Innovative Industrial Properties, Inc.

NYSE:IIPR Stock Report

Market Cap: US$1.7b

Innovative Industrial Properties Future Growth

Future criteria checks 1/6

Innovative Industrial Properties is forecast to grow earnings and revenue by 10.6% and 2.8% per annum respectively while EPS is expected to grow by 10.6% per annum.

Key information

10.6%

Earnings growth rate

10.58%

EPS growth rate

Industrial REITs earnings growth1.5%
Revenue growth rate2.8%
Future return on equityn/a
Analyst coverage

Low

Last updated08 May 2026

Recent future growth updates

Recent updates

Seeking Alpha • Jun 08

Innovative Industrial Properties: The 13% Yield Just Got De-Risked, Yet The Market Is Asleep

Summary Innovative Industrial Properties is deeply undervalued, trading at a double-digit yield despite a strong, low-leverage balance sheet. Recent cannabis rescheduling to Schedule III is a major regulatory tailwind, poised to enhance tenant credit quality and reduce portfolio risk. IIPR has successfully refinanced its May debt maturity and is actively re-tenanting properties, with tentative agreements in place for all troubled assets. I reiterate a strong buy rating, expecting tenant improvements and regulatory catalysts to drive a re-rating toward an 8%-9% yield and multiple expansion. Read the full article on Seeking Alpha
Narrative Update • Jun 06

IIPR: Rent Recoveries And Life Sciences Expansion Will Support Future Upside

Analysts now see fair value for Innovative Industrial Properties holding around $90.00 per share, with a slightly higher future P/E assumption and a modestly stronger profit margin outlook helping to offset more measured views on growth and discount rates. What's in the News Reported Q1 2026 AFFO and revenue above analyst expectations, supported by leasing activity and income from the IQHQ life sciences real estate investment, while maintaining high portfolio occupancy and keeping the quarterly dividend at US$1.90 per share (source: Q1 2026 earnings coverage).
Narrative Update • May 11

IIPR: Fair Value View Will Hinge On Rent Collections And Buybacks

Analysts have lifted the fair value estimate for Innovative Industrial Properties by $1.75 to $58.75, citing updated assumptions around revenue growth, higher profit margins, a lower assumed future P/E multiple, and recent price target revisions that reflect improved visibility on rent collections from previously defaulted assets. Analyst Commentary Bullish Takeaways Bullish analysts point to improved visibility on rent collections from previously defaulted assets as a key support for fair value and recent target increases.
Narrative Update • Apr 19

IIPR: Rent Recovery Progress And Buybacks Will Support Future Upside

Analysts have recently nudged their outlook on Innovative Industrial Properties higher, with price targets moving from $50 to $55 as they cite improved visibility into the company’s ability to return defaulted assets to rent, while one firm shifted its stance to Neutral with a maintained $45 target. Analyst Commentary Recent research highlights a shift in tone around Innovative Industrial Properties, with some bearish views softening and price targets moving higher as analysts reassess rental recovery on defaulted assets.
Narrative Update • Apr 04

IIPR: Rent Recovery Visibility And Buybacks Will Support Future Upside

Analysts have nudged their price target for Innovative Industrial Properties higher to $55 from $50, supported by improved visibility into rent collection on previously defaulted assets and a modest refinement in long term assumptions for the discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Recent Street research around Innovative Industrial Properties points to a more balanced view, with some bullish analysts softening previously negative stances and refining their expectations around rent collection and valuation multiples.
Narrative Update • Mar 19

IIPR: Rent Collection Progress Will Support Renewed Confidence In Future Upside

Analysts have lifted their average price target on Innovative Industrial Properties to $55 from $50, reflecting slightly improved assumptions around revenue growth, profit margins and future P/E, as well as better visibility on collections from previously defaulted rent assets. Analyst Commentary Recent Street research points to a more balanced stance on Innovative Industrial Properties, with some bullish analysts now seeing enough progress on rent collections and portfolio stability to justify higher valuation assumptions.
Narrative Update • Mar 05

IIPR: Rent Recovery Progress Will Support Future Upside Reassessment

Analysts have maintained their $90.00 price target on Innovative Industrial Properties, updating assumptions around revenue growth, profit margins and future P/E. These revisions are based on improved visibility into rent collection for previously defaulted assets and a more supportive stance reflected in recent research updates.
Narrative Update • Feb 19

