IIPR

Innovative Industrial Properties Inc

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Advanced Chart

53.690

+0.04(0.075%)1D

Overview
Forecast
Valuation
Earnings

Line

Candle

YTD

High

53.690

Open

53.440

VWAP

53.53

Vol

151.53K

Mkt Cap

1.50B

Low

52.850

Amount

8.11M

EV/EBITDA(TTM)

7.04

Total Shares

28.33M

1.69B

EV/OCF(TTM)

7.02

P/S(TTM)

5.03

Innovative Industrial Properties, Inc. is an internally managed real estate investment trust (REIT). The Company is focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated cannabis facilities. It acquires its properties through sale-leaseback transactions and third-party purchases. The Company owns approximately 109 properties comprising an aggregate of 9.0 million rentable square feet (including 666,000 rentable square feet under development/redevelopment) in 19 states, including Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington. Its subsidiary is IIP Operating Partnership, LP (Operating Partnership).

Market Estimates

Earnings Estimates

Revenue

YoY Chg

EPS

YoYChg

FY2025Q4

FY2025Q3

FY2025Q2

64.55M

-15.89%

63.97M

-16.4%

64.36M

-19.34%

Estimates Revision

The market is revising Downward the revenue expectations for Innovative Industrial Properties, Inc. (IIPR) for FY2025, with the revenue forecasts being adjusted by -2.29% over the past three months. During the same period, the stock price has changed by -0.17%.

Revenue Estimates for FY2025

Revise Downward

-2.29%

In Past 3 Month

Stock Price

Go Down

-0.17%

In Past 3 Month

3 Analyst Rating

-5.94% Downside

Wall Street analysts forecast IIPR stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for IIPR is 50.50 USD with a low forecast of 45.00 USD and a high forecast of 56.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

0 Buy

2 Hold

1 Sell

Moderate Sell

-5.94% Downside

Current: 53.690

Low

45.00

Averages

50.50

High

56.00

-5.94% Downside

Current: 53.690

Low

45.00

Averages

50.50

High

56.00

Wolfe Research

Andrew Rosivach

Outperform

Peer Perform

downgrade

2025-07-02

Reason

Wolfe Research

Andrew Rosivach

Price Target

2025-07-02

downgrade

Outperform

Peer Perform

Reason

Wolfe Research analyst Andrew Rosivach downgraded Innovative Industrial Properties to Peer Perform from Outperform and removed the firm's price target on the shares. Wolfe says that recent share price outperformance places the stock near the midpoint of its sensitivity analysis, which the firm's prior price target was based upon, implying fair value given ongoing cannabis industry pressures. Overall, Wolfe finds the stock near its fair value given associated risks.

Piper Sandler

Alexander Goldfarb

Sell

Maintains

$55 → $45

2025-04-15

Reason

Piper Sandler

Alexander Goldfarb

Price Target

$55 → $45

2025-04-15

Maintains

Sell

Reason

Piper Sandler analyst Alexander Goldfarb lowered the firm's price target on Innovative Industrial Properties to $45 from $55 and keeps an Underweight rating on the shares. Ahead of Q1 2025 earnings, the firm is adjusting estimates for recent company announcements and assumption revisions. Piper says its Innovative Industrial Properties update reflects its best estimation for replacing the rents impacted by recent tenant credit issues.

Piper Sandler

Alexander Goldfarb

Sell

Maintains

$60 → $55

2025-03-31

Reason

Piper Sandler

Alexander Goldfarb

Price Target

$60 → $55

2025-03-31

Maintains

Sell

Reason

Piper Sandler analyst Alexander Goldfarb lowered the firm's price target on Innovative Industrial Properties to $55 from $60 and keeps an Underweight rating on the shares. The firm notes the company announced more tenant defaults post-close on Friday, which represents its effort to clear the deck of delinquencies as management's patience seems to now be gone. Overcapacity, illicit market, and cross state border sales remain issues, now exacerbated by the pending outsized industry debt maturities in 2026, which stems from 2021's ultra-low rates, Piper adds.

Compass Point

Merrill Ross

Hold

Strong Sell

Downgrades

$60 → $50

2025-03-31

Reason

Compass Point

Merrill Ross

Price Target

$60 → $50

2025-03-31

Downgrades

Hold

Strong Sell

Reason

Compass Point downgraded Innovative Industrial Properties to Sell from Neutral with a price target of $50, down from $61. The company reported in a regulatory filing that it declared certain tenants in default and declared a default on a mortgage loan to Medical Investor Holdings, the analyst tells investors in a research note. The firm says that unless the four tenants cure the defaults, Innovative's Q2 earnings will be impacted, but not by more than 2%. Compass thinks these tenants are not likely to cure their default, and that Innovative will resort to taking control of the properties with the intent of re-leasing them. It believes the process will be protracted and that regaining possession of the properties will be expensive.

Compass Point

Merrill Ross

Hold

Maintains

$78 → $60

2025-03-18

Reason

Compass Point

Merrill Ross

Price Target

$78 → $60

2025-03-18

Maintains

Hold

Reason

Citizens Capital Markets

Aaron Hecht

Hold

Reiterates

n/a

2025-03-17

Reason

Citizens Capital Markets

Aaron Hecht

Price Target

n/a

2025-03-17

Reiterates

Hold

Reason

See All Ratings

Valuation Metrics

The current forward P/E ratio for Innovative Industrial Properties Inc (IIPR.N) is 14.06, compared to its 5-year average forward P/E of 24.22. For a more detailed relative valuation and DCF analysis to assess Innovative Industrial Properties Inc 's fair value, click here.

Forward PE

The forward P/E ratio is a valuation metric that divides a company's current stock price by its estimated future earnings per share over the next 12 months.

Fair

5Y Average PE

24.22

Current PE

14.06

Overvalued PE

34.87

Undervalued PE

13.56

Forward EV/EBITDA

The forward EV/EBITDA ratio is a valuation metric that divides a company's enterprise value (EV) by its estimated future earnings before interest, taxes, depreciation, and amortization (EBITDA) over the next 12 months.

Undervalued

5Y Average EV/EBITDA

15.84

Current EV/EBITDA

8.51

Overvalued EV/EBITDA

22.21

Undervalued EV/EBITDA

9.47

Forward PS

The forward P/S ratio is a valuation metric that divides a company's current stock price by its estimated future sales (or revenue) per share over the next 12 months.

Undervalued

5Y Average PS

12.70

Current PS

5.82

Overvalued PS

18.69

Undervalued PS

6.71