Is IIPR a good stock to buy right now?

Based on our 6-factor quantitative model, INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) receives a "Reduce" rating with a composite score of 43.7/100. It is ranked #2,457 out of 4,446 stocks. Key factor scores: Quality 59/100, Value 48/100, Momentum 35/100. The timing signal is "Neutral". This is quantitative analysis only — not investment advice.

What is the stock rating for IIPR?

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) has a "Reduce" rating and 2-star score. The composite score of 43.7 ranks it #2,457 among 4,446 U.S. stocks. Ratings are updated weekly using academically-proven factor models.

What sector is IIPR in?

INNOVATIVE INDUSTRIAL PROPERTIES INC operates in the Real Estate sector (Real Estate industry) with a market cap of $1.39 billion. It is classified as a small-cap stock.

Does IIPR pay a dividend?

Yes, IIPR pays a dividend with a current yield of 14.18%. For every $1,000 invested, you would receive approximately $141.80 in annual dividend income.

What is IIPR's P/E ratio?

IIPR has a trailing P/E ratio of 11.10x. The Real Estate sector average is 32.3x. This below-average P/E may indicate the stock is undervalued.

How profitable is IIPR?

IIPR's quality factor score is 59/100. Gross margin: 0.0%. ROE: 6.8% vs sector average 1.5%. Margins are moderate to low, reflecting competitive market dynamics.

How is IIPR valued compared to peers?

IIPR's value factor score is 48/100 (higher = cheaper). Key multiples: P/E 11.1x, EV/EBITDA 10.5x. Valuation is roughly in line with peers.

What is IIPR's debt level?

IIPR's debt-to-equity ratio is 25%. Sector average: 60%. Low leverage suggests conservative financial management.

IIPR has a beta of 0.77, meaning it is less volatile than the market. Stability score: 61/100.

Does IIPR have high short interest?

IIPR's short interest factor score is 3/100 (higher = less short selling). Elevated short interest may indicate bearish sentiment or short squeeze potential.

IIPR Stock Analysis: Top Small-Cap Reduce (Score 43.7/100) | Blank Capital Research

Data Series	1D	5D	1M	YTD	1Y	3Y	5Y	10Y
IIPR	+1.86%	+1.57%	-4.80%	+7.69%	+4.72%	-	-	-
Industry Proxy XLRE	+0.21%	+2.91%	-0.23%	+6.12%	+11.57%	-	-	-
U.S. Market SPY	-0.07%	+3.60%	+0.34%	-0.36%	+29.52%	-	-	-
Alpha vs Market	+1.92%	-2.03%	-5.13%	+8.05%	-24.80%	-	-	-
Alpha vs Sector	+1.65%	-1.33%	-4.56%	+1.56%	-6.85%	-	-	-

Metric	IIPR	Benchmark
P/E Ratio	11.1x	-66%
EV/EBITDA	10.5x	+21%
Price / Book	0.8x

Stock Entity	Score▼	Quality	Value	Momentum	P/E Ratio	ROE	Gross Margin	Net Margin	Rev Growth	D/E Ratio	Market Cap	Compare
JLL JONES LANG LASALLE INC	56	67	68	48	26.5x	7.1%	0.0%	2.2%	15.7%	134.0x	$14.3B	VS
GTY GETTY REALTY CORP /MD/	53	63	60	53	29.2x	6.3%	0.0%	31.6%	11.3%	93.0x	$1.9B	VS
UE Urban Edge Properties	52	59	62	48	27.3x	6.8%	85.0%	20.4%	12.8%	141.0x	$2.5B	VS
CURB Curbline Properties Corp.	51	59	46	53	189.6x	0.8%	100.0%	5.0%	63.4%	22.0x	$2.7B	VS
FPH Five Point Holdings, LLC	50	70	41	35	2.6x	5.9%	47.0%	265.2%	-73.7%	37.0x	$347M	VS
AXR AMREP CORP.	49	64	48	56	14.3x	7.0%	-	17.5%	22.4%	0.0x	$149M	VS
KW Kennedy-Wilson Holdings, Inc.	48	41	53	58	-	-6.4%	44.0%	-20.0%	-11.8%	321.0x	$1.5B	VS
TRC TEJON RANCH CO	46	55	34	54	319.5x	-0.7%	28.1%	-10.4%	110.4%	29.0x	$511M	VS
IIPR INNOVATIVE INDUSTRIAL PROPERTIES INC	44	59	48	35	11.1x	6.8%	0.0%	45.6%	-18.9%	25.0x	$1.4B
INTG INTERGROUP CORP	40	10	42	75	49.4x	-	-	-2.6%	16.3%	-170.0x	$78M	VS
STRS STRATUS PROPERTIES INC	37	10	55	67	20.5x	-4.5%	-24.1%	-67.8%	-41.5%	62.0x	$241M	VS

