Innovative Industrial Properties, Inc. | REIT Profile

Symbol: IIPR
Exchange: NYSE
Preferred Stock: IIPR-A
Founded: 2016 (6 years)
HQ: San Diego, CA, United States
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Mid-Cap
REIT Sector: Specialty
Internally Managed REIT

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See IIPR on SEC.gov

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Overall Score: 7.4

See score breakdown | See trend

REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The overall score is out of ten points, with ten being the best score. Learn More


Innovative Industrial Properties, Inc. Company Logo

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Hightlights of Trading Day January 18, 2022


Open Price: $206.64
Closing Price: $205.87
Price Change: -4.01 (-1.911%)
Lowest Price: $202.37
Highest Price: $209.83

52-Week Low: $156.63
52-Week High: $286.37
52-Week Change: 13.90%

5 Day Price Change: -1.42%
1 Month Price Change: -12.51%
3 Month Price Change: -11.70%
6 Month Price Change: 1.63%
YTD Price Change: -20.17%
1 Year Price Change: 13.90%
2 Year Price Change: 172.14%
5 Year Price Change: 1,195.51%

Dividend of Trading Day January 18, 2022


Dividend Yield: 2.914%*
Annualized Dividend: $6*
Dividend Yield (TTM): 2.701%
Annualized Dividend (TTM): $5.6692
Ex-Dividend Date: 2021-12-30
Dividend Frequency: Quarterly

*The forward annualized dividend and dividend yield are based on the most recent dividend value paid by the REIT. The REIT may have already announced their next upcoming dividend value, which may be different from previously paid dividend value. It is recommended to check the REIT's website and dividend announcements for the latest information on upcoming dividends and changes. This graph does not include extraordinary dividend.

Funds From Operations (FFO)


Funds From Operations (FFO)

Key Stats of Trading Day January 18, 2022


Total Cash: $681,718,000
Current Debt: $95,992,000
Revenue: $182,701,000
Gross Profit: $182,701,000
Total Revenue: $182,701,000
Earnings Before Interest, Taxes & Depreciation Amortization (EBITDA): $158,067,000
Revenue Per Share: $8
Revenue Per Employee: N/A
Employee: 15
Debt to Equity Ratio (D/E): 1.39
Profit Margin: 0.57%
Enterprise Value (EV): $4,792,573,502
Enterprise Value to Revenue (EV/R): 26.23
Price to Sales (P/S): 27.60
Price to Book (P/B): 3.37
Price/Earnings-to-Growth (PEG) Ratio: 1.49
P/E Ratio: 49.85
P/E High: 60.84
P/E Low: 17.89
Forward P/E Ratio: N/A
Market Capitalization: $4,926,119,944
Beta: 1.78
Latest Volume: 222,144
Avg. Total Volume: 257,439
Avg. 10-Day Volume: 228,038
Avg. 30-Day Volume: 257,439
TTM EPS: 4.13
Shares Outstanding: 23,928,304
Float: N/A
50-Day Moving Avg.: $242.68
200-Day Moving Avg.: $238.47

Latest REIT Community Comments on #IIPR


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Occupancy Rate



Different REITs may report Occupancy levels in various forms/calculations. Some of the terms used to describe occupancy are Portfolio Occupancy, Weighted Average Occupancy, Ending Occupancy, Economic Occupancy, Leased Occupancy, Physical Occupancy, Pro Forma Occupancy, Same-Property Occupancy, Stabilized Portfolio Occupancy, Comparable Occupancy, Lease Rate, Percent Leased, among others. Some REITs interchange the words Occupancy and Leased while others use them to distinguish between data points. Some REITs also vary the use of the words over time through their earning reports. Therefore the information provided here is our best attempt at collecting data on occupancy/leased trends. However, it may not be accurate or comparable between different REITs.

REIT Simulation


Below is a simulation of how much money you would have made in dividends, and how much the shares would be worth had you purchased them 1 year ago for the amounts below.

