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Innovative Industrial Properties, Inc. logo

Innovative Industrial Properties, Inc.

IIPR

NYSEReal EstateREIT - Industrial

Open in GoAI

Previous close

$56.71

−$0.02 · -0.04%

Aug 21, 4:02 PM ET

Pre-market

$57.34

+$0.63 · +1.11%

Aug 24, 4:12 AM ET

IIPR company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Buy

Favorable setup — positive multi-factor alignment

Valuation

85

Deep Value

Momentum

61

Gaining

Sentiment

64

Bullish

Risk resilience

71

Moderate Risk

Full GoAI research

Thesis, catalysts, evidence, and risk analysis.

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AI-generated, informational only, and not investment advice.

Company profile

Industry
REIT - Industrial
Sector
Real Estate
Headquarters
US

Market position

Day range

Current $56.71

52-week range

Current $56.71

Open
$56.79
Previous close
$56.73
Volume
147.19K
Market cap
1.64B USD
50-day average
$60.5712
-6.37% below average
200-day average
$54.1546
+4.72% above average

Financials

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends103%81%59%38%Gross margin, FY2021: 97.83%Gross margin, FY2022: 96.19%Gross margin, FY2023: 91.96%Gross margin, FY2024: 90.77%Gross margin, FY2025: 88.65%Operating margin, FY2021: 66.18%Operating margin, FY2022: 61.38%Operating margin, FY2023: 56.41%Operating margin, FY2024: 54.57%Operating margin, FY2025: 46.67%Net margin, FY2021: 55.73%Net margin, FY2022: 55.86%Net margin, FY2023: 53.50%Net margin, FY2024: 52.40%Net margin, FY2025: 43.03%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 97.83%. Gross margin FY2022 96.19%. Gross margin FY2023 91.96%. Gross margin FY2024 90.77%. Gross margin FY2025 88.65%. Operating margin FY2021 66.18%. Operating margin FY2022 61.38%. Operating margin FY2023 56.41%. Operating margin FY2024 54.57%. Operating margin FY2025 46.67%. Net margin FY2021 55.73%. Net margin FY2022 55.86%. Net margin FY2023 53.50%. Net margin FY2024 52.40%. Net margin FY2025 43.03%.

Income trends

Revenue

265.96M USD-13.80%

Operating income

124.12M USD-26.27%

Net income

114.44M USD-29.21%
Income trends across reported periods329.06M USD250.85M USD172.64M USD94.44M USDRevenue, FY2021: 204.55M USDRevenue, FY2022: 276.36M USDRevenue, FY2023: 309.51M USDRevenue, FY2024: 308.52M USDRevenue, FY2025: 265.96M USDOperating income, FY2021: 135.37M USDOperating income, FY2022: 169.62M USDOperating income, FY2023: 174.59M USDOperating income, FY2024: 168.35M USDOperating income, FY2025: 124.12M USDNet income, FY2021: 113.99M USDNet income, FY2022: 154.39M USDNet income, FY2023: 165.59M USDNet income, FY2024: 161.66M USDNet income, FY2025: 114.44M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 204.55M USD. Revenue FY2022 276.36M USD. Revenue FY2023 309.51M USD. Revenue FY2024 308.52M USD. Revenue FY2025 265.96M USD. Operating income FY2021 135.37M USD. Operating income FY2022 169.62M USD. Operating income FY2023 174.59M USD. Operating income FY2024 168.35M USD. Operating income FY2025 124.12M USD. Net income FY2021 113.99M USD. Net income FY2022 154.39M USD. Net income FY2023 165.59M USD. Net income FY2024 161.66M USD. Net income FY2025 114.44M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue265.96M USD308.52M USD309.51M USD276.36M USD204.55M USD
Cost of goods sold30.18M USD28.47M USD24.89M USD10.52M USD4.44M USD
Gross profit235.78M USD280.05M USD284.61M USD265.84M USD200.11M USD
Selling, general, and administrative33.74M USD37.44M USD42.83M USD38.52M USD22.96M USD
Operating expenses111.66M USD111.7M USD110.03M USD96.22M USD64.74M USD
Interest income—10.99M USD7.08M USD3.2M USD397K USD
Interest expense20.2M USD16.26M USD16.1M USD18.3M USD18.09M USD
Depreciation and amortization74.07M USD70.81M USD67.19M USD61.3M USD41.78M USD
Operating income124.12M USD168.35M USD174.59M USD169.62M USD135.37M USD
Net income114.44M USD161.66M USD165.59M USD154.39M USD113.99M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
36%
4 beats, 7 misses, 0 met estimates
Average EPS surprise
+0.70%
11 comparable reports
Latest EPS result
1.36
Estimate 1.02 · Beat by 33.33%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates1.441.231.020.81Q1 '25BeatQ2 '25MissQ3 '25MissQ4 '25MissQ1 '26BeatQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 19, 2025: actual 1.38, estimate 1.36, surprise +1.47%, Beat. Q2 2025, reported May 7, 2025: actual 1.05, estimate 1.15, surprise -8.70%, Miss. Q3 2025, reported Aug 6, 2025: actual 0.87, estimate 0.913, surprise -4.71%, Miss. Q4 2025, reported Nov 3, 2025: actual 1.01, estimate 1.05, surprise -3.81%, Miss. Q1 2026, reported Feb 23, 2026: actual 1.07, estimate 1.05, surprise +1.90%, Beat. Q2 2026, reported May 4, 2026: actual 1.04, estimate 1.07, surprise -2.80%, Miss. Q3 2026, reported Aug 3, 2026: actual 1.36, estimate 1.02, surprise +33.33%, Beat. Q4 2026, reported Nov 2, 2026: actual —, estimate 0.98, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates79.81M72.75M65.68M58.62MQ1 '25BeatQ2 '25BeatQ3 '25MissQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26MissQ4 '26Estimate
Q1 2025, reported Feb 19, 2025: actual 76.74M USD, estimate 76.29M USD, surprise +0.60%, Beat. Q2 2025, reported May 7, 2025: actual 71.72M USD, estimate 71.66M USD, surprise +0.09%, Beat. Q3 2025, reported Aug 6, 2025: actual 62.89M USD, estimate 64.41M USD, surprise -2.35%, Miss. Q4 2025, reported Nov 3, 2025: actual 64.69M USD, estimate 63.67M USD, surprise +1.59%, Beat. Q1 2026, reported Feb 23, 2026: actual 66.66M USD, estimate 65.77M USD, surprise +1.35%, Beat. Q2 2026, reported May 4, 2026: actual 69M USD, estimate 65.65M USD, surprise +5.10%, Beat. Q3 2026, reported Aug 3, 2026: actual 63.32M USD, estimate 67.09M USD, surprise -5.63%, Miss. Q4 2026, reported Nov 2, 2026: actual —, estimate 61.69M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$84.67

