# Innovative Industrial Properties Inc. (IIPR) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price $57.20, market value $1.6 billion.

## Valuation
- **P/E (trailing): 12.9×** (5-yr avg 16.8×, 3-yr avg 11.4×). Innovative Industrial Properties Inc. trades at 12.9× trailing earnings, well below its own five-year average of 16.8×: cheap by its own standards. The Real Estate median in the September 2026 study was 25.2×. Forward P/E is 13.0×, higher than trailing, so analysts expect earnings to fall.
- **Price / sales: 6.0×**. Each dollar of revenue is priced at 6.0×.
- **Price / book: 0.9×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 9.2×**. Enterprise value is 9.2× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Earnings yield: 7.7%**. The inverse of the P/E: 7.7% of the price is earned each year.

## Profitability
- **Operating margin: 51.4%**. 51.4% of revenue is left after running the business, an exceptional level.
- **Net margin: 44.5%**. 44.5% of each dollar of sales reaches the bottom line.
- **Return on equity: 6.4%**. 6.4% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 4.9%**. Return on all capital, debt included, is 4.9%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 5.8%**. Each dollar of assets produces 5.8% of profit.

## Growth
- **Revenue growth (1 yr): -13.8%** (3-yr -1.3%/yr, 5-yr 17.9%/yr). Revenue fell 13.8% over the last year, against 17.9% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -28.8%** (3-yr -10.7%/yr, 5-yr 3.7%/yr). Earnings per share fell 28.8%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.21**. Debt is 0.21 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 1.6×**. It would take 1.6 years of operating earnings to repay net borrowings, within the comfortable range.
- **Altman Z-score: 3.19**. A Z-score of 3.19 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 13.29%** ($7.60 per share, trailing). Innovative Industrial Properties Inc. yields 13.29%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 183%**. The dividend exceeds earnings (183% payout), which is rarely sustainable outside REITs and one-off years.
- **Consecutive years of increases: 9**. 9 straight years of increases.
- **Dividend growth (5 yr): 11.2%/yr** (1-yr 1.1%). The dividend has compounded at 11.2% a year over five years, doubling roughly every 6 years at that pace.

## Analyst view
- **Analyst consensus: hold** (4 analysts). 4 analysts cover Innovative Industrial Properties Inc.; the consensus is hold, with an average price target of $64.50 (+13% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 16.5%** (YTD 29.4%, 3-mo 0.7%). The shares are up 16.5% over twelve months including dividends.
- **From 52-week high: -12.5%** (28.3% above the low). Trading 13% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 47**. An RSI of 47 is neutral.
- **Beta (1 yr): 0.85** (volatility 38%). Beta of 0.85 against the S&P 500: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=IIPR · Page: https://foliofundamentals.com/stocks/iipr

Not investment advice.