0 3 30d	-24.3%
Dec 31, 2024Dec 24 Reported Feb 19, 2025Reported Feb 19	$1.36	$1.36	$1.34 - $1.38	+0.00%	Beat	4	1 0 30d	-6.2%
Sep 30, 2024Sep 24 Reported Nov 6, 2024Reported Nov 6	$1.37	$1.45	$1.44 - $1.45	-5.52%	Miss	3	No revisions (30d)	-5.5%
Jun 30, 2024Jun 24 Reported Aug 5, 2024Reported Aug 5	$1.44	$1.30	$0.83 - $1.53	+10.77%	Beat	4	No revisions (30d)	+0.0%
Mar 31, 2024Mar 24 Reported May 8, 2024Reported May 8	$1.36	$1.43	$1.41 - $1.46	-4.90%	Miss	4	No revisions (30d)	-4.9%
Dec 31, 2023Dec 23 Reported Feb 26, 2024Reported Feb 26	$1.45	$1.41	$1.37 - $1.46	+2.84%	Beat	4	0 1 30d	+9.0%
Sep 30, 2023Sep 23 Reported Nov 1, 2023Reported Nov 1	$1.45	$1.42	$1.39 - $1.43	+2.11%	Beat	4	No revisions (30d)	+9.8%
Jun 30, 2023Jun 23 Reported Aug 2, 2023Reported Aug 2	$1.44	$1.40	$1.31 - $1.56	+2.86%	Beat	4	No revisions (30d)	+1.4%
Mar 31, 2023Mar 23 Reported May 8, 2023Reported May 8	$1.43	$1.31	$1.27 - $1.39	+9.16%	Beat	4	No revisions (30d)	+8.3%
Dec 31, 2022Dec 22 Reported Feb 27, 2023Reported Feb 27	$1.33	$1.29	$1.17 - $1.47	+3.10%	Beat	5	No revisions (30d)	+16.7%
Sep 30, 2022Sep 22 Reported Nov 2, 2022Reported Nov 2	$1.32	$1.30	$1.23 - $1.40	+1.54%	Beat	4	0 1 30d	+10.0%
Jun 30, 2022Jun 22 Reported Aug 3, 2022Reported Aug 3	$1.42	$1.36	$1.19 - $1.58	+4.41%	Beat	5	0 1 30d	+21.4%
Mar 31, 2022Mar 22 Reported May 4, 2022Reported May 4	$1.32	$1.36	$1.29 - $1.43	-2.94%	Miss	5	No revisions (30d)	+25.7%
Dec 31, 2021Dec 21 Reported Feb 23, 2022Reported Feb 23	$1.14	$1.25	$1.18 - $1.27	-8.80%	Miss	4	No revisions (30d)	+25.3%
Sep 30, 2021Sep 21 Reported Nov 3, 2021Reported Nov 3	$1.20	$1.16	$1.12 - $1.21	+3.45%	Beat	5	0 1 30d	+39.5%
Jun 30, 2021Jun 21 Reported Aug 4, 2021Reported Aug 4	$1.17	$1.11	$0.98 - $1.19	+5.41%	Beat	4	No revisions (30d)	+60.3%
Mar 31, 2021Mar 21 Reported May 5, 2021Reported May 5	$1.05	$0.97	$0.77 - $1.16	+8.25%	Beat	5	No revisions (30d)	+45.8%
