Innovative Industrial Properties Inc Stock Research

Market Summary

USD87.41+0.99

Market Closed

1.15%

IIPR Stock Price

IIPR RSI Chart

IIPR Valuation

Market Cap

2.4B

Price/Earnings (Trailing)

17.28

Price/Sales (Trailing)

9.23

Price/Free Cashflow

10.79

IIPR Price/Sales (Trailing)

IIPR Profitability

Return on Equity

7.19%

Return on Assets

5.82%

Free Cashflow Yield

9.27%

IIPR Fundamentals

IIPR Revenue

Revenue (TTM)

264.8M

Revenue Y/Y

31.62%

Revenue Q/Q

0.53%

IIPR Earnings

Earnings (TTM)

141.5M

Earnings Y/Y

25%

Earnings Q/Q

-6.46%

Price Action

52 Week Range

81.00202.57

(Low)(High)

Last 7 days

-1.8%

Last 30 days

-11.5%

Last 90 days

-16.3%

Trailing 12 Months

-49.2%

IIPR Financial Health

IIPR Investor Care

Dividend Yield

1.48%

Shares Dilution (1Y)

17.09%

Diluted EPS (TTM)

5.2

Peers (Alternatives to Innovative Industrial Properties)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	52.5B	4.0B	7.67%	-8.93%	11.52	13.06	24.01%	170.44%
SPG	36.1B	4.0B	11.78%	-8.09%	14.04	7.05	-3.96%	-2.35%
DLR	32.0B	4.6B	11.98%	-21.93%	22.2	7	4.35%	106.20%
INVH	19.9B	2.2B	11.82%	-16.88%	55.7	9.14	12.27%	38.71%
WPC	17.8B	1.5B	10.37%	18.30%	36.38	12.26	14.82%	9.92%
MID-CAP
TRNO	4.9B	260.9M	15.58%	-8.12%	28.35	18.63	24.15%	150.18%
OUT	3.1B	1.7B	19.09%	-17.90%	19.65	1.8	30.46%	612.18%
IIPR	2.4B	264.8M	-11.55%	-49.19%	17.28	9.23	44.96%	32.63%
SMALL-CAP
UE	1.9B	424.9M	13.59%	-9.92%	24.76	4.37	10.72%	-5.36%
GTY	1.7B	161.8M	6.93%	29.65%	20.88	10.42	5.67%	2.67%
HPP	1.5B	-	15.91%	-50.32%	261.42	1.63	16.31%	-35.19%
ALEX	1.4B	408.2M	5.82%	-9.78%	51.71	3.46	24.68%	-9.60%
AHH	846.6M	372.5M	10.72%	-2.03%	11.28	2.27	19.13%	197.64%
OPI	817.9M	573.6M	24.93%	-24.80%	183.95	1.43	-0.38%	116.60%
SRG	663.2M	112.6M	2.74%	25.05%	-7.1	5.89	-2.74%	31.02%

Financials for Innovative Industrial Properties

Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Revenue	6.9%	265	248	226	205	183
Operating Expenses	13.4%	101	89	79	69	63
S&GA Expenses	18.8%	35	29	26	23	21
Interest Expenses	-8.2%	20	22	21	18	14
Net Income	5.6%	142	134	123	114	107
Net Income Margin	-1.2%	0.53*	0.54*	0.54*	0.56*	-
Free Cahsflow	2.4%	227	221	206	189	-

* denotes actual numbers (not divided by Millions)

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Assets	0.2%	2,431	2,426	2,108	2,085	2,102
Cash Equivalents	69.4%	77	45	43	81	127
Liabilities	3.1%	464	450	461	473	591
Shareholder's Equity	-0.4%	1,967	1,976	1,647	1,612	1,511
Additional Paid-In Capital	0.2%	2,061	2,057	1,718	1,673	1,562
Shares Outstanding	0.0%	28	28	26	26	24

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Cashflow From Operations	2.4%	227	221	206	189	175
Share Based Compensation	16.6%	15	13	11	9	7
Cashflow From Investing	13.7%	-452.35	-523.91	-452.15	-384.09	-639.30
Cashflow From Financing	-7.9%	177	192	169	156	430
Dividend Payments	-	196	-	-	-	-

Risks for IIPR

What is the probability of a big loss on IIPR?

