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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.

IIPR

$57.20

+$0.40 (+0.70%)

Sep 4, 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 Sep 4, 2026
Trading
Open
$56.40
Previous Close
$56.80
Day's Range
56.28–57.50
52-Week Range
44.58–65.38
Volume
333.20K
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.
1.40
Valuation
Market Cap
$1.58B
P/E Ratio
12.94
Forward P/EShare price divided by forecast earnings for the year ahead, rather than the year just past.
13.03
P/S ratioMarket value divided by annual revenue. Useful for companies that are not yet profitable, where a P/E cannot be calculated.
5.98
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
+16.46%
Dividend and dates
Dividend
$7.60+13.38%
Ex-Dividend Date
June 30, 2026
Earnings Date
November 2, 2026
Avg Volume
391.36K

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

IIPR Stock Return by Calendar Year

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

YearReturn
2026 (partial year)+29.36%
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 September 4, 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 18 stocks
MetricIIPRREIT - Industrial medianvs median
P/E12.9429.7957% below
P/S ratio5.988.4529% below
Profit margin52.27%27.67%24.6 pts above

Medians across 18 REIT - Industrial stocks that report the metric. Medians, not averages, so one outlier cannot move them. As of September 4, 2026.

Recent News

All 10 articles ↓

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

Analysis

Data-derived

Company Overview

Innovative Industrial Properties, Inc. (IIPR) is capitalised at $1.58B 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 $57.20, dated September 4, 2026. That is +$0.40 (+0.70%) against the previous close. Over the past 52 weeks the price has ranged from $44.58 to $65.38. The latest close sits 28.31% 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 24.6 percentage points above the REIT - Industrial median of 27.67%. 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 12.94. That is 56.56% below the REIT - Industrial median of 29.79. The forward P/E on file is 13.03. The price-to-sales ratio is 5.98. On price-to-sales that is 29.22% below the REIT - Industrial median of 8.45. The medians here are taken across 18 REIT - Industrial companies that report the metric.

The reported beta is 1.4. Annualized volatility over the trailing 9 years is 48.82%. The trailing one-year price return is +16.46%. Across 5 years the annualized return works out at −18.71%.

Growth & Income

Shareholders receive a dividend, yielding 13.38% on the latest price. That is 8.8 percentage points above the REIT - Industrial median yield of 4.61%. The indicated annual rate is $7.60 a share. The ex-dividend date on file is June 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 price is +29.36%.

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 $1.58B 12.9
Prologis, Inc. PLD $133.51B 30.6
Public Storage PSA $56.40B 28.8
Extra Space Storage Inc. EXR $30.73B 31.1

The REIT - Industrial industry average P/E ratio is 29.8x. Innovative Industrial Properties, Inc. trades at a P/E of 12.9.

Every figure above is read from this page's own data on each nightly rebuild. Informational only, not financial advice. As of September 4, 2026.

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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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