| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 72 | 12.7x | 17.8x | Top tier | |
Growth | 12 | -8.4% | 7.1% | Bottom tier | |
Quality | 71 | 5.9% | 4.5% | Top tier | |
Safety | 73 | 1.9x | 2.6x | Top tier | |
Capital Return | 68 | 13.29% | 2.12% | Top tier | |
Momentum | 60 | 6.4% | 2.9% | Around median | |
Sentiment | 87 | 3 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Innovative Industrial Properties, Inc. is a real estate company focused on leasing specialized facilities to licensed medical cannabis operators and was founded in 2016. Its model relies on collecting rent from mission-critical operating properties, with triple-net lease expenses passed on to tenants upon the commencement of certain leases, while expanding its platform into life sciences-related real estate through a $270 million investment commitment to IQHQ, of which it had funded $175 million as of May 5, 2026.
In fiscal Q2 2026, revenue was $63.3 million, net income was $43.9 million, and earnings per share were $1.36. Compared with fiscal Q1 2026, revenue declined by approximately 8.3% from $69.0 million, while net income increased by approximately 33.8% from $32.8 million; net income was equivalent to approximately 69.4% of Q2 revenue, with no gross profit figure available in the provided financial statements.
On a trailing twelve-month basis in 2026, the company recorded revenue of $263.7 million, net income of $137.8 million, and earnings per share of approximately $4.59, compared with revenue of $266.0 million and net income of $118.2 million in fiscal 2025. In fiscal Q1 2026, AFFO was approximately $53.4 million, or $1.88 per share, alongside the signing of new leases for four properties totaling approximately 331 thousand square feet.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $84.67, approximately 29.5% above the top of the 52-week range of $65.38, but the overall consensus remains Neutral. The wide gap between the lowest target of $44 and the highest target of $150 reveals significant disagreement over the impact of Schedule III, tenant defaults, and refinancing; no published P/E ratio is available for use as an additional valuation anchor.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Revenue was $63.3 million, net income was $43.9 million, and earnings per share were $1.36 in fiscal Q2 2026. Revenue declined by approximately 8.3% from $69.0 million in the previous quarter, while net income increased by approximately 33.8% from $32.8 million. FFO per share also reached $1.83, exceeding estimates of $1.78, according to the news published on August 4, 2026.
Management stated on May 5, 2026 that the decision covers FDA-approved cannabis products and licensed medical operators and removes the 280E burden for eligible medical operators. It confirmed that all operators in IIPR's portfolio hold medical licenses, making the development important to the economics of its tenant base. However, the decision did not address banking services, interstate commerce, or stock exchange listings, nor does it guarantee an end to operational credit risks.
As of May 5, 2026, the three former Gold Flora properties, totaling 330 thousand square feet, had been fully leased. The company also signed a lease with Grown Rogue for a 66 thousand-square-foot property in Illinois and a lease with Curaleaf for a 58 thousand-square-foot property in Ohio. It reached preliminary agreements for four former 4Front properties totaling 488 thousand square feet, but they remained subject to due diligence, regulatory approvals, and receivership proceedings.
The total commitment to IQHQ was approximately $270 million, of which IIPR had funded $175 million as of May 5, 2026. The remaining $95 million was scheduled to be funded in stages through mid-2027. Management stated that the average yield exceeds 14%, compared with a cost of approximately 6% for the credit facility associated with these investments.
Liquidity as of March 31, 2026 was approximately $177 million, including $89 million in cash and $87.5 million available through credit facilities. The company raised $128 million since the beginning of fiscal 2026, but this included a $20 million secured loan with a fixed interest rate of 9%. On the May 5, 2026 call, additional financing of approximately $130 million remained subject to conditions, with no assurance that it would be completed on the proposed terms.
The analyst consensus is Neutral, with an average price target of $84.67. The targets range from $44 to $150, compared with a 52-week range of $44.58 to $65.38. This significant dispersion reflects differing estimates regarding tenants' benefit from Schedule III, the pace of asset re-leasing, and the cost of debt refinancing, while no published P/E ratio is available in the provided data.
