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Innovative Industrial Properties

NYSE:IIPR.PRA
Snowflake Description

High growth potential with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IIPR.PRA
NYSE
$871M
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. The last earnings update was 11 days ago. More info.


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IIPR.PRA Share Price and Events
7 Day Returns
0.5%
NYSE:IIPR.PRA
1.8%
US REITs
-0.7%
US Market
1 Year Returns
10%
NYSE:IIPR.PRA
16.3%
US REITs
3%
US Market
IIPR.PRA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Innovative Industrial Properties (IIPR.PRA) 0.5% 1.9% 5% 10% - -
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • IIPR.PRA underperformed the REITs industry which returned 16.3% over the past year.
  • IIPR.PRA outperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
IIPR.PRA
Industry
5yr Volatility vs Market

Value

 Is Innovative Industrial Properties undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Innovative Industrial Properties to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Innovative Industrial Properties.

NYSE:IIPR.PRA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:IIPR.PRA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (15.29%))
0.729
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:IIPR.PRA using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Innovative Industrial Properties is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Innovative Industrial Properties is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:IIPR.PRA DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 29.00 Analyst x1 26.98
2020 45.14 Analyst x3 39.06
2021 75.14 Analyst x1 60.48
2022 100.11 Est @ 33.24% 74.97
2023 124.23 Est @ 24.09% 86.54
2024 146.19 Est @ 17.68% 94.74
2025 165.48 Est @ 13.2% 99.76
2026 182.12 Est @ 10.06% 102.13
2027 196.43 Est @ 7.86% 102.47
2028 208.85 Est @ 6.32% 101.35
Present value of next 10 years cash flows $788.49
NYSE:IIPR.PRA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $208.85 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$4,499.78
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $4,499.78 ÷ (1 + 7.5%)10
$2,183.67
NYSE:IIPR.PRA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $788.49 + $2,183.67
$2,972.16
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $2,972.16 / 9.81
$103.01
NYSE:IIPR.PRA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NYSE:IIPR.PRA represents 0.33986x of NYSE:IIPR
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.33986x
Value per Share
(Listing Adjusted, USD)
= Value per Share (USD) x Listing Adjustment Factor
= $ 103.01 x 0.33986
$35.01
Value per share (USD) From above. $35.01
Current discount Discount to share price of $30.20
= -1 x ($30.20 - $35.01) / $35.01
13.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Innovative Industrial Properties is available for.
Intrinsic value
14%
Share price is $30.2 vs Future cash flow value of $35.01
Current Discount Checks
For Innovative Industrial Properties to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Innovative Industrial Properties's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Innovative Industrial Properties's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Innovative Industrial Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Innovative Industrial Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:IIPR.PRA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.00
NYSE:IIPR Share Price ** NYSE (2019-05-17) in USD $88.86
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Innovative Industrial Properties.

NYSE:IIPR.PRA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:IIPR Share Price ÷ EPS (both in USD)

= 88.86 ÷ 1.00

88.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Innovative Industrial Properties is overvalued based on earnings compared to the US REITs industry average.
  • Innovative Industrial Properties is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Innovative Industrial Properties's expected growth come at a high price?
Raw Data
NYSE:IIPR.PRA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 88.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
56.9%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NYSE:IIPR.PRA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 88.43x ÷ 56.9%

1.55x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Innovative Industrial Properties is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Innovative Industrial Properties's assets?
Raw Data
NYSE:IIPR.PRA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $25.94
NYSE:IIPR Share Price * NYSE (2019-05-17) in USD $88.86
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:IIPR.PRA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:IIPR Share Price ÷ Book Value per Share (both in USD)