Dec 31, 2020Dec 20 Reported Feb 24, 2021Reported Feb 24	$0.91	$1.07	$1.01 - $1.15	-14.95%	Miss	5	No revisions (30d)	+16.7%
Sep 30, 2020Sep 20 Reported Nov 4, 2020Reported Nov 4	$0.86	$0.81	$0.74 - $0.83	+6.17%	Beat	4	No revisions (30d)	+56.4%
Jun 30, 2020Jun 20 Reported Aug 5, 2020Reported Aug 5	$0.73	$0.75	$0.71 - $0.84	-2.67%	Miss	4	1 0 30d	+143.3%
Mar 31, 2020Mar 20 Reported May 1, 2020Reported May 1	$0.72	$0.73	$0.69 - $0.83	-1.37%	Miss	4	No revisions (30d)	+118.2%
Dec 31, 2019Dec 19 Reported Feb 26, 2020Reported Feb 26	$0.78	$0.57	$0.57 - $0.57	+36.84%	Beat	1	No revisions (30d)	+225.0%
Sep 30, 2019Sep 19 Reported Nov 6, 2019Reported Nov 6	$0.55	$0.47	$0.47 - $0.48	+17.02%	Beat	2	No revisions (30d)	+161.9%
Jun 30, 2019Jun 19 Reported Aug 7, 2019Reported Aug 7	$0.30	$0.30	$0.29 - $0.30	+0.00%	Beat	2	No revisions (30d)	+76.5%
Mar 31, 2019Mar 19 Reported May 8, 2019Reported May 8	$0.33	$0.33	$0.33 - $0.33	+0.00%	Beat	1	No revisions (30d)	+266.7%
Dec 31, 2018Dec 18 Reported Mar 13, 2019Reported Mar 13	$0.24	$0.23	$0.23 - $0.29	+4.35%	Beat	2	No revisions (30d)	+242.9%
Sep 30, 2018Sep 18 Reported Nov 7, 2018Reported Nov 7	$0.21	$0.22	$0.18 - $0.22	-4.55%	Miss	2	No revisions (30d)	+133.3%
Jun 30, 2018Jun 18 Reported Aug 10, 2018Reported Aug 10	$0.17	$0.09	$0.09 - $0.18	+88.89%	Beat	2	No revisions (30d)	+230.8%
Mar 31, 2018Mar 18 Reported May 9, 2018Reported May 9	$0.09	$0.18	$0.11 - $0.24	-50.00%	Miss	2	No revisions (30d)	+150.0%
Dec 31, 2017Dec 17 Reported Mar 28, 2018Reported Mar 28	$0.07	$0.14	$-0.09 - $0.14	-50.00%	Miss	2	No revisions (30d)	+102.5%
Sep 30, 2017Sep 17 Reported Nov 8, 2017Reported Nov 8	$0.09	$0.04	-	+125.00%	Beat	-	-	-
Jun 30, 2017Jun 17 Reported Aug 9, 2017Reported Aug 9	$-0.13	$0.02	-	-750.00%	Miss	-	-	-
Mar 31, 2017Mar 17 Reported May 10, 2017Reported May 10	$-0.18	$0.01	-	-1900.00%	Miss	-	-	-
Dec 31, 2016Dec 16 Reported Mar 22, 2017Reported Mar 22	$-2.80	$-0.05	-	-5500.00%	Miss	-	-	-

