IIPR
Innovative Industrial Properties, Inc.
IIPR's fundamentals are mixed, but it looks cheap: trading at 12x earnings, below its usual 19x. Analysts expect earnings to hold roughly steady.
IIPR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
IIPR's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like IIPR.
IIPR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 12x | $54.93 | +4.3% |
| Current | 12x | $52.66 | — |
| Forward | 13x | $52.66 | — |
| Fair | 19x | $83.47 | +59% |
| Expensive | 51x | $228 | +333% |
Historical ranges are pointers, not guarantees.
IIPR's PE is in its cheap range at 12x. On analysts' estimates for next year's earnings, today's price would be 13x.
IIPR Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Stable | |
| Decline | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect IIPR's profitability to improve, but its revenue to decline.
IIPR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.00 | -9.9% |
| Q3 2026 | $4.44 | +5.5% |
| Q2 2026 | $4.42 | -4.1% |
| Q1 2026 | $3.92 | -24% |
| Q4 2025 | $3.93 | -29% |
| Q3 2025 | $4.21 | -25% |
| Q2 2025 | $4.61 | -19% |
| Q1 2025 | $5.19 | -8.9% |
| Q4 2024 | $5.52 | -4.3% |
IIPR earned $4.44 per share over the past year, up 5.5% from the year before.
IIPR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $64.9M | +0.4% |
| Q2 2026 | $63.3M | +0.7% |
| Q1 2026 | $69M | -3.8% |
| Q4 2025 | $66.7M | -13% |
| Q3 2025 | $64.7M | -15% |
| Q2 2025 | $62.9M | -21% |
| Q1 2025 | $71.7M | -4.9% |
| Q4 2024 | $76.7M | -3% |
IIPR's revenue has slid since its 2024 peak: $65M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 45% | -0.2 points |
| Q2 2026 | 65% | +20 points |
| Q1 2026 | 48% | +0.3 points |
| Q4 2025 | 48% | -7 points |
| Q3 2025 | 45% | -9.4 points |
| Q2 2025 | 46% | -7.1 points |
| Q1 2025 | 47% | -8.4 points |
| Q4 2024 | 55% | -0.8 points |
IIPR's operating margin was 45% last quarter, about level with the same quarter a year ago, near the bottom of its range since 2019.
IIPR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $49.5M | +8.5% |
| Q2 2026 | $44.9M | -7.3% |
| Q1 2026 | $56M | +3.3% |
| Q4 2025 | $49.9M | -14% |
| Q3 2025 | $45.6M | -30% |
| Q2 2025 | $48.4M | -25% |
| Q1 2025 | $54.2M | -24% |
| Q4 2024 | $57.8M | -13% |
IIPR's free cash flow was $200M over the past year, down 2.8% from the year before. Free cash flow isn't a meaningful measure for real estate companies like IIPR.
IIPR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -6.8% | -2M shares |
| 1 year | -1.2% | -342K shares |
| 3 years | -1.1% | -304K shares |
| 5 years | +6.5% | +1.7M shares |
| Available history | +132% | +15.9M shares |
IIPR has 28M diluted shares, down 1.2% from a year ago, with $89M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $89M |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $19.8M |
| Q1 2025 | $290,000 |
IIPR spent $89M buying back its own shares over the past year.
IIPR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.6x | Moderate |
| Q2 2026 | 1.9x | Healthy |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 1.8x | Healthy |
| Q3 2025 | 1.5x | Healthy |
| Q2 2025 | 0.9x | Very low |
| Q1 2025 | 0.7x | Very low |
| Q4 2024 | 0.6x | Very low |
IIPR's net debt is about 2.6 years of its operating earnings (EBITDA), up from 1.5 years a year ago. Net leverage isn't a meaningful measure for real estate companies like IIPR.
IIPR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.1 | Neutral |
| Stochastic | 34.0 | Neutral |
IIPR's weekly RSI is 44 (neutral) and its Stochastic is 34 (neutral).
IIPR PE vs Real Estate Sector
| Metric | IIPR | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 24x | 50% below |
| PE % | 11 | 23 | 12 pts below |
IIPR is trading at 12x earnings, a 50% discount to the Real Estate sector's median of 24x.
IIPR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $53.0 | 0.6% below |
| 20 week MA | $56.7 | 7.1% below |
| 50 week MA | $54.6 | 3.5% below |
| 100 week MA | $56.5 | 6.8% below |
| 200 week MA | $75.5 | 30% below |
IIPR is in a downtrend: it's below all five of its weekly moving averages, and 30% below its 200-week average.
IIPR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $75.3 | $188.4 | +150% |
| 2021 | $188.4 | $250.9 | +33% |
| 2022 | $250.9 | $103.3 | -59% |
| 2023 | $103.3 | $100.8 | -2.4% |
| 2024 | $100.8 | $68.1 | -32% |
| 2025 | $68.1 | $50.9 | -25% |
| 2026 YTD | $50.9 | $52.7 | +3.5% |
IIPR has finished four years in a row lower, and it's up 3.5% so far in 2026.