IIPR: Steady Fair Value And Slight Assumption Shifts Will Support Future Upside

Analysts have modestly lifted their price target for Innovative Industrial Properties to $90, citing small tweaks to the discount rate, revenue trajectory, profit margin, and future P/E assumptions that slightly adjust their view of the stock’s risk and earnings profile. Valuation Changes Fair Value: The analyst fair value estimate is held at $90, with no change from the prior figure.
Narrative Update • Feb 04

IIPR: Steady Fair Value And Minor Assumption Shifts Will Support Future Upside

Analysts kept their fair value estimate for Innovative Industrial Properties steady at $90.00 per share, citing only small tweaks to assumptions such as the discount rate, revenue growth, profit margin, and future P/E that did not significantly affect their overall outlook. Valuation Changes Fair Value Estimate held steady at US$90.00 per share, reflecting no change in the analysts' central valuation point.
Narrative Update • Jan 21

IIPR: Completed Buyback And Steady Assumptions Will Support Future Upside

Analysts maintained their fair value estimate for Innovative Industrial Properties at US$90.00, making only minor adjustments to the discount rate, revenue growth assumptions, profit margin, and forward P/E that supported this unchanged target. What's in the News Reported completion of share repurchases totaling 371,538 shares, representing 1.31% of shares, for US$20.1 million under the buyback announced on March 17, 2025 (Key Developments).
Narrative Update • Jan 07

IIPR: Completed Buyback And Stable Assumptions Will Support Future Upside

Analysts now hold their price target for Innovative Industrial Properties steady at about US$90, reflecting only small tweaks to discount rate, revenue growth assumptions and future P/E, which largely offset each other in their updated models. What's in the News Innovative Industrial Properties reported that between July 1, 2025 and September 30, 2025, it repurchased 0 shares for US$0 million under its existing buyback program.
Narrative Update • Dec 15

IIPR: Share Repurchases Will Support A More Durable Earnings Outlook

Analysts have modestly raised their price target on Innovative Industrial Properties to $90.00, citing expectations for slightly stronger profit margins and a lower future valuation multiple. Together, these factors support a more resilient long term earnings profile despite a still muted revenue growth outlook.
Narrative Update • Aug 10

Cannabis Real Estate Headwinds Will Erode Future Returns

Despite improved revenue growth forecasts and a lower forward P/E ratio indicating a potentially more attractive valuation, the consensus analyst price target for Innovative Industrial Properties has been reduced from $65.25 to $60.25. What's in the News Innovative Industrial Properties, Inc.
Seeking Alpha • Apr 08

Innovative Industrial Properties: Dividend Investors Tread Carefully With This 14% Yield (Rating Downgrade)

Summary Innovative Industrial Properties offers a 14% yield but faces risks, including potential dividend cuts and tenant issues, making it a cautious investment. Despite solid earnings, IIPR's financials show declining AFFO and revenue due to tenant defaults, impacting dividend safety. Tenant headwinds persist with defaults from major tenants like PharmaCann and Medical Investor Holdings, adding uncertainty to IIPR's stability. A looming recession and potential stagflation further threaten IIPR's dividend safety, despite management's efforts to mitigate tenant issues. Read the full article on Seeking Alpha
Seeking Alpha • Mar 31

Innovative Industrial: Projecting Worst Case Outcomes And Potential Dividend Cut (Rating Upgrade)

Summary Cannabis stocks have been rocked hard, but cannabis REITs look quite attractive here. IIPR's top tenant and three others have defaulted on lease obligations. IIPR has significantly lower leverage than traditional NNN REIT peers. I project where the dividend might end up after a likely cut. I am upgrading the stock to a strong buy rating. Read the full article on Seeking Alpha
Seeking Alpha • Mar 12

Innovative Industrial Properties And 9% From The Preferred Stock: Safest Balance Sheet In The REIT Sector?