Dividends

Dividend Metrics

Forward Yield14.30%

Forward Annual Dividend$7.60

Payout Ratio110.04%

FrequencyQuarterly

Pay MonthsJan, Apr, Jul, Oct

Growth

3Y CAGR+2.29%

5Y CAGR+11.20%

IIPR dividend history and ex-dividend dates Run IIPR in the free DRIP calculator

Key Metrics

Valuation
P/E Ratio	10.85	EV/EBITDA	7.94x
Price/FCF	8.13x	FCF Yield	12.30%
Profitability
Profit Margin	52.30%	Operating Margin	48.80%
ROE	7.39%	ROIC	5.26%
Financial Health
Debt/Equity	0.33x	Interest Coverage	N/A
Current Ratio	N/A	Quick Ratio	N/A
Trading Statistics
Beta	1.42	Avg Volume	478.46K
52-Week High	$63.10	52-Week Low	$38.64

Technical Indicators Dashboard

Moving Averages

SMA 10$51.36

SMA 20$52.32

SMA 50$53.82

SMA 200$52.34

EMA 10$51.89

EMA 20$52.33

EMA 50$53.69

EMA 200$52.74

MACD

Line: -0.71Signal: -0.89Hist: 0.18

ADX

ADX: 38.6+DI: 13.6-DI: 18.7

Aroon & PSAR

Aroon UpN/A

Aroon Down72.0

PSAR$49.70

Bollinger Bands

Upper Band$55.01

Lower Band$49.63

%B Position1028%(Upper)

Band Width0.66

RSI (14-Day)

Neutral

53.0

Momentum Oscillators

Stoch %K40.0

Stoch %D32.6

Williams %R-41.8

ROC (10d)4.2%

Momentum2.16

CCI (20d)-4.4

MFI (14d)34.1

Volatility Measures

ATR (14d)$1.85(3.5%)

StdDev (20d)1.34

Hist Vol23.9%(Moderate)

Volume Flow

VWAP$52.76

OBV-5.9M

AD Line-746.0M

CMF (20d)-1.653

Volume Metrics

Avg Vol (20d)500.8K

Vol Ratio0.7x

VWMA (20d)$52.37

Pivot Points

R3$53.92

R2$53.29

R1$52.36

Pivot Point$51.73

S1$50.80

S2$50.17

S3$49.24

Advanced Oscillators

TSI-19.29

Ultimate Osc48.8

KST-51.65

Financial Data

Quarter	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023
Total Revenue	$74.07M	$75.33M	$73.38M	$69.10M	$64.46M	$73.33M	$79.30M	$79.21M	$83.76M	$77.24M	$85.50M	$79.90M
Cost of Revenue	N/A	$44.74M	$45.06M	$7.95M	$6.87M	$7.38M	$7.61M	$7.29M	$6.86M	$6.71M	$7.19M	$6.32M
Gross Profit	N/A	$24.25M	$21.60M	$56.73M	$56.02M	$64.34M	$69.14M	$69.23M	$72.93M	$68.75M	$71.96M	$71.51M

Operating Expenses	$21.87M	$36.09M	$34.81M	$35.27M	$33.99M	$37.76M	$34.74M	$34.57M	$37.45M	$33.42M	$35.20M	$33.98M
R&D	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
SG&A	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Operating Income	N/A	$32.49M	$32.17M	$29.41M	$28.90M	$33.96M	$42.01M	$41.96M	$42.35M	$42.03M	$43.96M	$43.85M

Interest Income	$10.75M	$6.33M	$6.72M	$4.42M	$1.57M	$1.61M	$2.55M	$2.69M	$3.97M	$1.78M	$1.82M	$2.08M
Interest Expense	$0	$0	$6.73M	$0	$0	$0	$3.12M	$0	$0	$0	$-4,520,000	$0
Income Before Tax	$52.20M	$39.24M	$38.57M	$33.83M	$30.47M	$35.58M	$44.56M	$44.64M	$46.31M	$43.82M	$50.30M	$45.92M
Income Tax Expense	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0

Net Income	$43.85M	$32.81M	$31.84M	$29.30M	$26.02M	$31.08M	$40.02M	$40.22M	$41.99M	$39.43M	$41.63M	$41.59M

EBITDA	$72.21M	$58.40M	$57.67M	$52.95M	$49.44M	$54.44M	$63.25M	$62.75M	$64.12M	$61.19M	$67.44M	$62.67M
EBIT	$52.20M	$39.24M	$38.57M	$33.83M	$30.47M	$35.58M	$44.56M	$44.64M	$46.31M	$43.82M	$50.30M	$45.92M

* Some calculated fields are derived from available data when not provided by source

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News

Innovative Industrial Properties Announces Third Quarter 2026 Earnings Release Date and Conference Call

Innovative Industrial Properties, Inc. (IIP) will release its third-quarter 2026 financial results on Monday, November 2, 2026, after market close. Management will host an investor conference call on Tuesday, November 3...

