Innovative Industrial Properties Inc
Research Innovative Industrial Properties Inc (IIPR) on Bullrun: valuation model: 35.2% undervalued, market cap USD 1.43B, P/E 11.7, dividend yield 14.9%. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerIIPR
- ExchangeNYSE
- CountryUnited States
- SectorReal Estate
- IndustryREIT-Industrial
- CurrencyUSD
- Valuation signal35.2% undervalued
- Market capUSD 1.43B
- P/E11.7
- Dividend yield14.9%
- Financial periodQ2 2026
- RevenueUSD 63.32M
- Net incomeUSD 43.85M
- Free cash flowUSD 44.92M
- Gross margin88.6%
Valuation Snapshot
Bullrun's latest valuation model marks Innovative Industrial Properties Inc as 35.2% undervalued; latest market cap is USD 1.43B; P/E is 11.7; dividend yield is 14.9%.
Peer valuation comparison
Latest P/E is 11.75x versus a Real Estate sector median of 14.08x (16.6% below).
Latest dividend yield is 14.85% versus a Real Estate sector median of 4.76% (212.0% above).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 265.96M | USD 118.25M | USD 198.19M | 88.7% | 3.93 | USD 47.60M | USD 393.72M | USD 1.85B |
| FY2024 | USD 308.52M | USD 161.66M | USD 258.45M | 90.8% | 5.52 | USD 146.25M | USD 297.87M | USD 1.94B |
| FY2023 | USD 309.51M | USD 165.59M | USD 255.54M | 92.0% | 5.77 | USD 140.25M | USD 300.88M | USD 1.95B |
| FY2022 | USD 276.36M | USD 154.39M | USD 234.13M | 96.2% | 5.52 | USD 87.12M | USD 301.50M | USD 1.96B |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-10-09 | USD 1.43B | 11.7 | 14.7% | 7.6 |
| 2025 | 2025-12-31 | USD 1.33B | 12.1 | 16.0% | 7.6 |
| 2024 | 2024-12-31 | USD 1.89B | 12.1 | 11.3% | 7.52 |
| 2023 | 2023-12-29 | USD 2.83B | 17.4 | 7.2% | 7.22 |
| 2022 | 2022-12-30 | USD 2.84B | 19.5 | 7.0% | 7.1 |
| 2021 | 2021-12-31 | USD 6.73B | 57.7 | 2.2% | 5.72 |
Dividend history
Latest trailing dividend snapshot: annual dividend/share 7.6 USD, yield 14.9%.
| Year | Dividends/share |
|---|---|
| FY2025 | 7.6 USD |
| FY2024 | 7.52 USD |
| FY2023 | 7.22 USD |
| FY2022 | 7.1 USD |
About Innovative Industrial Properties Inc
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. As of June 30, 2026, we owned 108 properties comprising an aggregate of approximately 8.4 million rentable square feet in 19 states. Innovative Industrial Properties, Inc. was established on June 15th 2016 and is incorporated in Maryland.
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Frequently asked questions
Is Innovative Industrial Properties Inc overvalued or undervalued?
Bullrun's valuation model currently marks Innovative Industrial Properties Inc as 35.2% undervalued.
What is Innovative Industrial Properties Inc's market cap?
Innovative Industrial Properties Inc's market capitalization is USD 1.43B.
What is Innovative Industrial Properties Inc's P/E ratio?
Innovative Industrial Properties Inc's price-to-earnings (P/E) ratio is 11.7.
Does Innovative Industrial Properties Inc pay a dividend?
Innovative Industrial Properties Inc has a dividend yield of 14.9%.
What does Innovative Industrial Properties Inc do?
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. As of June 30, 2026, we owned 108 properties comprising an aggregate of approximately 8.4 million rentable square feet in 19 states. Innovative Industrial Properties, Inc. was established on June 15th 2016 and is incorporated in Maryland.