Key Ratio	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
Gross Margin %	0.0%	-	-	-	-	-	-0.0%	-0.0%	0.1%	0.0%
Operating Margin %	0.5%	0.5%	0.5%	0.6%	0.6%	0.7%	1.0%	1.0%	0.9%	1.0%
EBITDA Margin %	0.5%	0.5%	0.5%	0.6%	0.6%	0.7%	0.8%	0.7%	0.5%	0.1%
Net Margin %	0.5%	0.5%	0.5%	0.5%	0.6%	0.6%	0.6%	0.5%	0.4%	-0.0%
FCF Margin %	26.9%	-	-	-	-	-	-158.3%	-92.0%	-40.2%	-13.6%
ROE %	0.1%	0.0%	0.1%	0.1%	0.1%	0.1%	0.0%	0.0%	0.0%	-0.0%
ROA %	0.1%	0.0%	0.1%	0.1%	0.1%	0.1%	0.0%	0.0%	0.0%	-0.0%
ROIC %	4.9%	1.2%	6.9%	7.1%	6.8%	6.6%	6.0%	5.9%	4.6%	8.2%

Key Ratio

TTM

2025

2024

2023

2022

2021

2020

2019

2018

2017

Gross Margin %

0.0%

-0.0%

0.1%

0.0%

Operating Margin %

0.5%

0.6%

0.7%

1.0%

0.9%

1.0%

EBITDA Margin %

0.5%

0.6%

0.7%

0.8%

0.7%

0.5%

0.1%

Net Margin %

0.5%

0.6%

0.5%

0.4%

-0.0%

FCF Margin %

26.9%

-158.3%

-92.0%

-40.2%

-13.6%

ROE %

0.1%

0.0%

0.1%

0.0%

-0.0%

ROA %

0.1%

0.0%

0.1%

0.0%

-0.0%

ROIC %

4.9%

1.2%

6.9%

7.1%

6.8%

6.6%

6.0%

5.9%

4.6%

8.2%

Line Item	TTM	2024	2023	2022	2021	2020	2019	2018	2017
	$276M	$309M	$310M	$276M	$205M	$113M	$43M	$16M	$7M
	—	—	—	—	—	-$4M	-$1M	$2M	$151K
Gross Margin	0.0%	---	---	---	---	-3.5%	-3.4%	10.0%	2.3%
	—	—	—	—	—	$27M	$7M	$2M	$915K
Total Operating Expenses	—	$137M	$135M	$110M	$69M	—	—	—	—
	$134M	$168M	$175M	$170M	$135M	$117M	$45M	$15M	$6M
EBIT	$134M	$168M	$175M	$170M	$135M	$117M	$45M	$15M	$6M
EBITDA	$134M	$168M	$175M	$170M	$135M	$93M	$30M	$9M	$843K
Operating Margin	48.4%	54.6%	56.4%	61.4%	66.2%	103.5%	103.4%	90.0%	97.7%
EBITDA Margin	48.7%	54.6%	56.4%	61.4%	66.2%	82.4%	69.5%	52.7%	12.8%
	—	—	$17M	$18M	$18M	$7M	$6M	$0	$0
	—	$162M	$166M	$154M	$114M	—	—	—	—
	$127M	$162M	$166M	$154M	$114M	$66M	$23M	$7M	-$72K
Net Margin	45.6%	52.4%	53.5%	55.9%	55.7%	58.2%	54.3%	42.5%	-1.1%
	$0.99	$5.58	$5.82	$5.57	$4.69	$3.28	$2.06	$0.76	$-0.13
Diluted EPS	$0.99	$5.52	$5.77	$5.52	$4.55	$3.28	$2.06	$0.76	$-0.13
Weighted Avg Basic	—	28M	28M	27M	24M	—	—	—	—
Weighted Avg Diluted	—	29M	28M	28M	26M	—	—	—	—