Investing News Network•Oct 14, 2026 7:42 PM ET10/14/26•Neutral

Innovative Industrial Properties Establishes Series B Preferred Stock

Innovative Industrial Properties (IIPR) has announced the establishment of a Series B Preferred Stock offering. The company is issuing 2 million shares of 9.25% Series B Cumulative Redeemable Preferred Stock...

TipRanks•Oct 14, 2026 7:12 PM ET10/14/26•Bullish

Innovative Industrial Properties Launches $50 Million 9.25% Series B Preferred Offering With Stifel

Innovative Industrial Properties (IIPR) has announced a $50 million offering of 9.25% Series B Cumulative Redeemable Preferred Stock at $25.00 per share...

TradingView•Oct 14, 2026 4:42 PM ET10/14/26•Somewhat-Bullish

At $25 a share, Innovative Industrial (IIPR) agrees to sell 9.25% preferred stock.

Innovative Industrial Properties (IIPR) has agreed to issue and sell 2,000,000 shares of its 9.25% Series B Cumulative Redeemable Preferred Stock at $25.00 per share...

Stock Titan•Oct 14, 2026 4:42 PM ET10/14/26•Somewhat-Bearish

IIPR Initiated Coverage by Stifel -- Rating Set to Buy

Stifel has initiated coverage on Innovative Industrial Properties (IIPR) with a Buy rating and a price target of $56.25...

GuruFocus•Oct 14, 2026 1:10 PM ET10/14/26•Bullish

IIPR Valuation and Fair Value

P/E: 10.8x
Forward P/E: 12.4x
EV/EBITDA: 7.9x
P/FCF: 8.1x
PEG: 0.0x
P/B: 0.9x

See GNG's fair value

IIPR Profitability: Margins, ROIC and FCF

Operating margin: 48.8%
Net margin: 52.3%
ROIC: 5.3%
ROE: 7.4%
FCF margin: 63.7%
FCF yield: 12.3%

IIPR Competitors

Company	Ticker
Paramount Group Inc	PGRE
Empire State Realty OP LP ES	ESBA
Empire State Realty Trust Inc	ESRT
Empire State Realty OP LP	OGCP
CBL & Associates Properties Inc	CBL
Two Harbors Investments Corp	TWO
Alexander & Baldwin Holdings Inc	ALEX
UMH Properties Inc	UMH

Sector: Real Estate

IIPR Analyst Ratings

Consensus: Hold
Analysts: 6
Strong Buy: 0
Buy: 1
Hold: 4
Sell: 0
Strong Sell: 1

IIPR Bull Case vs Bear Case

Bull case

IIPR converts 63.7% of revenue into free cash flow.
IIPR has a 52.3% net profit margin.

Bear case

IIPR beat EPS estimates in 37.5% of its last 8 reported quarters.

IIPR Earnings: Beat Rate and Next Report

Beat rate: 3 of 8 quarters (37.5%)
Average surprise: -0.3%
EPS estimate (fiscal period ending Sep 30, 2026): $0.83
Estimate revisions (30 days, fiscal period ending Sep 30, 2026): 0 up, 1 down

IIPR Dividend

Forward yield: 14.3%
Payout ratio: 110.0%
3Y DPS growth: 2.3%
5Y DPS growth: 11.2%
Pay months: Jan, Apr, Jul, Oct

IIPR dividend history

Frequently Asked Questions About IIPR

What is IIPR's current dividend yield?

Innovative Industrial Properties Inc (IIPR) has a forward dividend yield of 14.30%.

Does IIPR pay dividends?

Yes, Innovative Industrial Properties Inc pays dividends with a forward dividend yield of 14.30%.

What is IIPR's P/E ratio?

Innovative Industrial Properties Inc has a price-to-earnings (P/E) ratio of 10.85.

What is IIPR's market cap?

Innovative Industrial Properties Inc (IIPR) has a market capitalization of $1.42B with a current stock price of $53.16.

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