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Innovative Industrial Properties (IIPR) USD

At a glance: strengths & risks
✓Cheaper than own history (EV/EBITDA 6.9 vs avg 9.5)✗Revenue declining (-14%)✗Profit falling (-27%)✗Margins compressing (78%→75%)

Sector: Cannabis REIT

Geography: United States

COMM_IIPR

Price chart

57.53 USDDay -0.33%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
57.53 USD · -0.33%
Market cap
1.6 bn USD

Growth

Δ revenue y/y
0.7%
Δ EBITDA y/y
49.3%

Multiples

P/E (LTM)
11.7x
3y avg: 13.5x
P/B (FY)
0.9x
P/E (ann.)
9.2x
EV/EBITDA (LTM)
6.9x
3y avg: 9.5x
EV/EBITDA (ann.)
5.4x

Cash return

Dividend yield
13.2%
FCF yield (LTM)
31.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+26.3%
↓ details

Liquidity

Daily turnover (listing)
14 mln USD

Shares: yahoo_fundamentals_timeseries/IIPR

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK63.3
y/y 0.7%
41.4
y/y 43.4%
29.3
y/y 58.5%
70.8
y/y 49.3%
43.9
y/y 68.5%
44.9-78.12581.6
y/y 12.0%
1851.6
y/y -1.5%
9.4%-79.4Link
2026-03-31Q1 2026 (3M)OK69.0
y/y -3.8%
32.9
y/y -3.1%
18.6
y/y 1.0%
51.5
y/y -1.6%
32.8
y/y 5.6%
56.0-2.92394.0
y/y 1.8%
1894.5
y/y -1.4%
7.0%-14.1Link
2025-12-31Q4 2025 (3M)OK66.7
y/y -13.1%
31.8
y/y -24.2%
18.5
y/y 1.6%
50.4
y/y -16.4%
31.8
y/y -20.4%
49.911.92370.9
y/y -0.3%
1848.0
y/y -4.5%
6.4%346.1Link
2025-09-30Q3 2025 (3M)OK64.7
y/y -15.5%
29.4
y/y -29.9%
18.6
y/y 3.9%
48.1
y/y -19.8%
29.3
y/y -27.1%
45.6-4.42337.9
y/y -2.4%
1863.3
y/y -4.3%
2.1%8.1Link
2025-06-30Q2 2025 (3M)OK62.9
y/y -21.2%
28.9
y/y -31.8%
18.5
y/y 5.9%
47.4
y/y -20.8%
26.0
y/y -38.0%
48.4-7.52305.1
y/y -3.3%
1880.4
y/y -3.4%
5.5%186.3Link
2025-03-31Q1 2025 (3M)OK71.7
y/y -4.9%
34.0
y/y -19.2%
18.4
y/y 7.2%
52.4
y/y -11.5%
31.1
y/y -21.2%
54.2-7.92352.6
y/y -2.0%
1922.2
y/y -1.7%
6.4%157.9Link
2024-12-31Q4 2024 (3M)OK76.7
y/y -3.0%
42.0
y/y -4.4%
18.2
y/y 6.7%
60.2
y/y -1.3%
40.0
y/y -3.9%
57.840.02378.0
y/y -0.5%
1936.1
y/y -0.9%
8.3%-151.2Link
2024-09-30Q3 2024 (3M)OK76.5
y/y -1.7%
42.0
y/y -4.3%
17.9
y/y 7.6%
59.9
y/y -1.0%
40.2
y/y -3.3%
64.9-8.72395.3
y/y 0.2%
1946.5
y/y -0.1%
2.8%127.6Link
2024-06-30Q2 2024 (3M)OK79.8
y/y 4.4%
42.3
y/y -2.5%
17.5
y/y 4.6%
59.8
y/y -0.5%
42.0
y/y 1.8%
64.2-33.52384.2
y/y -0.5%
1947.2
y/y -0.3%
8.6%139.1Link
2024-03-31Q1 2024 (3M)OK75.5
y/y -0.8%
42.0
y/y -3.1%
17.1
y/y 2.6%
59.2
y/y -1.5%
39.4
y/y -4.0%
71.6-16.52399.5
y/y -0.6%
1955.4
y/y -0.1%
8.1%126.5Link
2023-12-31Q4 2023 (3M)OK79.2
y/y —
44.0
y/y —
17.1
y/y —
61.1
y/y —
41.6
y/y —
66.191.32391.1
y/y —
1953.0
y/y —
8.5%142.2Link
2023-09-30Q3 2023 (3M)OK77.8
y/y —
43.8
y/y —
16.7
y/y —
60.5
y/y —
41.6
y/y —
63.1-18.02389.4
y/y —
1948.7
y/y —
2.8%145.5Link
2023-06-30Q2 2023 (3M)OK76.5
y/y —
43.4
y/y —
16.7
y/y —
60.1
y/y —
41.3
y/y —
61.8-45.42396.3
y/y —
1953.2
y/y —
8.4%139.1Link
2023-03-31Q1 2023 (3M)OK76.1
y/y —
43.4
y/y —
16.7
y/y —
60.1
y/y —
41.1
y/y —
64.6-62.72413.2
y/y —
1958.1
y/y —
—102.8Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Long-term debt (incl. LT leases)75
− Cash & equivalents89
Net debt-14

Net debt / LTM EBITDA: -0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0204060802024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-40%-20%0%20%40%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-100-500502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-200-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.60x of reported net profit; after capex, 1.48x.
year20212022202320242025
cash flow / profit1.66x1.52x1.54x1.60x1.68x
accruals, % of assets-3.6%-3.3%-3.8%-4.1%-3.4%
Last twelve months (to 2025-Q3): 1.43x of profit came back as operating cash flow.
net debt / EBITDA 1.8x · EBIT covers interest 6.1x · capex 0.2x of depreciation · dividends 145% of free cash flow · share count +2.0% a year
● Dividends were 145% of the free cash flow earned over the window.
Real estate: profit carries investment-property revaluations and, for developers, buyer money that sits in escrow until handover - neither passes through operating cash flow, so profit above cash is structural here. Judge the leverage against escrow coverage and against the rent roll, not against this ratio.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Key-commodity price — Cannabis Spot Index