Line Item

TTM

2024

2023

2022

2021

2020

2019

2018

2017

$276M

$309M

$310M

$276M

$205M

$113M

$43M

$16M

$7M

—

-$4M

-$1M

$2M

$151K

Gross Margin

0.0%

---

-3.5%

-3.4%

10.0%

2.3%

—

$27M

$7M

$2M

$915K

Total Operating Expenses

—

$137M

$135M

$110M

$69M

—

$134M

$168M

$175M

$170M

$135M

$117M

$45M

$15M

$6M

EBIT

$134M

$168M

$175M

$170M

$135M

$117M

$45M

$15M

$6M

EBITDA

$134M

$168M

$175M

$170M

$135M

$93M

$30M

$9M

$843K

Operating Margin

48.4%

54.6%

56.4%

61.4%

66.2%

103.5%

103.4%

90.0%

97.7%

EBITDA Margin

48.7%

54.6%

56.4%

61.4%

66.2%

82.4%

69.5%

52.7%

12.8%

—

$17M

$18M

$7M

$6M

—

$162M

$166M

$154M

$114M

—

$127M

$162M

$166M

$154M

$114M

$66M

$23M

$7M

-$72K

Net Margin

45.6%

52.4%

53.5%

55.9%

55.7%

58.2%

54.3%

42.5%

-1.1%

$0.99

$5.58

$5.82

$5.57

$4.69

$3.28

$2.06

$0.76

$-0.13

Diluted EPS

$0.99

$5.52

$5.77

$5.52

$4.55

$3.28

$2.06

$0.76

$-0.13

Weighted Avg Basic

—

28M

27M

24M

—

Weighted Avg Diluted

—

29M

28M

26M

—

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) Stock Analysis — April 2026 Rating, Price, and Forecast

Last updated: April 2026

Company Overview — What Does INNOVATIVE INDUSTRIAL PROPERTIES INC Do?

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017. INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) is classified as a small-cap stock in the Real Estate sector. The company is led by CEO Paul E. Smithers and employs approximately 20 people. With a market capitalization of $1.4B, IIPR is one of the notable companies in the Real Estate sector.

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) Stock Rating — Reduce (April 2026)

As of April 2026, INNOVATIVE INDUSTRIAL PROPERTIES INC receives a Reduce rating with a composite score of 43.7/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.IIPR ranks #2,457 out of 4,446 stocks in our coverage universe. Within the Real Estate sector, INNOVATIVE INDUSTRIAL PROPERTIES INC ranks #29 of 57 stocks, placing it in the lower half of its Real Estate peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

IIPR Stock Price and 52-Week Range

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) currently trades at $50.52. The stock gained $0.45 (0.9%) in the most recent trading session. The 52-week high for IIPR is $66.34, which means the stock is currently trading -23.8% from its annual peak. The 52-week low is $44.58, putting the stock 13.3% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.

Is IIPR Overvalued or Undervalued? — Valuation Analysis

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) carries a value factor score of 48/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 11.10x, compared to the Real Estate sector average of 32.31x — a discount of 66%. The price-to-book ratio stands at 0.75x, versus the sector average of 1.18x. The price-to-sales ratio is 5.10x, compared to 0.80x for the average Real Estate stock. On an enterprise value basis, IIPR trades at 10.47x EV/EBITDA, versus 8.62x for the sector.

Overall, IIPR's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.

INNOVATIVE INDUSTRIAL PROPERTIES INC Profitability — ROE, Margins, and Quality Score

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) earns a quality factor score of 59/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 6.8%, compared to the Real Estate sector average of 1.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 5.4% versus the sector average of 0.8%.

On a margin basis, INNOVATIVE INDUSTRIAL PROPERTIES INC reports gross margins of 0.0%, compared to 26.0% for the sector. The operating margin is 48.4% (sector: 3.7%). Net profit margin stands at 45.6%, versus 1.8% for the average Real Estate stock. Revenue growth is running at -18.9% on a trailing basis, compared to 6.1% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.

IIPR Debt, Balance Sheet, and Financial Health

INNOVATIVE INDUSTRIAL PROPERTIES INC has a debt-to-equity ratio of 25.0%, compared to the Real Estate sector average of 60.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 4.93x, indicating strong short-term liquidity. Total debt on the balance sheet is $340M. Cash and equivalents stand at $37M.

IIPR has a beta of 0.77, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for INNOVATIVE INDUSTRIAL PROPERTIES INC is 61/100, reflecting average volatility within the normal range for its sector.