Summary IIPR boasts one of the safest balance sheets in the REIT sector, with a strong buy recommendation for its preferred stock based on pure numbers and financial metrics. The company operates in the cannabis industry, showing rapid growth with assets increasing from $30 million in 2016 to $2.2 billion. IIPR's financial health is solid, with a price-to-book value of 1.07, a forward FFO yield of 10.6%, and a low debt-to-EBITDA ratio. Despite regulatory risks, IIPR's preferred stock offers a 9% yield, making it an attractive investment, though continuous monitoring of the company and its tenants is essential. Read the full article on Seeking Alpha
Seeking Alpha • Mar 02

Why I No Longer Like Innovative Industrial Properties

Summary I exited my position in Innovative Industrial Properties due to tenant risks despite one resolution, though the stock appears potentially cheap and had a solid Q4 performance. PharmaCann's default resolution involved lease amendments and transitioning to new tenants, but the stock struggled to gain momentum post-announcement. IIPR's customers (MSOs) face significant challenges, impacting rental revenue and posing risks to IIPR's financial stability. Analysts have lowered revenue and EPS projections for IIPR, and while the stock trades at a low multiple, the risks outweigh the potential returns. Read the full article on Seeking Alpha
Seeking Alpha • Feb 24

Innovative Industrial Properties: Dividend Yield Is Safe Amidst Elevated Liquidity

Summary Innovative Industrial Properties has dropped below $80 per share due to a now-resolved default by PharmaCann. The industrial cannabis REIT offers a record 10.4% dividend yield that's fully covered by FFO and free cash flow. IIPR held cash and cash equivalents of $146.2 million as of the end of its fiscal 2024 fourth quarter, with no debt maturing in 2025. Read the full article on Seeking Alpha
Seeking Alpha • Feb 12

Cannabis REITs: Less Risky Choices In A Risky Sector

Summary Cannabis stocks have underperformed due to unmet regulatory expectations and high leverage, making them risky investments despite low valuations, according to Julian Lin. NewLake Capital remains attractive due to its lack of debt and high yield, despite tenant issues similar to those faced by Innovative Industrial Properties. Green Thumb stands out in the cannabis sector for its operational discipline and lower debt, contributing to its relative success. Read the full article on Seeking Alpha
Seeking Alpha • Jan 28

Innovative Industrial Properties Vs. NewLake Capital Partners: Operating In A Sector Clouded With Uncertainty

Summary Analyzing troubled REITs requires looking beyond superficial metrics like dividend yield and payout ratio. Despite positive trends in Cannabis adoption, both IIPR and NLCP face significant risks due to regulatory uncertainties and financial headwinds in the cannabis sector, necessitating a thorough analysis. Regulatory issues and questionable rental rates seem to be impacting tenant stability and financial performance. Schedule III status could eliminate most of the sector-specific risks. Comparing both companies from a fundamental perspective, I rate IIPR a 'hold' and NLCP a 'speculative buy' for investors seeking to capitalize on potential (future) regulatory tailwinds. Read the full article on Seeking Alpha
Seeking Alpha • Jan 04

Innovative Industrial Properties: Falling Knife Worth Catching - Market Overreaction Triggers Richer Yields

Summary IIPR has lost nearly half of its value, thanks to the drastic PharmaCann default on all of its leases announced on December 20, 2024. The deep selloff is unsurprising indeed, given that the largest tenant comprises 17% of the cannabis REIT's rental revenues, as many investors likely feared a similar downward spiral as MPW. Even so, we believe that the correction triggers an excellent buying opportunity, thanks to IIPR's healthy balance sheet, high AFFO payout ratio, and richer dividend yields at 11.4%. While there may be some uncertainty surrounding a potential dividend cut in the near-term, we believe that IIPR is a falling knife worth catching for investors with a higher risk tolerance. We shall further discuss why. Read the full article on Seeking Alpha
Seeking Alpha • Dec 27

How Fear Is Boosting Innovative Industrial Properties' Upside

Summary IIPR has dropped nearly 50%, creating a compelling opportunity with a 10.8% dividend yield. Defaulting on 16.5% of ABR, but high-growth states like New York offer quick re-leasing potential. Trading at 8x P/AFFO, significantly below historical levels, making IIPR an attractive play for value investors. Cannabis rescheduling to Schedule III alleviates tax burdens, boosting tenant stability and long-term profitability. 17.3% of ABR remains tied to financially unstable tenants, highlighting ongoing portfolio concentration risks and potential revenue gaps. Read the full article on Seeking Alpha
Seeking Alpha • Dec 21

Innovative Industrial Properties: Schedule III Reclassification A Smokescreen?