Current 1 050spot vs LTM -2%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +26.3% ▲ +0.4 pp 1d

Main driver: Cannabis Spot Index -2% vs LTM; revenue ×0.98 vs costs ×1.04; EBITDA 221→213; at 9.2× EV/EBITDA → +26%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Cannabis Spot Index (rev)+100%1 050.001 074.211 055.41-2%-2%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue264
LTM EBITDA221
LTM cash costs (revenue − EBITDA)43
2 · Revenue projection
Revenue multiplier — spot×0.977 (-2%)
= Spot revenue258
Revenue multiplier — 3y price×0.983 (-2%)
= 3-year-price revenue259
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs45
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs45
4 · EBITDA projection (revenue − costs)
= Spot EBITDA213
= 3-year-price EBITDA214
Conservative EBITDA = min(spot, avg)213
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)9.2x
Target EV = EV/EBITDA × conservative EBITDA1 949
Net debt-79
Target market cap = EV − net debt2 029
Current market cap1 606

Upside = target market cap ÷ current − 1 = +26.3%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q37872+8.1%6158+5.0%
2023 Q47980-1.6%6165-6.3%
2024 Q17578-3.7%5961-2.9%
2024 Q28076+4.3%6059+1.3%
2024 Q37775+1.5%6057+5.1%
2024 Q47773+4.9%6055+9.5%
2025 Q17273-1.8%5255-5.3%
2025 Q26377-18.6%4759-19.3%
2025 Q36581-20.0%4863-24.3%
2025 Q46777-13.2%5059-15.2%
2026 Q16967+3.5%5149+4.5%
2026 Q26364-1.7%7147+49.0%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -14% vs -0% the year before — a -13.5 pp move. 3-year CAGR -1%.
revenue growth by year: 2023 +12% · 2024 -0% · 2025 -14%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 7.9x · target 75th pct (3y) 9.2x · LTM avg 12.0x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-301.9 USDEx-dividend: 1.9 USD per sharePaidYahoo Finance (ex-div)
2026-03-311.9 USDEx-dividend: 1.9 USD per sharePaidYahoo Finance (ex-div)
2025-12-311.9 USDEx-dividend: 1.9 USD per sharePaidYahoo Finance (ex-div)
2025-09-301.9 USDEx-dividend: 1.9 USD per sharePaidYahoo Finance (ex-div)
2025-06-301.9 USDEx-dividend: 1.9 USD per sharePaidYahoo Finance (ex-div)
2025-03-311.9 USDEx-dividend: 1.9 USD per sharePaidYahoo Finance (ex-div)
2024-12-311.9 USDEx-dividend: 1.9 USD per sharePaidYahoo Finance (ex-div)
2024-09-301.9 USDEx-dividend: 1.9 USD per sharePaidYahoo Finance (ex-div)
2024-06-281.9 USDEx-dividend: 1.9 USD per sharePaidYahoo Finance (ex-div)
2024-03-271.82 USDEx-dividend: 1.82 USD per sharePaidYahoo Finance (ex-div)
2023-12-281.82 USDEx-dividend: 1.82 USD per sharePaidYahoo Finance (ex-div)
2023-09-281.8 USDEx-dividend: 1.8 USD per sharePaidYahoo Finance (ex-div)
2023-06-291.8 USDEx-dividend: 1.8 USD per sharePaidYahoo Finance (ex-div)
2023-03-301.8 USDEx-dividend: 1.8 USD per sharePaidYahoo Finance (ex-div)
2022-12-291.8 USDEx-dividend: 1.8 USD per sharePaidYahoo Finance (ex-div)
2022-09-291.8 USDEx-dividend: 1.8 USD per sharePaidYahoo Finance (ex-div)
2022-06-291.75 USDEx-dividend: 1.75 USD per sharePaidYahoo Finance (ex-div)
2022-03-301.75 USDEx-dividend: 1.75 USD per sharePaidYahoo Finance (ex-div)
2021-12-301.5 USDEx-dividend: 1.5 USD per sharePaidYahoo Finance (ex-div)
2021-09-291.5 USDEx-dividend: 1.5 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Innovative Industrial Properties (IIPR) — from primary filings.

Innovative Industrial Properties, Inc. is a real estate investment trust that acquires, owns, and manages specialized industrial properties, primarily for the regulated cannabis industry, as well as life science real estate.

Frequently asked questions

What is Innovative Industrial Properties (IIPR)'s P/E ratio?
Innovative Industrial Properties (IIPR) trades at a P/E of 11.7x (price to trailing 12-month earnings).
What is Innovative Industrial Properties (IIPR)'s EV/EBITDA?
Innovative Industrial Properties (IIPR) trades at 6.9x EV/EBITDA.
What is Innovative Industrial Properties (IIPR)'s P/B ratio?
Innovative Industrial Properties (IIPR) trades at a P/B of 0.9x.
What is Innovative Industrial Properties (IIPR)'s dividend yield?
Innovative Industrial Properties (IIPR)'s trailing 12-month dividend yield is 13.2%.
What is Innovative Industrial Properties (IIPR)'s return on equity (ROE)?
Innovative Industrial Properties (IIPR)'s ROE is 9.4%.
What is Innovative Industrial Properties (IIPR)'s market capitalization?
Innovative Industrial Properties (IIPR)'s market cap is 1.6 bn USD.

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