With $1,000 USD With $500 USD With $250 USD With $100 USD With $50 USD
Initial investment @ $79.85 per share you would have been able to buy 12 shares of IIPR on 2021-01-19 costing $958.20 @ $79.85 per share you would have been able to buy 6 shares of IIPR on 2021-01-19 costing $479.10 @ $79.85 per share you would have been able to buy 3 shares of IIPR on 2021-01-19 costing $239.55 @ $79.85 per share you would have been able to buy 1 shares of IIPR on 2021-01-19 costing $79.85 @ $79.85 per share you would have been able to buy 0 shares of IIPR on 2021-01-19 costing $0.00
Current worth On 2022-01-18 these 12 shares would be worth $2,470.44 @ $205.87 On 2022-01-18 these 6 shares would be worth $1,235.22 @ $205.87 On 2022-01-18 these 3 shares would be worth $617.61 @ $205.87 On 2022-01-18 these 1 shares would be worth $205.87 @ $205.87 On 2022-01-18 these 0 shares would be worth $0.00 @ $205.87
Dividends earned $68.64 in dividends would have been earned since 2021-01-19 with 12 shares. $34 in dividends would have been earned since 2021-01-19 with 6 shares. $17.16 in dividends would have been earned since 2021-01-19 with 3 shares. $5.72 in dividends would have been earned since 2021-01-19 with 1 shares. $0.00 in dividends would have been earned since 2021-01-19 with 6 shares.
Net (gain / loss)* 1,580.88 USD 790.44 USD 395.22 USD 131.74 USD 0.00 USD
ROI** 164.98% 164.98% 164.98% 164.98% nan%

*Net (Gains/Loss): Includes the stock price (appreciate or depreciate ) + dividends earned during period held. Stock prices based on closing price for the date. **ROI: Is based on the Net (gain/loss) divided by the initial investment value. Note: Past performance is no guarantee of future results. This is a high-level simulation and does not account for many factors such as inflation and taxes so we cannot guarantee the accuracy of this simulation.

Dividend History


Below are the most recent cash dividends paid by IIPR. The percent difference from one dividend payment to the next has also been calculated for your convenience. Dividends flagged as [E] are extraordinary dividend payments.


Symbol Ex Date Cash Amount Change in Dividend Declaration Date Record Date Payment Date
IIPR 2021-12-30 1.500 --- 2021-12-15 2021-12-31 2022-01-14
IIPR 2021-09-29 1.500 7.14% 2021-09-15 2021-09-30 2021-10-15
IIPR 2021-06-29 1.400 6.06% 2021-06-15 2021-06-30 2021-07-15
IIPR 2021-03-30 1.320 6.45% 2021-03-15 2021-03-31 2021-04-15
IIPR 2020-12-30 1.240 5.98% 2020-12-14 2020-12-31 2021-01-15
IIPR 2020-09-29 1.170 10.38% 2020-09-15 2020-09-30 2020-10-15
IIPR 2020-06-29 1.060 6.00% 2020-06-15 2020-06-30 2020-07-15
IIPR 2020-03-30 1.000 --- 2020-03-13 2020-03-31 2020-04-15
IIPR 2019-12-30 1.000 28.21% 2019-12-10 2019-12-31 2020-01-15
IIPR 2019-09-27 0.780 30.00% 2019-09-13 2019-09-30 2019-10-15
IIPR 2019-06-27 0.600 33.33% 2019-06-14 2019-06-28 2019-07-15
IIPR 2019-03-28 0.450 28.57% 2019-03-12 2019-03-29 2019-04-15
IIPR 2018-12-28 0.350 --- 2018-12-14 2018-12-31 2019-01-15
IIPR 2018-09-27 0.350 40.00% 2018-09-14 2018-09-28 2018-10-15
IIPR 2018-06-28 0.250 --- 2018-06-15 2018-06-29 2018-07-16
IIPR 2018-03-28 0.250 --- 2018-03-15 2018-03-29 2018-04-16
IIPR 2017-12-28 0.250 66.67% 2017-12-15 2017-12-29 2018-01-16
IIPR 2017-09-28 0.150 --- 2017-09-15 2017-09-29 2017-10-13
IIPR 2017-06-28 0.150 --- 2017-05-30 2017-06-30 2017-07-14