49.30% upside
Past 12 months12-month forecast

Price history unavailable

High $150Average $84.67Low $44.00

Rating distribution

11 ratings
Strong buy00%
Buy436%
Hold655%
Sell19%
Strong sell00%

IIPR news

zacks.com

Down 12.9% in 4 Weeks, Here's Why You Should You Buy the Dip in Innovative Industrial Properties (IIPR)

The heavy selling pressure might have exhausted for Innovative Industrial Properties (IIPR) as it is technically in oversold territory now. In addition to this technical measure, strong agreement among Wall Street…

Read source
defenseworld.net

Comparing Innovative Industrial Properties (NYSE:IIPR) and Frasers Logistics & Commercial Trust (OTCMKTS:FRLOF)

Innovative Industrial Properties (NYSE: IIPR - Get Free Report) and Frasers Logistics and Commercial Trust (OTCMKTS:FRLOF - Get Free Report) are both real estate companies, but which is the better investment? We will…

Read source
forbes.com

4 Rare Discount Dividends Paying Up To 12.6%

We need to talk about four of the cheapest dividend payers on the planet. I'm talking about blue-light bargain valuations and, our favorite, serious high yields!

Read source
seekingalpha.com

1 REIT To Sell And 1 Better REIT To Buy

Not all REITs are equally attractive. Capital recycling is key to maximizing returns. I present an example of a REIT to sell and one to buy.

Read source
seekingalpha.com

Innovative Industrial Properties: I'm Still Bullish

Innovative Industrial Properties, Inc. remains a Buy, offering unique exposure to cannabis and life sciences with strong growth and a solid balance sheet. IIPR boasts a 12-year weighted avg. lease term, triple-net…

Read source
defenseworld.net

Innovative Industrial Properties Q2 Earnings Call Highlights

Innovative Industrial Properties (NYSE: IIPR) reported second-quarter revenue of $63.3 million and adjusted funds from operations of $53 million, or $1.83 per diluted share, as the cannabis-focused real estate investment…

Read source

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ETFs holding IIPR

Funds reporting this stock among their holdings, ordered by reported position size.

iShares Core S&P Small-Cap ETF logoiShares Core S&P Small-Cap ETFIJR
Market value
97.78M
Weight
0.09%
AUM
111.19B USD
Expense ratio
0.06%
Price / 1D
$147.31+0.64%
Vanguard Real Estate ETF logoVanguard Real Estate ETFVNQ
Market value
62.93M
Weight
0.09%
AUM
73.1B USD
Expense ratio
0.13%
Price / 1D
$98.50-0.10%
Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
53.82M
Weight
0.00%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$378.24+0.44%
iShares Russell 2000 ETF logoiShares Russell 2000 ETFIWM
Market value
42.25M
Weight
0.05%
AUM
81.62B USD
Expense ratio
0.19%
Price / 1D
$299.96+0.77%
Vanguard Morningstar Small-Cap ETF logoVanguard Morningstar Small-Cap ETFVB
Market value
38.92M
Weight
0.02%
AUM
183.4B USD
Expense ratio
0.03%
Price / 1D
$304.76+0.64%
Vanguard Morningstar Small-Cap Value ETF logoVanguard Morningstar Small-Cap Value ETFVBR
Market value
24.7M
Weight
0.04%
AUM
68.3B USD
Expense ratio
0.05%
Price / 1D
$249.18+0.68%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
19.53M
Weight
0.02%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$245.53+0.82%
Invesco KBW Premium Yield Equity REIT ETF logoInvesco KBW Premium Yield Equity REIT ETFKBWY
Market value
19.3M
Weight
6.14%
AUM
314.76M USD
Expense ratio
0.35%
Price / 1D
$18.28-0.19%

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