NYSE:IIPR.PRA

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Innovative Industrial Properties

Executive Summary

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities.


Snowflake Analysis

Solid track record with high growth potential and pays a dividend.


Similar Companies

Share Price & News

How has Innovative Industrial Properties's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: IIPR.PRA has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.4%

IIPR.PRA

3.9%

US REITs

2.4%

US Market


1 Year Return

-7.1%

IIPR.PRA

-7.4%

US REITs

9.2%

US Market

Return vs Industry: IIPR.PRA exceeded the US REITs industry which returned -8.6% over the past year.

Return vs Market: IIPR.PRA underperformed the US Market which returned 8.5% over the past year.


Shareholder returns

IIPR.PRAIndustryMarket
7 Day-0.4%3.9%2.4%
30 Day-1.9%9.7%10.2%
90 Day-11.1%-11.9%3.4%
1 Year-0.1%-7.1%-3.6%-7.4%11.6%9.2%
3 Yearn/a16.0%1.8%33.7%24.9%
5 Yearn/a47.1%17.0%59.7%41.8%

Price Volatility Vs. Market

How volatile is Innovative Industrial Properties's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Innovative Industrial Properties undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: IIPR.PRA ($28.12) is trading below our estimate of fair value ($118.75)

Significantly Below Fair Value: IIPR.PRA is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: IIPR.PRA is poor value based on its PE Ratio (35.5x) compared to the REITs industry average (28x).

PE vs Market: IIPR.PRA is poor value based on its PE Ratio (35.5x) compared to the US market (15.8x).


Price to Earnings Growth Ratio

PEG Ratio: IIPR.PRA is good value based on its PEG Ratio (0.9x)


Price to Book Ratio

PB vs Industry: IIPR.PRA is overvalued based on its PB Ratio (1.8x) compared to the US REITs industry average (1.4x).


Next Steps

Future Growth

How is Innovative Industrial Properties forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

38.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: IIPR.PRA's forecast earnings growth (38.7% per year) is above the savings rate (2.2%).

Earnings vs Market: IIPR.PRA's earnings (38.7% per year) are forecast to grow faster than the US market (22.1% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: IIPR.PRA's revenue (33.7% per year) is forecast to grow faster than the US market (8.9% per year).

High Growth Revenue: IIPR.PRA's revenue (33.7% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if IIPR.PRA's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Innovative Industrial Properties performed over the past 5 years?

72.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: IIPR.PRA has high quality earnings.

Growing Profit Margin: IIPR.PRA's current net profit margins (50.7%) are higher than last year (43.1%).


Past Earnings Growth Analysis

Earnings Trend: IIPR.PRA's earnings have grown significantly by 72.9% per year over the past 5 years.

Accelerating Growth: IIPR.PRA's earnings growth over the past year (267.2%) exceeds its 5-year average (72.9% per year).

Earnings vs Industry: IIPR.PRA earnings growth over the past year (267.2%) exceeded the REITs industry 5.3%.


Return on Equity

High ROE: IIPR.PRA's Return on Equity (3.7%) is considered low.


Next Steps

Financial Health

How is Innovative Industrial Properties's financial position?


Financial Position Analysis

Short Term Liabilities: IIPR.PRA's short term assets ($131.3M) exceed its short term liabilities ($18.9M).

Long Term Liabilities: IIPR.PRA's short term assets ($131.3M) do not cover its long term liabilities ($202.6M).


Debt to Equity History and Analysis

Debt Level: IIPR.PRA's debt to equity ratio (15.7%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if IIPR.PRA's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: IIPR.PRA's debt is well covered by operating cash flow (44.3%).

Interest Coverage: IIPR.PRA's interest payments on its debt are well covered by EBIT (16.3x coverage).


Balance Sheet


Next Steps

Dividend

What is Innovative Industrial Properties's current dividend yield, its reliability and sustainability?

4.55%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: IIPR.PRA's dividend (4.55%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: IIPR.PRA's dividend (4.55%) is in the top 25% of dividend payers in the US market (4.48%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, IIPR.PRA has been paying a dividend for less than 10 years.

Growing Dividend: IIPR.PRA's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (77.7%), IIPR.PRA's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: IIPR.PRA's dividends in 3 years are forecast to be thoroughly covered by earnings (3.1% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.4yrs

Average management tenure


CEO

Paul Smithers (62yo)

4yrs

Tenure

US$1,408,557

Compensation

Mr. Paul E. Smithers is a Co-Founder of Innovative Industrial Properties, Inc. and also has been its Chief Executive Officer and President since June 2016 and Director since November 30, 2016. Mr. Smithers ...


CEO Compensation Analysis

Compensation vs Market: Paul's total compensation ($USD1.41M) is below average for companies of similar size in the US market ($USD4.77M).

Compensation vs Earnings: Paul's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Alan Gold
Executive Chairman4yrsUS$2.86m2.03% $33.1m
Paul Smithers
President4yrsUS$1.41m0.22% $3.6m
Catherine Hastings
CFO, Chief Accounting Officer & Treasurer3yrsUS$878.50k0.085% $1.4m
Brian Wolfe
VP, General Counsel & Company Secretary3.75yrsUS$868.50k0.10% $1.7m
Andy Bui
Controller2.5yrsno datano data
Ben Regin
Director of Investments & Financeno datano datano data

3.4yrs

Average Tenure

53.5yo

Average Age

Experienced Management: IIPR.PRA's management team is considered experienced (3.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Alan Gold
Executive Chairman4yrsUS$2.86m2.03% $33.1m
Paul Smithers
President4yrsUS$1.41m0.22% $3.6m
Mary Curran
Independent Director0.50yrUS$80.04k0.0097% $158.6k
Gary Kreitzer
Independent Vice Chairman of the Boardno dataUS$186.76k0.19% $3.1m
David Stecher
Independent Director3.58yrsUS$128.46k0.031% $502.3k
Scott Shoemaker
Independent Director3.58yrsUS$124.42k0.030% $488.3k

3.6yrs

Average Tenure

60.5yo

Average Age

Experienced Board: IIPR.PRA's board of directors are considered experienced (3.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 89.8%.


Top Shareholders

Company Information

Innovative Industrial Properties, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Innovative Industrial Properties, Inc.
  • Ticker: IIPR.PRA
  • Exchange: NYSE
  • Founded: 2016
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Market Cap: US$1.635b
  • Shares outstanding: 18.61m
  • Website: https://www.innovativeindustrialproperties.com

Number of Employees


Location

  • Innovative Industrial Properties, Inc.
  • 11440 West Bernardo Court
  • Suite 220
  • San Diego
  • California
  • 92127
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
IIPRNYSE (New York Stock Exchange)YesCommon StockUSUSDDec 2016
1IKDB (Deutsche Boerse AG)YesCommon StockDEEURDec 2016
0JBDLSE (London Stock Exchange)YesCommon StockGBUSDDec 2016
IIPR.PRANYSE (New York Stock Exchange)9% CUM PFD SER AUSUSDOct 2017

Biography

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/03 05:33
End of Day Share Price2020/06/02 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.