= 88.86 ÷ 25.94

3.43x

* Primary Listing of Innovative Industrial Properties.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Innovative Industrial Properties is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Innovative Industrial Properties's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Innovative Industrial Properties has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Innovative Industrial Properties expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
56.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Innovative Industrial Properties expected to grow at an attractive rate?
  • Innovative Industrial Properties's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Innovative Industrial Properties's earnings growth is expected to exceed the United States of America market average.
  • Innovative Industrial Properties's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:IIPR.PRA Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:IIPR.PRA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 56.9%
NYSE:IIPR.PRA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 48.8%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:IIPR.PRA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:IIPR.PRA Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 88 57 1
2020-12-31 60 32 2
2019-12-31 37 20 1
NYSE:IIPR.PRA Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 19 20 8
2018-12-31 15 16 5
2018-09-30 12 13 3
2018-06-30 10 7 2
2018-03-31 8 6 1
2017-12-31 6 5 0
2017-09-30 5 4 -8
2016-12-31 0 3 -8

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Innovative Industrial Properties's earnings are expected to grow significantly at over 20% yearly.
  • Innovative Industrial Properties's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:IIPR.PRA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Innovative Industrial Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:IIPR.PRA Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 4.09 4.09 4.09 1.00
2020-12-31 2.71 3.16 2.26 2.00
2019-12-31 1.94 1.94 1.94 1.00
NYSE:IIPR.PRA Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.00
2018-12-31 0.76
2018-09-30 0.61
2018-06-30 0.48
2018-03-31 0.18
2017-12-31 -0.13
2017-09-30 -2.59
2016-12-31 -7.82

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Innovative Industrial Properties will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Innovative Industrial Properties's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Innovative Industrial Properties has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Innovative Industrial Properties's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Innovative Industrial Properties has delivered over 20% year on year earnings growth in the past 5 years.
  • Innovative Industrial Properties's 1-year earnings growth exceeds its 5-year average (1049.1% vs 48.1%)
  • Innovative Industrial Properties's earnings growth has exceeded the US REITs industry average in the past year (1049.1% vs 16%).
Earnings and Revenue History
Innovative Industrial Properties's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Innovative Industrial Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:IIPR.PRA Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 18.85 8.12 6.82
2018-12-31 14.79 5.46 6.38
2018-09-30 12.29 3.44 5.69
2018-06-30 9.92 2.31 5.23
2018-03-31 7.89 0.71 5.22
2017-12-31 6.42 -0.45 5.50
2017-09-30 4.60 -8.04 5.53
2016-12-31 0.46 -7.53 1.53
2015-12-31 5.63 4.99

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Innovative Industrial Properties has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Innovative Industrial Properties used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Unable to establish if Innovative Industrial Properties improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Innovative Industrial Properties's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Innovative Industrial Properties has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Innovative Industrial Properties's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Innovative Industrial Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Innovative Industrial Properties is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Innovative Industrial Properties's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Innovative Industrial Properties's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Innovative Industrial Properties Company Filings, last reported 1 month ago.

NYSE:IIPR.PRA Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 268.38 133.20 59.22
2018-12-31 264.29 0.00 13.05
2018-09-30 151.09 0.00 53.02
2018-06-30 151.59 0.00 21.19
2018-03-31 151.71 0.00 42.08
2017-12-31 73.55 0.00 11.76
2017-09-30 59.96 0.00 22.20
2016-12-31 60.44 0.00 33.00
2015-12-31
  • Innovative Industrial Properties's level of debt (49.6%) compared to net worth is high (greater than 40%).
  • Unable to establish if Innovative Industrial Properties's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (15.4%, less than 20% of total debt).
  • Innovative Industrial Properties earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Innovative Industrial Properties's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Innovative Industrial Properties has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.03%
Current annual income from Innovative Industrial Properties dividends. Estimated to be 3.29% next year.
If you bought $2,000 of Innovative Industrial Properties shares you are expected to receive $41 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Innovative Industrial Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Innovative Industrial Properties's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:IIPR.PRA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:IIPR.PRA Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 4.10 1.00
2020-12-31 2.81 3.00
2019-12-31 2.10 1.00
NYSE:IIPR.PRA Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-18 1.800 2.147
2019-03-14 1.800 2.279
2019-03-13 1.800 2.313
2018-12-14 1.400 2.395
2018-09-14 1.400 3.092
2018-06-15 1.000 2.756
2018-03-15 1.000 3.087
2017-12-15 1.000 3.660
2017-09-15 0.600 3.137
2017-05-30 0.600 3.497

