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StockVS

NYSE · REIT - Industrial · USD

Innovative Industrial Properties, Inc. (IIPR) Stock Analysis

Innovative Industrial Properties, Inc. (IIPR) is a REIT - Industrial stock listed on NYSE and quoted in US Dollar.

Last Updated: October 21, 2026

IIPR

$52.58

−$0.19 (−0.36%)

Oct 21, 2026 · Market close

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Price History

Hover for the daily close. The dotted line marks the period open.

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IIPR Key Statistics

As of Oct 21, 2026
Trading
Open
$52.92
Previous Close
$52.77
Day's Range
52.32–53.04
52-Week Range
44.58–65.38
Volume
257.71K
BetaHow much the share price moves relative to the wider market. 1.0 moves in line with it; above 1.0 swings more, below 1.0 less.
1.42
Valuation
Market Cap
$1.45B
P/E Ratio
11.90
Forward P/EShare price divided by forecast earnings for the year ahead, rather than the year just past.
11.98
P/S ratioMarket value divided by annual revenue. Useful for companies that are not yet profitable, where a P/E cannot be calculated.
5.50
EPS (ttm)Profit attributable to each share over the last twelve months.
4.42
Financials (FY)
Revenue (FY)
$265.96M−13.80%
Net Income (FY)
$118.25M−26.85%
Profit marginThe share of revenue left as profit after all costs and taxes.
52.27%
Shares OutstandingThe total number of shares held by all investors. Market value is this figure multiplied by the share price.
27.57M
1-Year Return
+8.42%
Dividend and dates
Dividend
$7.60+14.40%
Ex-Dividend Date
September 30, 2026
Earnings Date
November 2, 2026
Avg Volume
361.53K

Only metrics the company reports are shown. Data provided by Yahoo Finance via yfinance. Updated daily.

Key facts

As of October 21, 2026, IIPR closed at $52.58, +8.42% over 1 year.

Innovative Industrial Properties, Inc. (IIPR) has a market capitalization of $1.45B.

In fiscal 2025, IIPR reported revenue of $265.96M.

IIPR Stock Return by Calendar Year

Innovative Industrial Properties, Inc. (IIPR) return since Dec 2016: what $10,000 became

1 year
$10,000 $10,842
+8.42%
5 years
$10,000 $3,184
−68.16%
Since Dec 2016
$10,000 $49,636
+396.36%

If you had invested $10,000 in Innovative Industrial Properties, Inc. (IIPR) at the close on December 1, 2016, the earliest close on record here, it would have been worth $49,636 at the close on October 21, 2026: +396.36% in total, +17.59% a year, with dividends reinvested, over a partial period shorter than 10 years. A historical calculation from closing prices adjusted for splits and dividends, before fees and taxes.

Calendar-year returns computed from daily closing prices. Partial years are shown muted and marked with an asterisk.

YearReturn
2026 (partial year)+18.91%
2025−18.40%
2024−28.55%
2023+8.78%
2022−59.02%
2021+47.49%
2020+151.33%
2019+72.52%
2018+45.02%
2017+82.30%
2016 (partial year)−5.01%

As of October 21, 2026.

IIPR Revenue and Earnings by Fiscal Year

FY ends December
Fiscal yearRevenueNet incomeNet margin
2025$265.96M$118.25M44.5%
2024$308.52M$161.66M52.4%
2023$309.51M$165.59M53.5%
2022$276.36M$154.39M55.9%
Fiscal yearRevenueGross profitOperating incomeNet incomeNet margin
2025$265.96M$235.78M$127.98M$118.25M44.5%
2024$308.52M$280.05M$171.79M$161.66M52.4%
2023$309.51M$284.61M$174.59M$165.59M53.5%
2022$276.36M$265.84M$166.02M$154.39M55.9%

Annual figures as reported, in the company's reporting currency. As of December 31, 2025.

IIPR Dividend History

$7.60+1.1% vs 2024

Dividends per share, 2025 · 4 payments

YearDividends per sharePaymentsChange
2026*$3.802—
2025$7.604+1.1%
2024$7.524+4.2%
2023$7.224+1.7%
YearDividends per sharePaymentsChange
2026 (partial year)$3.802—
2025$7.604+1.1%
2024$7.524+4.2%
2023$7.224+1.7%
2022$7.104+24.1%
2021$5.724+28.0%
2020$4.474+58.0%
2019$2.834+135.8%
2018$1.204+118.2%
2017$0.553—

Most recent payment: $1.90 per share, ex-dividend June 30, 2026. Per-share amounts summed by calendar year from ex-dividend dates. Partial years are shown muted and marked with an asterisk.