70%

Probability that Innovative Industrial Properties stock will be more than 20% underwater in next one year

51.5%

Probability that Innovative Industrial Properties stock will be more than 30% underwater in next one year.

43.1%

Probability that Innovative Industrial Properties stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does IIPR drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Innovative Industrial Properties was unfortunately bought at previous high price.

Drawdowns

Returns for IIPR

Cumulative Returns on IIPR

28.9%

5-Year Cumulative Returns

1.9%

3-Year Cumulative Returns

What are the long-term rolling returns for IIPR?

FIve years rolling returns for Innovative Industrial Properties.

Annualized Returns

Which funds bought or sold IIPR recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-01-26	Johnson Midwest Financial, LLC	added	6.67	1,000	2,000	0.01%
2023-01-26	CENTRAL TRUST Co	added	4,545.45	50,790	51,790	-%
2023-01-26	Winch Advisory Services, LLC	added	1.92	-	5,000	-%
2023-01-26	Sumitomo Mitsui DS Asset Management Company, Ltd	unchanged	-	49,360	387,360	0.01%
2023-01-26	COMERICA BANK	reduced	-9.68	318,000	4,225,000	0.03%
2023-01-26	DUPONT CAPITAL MANAGEMENT CORP	reduced	-36.54	-208,690	556,310	0.03%
2023-01-26	OREGON PUBLIC EMPLOYEES RETIREMENT FUND	added	0.12	120,366	943,366	0.01%
2023-01-26	Accel Wealth Management	unchanged	-	669	12,669	0.01%
2023-01-26	STRS OHIO	added	322.43	2,207,000	2,782,000	0.01%
2023-01-25	FIFTH THIRD BANCORP	added	105.56	6,250	11,250	-%

Latest Funds Activity

Are funds buying IIPR calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own IIPR

No. of Funds

Innovative Industrial Properties News

Schedule 13G FIlings of Innovative Industrial Properties

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Jan 26, 2023	blackrock inc.	17.6%	4,929,725	SC 13G/A
Jan 20, 2023	blackrock inc.	17.6%	4,929,725	SC 13G/A
Feb 11, 2022	state street corp	5.34%	1,278,642	SC 13G
Jan 27, 2022	blackrock inc.	17.9%	4,292,781	SC 13G/A
Jan 26, 2022	blackrock inc.	17.9%	4,292,781	SC 13G/A
Feb 10, 2021	vanguard group inc	15.27%	3,386,069	SC 13G/A
Jan 25, 2021	blackrock inc.	17.2%	3,806,926	SC 13G
Feb 14, 2020	timessquare capital management, llc	4.7%	559,825	SC 13G/A
Feb 12, 2020	vanguard group inc	11.06%	1,312,201	SC 13G/A
Feb 04, 2020	blackrock inc.	15.5%	1,961,264	SC 13G/A

IIPR Fair Value

Recent SEC filings of Innovative Industrial Properties

View All Filings

Date Filed	Form Type	Document
Jan 26, 2023	SC 13G/A	Major Ownership Report
Jan 25, 2023	5	Insider Trading
Jan 23, 2023	424B5	Prospectus Filed
Jan 23, 2023	8-K	Current Report
Jan 20, 2023	4	Insider Trading
Jan 20, 2023	4	Insider Trading
Jan 20, 2023	4	Insider Trading
Jan 20, 2023	4	Insider Trading
Jan 20, 2023	4	Insider Trading
Jan 20, 2023	SC 13G/A	Major Ownership Report

