What is Innovative Industrial Properties, Inc.'s market cap?

Innovative Industrial Properties, Inc. (IIPR) has a market capitalization of $1.8B and trades on NYSE.

What is Innovative Industrial Properties, Inc.'s revenue and profitability?

Innovative Industrial Properties, Inc. generated $263.2M in trailing twelve-month revenue with net income of $120.0M, representing a net margin of 45.6%. These figures are based on the Q1 2026 filing.

Who are Innovative Industrial Properties, Inc.'s competitors?

Innovative Industrial Properties, Inc.'s key competitors include Alexandria Real Estate Equities, Inc., AFC Gamma, Inc., LTC Properties, Inc., and others. These companies compete in similar markets and product categories.

Who does Innovative Industrial Properties, Inc. partner with?

Innovative Industrial Properties, Inc.'s notable partners include IQHQ, Inc., Blackstone.

What subsidiaries does Innovative Industrial Properties, Inc. have?

Innovative Industrial Properties, Inc.'s subsidiaries include IIP Operating Partnership, LP, IIP Life Science Investments LLC.

Where is Innovative Industrial Properties, Inc. headquartered?

Innovative Industrial Properties, Inc. is headquartered in United States of America and employs approximately 21 people. It has been publicly traded since 2016.

Innovative Industrial Properties, Inc.

IIPR

Innovative Industrial Properties is a self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership, and management of industrial and commercial properties.

Market cap

$1.85B+17.7%

Revenue$263.2M-13.6%

Net income$120.0M-21.7%

EPS (diluted)$3.91-24.8%

Trailing twelve months · change vs. prior year

Table of contents

Earnings

Q1 2026 report

May 4, 2026

Revenue$69.0MBeat by $3.3M EPS$1.88Beat by $0.81

Read the full report

Next report

Aug 5, 2026 (In 2 weeks)

Revenue estimate$67.5M

EPS estimate$1.02

Financials

Q1 2026

Income statement

See full

Revenue$69.0M-3.8%

Operating income$32.9M-3.1%

Net income$32.8M+5.6%

EPS (diluted)$1.02-1.0%

Balance sheet

See full

Cash & equivalents$89.1M-30.4%

Total equity$1.9B-1.4%

Total assets$2.4B+1.8%

Cash flow

See full

Operating cash flow$56.0M+3.3%

Valuation & ratios

Valuation

See full

Market cap$1.85B+17.7%

P/E15.4×+4.0×

P/S7×+1.6×

Profitability

See full

Operating margin46.8%-5.8pp

Net margin45.6%-4.7pp

Returns & leverage

See full

Return on equity6.3%-1.6pp

Segments

By segment

See full

Cannabis Portfolio Segment:$69.0M-3.8%

Competitors

By market cap

First Industrial Realty Trust$8.6B+34.3%

ARE

Alexandria Real Estate Equities$8.3B-37.9%

LXP Industrial Trust$3.2B+31.5%

LTC Properties$2.0B+25.3%

Innovative Industrial Properties, Inc.$1.8B+18.3%

CTO Realty Growth$730.1M+28.6%

Gladstone Commercial Corporation$608.5M-7.3%

AFC

AFC Gamma, Inc.$65.5M-38.0%

By revenue growth

LTC Properties+49.0%

CTO Realty Growth+17.2%

Gladstone Commercial Corporation+9.6%

First Industrial Realty Trust+8.8%

LXP Industrial Trust-3.8%

ARE

Alexandria Real Estate Equities-5.4%

Innovative Industrial Properties, Inc.-13.6%

By net margin

First Industrial Realty Trust45.98%+6.9pp

Innovative Industrial Properties, Inc.45.58%-4.7pp

LTC Properties39.09%-3.1pp

LXP Industrial Trust27.05%+9.4pp

Gladstone Commercial Corporation12.74%-4.2pp

CTO Realty Growth9.06%+13.3pp

ARE

Alexandria Real Estate Equities-36.03%-42.7pp

AFC

AFC Gamma, Inc.-87.88%—

Profile

Innovative Industrial Properties is a self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership, and management of industrial and commercial properties. The company primarily provides specialized real estate solutions to state-licensed cannabis operators through sale-leaseback transactions and triple-net lease structures. Additionally, the company is expanding its portfolio into the life science sector through strategic financial investments and property acquisitions.

Competitive position

A leading institutional provider of real estate capital to the regulated cannabis industry with a growing footprint in life science infrastructure.

GeographiesUnited States

Customer segmentsState-licensed cannabis operators, Life science research firms

Business modelTriple-Net Lease (NNN), Sale-Leaseback, Asset Management

SuppliersCommercial banks, Equity capital markets, Real estate developers, Industrial equipment manufacturers (HVAC, lighting)

CustomersCannabis cultivators, Cannabis processors, Cannabis retailers, Life science biotechnology firms

CountryUnited States of America

Listed2016

Employees21.0

CEOPaul E. Smithers

SectorReal Estate

IndustryREIT - Industrial

Websiteinnovativeindustrialproperties.com

FilingsSEC EDGAR

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Questions, answered.

What is Innovative Industrial Properties, Inc.'s market cap?: Innovative Industrial Properties, Inc. (IIPR) has a market capitalization of $1.8B and trades on NYSE.
What is Innovative Industrial Properties, Inc.'s revenue and profitability?: Innovative Industrial Properties, Inc. generated $263.2M in trailing twelve-month revenue with net income of $120.0M, representing a net margin of 45.6%. These figures are based on the Q1 2026 filing.
Who are Innovative Industrial Properties, Inc.'s competitors?: Innovative Industrial Properties, Inc.'s key competitors include Alexandria Real Estate Equities, Inc., AFC Gamma, Inc., LTC Properties, Inc., and others. These companies compete in similar markets and product categories.
Who does Innovative Industrial Properties, Inc. partner with?: Innovative Industrial Properties, Inc.'s notable partners include IQHQ, Inc., Blackstone.
What subsidiaries does Innovative Industrial Properties, Inc. have?: Innovative Industrial Properties, Inc.'s subsidiaries include IIP Operating Partnership, LP, IIP Life Science Investments LLC.
Where is Innovative Industrial Properties, Inc. headquartered?: Innovative Industrial Properties, Inc. is headquartered in United States of America and employs approximately 21 people. It has been publicly traded since 2016.