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Innovative Industrial Properties USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Cannabis REIT

Geography: United States

COMM_IIPR

Price chart

60.49 USDDay -2.07%

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
60.49 USD · -2.07%
Market cap
1.7 bn USD

Growth

Δ revenue y/y
-3.8%
Δ EBITDA y/y
-1.6%

Multiples

P/E (LTM)
14.1x
3y avg: 13.5x
P/B (FY)
0.9x
P/E (ann.)
12.9x
EV/EBITDA (LTM)
10.0x
3y avg: 9.9x
EV/EBITDA (ann.)
9.6x

Cash return

Dividend yield
12.6%
FCF yield (LTM)
6.4%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-23.7%
↓ details

Liquidity

Daily turnover (listing)
33.5 mln USD

Shares: yahoo_fundamentals_timeseries/IIPR

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 10 / Warn: 3 / Err: 3 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1✓OK
2023-06-30 Q2✗Errors 1
2023-09-30 Q3✗Errors 1
2023-12-31 FY✓OK
2023-12-31 Q4⚠Warn 1
2024-03-31 Q1✓OK
2024-06-30 Q2✓OK
2024-09-30 Q3✗Errors 1
2024-12-31 FY✓OK
2024-12-31 Q4✓OK
2025-03-31 Q1✓OK
2025-06-30 Q2✓OK
2025-09-30 Q3✓OK
2025-12-31 FY⚠Warn 1
2025-12-31 Q4✓OK
2026-03-31 Q1⚠Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

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
2026-03-31Q1 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%
56.0-0.32394.0
y/y 1.8%
1894.5
y/y -1.4%
7.0%277.1Link
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%
49.9-41.72370.9
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%
45.6-109.72337.9
y/y -2.4%
1863.3
y/y -4.3%
2.1%299.3Link
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%
48.4-5.82305.1
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%
54.2-17.22352.6
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%
57.8-56.02378.0
y/y -0.5%
1936.1
y/y -0.9%
8.3%148.8Link
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—2395.3
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%
64.2-44.42384.2
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%
71.6-14.42399.5
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 —
66.1-6.82391.1
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—2389.4
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—2396.3
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
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0204060802023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-30%-20%-10%0%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-100-500502023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

01002003004002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Key-commodity price — Cannabis Spot Index

Current 1 003spot vs LTM -5%

Commodity-player potential

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

Upside: -23.7%

Main driver: Cannabis Spot Index -5% vs LTM; revenue ×0.95 vs costs ×1.04; EBITDA 197→180; at 8.7× EV/EBITDA → -24%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Cannabis Spot Index (rev)+100%1 003.001 060.681 055.48-5%-0%

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

1 · Reported baseline (LTM)
LTM revenue264
LTM EBITDA197
LTM cash costs (revenue − EBITDA)67
2 · Revenue projection
Revenue multiplier — spot×0.946 (-5%)
= Spot revenue249
Revenue multiplier — 3y price×0.995 (-0%)
= 3-year-price revenue262
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs69
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs69
4 · EBITDA projection (revenue − costs)
= Spot EBITDA180
= 3-year-price EBITDA193
Conservative EBITDA = min(spot, avg)180
5 · Valuation → target market cap
Historical EV/projected-EBITDA (3-yr average)8.7x
Target EV = EV/EBITDA × conservative EBITDA1 566
Net debt277
Target market cap = EV − net debt1 289
Current market cap1 688

Upside = target market cap ÷ current − 1 = -23.7%

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 Q27673+4.8%6058+3.4%
2023 Q37872+8.3%6156+8.6%
2023 Q47980-1.6%6163-3.5%
2024 Q17578-3.6%5961-2.9%
2024 Q28076+4.4%6059+1.3%
2024 Q37775+1.6%6057+5.1%
2024 Q47773+5.3%6055+9.1%
2025 Q17273-1.9%5255-5.2%
2025 Q26377-18.7%4759-19.2%
2025 Q36581-20.1%4863-24.2%
2025 Q46777-12.9%5059-15.7%
2026 Q16967+3.4%5149+4.7%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 9.8x · target 3-yr avg 8.7x · LTM avg 10.3x

EV/EBITDA (LTM)EV/EBITDA (projected)target avg (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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)
2021-06-291.4 USDEx-dividend: 1.4 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)