Latest Insider Trading transactions for IIPR

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-04-12	Curran Mary A	acquired	4,212.19	187.91	22.416	-
2023-01-18	Smithers Paul E.	acquired	-	-	22,548	president, ceo and director
2023-01-18	Bui Andy	acquired	-	-	1,806	vp, chief accounting officer
2023-01-12	Curran Mary A	acquired	3,585.92	219.47	16.339	-
2023-01-01	Wolfe Brian J.	sold (taxes)	-165,809	101.35	-1,636	vp, gen. counsel and secretary
2023-01-01	Bui Andy	sold (taxes)	-63,951.9	101.35	-631	vp, chief accounting officer
2023-01-01	Smithers Paul E.	sold (taxes)	-144,728	101.35	-1,428	president, ceo and director
2022-08-12	Gold Alan D	bought	97,792.5	97.7925	1,000	executive chairman
2022-08-10	Gold Alan D	bought	94,219.9	94.2199	1,000	executive chairman
2022-05-18	Kreitzer Gary A	acquired	-	-	1,562	-

About Innovative Industrial Properties

Paul E. Smithers

www.innovativeindustrialproperties.com

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.

IIPR Income Statement

2022-09-30

Condensed Consolidated Statements of Income - USD ($)	3 Months Ended		9 Months Ended
Condensed Consolidated Statements of Income - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Rental (including tenant reimbursements)	$ 70,345,000	$ 53,856,000	$ 204,454,000	$ 145,608,000
Other	538,000		1,444,000
Total revenues	70,883,000	53,856,000	205,898,000	145,608,000
Expenses:
Property expenses	2,823,000	1,365,000	7,232,000	2,617,000
General and administrative expense	10,804,000	5,307,000	28,288,000	16,511,000
Depreciation and amortization expense	15,900,000	10,891,000	45,001,000	29,571,000
Total expenses	29,527,000	17,563,000	80,521,000	48,699,000
Income from operations	41,356,000	36,293,000	125,377,000	96,909,000
Interest and other income	773,000	110,000	1,411,000	325,000
Interest expense	(4,513,000)	(6,309,000)	(13,783,000)	(11,874,000)
Loss on exchange of Exchangeable Senior Notes			(125,000)
Net income	37,616,000	30,094,000	112,880,000	85,360,000
Preferred stock dividends	(338,000)	(338,000)	(1,014,000)	(1,014,000)
Net income attributable to common stockholders	$ 37,278,000	$ 29,756,000	$ 111,866,000	$ 84,346,000
Net income attributable to common stockholders per share (Note 8):
Basic	$ 1.33	$ 1.24	$ 4.10	$ 3.51
Diluted	$ 1.32	$ 1.20	$ 4.06	$ 3.41
Weighted-average shares outstanding:
Basic	27,938,568	23,890,537	27,144,953	23,889,903
Diluted	28,157,934	26,260,704	27,496,151	26,257,504

IIPR Balance Sheet

2022-09-30

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate, at cost:
Land	$ 140,187	$ 122,386
Buildings and improvements	1,261,651	979,417
Tenant improvements	712,983	620,301
Construction in progress	60,546
Total real estate, at cost	2,175,367	1,722,104
Less accumulated depreciation	(124,786)	(81,938)
Net real estate held for investment	2,050,581	1,640,166
Construction loan receivable	17,698	12,916
Cash and cash equivalents	76,943	81,096
Restricted cash	1,580	5,323
Investments	239,674	324,889
Right of use office lease asset	1,831	1,068
In-place lease intangible assets, net	9,320	9,148
Other assets, net	33,107	9,996
Total assets	2,430,734	2,084,602
Liabilities and stockholders' equity
Exchangeable Senior Notes, net	6,369	32,232
Notes due 2026, net	294,794	293,860
Tenant improvements and construction funding payable	35,195	46,274
Accounts payable and accrued expenses	13,140	7,718
Dividends payable	50,841	38,847
Rent received in advance and tenant security deposits	61,488	52,805
Other liabilities	1,992	1,167
Total liabilities	463,819	472,903
Commitments and contingencies (Notes 6 and 11)
Stockholders' equity:
Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, $15,000 liquidation preference ($25.00 per share), 600,000 shares issued and outstanding at September 30, 2022 and December 31, 2021	14,009	14,009
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 27,973,694 and 25,612,541 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	28	26
Additional paid-in capital	2,060,936	1,672,882
Dividends in excess of earnings	(108,058)	(75,218)
Total stockholders' equity	1,966,915	1,611,699
Total liabilities and stockholders' equity	$ 2,430,734	$ 2,084,602