INNOVATIVE INDUSTRIAL PROPERTIES INC Revenue and Earnings History — Quarterly Trend

In TTM 2026, INNOVATIVE INDUSTRIAL PROPERTIES INC reported revenue of $276M and earnings per share (EPS) of $0.99. Net income for the quarter was $127M. Gross margin was 0.0%. Operating income came in at $134M.

In Q3 2025, INNOVATIVE INDUSTRIAL PROPERTIES INC reported revenue of $65M and earnings per share (EPS) of $0.99. Net income for the quarter was $29M. Revenue grew -15.5% year-over-year compared to Q3 2024. Operating income came in at $29M.

In Q2 2025, INNOVATIVE INDUSTRIAL PROPERTIES INC reported revenue of $63M and earnings per share (EPS) of $0.87. Net income for the quarter was $26M. Revenue grew -21.2% year-over-year compared to Q2 2024. Operating income came in at $29M.

In Q1 2025, INNOVATIVE INDUSTRIAL PROPERTIES INC reported revenue of $72M and earnings per share (EPS) of $1.05. Net income for the quarter was $31M. Revenue grew -4.9% year-over-year compared to Q1 2024. Operating income came in at $34M.

Over the past 8 quarters, INNOVATIVE INDUSTRIAL PROPERTIES INC has demonstrated a growth trajectory, with revenue expanding from $75M to $276M. Investors analyzing IIPR stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

IIPR Dividend Yield and Income Analysis

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) currently pays a dividend yield of 14.2%. At this yield, a $10,000 investment in IIPR stock would generate approximately $$1418.00 in annual dividend income. With a net margin of 45.6%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.

IIPR Momentum and Technical Analysis Profile

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) has a momentum factor score of 35/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 37/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 3/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.

IIPR vs Competitors — Real Estate Sector Ranking and Peer Comparison

Within the Real Estate sector, INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) ranks #29 out of 57 stocks based on the Blank Capital composite score. This places IIPR in the lower half of all Real Estate stocks in our coverage universe. Key competitors and sector peers include Urban Edge Properties (UE) with a score of 51.9/100, Kennedy-Wilson Holdings, Inc. (KW) with a score of 48.0/100, AMREP CORP. (AXR) with a score of 49.0/100, GETTY REALTY CORP /MD/ (GTY) with a score of 53.1/100, and Curbline Properties Corp. (CURB) with a score of 50.5/100.

Comparing IIPR against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full IIPR vs S&P 500 (SPY) comparison to assess how INNOVATIVE INDUSTRIAL PROPERTIES INC stacks up against the broader market across all factor dimensions.

IIPR Next Earnings Date

No upcoming earnings date has been announced for INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy IIPR? — Investment Thesis Summary

The quantitative profile for INNOVATIVE INDUSTRIAL PROPERTIES INC suggests caution. Momentum is weak at 35/100, a headwind for near-term performance. Low volatility (stability score 61/100) reduces downside risk.

In summary, INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) earns a Reduce rating with a composite score of 43.7/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on IIPR stock.

Related Resources for IIPR Investors

Explore more research and tools: IIPR vs S&P 500 comparison, top Real Estate stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare IIPR head-to-head with peers: IIPR vs UE, IIPR vs KW, IIPR vs AXR.

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INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) Stock Analysis — April 2026 Rating, Price, and Forecast

Company Overview — What Does INNOVATIVE INDUSTRIAL PROPERTIES INC Do?

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) Stock Rating — Reduce (April 2026)

IIPR Stock Price and 52-Week Range

Is IIPR Overvalued or Undervalued? — Valuation Analysis

INNOVATIVE INDUSTRIAL PROPERTIES INC Profitability — ROE, Margins, and Quality Score

IIPR Debt, Balance Sheet, and Financial Health

INNOVATIVE INDUSTRIAL PROPERTIES INC Revenue and Earnings History — Quarterly Trend

IIPR Dividend Yield and Income Analysis

IIPR Momentum and Technical Analysis Profile

IIPR vs Competitors — Real Estate Sector Ranking and Peer Comparison

IIPR Next Earnings Date

Should You Buy IIPR? — Investment Thesis Summary

Related Resources for IIPR Investors

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Zacks Market Edge Highlights: Occidental Petroleum, Archer Daniels Midland, Innovative Industrial Properties, Magnolia Oil & Gas and Malibu Boats

Did IIPR’s New Dividends and Credit Facility Just Recast Innovative Industrial Properties’ Balance Sheet Story?

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