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Net-lease REIT that buys state-licensed cannabis cultivation and processing facilities and leases them back to operators.
Net-lease REIT that buys state-licensed cannabis cultivation and processing facilities and leases them back to operators.
Pays cash for cannabis growing and processing buildings and leases them back to the operators on long net leases, where the tenant pays taxes, insurance and upkeep, so rent is the income. Tenant credit is the main variable, since a handful of multistate operators hold much of the portfolio and several have struggled.
Moat: narrow (regulatory licence, scale). First-mover scale in a federally illegal-for-banks niche makes financing hard for competitors to replicate.
Headquarters: San Diego, California, US · Founded: 2016 · Employees: 23
Size Innovative Industrial Properties (IIPR) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $1.51B, the 1985th largest of 3,117 United States companies the cockpit tracks. Shares closed at $54.83 on 6 Nov 2026.
Performance Over six months the shares fell 4.3%, against -5.5% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue fell 4.4% over the last twelve months (peer median +4.2%); the operating margin is 47.1% (peer median 53.6%).
Valuation It trades at 13.4× forward earnings against a peer median of 16.2× (4th cheapest of 17).
Short interest Short interest is 12.9% of the free float (15 Oct 2026).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $264M | $266M | $309M | $310M | $276M |
| Revenue growth | — | -14% | 0% | +12% | — |
| Gross profit | $159M | $162M | $209M | $217M | $205M |
| EBITDA | $200M | $202M | $243M | $242M | $227M |
| Net income | $136M | $115M | $159M | $164M | $154M |
| Free cash flow | $192M | $175M | $195M | $105M | -$140M |
| Capital expenditure | $8.49M | $23.4M | $63.1M | $150M | $374M |
| Total debt | $696M | $394M | $299M | $302M | $303M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Innovative Industrial Properties IIPR | $1.51B | -4% | -4% | 47% | 13.4× | n/a |
| Realty Income O | $56.1B | -4% | +11% | 46% | 36.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IIPR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.6% | +0.5% | 5th highest of 21 |
| 6-month return | -4.3% | -5.5% | 9th highest of 20 |
| Distance from 52-week high | -16.1% | -17.4% | 10th highest of 21 |
| Revenue growth (TTM) | -4.4% | +4.2% | 5th lowest of 19 |
| Operating margin | 47.1% | 53.6% | 8th lowest of 19 |
| Forward P/E | 13.4× | 16.2× | 4th cheapest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Innovative Industrial Properties IIPR | United States | $1.51B | -4% | -4% | 47% | 13.4× | n/a | n/a |
| Killam Apartment REIT KMP-UN.TO | Canada | $1.51B | -3% | +5% | 63% | 11.0× | n/a | n/a |
| Japan Logistics Fund 8967.T | Japan | $1.52B | -8% | +3% | 53% | 21.0× | n/a | n/a |
| OUE Real Estate Investment Trust TS0U.SI | Singapore | $1.50B | -5% | +7% | 73% | 16.2× | n/a | n/a |
| Supermarket Income REIT SUPR.L | United Kingdom | $1.54B | +4% | -7% | 81% | 13.3× | n/a | n/a |
| MORI TRUST REIT.Inc 8961.T | Japan | $1.48B | -13% | -14% | 64% | 18.0× | n/a | n/a |
| Ingenia Communities INA.AX | Australia | $1.48B | +36% | +8% | 29% | 14.4× | n/a | n/a |
| CBL & Associates Properties CBL | United States | $1.46B | 0% | +9% | 28% | 14.6× | n/a | n/a |
| Empire State Realty OP LP Series ES ESBA | United States | $1.46B | -6% | +2% | 16% | n/a | n/a | n/a |
| Ellington Financial EFC | United States | $1.45B | -17% | +30% | 81% | 5.9× | n/a | n/a |
| Centurion Accommodation REIT 8C8U.SI | Singapore | $1.45B | -3% | -69% | 51% | 20.9× | n/a | n/a |
| LaSalle LOGIPORT REIT 3466.T | Japan | $1.45B | -10% | +71% | 28% | 17.3× | n/a | n/a |
| Emperador Properties SOCIMI YEPSA.MC | Spain | $1.44B | +14% | +7% | 46% | n/a | n/a | n/a |
| Global Net Lease GNL | United States | $1.58B | -26% | -30% | 35% | n/a | n/a | n/a |
| Charter Hall Retail REIT CQR.AX | Australia | $1.59B | +6% | +31% | 73% | 14.3× | n/a | n/a |
| Lendlease Global Commercial REIT JYEU.SI | Singapore | $1.44B | -3% | +4% | 67% | 16.1× | n/a | n/a |
| Blackstone Digital Infrastructure Trust BXDC | United States | $1.61B | n/a | n/a | n/a | 34.9× | n/a | n/a |
| CNAMC China Resources Commercial Asset Closed Infrastructure Real Estate Investment Trust 180601.SZ | China | $1.41B | -6% | n/a | n/a | 24.8× | n/a | n/a |
| Safestore SAFE.L | United Kingdom | $1.67B | -13% | +7% | 55% | 14.1× | n/a | n/a |
| Mori Hills Reit Investment 3234.T | Japan | $1.36B | -14% | -1% | 54% | 18.9× | n/a | n/a |
| AEON REIT Investment 3292.T | Japan | $1.36B | -19% | +1% | 35% | n/a | n/a | n/a |