Summary IIPR's share have traded down since our last report, but we remain bearish due to its stretched valuation, which values the portfolio at a premium to higher qualty industrial REITs. While tenant credit quality has improved significantly, the SAFER Banking Act poses a risk to IIPR's business model and premium valuation. We maintain our Sell rating for the common shares, but upgrade the preferred shares to a Hold on valuation and falling rates. Read the full article on Seeking Alpha
Seeking Alpha • Nov 25

Innovative Industrial Properties: Is U.S. Cannabis Now Uninvestable?

Summary Innovative Industrial Properties is a triple net lease cannabis REIT with a 105-property portfolio, yielding 7.1% and trading at a near-record low valuation. IIPR's low leverage, with a debt-to-equity ratio of 0.15x and strong liquidity, significantly reduces investment risk despite industry uncertainties. The REIT's free cash flow exceeds its dividend payments, enabling opportunistic investments and potential future dividend increases. Read the full article on Seeking Alpha
Seeking Alpha • Nov 10

Innovative Industrial Properties Falls After Florida Vote And Earnings Miss, But It Now Yields Over 7%

Summary Innovative Industrial Properties is rated as a Buy due to its modest valuation, stable rental income, strong financial position, and growth potential in the cannabis market. The stock fell due to Florida's Amendment 3 not passing and a slight earnings miss, but I believe these are short-term issues. IIPR has done just fine in the past without Florida legalizing recreational cannabis, and it can continue doing just fine now. Despite preferring NewLake Capital Partners stock for its lower valuation and higher yield, IIPR remains attractive with a well-covered 7.14% dividend yield and growth potential. Read the full article on Seeking Alpha
Seeking Alpha • Oct 16

Innovative Industrial Properties' Quiet Rise As Dividend Leader

Summary Since our first coverage, Innovative Industrial Properties has delivered an 88% total return, including dividends, significantly outperforming the broader market. As of Q2, 2024, IIPR's portfolio had a 95.6% occupancy rate, ensuring stable cash flows. The portfolio’s weighted average remaining lease term is 14.4 years, minimizing lease rollover risk. 91% of IIPR’s properties are leased to multi-state operators and publicly traded cannabis companies, boosting rent stability. IIPR has raised dividends annually since 2016, showcasing financial strength and shareholder-friendly policies. Read the full article on Seeking Alpha
Seeking Alpha • Sep 30

Innovative Industrial Properties: Great Opportunities Ahead For This Industry Leader

Summary Innovative Industrial Properties, Inc. offers a unique investment opportunity in the cannabis real estate sector. It offers a safe dividend and solid financial situation while holding the top position. The company's strong financial performance proves noteworthy, with solid profitability ratios and excellent metrics. The Cannabis market is positioned for very fast growth in the coming years, as it welcomes millions of consumers and becomes every more accepted. The IIPR stock has a great combination of a sound financial position, a track record of dividend growth, dividend safety, and a leadership position in a growing market. Read the full article on Seeking Alpha
Seeking Alpha • Sep 16

Innovative Industrial Properties: Preferred Shares Offering Attractive 8.5% Dividend Yield

Summary Innovative Industrial Properties is a REIT focused on leasing properties to the cannabis industry, with preferred shares offering an 8.5% dividend yield. The company improved operating cash flow to $136 million and free cash flow to $122 million, ensuring dividend sustainability. With over $200 million in liquidity, the capital improvement allowance is manageable, but call risk on preferred shares and potential common share issuance pose risks. Read the full article on Seeking Alpha
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New Narrative • Sep 04

Decisive Expansion And Financial Stability Propel Growth In Emerging Cannabis Markets

Expansion into new state markets and strategic re-leasing of properties enhance revenue growth and stability through increased lease agreements.
Seeking Alpha • Aug 23

Innovative Industrial: Why It Is Time To Move To The Sidelines (Rating Downgrade)

Summary Innovative Industrial Properties has offered a lower volatility way to invest in the cannabis sector. The company maintains far less leverage than traditional net lease REITs. Management has done an exemplary job managing the storm of tenant defaults. I explain why the math does not work out for the risk-reward moving forward. Read the full article on Seeking Alpha
Seeking Alpha • Jul 16