IIPR Valuation vs REIT - Industrial Median

Median of 15 stocks
MetricIIPRREIT - Industrial medianvs median
P/E11.9028.3658% below
P/S ratio5.508.4835% below
Profit margin52.27%28.05%24.2 pts above

Medians across 15 REIT - Industrial stocks that report the metric. Medians, not averages, so one outlier cannot move them. As of October 21, 2026.

Recent News

All 20 articles ↓

News provided by third-party sources. Not financial advice.

Analysis

Data-derived

Company Overview

Innovative Industrial Properties, Inc. (IIPR) is capitalised at $1.45B on the latest close. The company sits in the Real Estate sector, in the REIT - Industrial industry. Headcount on file is 24.

The most recent close on file for IIPR is $52.58, dated October 21, 2026. That is −$0.19 (−0.36%) against the previous close. Over the past 52 weeks the price has ranged from $44.58 to $65.38. The latest close sits 17.95% above that 52-week low.

Financial Health

In fiscal 2025, Innovative Industrial Properties, Inc. reported revenue of $265.96M. Against the prior fiscal year total of $308.52M, that is a change of −13.80%. Net income for the same year was $118.25M. That is −26.85% against the prior fiscal year. The reported profit margin is 52.27%. That is 24.2 percentage points above the REIT - Industrial median of 28.05%. Trailing earnings per share are 4.42.

Across the 4 fiscal years on file, revenue moves from $276.36M in 2022 to $265.96M in 2025. Of those 4 years, 4 report positive net income.

Valuation Assessment

IIPR trades at a trailing price-to-earnings ratio of 11.9. That is 58.04% below the REIT - Industrial median of 28.36. The forward P/E on file is 11.98. The price-to-sales ratio is 5.5. On price-to-sales that is 35.18% below the REIT - Industrial median of 8.48. The medians here are taken across 15 REIT - Industrial companies that report the metric.

The reported beta is 1.42. Annualized volatility over the trailing 9 years is 48.81%. The trailing one-year total return is +8.42%. Across 5 years the annualized return works out at −20.46%.

Growth & Income

Shareholders receive a dividend, yielding 14.4% on the latest price. That is 9.8 percentage points above the REIT - Industrial median yield of 4.58%. The indicated annual rate is $7.60 a share. The ex-dividend date on file is September 30, 2026. Dividends are recorded for 10 calendar years; 2026 shows 2 payments totalling $3.80 a share. The year before, 2025, totalled $7.60 a share.

The strongest complete calendar year on file is 2020 at +151.33%; the weakest is 2022 at −59.02%. Of the 9 complete calendar years on file, 6 finished higher. So far in 2026 the total return is +18.91%.

Peer Comparison

Innovative Industrial Properties, Inc. (IIPR) operates in the REIT - Industrial industry. Here is how it compares to its closest peers by market capitalization:

Company Ticker Market Cap P/E Ratio
Innovative Industrial Properties, Inc. IIPR $1.45B 11.9
Prologis, Inc. PLD $124.04B 28.4
Public Storage PSA $55.74B 28.5
Extra Space Storage Inc. EXR $30.87B 30.9

The REIT - Industrial industry average P/E ratio is 28.4x. Innovative Industrial Properties, Inc. trades at a P/E of 11.9.

Every figure above is read from this page's own data on each daily rebuild. Informational only, not financial advice. As of October 21, 2026.

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$30.87B

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$10.93B

 CUBE

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About Innovative Industrial Properties, Inc.

Innovative Industrial Properties, Inc. is an internally managed real estate investment trust focused on the acquisition, ownership and management of specialized industrial properties and financial investments in the life science industry. As of June 30, 2026, we owned 108 properties comprising an aggregate of approximately 8.4 million rentable square feet in 19 states. Innovative Industrial Properties, Inc. was established on June 15th 2016 and is incorporated in Maryland.

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