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.
Solid track record with high growth potential and pays a dividend.
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.
7 Day Return
1 Year Return
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.
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
Is Innovative Industrial Properties undervalued compared to its fair value and its price relative to the market?
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).
How is Innovative Industrial Properties forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
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
How has Innovative Industrial Properties performed over the past 5 years?
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.
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 ($202.6M).
Debt to Equity History and Analysis
Debt Level: IIPR.PRA's debt to equity ratio (15.7%) is considered satisfactory.
Reducing Debt: Insufficient data to determine if IIPR.PRA's debt to equity ratio has reduced over the past 5 years.
Debt Coverage: IIPR.PRA's debt is well covered by operating cash flow (44.3%).
Interest Coverage: IIPR.PRA's interest payments on its debt are well covered by EBIT (16.3x coverage).
What is Innovative Industrial Properties's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: IIPR.PRA's dividend (4.55%) is higher than the bottom 25% of dividend payers in the US market (1.67%).
High Dividend: IIPR.PRA's dividend (4.55%) is in the top 25% of dividend payers in the US market (4.48%)
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, IIPR.PRA has been paying a dividend for less than 10 years.
Growing Dividend: IIPR.PRA's dividend payments have increased, but the company has only paid a dividend for 3 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (77.7%), IIPR.PRA's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: IIPR.PRA's dividends in 3 years are forecast to be thoroughly covered by earnings (3.1% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Paul Smithers (62yo)
Mr. Paul E. Smithers is a Co-Founder of Innovative Industrial Properties, Inc. and also has been its Chief Executive Officer and President since June 2016 and Director since November 30, 2016. Mr. Smithers ...
CEO Compensation Analysis
Compensation vs Market: Paul's total compensation ($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.
|Executive Chairman||4yrs||US$2.86m||2.03% $33.1m|
|CFO, Chief Accounting Officer & Treasurer||3yrs||US$878.50k||0.085% $1.4m|
|VP, General Counsel & Company Secretary||3.75yrs||US$868.50k||0.10% $1.7m|
|Controller||2.5yrs||no data||no data|
|Director of Investments & Finance||no data||no data||no data|
Experienced Management: IIPR.PRA's management team is considered experienced (3.4 years average tenure).
|Executive Chairman||4yrs||US$2.86m||2.03% $33.1m|
|Independent Director||0.50yr||US$80.04k||0.0097% $158.6k|
|Independent Vice Chairman of the Board||no data||US$186.76k||0.19% $3.1m|
|Independent Director||3.58yrs||US$128.46k||0.031% $502.3k|
|Independent Director||3.58yrs||US$124.42k||0.030% $488.3k|
Experienced Board: IIPR.PRA's board of directors are considered experienced (3.6 years average tenure).
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
Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 89.8%.
Innovative Industrial Properties, Inc.'s company bio, employee growth, exchange listings and data sources
- 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
- Innovative Industrial Properties, Inc.
- 11440 West Bernardo Court
- Suite 220
- San Diego
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|IIPR||NYSE (New York Stock Exchange)||Yes||Common Stock||US||USD||Dec 2016|
|1IK||DB (Deutsche Boerse AG)||Yes||Common Stock||DE||EUR||Dec 2016|
|0JBD||LSE (London Stock Exchange)||Yes||Common Stock||GB||USD||Dec 2016|
|IIPR.PRA||NYSE (New York Stock Exchange)||9% CUM PFD SER A||US||USD||Oct 2017|
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
|Data||Last Updated (UTC time)|
|Company Analysis||2020/06/03 05:33|
|End of Day Share Price||2020/06/02 00:00|
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.