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Innovative Industrial Properties, Inc.
NYSE: IIPR Real Estate IT 🔎 Screen
🏹 Trader: 🎯 Near 52W High 💎 VCP Breakout View all →
$1.6B
Market Cap
12.1
P/E
0.99
PEG
5.4%
ROCE
6.2%
ROE
0.21
D/E
46.7%
OPM
-11.8%
% from 52W High
57
α RS
🔍 IIPR is showing a notable setup because it's within 11.8% of its 52-week high and it's hugging the 21 EMA. Net: Partial signal stack, not a recommendation. ? 52W High Technicals
Sources
11.8% from 52W high · hugging 21 EMA
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🌏 Global Investor Returns
Currency-adjusted total returns for IIPR including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

Innovative Industrial Properties, Inc. is an internally managed real estate investment trust focused on the acquisition, ownership and management of specialized industrial properties and financial investments in the life science industry.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding IIPR
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 464.9K $23.3M 0.03% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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🎙 Management Tone Confident Specific → Stable 3 quarters Full tone analysis in Intelligence →
📊 MIXED IIPR Q1 2026: $69M revenue, $53.4M AFFO, advances lease restructuring
Revenue & Profitability
Total revenues were $69M, a 3.5% sequential increase. AFFO was $53.4M or $1.88 per share, flat quarter-over-quarter. Debt service coverage exceeded 11x and net debt to Adjusted EBITDA was 1.1x. Year-to-date gross capital raised was $128M.
Outlook
Management views the rescheduling of medical cannabis to Schedule III as a major milestone, improving tenant economics and access to capital. They expect increased industry growth and demand for their properties. The life science sector is stabilizing with improving demand.
Growth Drivers
Key growth drivers include re-leasing former defaulted properties (over 90% addressed), new lease agreements for 389k sq ft year-to-date, and the IQHQ life science investment. Potential expansion in medical cannabis programs like Texas.
Balance Sheet & CapEx
Minimal capital outlay for re-leasing defaulted assets (averaging $5-$10/sq ft). Remaining $95M commitment to IQHQ to be funded over time.
Margins
Not discussed in this earnings call.
Key Risks
Key risks include persistent inflation and high interest rates, tenant defaults (e.g., Battle Green), and dependence on regulatory progress for cannabis rescheduling. Financing transactions remain subject to contingencies.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-04
Q2 2026 saw strong execution in leasing, capital markets, and portfolio diversification, with $63.3 million in revenue and $53 million AFFO. The balance sheet was fortified through major financings and stock repurchases, while life sciences and cannabis segments both showed growth opportunities.
Q1 2026 Q1 2026 2026-05-05
Q1 2026 saw revenue rise 3.5% to $69M and AFFO steady at $53.4M, with strong leasing activity and major regulatory progress for medical cannabis. Liquidity and credit metrics remain robust, and management expects further growth as refinancing and strategic investments proceed.
Q4 2025 Q4 2025 2026-02-24
Disciplined execution in 2025 drove strong cash flows, new investments, and significant progress in re-tenanting non-performing assets. Liquidity and capital structure remain robust, with positive regulatory and market trends supporting future growth.
Q3 2025 Q3 2025 2025-11-04
Q3 revenue rose 3% to $64.7M, with AFFO steady at $1.71/share. A $105M IQHQ investment and new $100M credit facility diversify growth into life sciences. About 20% of ABR is not rent-paying, but legal and leasing progress is ongoing.
Q2 2025 Q2 2025 2025-08-07
Q2 revenue and AFFO fell 12% sequentially due to tenant defaults, but liquidity and balance sheet remain strong. A $270M investment in IQHQ diversifies the portfolio and is expected to be highly accretive, while legal actions continue to address cannabis tenant issues.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

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