IIPR Stock Overview
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 Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$199.37|
|52 Week High||US$288.02|
|52 Week Low||US$160.91|
|1 Month Change||-16.14%|
|3 Month Change||-22.33%|
|1 Year Change||1.92%|
|3 Year Change||250.20%|
|5 Year Change||949.87%|
|Change since IPO||941.10%|
Recent News & Updates
Innovative Industrial Properties Is A Dipper, And It Just Dipped
IIPR provides real estate capital to the medical-use cannabis (AKA marijuana) industry. IIPR's sale-leaseback program is composed of triple-net leases. IIPR has a history of steep drawdowns that are followed by quarters of growth upon accumulation, and such a drawdown appears to have just been completed.
Innovative Industrial Properties: Hypergrowth Is Finished, But Market-Beating Returns Will Continue
Innovative Industrial Properties has experienced rapid growth since their IPO in 2016. Their tenant base is well diversified among cannabis operators and across the country. The SAFE Banking Act is a potential headwind looming on the regulatory horizon. Higher base rents and rent escalators compared to other REITs make Innovative Industrial Properties a buy despite future regulatory changes.
|IIPR||US REITs||US Market|
Return vs Industry: IIPR underperformed the US REITs industry which returned 29.9% over the past year.
Return vs Market: IIPR underperformed the US Market which returned 10.2% over the past year.
|IIPR Average Weekly Movement||5.4%|
|REITs Industry Average Movement||4.0%|
|Market Average Movement||6.6%|
|10% most volatile stocks in US Market||15.7%|
|10% least volatile stocks in US Market||2.4%|
Stable Share Price: IIPR is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.
Volatility Over Time: IIPR's weekly volatility (5%) has been stable over the past year.
About the Company
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.
Innovative Industrial Properties Fundamentals Summary
|IIPR fundamental statistics|
Is IIPR overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|IIPR income statement (TTM)|
|Cost of Revenue||US$3.64m|
Last Reported Earnings
Sep 30, 2021
Next Earnings Date
|Earnings per share (EPS)||4.38|
|Net Profit Margin||57.36%|
How did IIPR perform over the long term?See historical performance and comparison
3.0%Current Dividend Yield
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 ($199.37) is trading below our estimate of fair value ($679)
Significantly Below Fair Value: IIPR is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: IIPR is good value based on its PE Ratio (45.5x) compared to the US REITs industry average (46.3x).
PE vs Market: IIPR is poor value based on its PE Ratio (45.5x) compared to the US market (17x).
Price to Earnings Growth Ratio
PEG Ratio: IIPR is poor value based on its PEG Ratio (1.2x)
Price to Book Ratio
PB vs Industry: IIPR is overvalued based on its PB Ratio (3.2x) compared to the US REITs industry average (2x).
How is Innovative Industrial Properties forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: IIPR's forecast earnings growth (38.3% per year) is above the savings rate (2%).
Earnings vs Market: IIPR's earnings (38.3% per year) are forecast to grow faster than the US market (13% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: IIPR's revenue (28.4% per year) is forecast to grow faster than the US market (9.2% per year).
High Growth Revenue: IIPR's revenue (28.4% 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'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 has high quality earnings.
Growing Profit Margin: IIPR's current net profit margins (57.4%) are higher than last year (53.8%).
Past Earnings Growth Analysis
Earnings Trend: IIPR has become profitable over the past 5 years, growing earnings by 78.1% per year.
Accelerating Growth: IIPR's earnings growth over the past year (99.8%) exceeds its 5-year average (78.1% per year).
Earnings vs Industry: IIPR earnings growth over the past year (99.8%) exceeded the REITs industry 29.5%.
Return on Equity
High ROE: IIPR's Return on Equity (7.1%) is considered low.
How is Innovative Industrial Properties's financial position?
Financial Position Analysis
Short Term Liabilities: IIPR's short term assets ($139.4M) exceed its short term liabilities ($44.8M).
Long Term Liabilities: IIPR's short term assets ($139.4M) do not cover its long term liabilities ($546.1M).
Debt to Equity History and Analysis
Debt Level: IIPR's net debt to equity ratio (20.2%) is considered satisfactory.
Reducing Debt: Insufficient data to determine if IIPR's debt to equity ratio has reduced over the past 5 years.
Debt Coverage: IIPR's debt is well covered by operating cash flow (40.6%).
Interest Coverage: IIPR's interest payments on its debt are well covered by EBIT (7.5x coverage).
What is Innovative Industrial Properties's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: IIPR's dividend (3.01%) is higher than the bottom 25% of dividend payers in the US market (1.35%).
High Dividend: IIPR's dividend (3.01%) is low compared to the top 25% of dividend payers in the US market (3.48%).
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, IIPR has been paying a dividend for less than 10 years.
Growing Dividend: IIPR's dividend payments have increased, but the company has only paid a dividend for 5 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (85.2%), IIPR's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: IIPR's dividends in 3 years are forecast to be covered by earnings (82.1% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Paul Smithers (64 yo)
Mr. Paul E. Smithers is a Co-Founder of Innovative Industrial Properties, Inc. and also has been its Chief Executive Officer and President since June 2016 and Director since November 30, 2016. Mr. Smithers...
CEO Compensation Analysis
Compensation vs Market: Paul's total compensation ($USD1.86M) is below average for companies of similar size in the US market ($USD5.14M).
Compensation vs Earnings: Paul's compensation has increased by more than 20% in the past year.
Experienced Management: IIPR's management team is seasoned and experienced (5.2 years average tenure).
Experienced Board: IIPR's board of directors are considered experienced (5.2 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 not been meaningfully diluted in the past year.
Innovative Industrial Properties, Inc.'s employee growth, exchange listings and data sources
- Name: Innovative Industrial Properties, Inc.
- Ticker: IIPR
- Exchange: NYSE
- Founded: 2016
- Industry: Industrial REITs
- Sector: Real Estate
- Implied Market Cap: US$4.771b
- Shares outstanding: 23.93m
- Website: https://www.innovativeindustrialproperties.com
Number of Employees
- Innovative Industrial Properties, Inc.
- 11440 West Bernardo Court
- Suite 220
- San Diego
- United States
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/01/19 23:50|
|End of Day Share Price||2022/01/19 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.