Financial Statements Overview


The next Earnings Report for IIPR is 2022-02-23

Balance Sheet | Quarterly

See Annual Balance Sheet | See Quarterly Balance Sheet

Amounts in USD ($)

Balance Sheet 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Current Cash 681,718,000 805,666,000 661,456,000 745,281,000
Receivables 0 0 0 0
Inventory 0 0 0 0
Current Assets 681,718,000 805,666,000 661,456,000 745,281,000
Current Assets (Other) 0 0 0 0
Short Term Investments 0 0 0 0
Long-term Investments 1,420,367,000 1,285,182,000 1,136,474,000 1,022,800,000
Property, Plant & Equipment Net 1,400,882,000 1,276,859,000 1,133,530,000 1,020,044,000
Goodwill 0 0 0 0
Intangible Assets 0 0 0 0
Other Assets 18,674,000 7,457,000 2,022,000 1,776,000
Net Tangible Assets 1,497,122,000 1,501,158,000 1,503,609,000 1,510,963,000
Total Assets 2,102,085,000 2,090,848,000 1,797,930,000 1,768,081,000
Accounts Payable 0 0 0 0
Liabilities (Other) 63,082,000 63,861,000 66,074,000 0
Current Liabilities (Other) 95,992,000 80,633,000 76,022,000 105,359,000
Total Current Liabilities 95,992,000 80,633,000 76,022,000 242,052,000
Current Long-term Debt 0 0 0 136,693,000
Long-term Debt 431,880,000 431,187,000 137,218,000 0
Total Liabilities 590,954,000 575,681,000 280,312,000 243,109,000
Minority Interest 0 0 0 0
Common Stock 23,890,537 23,889,761 23,889,398 22,864,754
Retained Earnings -65,001,000 -58,774,000 -54,191,000 -48,120,000
Treasury Stock 0 0 0 0
Capital Surplus 0 0 0 0
Shareholder Equity 1,511,131,000 1,515,167,000 1,517,618,000 1,524,972,000

Income Statement | Quarterly

See Annual Income Statement | See Quarterly Income Statement

Amounts in USD ($)

Income Statement 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Total Revenue 53,856,000 48,867,000 42,885,000 37,093,000
Cost of Revenue 0 0 0 0
Gross Profit 53,856,000 48,867,000 42,885,000 37,093,000
Research and Development 0 0 0 0
Selling General and Admin 5,307,000 5,604,000 5,600,000 4,487,000
Operating Expense 17,563,000 15,927,000 15,209,000 14,232,000
Operating Income 36,293,000 32,940,000 27,676,000 22,861,000
Income Expense Net (Other) 0 0 0 0
EBIT 36,293,000 32,940,000 27,676,000 22,861,000
Interest Income 6,309,000 3,692,000 1,873,000 1,866,000
Pretax Income 30,094,000 29,339,000 25,927,000 21,333,000
Income Tax 0 0 0 0
Minority Interest 0 0 0 0
Net Income 29,756,000 29,001,000 25,589,000 20,486,000
Net Income Basic 29,756,000 29,001,000 25,589,000 20,486,000

Cash Flow | Quarterly

See Annual Cash Flow | See Quarterly Cash Flow

Amounts in USD ($)

Cash Flow 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Net Income 29,756,000 29,001,000 25,589,000 20,486,000
Depreciation 10,891,000 9,841,000 8,839,000 28,025,000
Changes in Receivables 0 0 0 0
Changes in Inventories 0 0 0 0
Cash Change 681,718,000 805,666,000 661,456,000 745,281,000
Cash Flow 51,567,000 46,784,000 42,608,000 34,236,000
Capital Expenditures -102,130,000 -87,892,000 -64,160,000 -289,517,000
Investments 0 0 0 0
Investing Activity (Other) 0 0 0 0
Total Investing Cash Flows -46,321,000 -274,121,000 -13,032,000 -305,831,000
Dividends Paid 0 0 0 0
Net Borrowings -249,838,000 -374,479,000 -524,238,000 -608,588,000
Cash Flow Financing -34,262,000 194,620,000 33,449,000 236,527,000
Financing Cash Flows (Other) 0 0 0 0
Exchange Rate Effect 0 0 0 0

About Innovative Industrial Properties, Inc.


