Innovative Industrial Properties
IIPR on NYSE. Innovative Industrial Properties leases cannabis growing buildings to licensed cannabis operators. Market value $1.4bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 12.8 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 80 of 100. Price score: 81 of 100. Our list needs 70 on quality and 60 on price.
$50.26 a share, 13% above its 1-year low
Over the past year the price has ranged from $44.58 to $65.38.
Dividend: 15.6% a year
Paid every year for at least 5 years
Yields this high often come before a cut. Check the company's latest news.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $205m | $276m | $310m | $309m | $266m |
| Operating margin | |||||
| Operating margin | 66.2% | 61.4% | 56.4% | 54.6% | 46.7% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | 0.21 |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- Debt0.21× equity
- Revenue growth, five yearsStrong, 17.9% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $63 million last quarter, about the same as a year ago.
- Profit: $44 million, up 69% on a year ago.
- It keeps 51 cents of each $1 of sales as operating profit, about the same as a year earlier.
- 6% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $77m |
| December 2024 | $77m |
| March 2025 | $72m |
| June 2025 | $63m |
| September 2025 | $65m |
| December 2025 | $67m |
| March 2026 | $69m |
| June 2026 | $63m |
| Quarter to | Amount |
|---|---|
| September 2024 | $40m |
| December 2024 | $40m |
| March 2025 | $31m |
| June 2025 | $26m |
| September 2025 | $29m |
| December 2025 | $32m |
| March 2026 | $33m |
| June 2026 | $44m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
2 long-term investors we follow own it, up from 1 last quarter. 327 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $8m | <0.1% | Added |
| GMOJeremy Grantham | $279,654 | <0.1% | New |
Largest holders overall
- BlackRock$310mAdded
- Vanguard Portfolio Management$175mAdded
- State Street$104mAdded
- Vanguard Capital Management$80mAdded
- Charles Schwab Investment Management$40mAdded
- Arrowstreet Capital, Limited Partnership$35mAdded
- Mirae Asset Global Etfs Holdings$32m
- Invesco$31m
- Northern Trust$25mAdded
- Dimensional Fund Advisors LP$23m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor16.7%Since 30 June 2025
- Vanguard Portfolio ManagementPassive investor10.4%+0.7 ptsSince 31 August 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 16.7% | 30 June 2025 | |
Vanguard Portfolio Management Passive investor | 10.4%+0.7 pts | 31 August 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $277,072 of shares on the open market. 1 sold $34,436.
- Shoemaker ScottDirectorSold
- Date
- 15 September 2026
- Shares
- 611
- Price
- $56.36
- Value
- $34,436
- Ives Bruce AlanDirectorBought
- Date
- 31 August 2026
- Shares
- 528
- Price
- $56.70
- Value
- $29,938
- Gold Alan DEXECUTIVE CHAIRMAN, DirectorBought
- Date
- 24 November 2025
- Shares
- 2,600
- Price
- $49.09
- Value
- $127,634
- Smith David JonCFO AND TREASURERBought
- Date
- 20 November 2025
- Shares
- 600
- Price
- $45.90
- Value
- $27,540
- Gold Alan DEXECUTIVE CHAIRMAN, DirectorBought
- Date
- 20 November 2025
- Shares
- 1,000
- Price
- $45.70
- Value
- $45,700
- Gold Alan DEXECUTIVE CHAIRMAN, DirectorBought
- Date
- 19 November 2025
- Shares
- 1,000
- Price
- $46.26
- Value
- $46,260
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 September 2026 | Shoemaker Scott Director | Sold | 611 | $56.36 | $34,436 |
| 31 August 2026 | Ives Bruce Alan Director | Bought | 528 | $56.70 | $29,938 |
| 24 November 2025 | Gold Alan D EXECUTIVE CHAIRMAN, Director | Bought | 2,600 | $49.09 | $127,634 |
| 20 November 2025 | Smith David Jon CFO AND TREASURER | Bought | 600 | $45.90 | $27,540 |
| 20 November 2025 | Gold Alan D EXECUTIVE CHAIRMAN, Director | Bought | 1,000 | $45.70 | $45,700 |
| 19 November 2025 | Gold Alan D EXECUTIVE CHAIRMAN, Director | Bought | 1,000 | $46.26 | $46,260 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 17 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.