profit from every $100 of sales.
$0$100
Innovative Industrial Properties
$54.74-0.58% today
+5.3% in 1 year
1-year low $44.581-year high $64.67
Trading in the middle of its range for the past year.
The essentials
Four questions every investor asks, answered in one line each.
more sales each year, on average, 2022 to 2025.
0%20% a year
You pay $12.76 for every $1 of profit it makes in a year.
CheapExpensive
of earnings would pay off all its debt.
No debt5 years
Money in, money out
What Innovative Industrial Properties sold, what it kept, and what it did with the cash.
Sales went from $276 million in 2022 to $266 million in 2025, with $118 million of profit last year.
SalesProfit
Innovative Industrial Properties handed back more cash to shareholders than it generated last year.
$220M
Free cash flow 2025$198M
Bought back its own shares$20M
Paid as dividends$220M
Cash vs. debt$48M vs. $393M
Innovative Industrial Properties vs. similar companies
Innovative Industrial Properties grows the slowest of these 5 and is the cheapest for its profits.
| Company | Profit from $100 of sales | Sales growth a year | Price per $1 of profit |
|---|---|---|---|
| Innovative Industrial Properties | 12.8× · Cheap | ||
 Prologis | 38.0× · Expensive | ||
 Public Storage | 35.2× · Expensive | ||
 Extra Space Storage | 35.7× · Expensive | ||
 SEGRO | 22.6× · Fair price |
AI analysis
An AI analyst reads Innovative Industrial Properties's last five years, its segments, earnings, insiders and peers, and writes the bull case, the bear case and what the price expects.
Run the AI analysisFull statementsIncome, balance sheet and cash flow, year by year
Income statement
| In millions of USD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 276 | 310 | 309 | 266 | |
| 266 | 285 | 280 | 236 | |
| 166 | 175 | 172 | 128 | |
| 233 | 249 | 249 | 211 | |
| 154 | 166 | 162 | 118 | |
| 5.52 | 5.77 | 5.52 | 3.93 | |
| 96.2% | 92.0% | 90.8% | 88.7% | |
| 60.1% | 56.4% | 55.7% | 48.1% | |
| 55.9% | 53.5% | 52.4% | 44.5% |
Balance sheet
| In millions of USD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total assets | 2,415 | 2,391 | 2,378 | 2,371 |
| Cash | 87 | 140 | 146 | 48 |
| Total debt | 301 | 301 | 298 | 393 |
| Total liabilities | 453 | 438 | 442 | 523 |
| 1,962 | 1,953 | 1,936 | 1,848 | |
| 28 | 28 | 29 | 28 | |
| 6.0% | 6.4% | 6.3% | 4.8% | |
| 7.9% | 8.5% | 8.3% | 6.4% |
Cash flow
| In millions of USD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 234 | 256 | 258 | 198 | |
| – | – | – | – | |
| 234 | 256 | 258 | 198 | |
| Dividends paid | 185 | 204 | 214 | 220 |
| – | 0 | 0 | 20 | |
| 18 | 20 | 17 | 10 |
Valuation
- 12.8×
- 12.7×
- –
- 0.8×
- 5.7×
- 7.6×
- 8.8×
- 13.1%
- 7.8%
- 13.5%
Profitability
- 88.7%
- 48.1%
- 44.5%
- 82.2%
- 129.1%
- 6.5%
- 6.4%
- 5.0%
- 6.1%
- –
Growth
- −1.3%
- −10.7%
- −32.4%
- +11.2%
- +4.0%
Financial health
- 1.3×
- 0.19
- 15.3%
- 5.6×
- 0.24
- 0.24
- 0.11
How it ranks in Real Estate
Each dot is where the company stands among every company over $300M in the sector. Further right is better.
Top 1%of 746
Top 41%of 752
Top 38%of 666
Bottom 16%of 762
Top 14%of 763
What analysts expect
- Average price target
- $44.00
- Range
- $44.00 – $44.00
These targets were collected on May 20, 2026 and our analyst feed has not updated since, so we no longer compare them with today's price.
Recent earnings
Our results feed has not updated since May 21, 2026. Results reported after that are not in this table yet.
| Date | EPS | Expected | Surprise |
|---|---|---|---|
| May 4, 2026 | 1.88 | 1.07 | +75.7% |
| Feb 23, 2026 | 1.88 | 1.05 | +79.0% |
| Nov 3, 2025 | 1.71 | 1.71 | +0.0% |
| Aug 6, 2025 | 1.71 | 1.61 | +6.2% |
| May 7, 2025 | 1.94 | 1.99 | −2.5% |
| Feb 19, 2025 | 2.22 | 2.22 | +0.0% |
| Nov 6, 2024 | 2.25 | 2.29 | −1.7% |
| Aug 5, 2024 | 2.29 | 2.23 | +2.7% |
13.5%of the share price, paid each year
On $1,000 invested$135a year at today's yield, before tax
+11.2%2020 to 2025
Raised8 yearsin a row, in our data
Paid per share, each year
$0.55 in 2017 → $7.60 in 2025
How safe it looks
185.6% of its profit
Room to growStretchedMore than it earns: 110.8%
News
First Trust Indxx Innovative Transaction & Process ETF declares $0.1762 dividendSeeking Alpha · Sep 24, 2026Innovative Industrial Properties (IIPR) Stock Sinks As Market Gains: Here's WhyYahoo Finance · Sep 18, 2026Innovative Industrial Properties (IIPR) Laps the Stock Market: Here's WhyYahoo Finance · Sep 11, 2026Innovative Eyewear to roll out Lucyd Armor in 150 plus U.S. storesSeeking Alpha · Aug 24, 2026The newest story we have is from Sep 24, 2026.
Insider trades
Our insider feed has not updated since May 26, 2026. Trades filed after that are not listed yet.
No insider trades on file.
The seven classic investing rulebooks
1/7Passes 1 of 7. Each bar is how well the company fits that investor's published rules, from 0 to 100; 60 or more counts as a pass.
Warren Buffett
52No pass
Benjamin Graham
27No pass
Philip Fisher
45No pass
Peter Lynch
23No pass
Joel Greenblatt
67Pass
Charlie Munger
55No pass
Terry Smith
57No pass
Questions about Innovative Industrial Properties
Is Innovative Industrial Properties a good stock to buy?
A strong, very profitable business, and the price looks low. 1 of the 7 famous investors' published rulebooks we apply pass it. Whether it suits you depends on your goals and the price you pay; invest-like never tells anyone to buy or sell. The AI analysis lays out the case for and against. Read the Innovative Industrial Properties AI analysis
What does Innovative Industrial Properties do?
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. It is in REIT - Industrial.
Does Innovative Industrial Properties pay a dividend?
Yes. At today's price the dividend is 13.5% a year, about 186% of its yearly profit. In 2025 it paid out $220 million in dividends.
Is Innovative Industrial Properties stock halal?
Yes. Innovative Industrial Properties passes our halal screen: its business is permitted and its debt is 26% of its market value, under the 30% limit. How we check
How has Innovative Industrial Properties stock done over the past year?
Up 5.3% over the past twelve months, to $54.74. It traded between $44.58 and $64.67 and is 15.4% below its high.
Who are Innovative Industrial Properties's competitors?
The largest listed companies in the same industry are Prologis, Public Storage, Extra Space Storage and SEGRO. The peers table on this page compares their profit, growth and price with Innovative Industrial Properties's.
Prices: daily closes to Nov 11, 2026. Fundamentals: company reports via invest-like data.