Stock

Innovative Industrial Properties

IIPR

REIT - Industrial · Real Estate

Also trades as: 0JBD.L GBP 0.54 (-0.61%)

Price

$54.21

-0.35 (-0.64%)

Market Cap

$1.49B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Strong

22/30

Growth

Weak

1/20

Cash Flow

Exceptional

10/10

Stability

Strong

7/10

Valuation

Good

5/10

Ownership

Good

8/15

Dividends

Good

3/5

56 of 100 counted points = Winston Score 56.

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Share count rising — dilution

+8.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 26.3M (2021) → 28.4M (2025)

§Winston Score History

The full picture

Innovative Industrial Properties is a real estate company that buys buildings and leases them to licensed medical cannabis growers across the United States. It owns warehouses and greenhouse-style facilities that cannabis companies use to grow and process their products. It is one of the only real estate investment trusts (REITs) in the country focused entirely on the regulated cannabis industry.

The company makes money by collecting rent from its cannabis tenants under long-term leases, typically lasting 15 to 20 years with built-in rent increases each year. It operates in roughly 20 states and owns around 100 properties, giving it a large footprint in a niche market with few direct competitors. The biggest risk the company faces is its heavy dependence on the financial health of its cannabis tenants — several have struggled to pay rent in recent years — and any changes to federal cannabis laws could significantly reshape how the business operates.

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1 trades / 12mo

0 Congressional buys and 1 sell on IIPR in the last 12 months.

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Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

88.6%

Premium pricing power — 88.6% gross margin

Profit after running costs

Operating Margin

65.5%

Excellent — 65.5% operating margin

Return on the money invested

ROCE

5.5%

Weak — 5.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-8.4%

Shrinking sales (-8.4% YoY)

Profit growth

EPS YoY

-3.6%

Earnings shrinking (-3.6% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

143%

Turns 143% of profit into real cash

Spare cash per sale

FCF Margin

72.3%

Converts sales into free cash efficiently (72.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.33

Conservative — low debt load (0.33)

Covers its interest

Interest Cover

5.21x

Adequate interest coverage (5.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.0x

Attractive valuation — P/E 12.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-0.7

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

15.04%

Healthy income — 15.04% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+0.0%

Dividend flat

Payout Ratio

161%

no trend

Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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