Innovative Industrial Properties, Inc. is the pioneering real estate investment trust for the medical-use cannabis industry. Founded in December, 2016, we are the first publicly traded company on the New York Stock Exchange (NYSE: IIPR) to provide real estate capital to the medical-use cannabis industry. A real estate investment trust (REIT) is a corporation that combines the capital of many investors to acquire income producing real estate. As a public company traded on the NYSE, we are uniquely positioned in the industry to access public capital markets. As a REIT, one of our most attractive attributes is that we must distribute through a dividend to our stockholders at least 90 percent of our taxable income. Innovative Industrial Properties has paid consecutive quarterly dividends to our common stockholders since the second quarter of 2017.

REITRating™ Scorecard


Rating Dividend Section Avg. Rating
8 Dividend Payment Growth: Analysis of how the REIT’s dividend payments have performed during the last three years. 3.8
4 Dividend Payment Consistency: Analysis of how many periods the REIT’s dividends have been paid consistently without a gap in payment. 6.5
10 Dividend to AFFO Payout Ratio Health: Analysis of the REIT’s Dividend to AFFO Payout Ratios during the last four quarters. 8.8
10 Dividend to AFFO Payout Ratio Trend: Analysis of the REIT’s Dividend to AFFO Payout Ratios trend during the last two years. 7.7
Rating AFFO & Efficiency Section Avg. Rating
10 AFFO Trend: Analysis of the REIT’s AFFO trend during the last two years. 7.7
9 AFFO to Revenue Health: Analysis of the REIT's Adjusted Funds From Operation to its Revenues. 6.8
10 Operating Expense Efficiency: Analysis of the REIT's Operating Expenses to its Revenues. 8.3
10 Operating Expense Efficiency Trend: Analysis of the trend of the REIT's Operating Expenses to its Revenue. 9.0
Rating Leverage Section Avg. Rating
10 Interest Coverage Health: Analysis of the REIT’s Interest Coverage health during the last four quarter. 7.2
10 Interest Coverage Health Trend: Analysis of the REIT’s Interest Coverage health trend during the last two years. 8.7
10 Total Debt Interest Rate Competitiveness: Analysis of the REIT’s Interest Rate to Total Debt competitiveness compared to REIT market. 7.8
10 Debt Leverage Health: Analysis of the REIT’s Total Debt to Total Assets. 5.1
10 Debt Leverage Health Trend: Analysis of the REIT’s Total Debt to Total Assets over the last two years. 6.9
Rating Asset & Revenue Section Avg. Rating
10 Revenues Growth: Analysis of how the REIT's Revenue has performed over the last two years. 6.2
10 Total Asset Growth: Analysis of how the REIT has grown its Total Assets over the last two years. 6.2
Rating Properties Section Avg. Rating
10 Occupancy Health Level: Analysis of the REIT’s occupancy health level during the last four quarters. 7.1
10 Occupancy Trend: Analysis of the REIT’s occupancy trend over the last two years. 6.4
8 Portfolio of Properties: Analysis of the REIT's property's strength, size, and geographic distribution. 8.2
10 Tenants: Analysis of the REIT's tenant diversification, operation type, and exposure to risk. 8.0
Rating Market Cap Section Avg. Rating
4 Market Cap Strength: Analysis of the REIT's Market Capitalization performance, preservation and resistance in comparison to market changes. 5.5
7.4 Overall REITRating™ Score (See trend) 6.1

REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The REIT’s score for each analysis is out of ten points, with ten being the best score and zero being the worst. A score of zero can be assigned if the REIT does not meet the criteria for that specific analysis. N/A is assigned if insufficient data is available for a particular analysis. Our REITRating logic is continuously improving, so a REIT’s rating and ranking may change over time. Important Note: REITRating is not a predictor of a REIT’s future performance, it is an evaluation of its past results. Additionally, the REITRating system is for informational purposes only and does not represent financial or investment advice or a recommendation of which REITs to acquire. Learn more.

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Last updated: 2022-01-19 - v2.9