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Innovative Industrial Properties has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Innovative Industrial Properties only paid a dividend in the past 2 years.
Current Payout to shareholders
What portion of Innovative Industrial Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (16.2x coverage).
X
Income/ dividend checks
We assess Innovative Industrial Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Innovative Industrial Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Innovative Industrial Properties has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Innovative Industrial Properties's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Paul Smithers
COMPENSATION $1,078,293
AGE 61
TENURE AS CEO 2.9 years
CEO Bio

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 serves as Executive Director of Iso Nano International, LLC. He was a Co-Founder and served as the Chief Legal Officer of Iso Nano International, LLC from August 2013 to July 2015. Prior to his time at Iso Nano, Mr. Smithers served as the Managing Partner of Smithers & Player, Attorneys at Law from September 1989 to July 2013. Mr. Smithers is a Member of the California Bar. Mr. Smithers has management expertise and over 30 years of legal and regulatory experience.

CEO Compensation
  • Paul's compensation has increased by more than 20% in the past year.
  • Paul's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Innovative Industrial Properties management team in years:

2.3
Average Tenure
52.5
Average Age
  • The tenure for the Innovative Industrial Properties management team is about average.
Management Team

Alan Gold

TITLE
Executive Chairman
COMPENSATION
$3M
AGE
58

Paul Smithers

TITLE
President
COMPENSATION
$1M
AGE
61
TENURE
2.9 yrs

Catherine Hastings

TITLE
CFO, Chief Accounting Officer & Treasurer
COMPENSATION
$628K
AGE
47
TENURE
1.9 yrs

Brian Wolfe

TITLE
VP, General Counsel & Company Secretary
COMPENSATION
$628K
AGE
42
TENURE
2.7 yrs

Andy Bui

TITLE
Controller
TENURE
1.4 yrs
Board of Directors Tenure

Average tenure and age of the Innovative Industrial Properties board of directors in years:

2.5
Average Tenure
58
Average Age
  • The average tenure for the Innovative Industrial Properties board of directors is less than 3 years, this suggests a new board.
Board of Directors

Alan Gold

TITLE
Executive Chairman
COMPENSATION
$3M
AGE
58
TENURE
2.9 yrs

Paul Smithers

TITLE
President
COMPENSATION
$1M
AGE
61
TENURE
2.5 yrs

Gary Kreitzer

TITLE
Vice Chairman of the Board
COMPENSATION
$103K
AGE
63

Scott Shoemaker

TITLE
Director
COMPENSATION
$68K
AGE
52
TENURE
2.5 yrs

David Stecher

TITLE
Director
COMPENSATION
$70K
AGE
57
TENURE
2.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
08. Jun 18 Buy Alan Gold Individual 06. Jun 18 06. Jun 18 100 $27.22 $2,722
X
Management checks
We assess Innovative Industrial Properties's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Innovative Industrial Properties has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial 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.

Details
Name: Innovative Industrial Properties, Inc.
IIPR.PRA
Exchange: NYSE
Founded: 2016
$871,378,398
9,806,194
Website: http://www.innovativeindustrialproperties.com
Address: Innovative Industrial Properties, Inc.
11440 West Bernardo Court,
Suite 220,
San Diego,
California, 92127,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE IIPR Common Stock New York Stock Exchange US USD 01. Dec 2016
DB 1IK Common Stock Deutsche Boerse AG DE EUR 01. Dec 2016
LSE 0JBD Common Stock London Stock Exchange GB USD 01. Dec 2016
NYSE IIPR.PRA 9% CUM PFD SER A New York Stock Exchange US USD 24. Oct 2017
Number of employees
Current staff
Staff numbers
7
Innovative Industrial Properties employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 03:26
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/09
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.