Innovative Industrial: Staying Neutral As Positives Roughly Balance Risks

Summary Innovative Industrial Properties is a leading cannabis REIT in the U.S., leasing to state-licensed cannabis operators. IIPR offers advantages like a high dividend yield of 6.5%, cheaper valuation, and high average rents compared to traditional net lease REITs. Legislative risks, including the SAFER Banking Act and blocked rescheduling of cannabis, may impact IIPR's business and stock performance. Read the full article on Seeking Alpha
Seeking Alpha • Jun 14

Innovative Industrial Properties: The Cannabis Rescheduling Catalyst For This 6.7% Yield

Summary Innovative Industrial Properties has executed strongly, dispelling fears about troubled tenants. Growth may be pressured in the near to medium term, but pending regulatory reform could improve the credit profile of its tenant roster. IIPR continues to trade at a discount to traditional net lease peers and has potential for multiple expansion. Read the full article on Seeking Alpha
Seeking Alpha • May 14

Innovative Industrial Properties: Fair Price, No Signs Of Recreating Its Past

Summary Innovative Industrial Properties offers exposure to the cannabis industry through rent, allowing investors to generate income. Despite its brief history, IIP has seen significant growth but has slowed down in recent years. IIP primarily builds its portfolio through sale-leaseback transactions, with long-dated, triple-net leases. Yet, there is a history of selling shares at meager prices, hurting long-term returns. Read the full article on Seeking Alpha
Seeking Alpha • Apr 09

Innovative Industrial Properties: Attractive Ahead Of Bullish Catalysts

Summary Innovative Industrial Properties is a cannabis REIT with over 100 properties in license-limited states, offering reduced competition and lower risk. IIPR trades at a discounted valuation with a 7%+ dividend yield and potential upside from upcoming bullish catalysts. The expected rescheduling of cannabis and changes to banking regulations could significantly benefit IIPR's tenants and lead to a re-rating of the stock. Read the full article on Seeking Alpha

Earnings and Revenue Growth Forecasts

NYSE:IIPR - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/2027276133N/AN/A2
12/31/2026275125N/AN/A3
3/31/2026263111200200N/A
12/31/2025266111198198N/A
9/30/2025276120206206N/A
6/30/2025288132225225N/A
3/31/2025305149241241N/A
12/31/2024309158258258N/A
9/30/2024311160267267N/A
6/30/2024312161265265N/A
3/31/2024309161262262N/A
12/31/2023310163256256N/A
9/30/2023301163245245N/A
6/30/2023294159239239N/A
3/31/2023288158239239N/A
12/31/2022276152234234N/A
9/30/2022265139227227N/A
6/30/2022248132221221N/A
3/31/2022226121206206N/A
12/31/2021205112189189N/A
9/30/2021183105175175N/A
6/30/202116394157157N/A
3/31/202113978134134N/A
12/31/202011764111111N/A
9/30/202097529696N/A
6/30/202075407373N/A
3/31/202059306060N/A
12/31/20194522N/A45N/A
9/30/20193215N/A31N/A
6/30/20192410N/A27N/A
3/31/2019198N/A19N/A
12/31/2018155N/A16N/A
9/30/2018123N/A13N/A
6/30/2018102N/A7N/A
3/31/201881N/A6N/A
12/31/201760N/A5N/A
9/30/20175-8N/A4N/A
12/31/20160-8N/A3N/A
12/31/201565N/AN/AN/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: IIPR's forecast earnings growth (10.6% per year) is above the savings rate (3.5%).

Earnings vs Market: IIPR's earnings (10.6% per year) are forecast to grow slower than the US market (17.1% per year).

High Growth Earnings: IIPR's earnings are forecast to grow, but not significantly.

Revenue vs Market: IIPR's revenue (2.8% per year) is forecast to grow slower than the US market (11.9% per year).

High Growth Revenue: IIPR's revenue (2.8% per year) is forecast to grow slower 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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/09 04:10
End of Day Share Price 2026/06/09 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Innovative Industrial Properties, Inc. is covered by 9 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Aaron GreyAlliance Global Partners
William CatherwoodBTIG
Michael GormanBTIG