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Innovative Industrial Properties Inc
NYSE:IIPR

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Innovative Industrial Properties Inc
NYSE:IIPR
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Price: 103.54 USD -0.78% Market Closed
Updated: Mar 29, 2024

Intrinsic Value

Innovative Industrial Properties, Inc. is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. [ Read More ]

The intrinsic value of one IIPR stock under the Base Case scenario is 97.42 USD. Compared to the current market price of 103.54 USD, Innovative Industrial Properties Inc is Overvalued by 6%.

Key Points:
IIPR Intrinsic Value
Base Case
97.42 USD
Overvaluation 6%
Intrinsic Value
Price
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Worst Case
Base Case
Best Case

Valuation Backtest
Innovative Industrial Properties Inc

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Fundamental Analysis

Optimistic Outlook Despite Industry Headwinds
2023-Q3 Earnings Call

Optimistic Outlook Despite Industry Headwinds

The company anticipates a positive shift if the SAFE Banking Act passes, potentially encouraging more banks to engage and afford better and cheaper access for operators. However, large banks like Wells Fargo and Chase are unlikely to enter the market even then. Addressing credit issues with tenants remains an ongoing process, though not a 'conveyor belt' of problems as suggested by one analyst. Executives believe cracking down on the illicit market, stabilizing prices, and improved capital access due to stable interest rates will bolster operator credit health. The potential for retroactive tax relief in 2024 from 280E rescheduling would provide immediate financial boosts. Investment continues in promising markets like New York, expecting growth despite current difficulties and entrenchment of illegal operations. The company is resolving issues with certain assets, such as the Skymint properties, by signing new leases and assuming no changes to existing favorable lease terms.

Financials

Balance Sheet Decomposition
Innovative Industrial Properties Inc

Current Assets 170.3m
Cash & Short-Term Investments 140.2m
Other Current Assets 30m
Non-Current Assets 2.2B
Long-Term Investments 21.9m
PP&E 2.2B
Intangibles 8.2m
Other Non-Current Assets 23.5m
Current Liabilities 137.2m
Accounts Payable 11.4m
Accrued Liabilities 5.1m
Other Current Liabilities 120.8m
Non-Current Liabilities 300.9m
Long-Term Debt 300.9m
Efficiency

Earnings Waterfall
Innovative Industrial Properties Inc

Revenue
309.5m USD
Cost of Revenue
-24.9m USD
Gross Profit
284.6m USD
Operating Expenses
-110m USD
Operating Income
174.6m USD
Other Expenses
-10.4m USD
Net Income
164.2m USD

Free Cash Flow Analysis
Innovative Industrial Properties Inc

Last Value
3-Years Average
FCF Margin
Conversion Rate
History
Components
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Fundamental Scores

IIPR Profitability Score
Profitability Due Diligence

Innovative Industrial Properties Inc's profitability score is 57/100. The higher the profitability score, the more profitable the company is.

Positive Gross Profit
Exceptional 3-Years Revenue Growth
Positive Operating Income
Positive Net Income
57/100
Profitability
Score

Innovative Industrial Properties Inc's profitability score is 57/100. The higher the profitability score, the more profitable the company is.

IIPR Solvency Score
Solvency Due Diligence

Innovative Industrial Properties Inc's solvency score is 69/100. The higher the solvency score, the more solvent the company is.

Long-Term Solvency
High Altman Z-Score
Low D/E
Short-Term Solvency
69/100
Solvency
Score

Innovative Industrial Properties Inc's solvency score is 69/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

IIPR Price Targets Summary
Innovative Industrial Properties Inc

Wall Street analysts forecast IIPR stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for IIPR is 123.83 USD with a low forecast of 101 USD and a high forecast of 187.95 USD.

Lowest
Price Target
101 USD
2% Downside
Average
Price Target
123.83 USD
20% Upside
Highest
Price Target
187.95 USD
82% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Ownership

IIPR Insider Trading
Buy and sell transactions by insiders

Cumulative Transactions Amount
Period Sold Bought Net
3 Months
6 Months
9 Months
12 Months
Why is insider trading important?

Shareholder Return

IIPR Price
Innovative Industrial Properties Inc

1M 1M
+6%
6M 6M
+37%
1Y 1Y
+39%
3Y 3Y
-33%
5Y 5Y
+52%
10Y 10Y
+588%
Annual Price Range
103.54
52w Low
64.22
52w High
104.35
Price Metrics
Average Annual Return 32.39%
Standard Deviation of Annual Returns 89.39%
Max Drawdown -75%
Shares Statistics
Market Capitalization 2.9B USD
Shares Outstanding 28 210 000
Percentage of Shares Shorted 12.9%

IIPR Return Decomposition
Main factors of price return

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IIPR News

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Company Profile

Innovative Industrial Properties Inc

Country

United States of America

Industry

Real Estate

Market Cap

2.9B USD

Dividend Yield

7.08%

Description

Innovative Industrial Properties, Inc. is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. The company is headquartered in Park City, Utah and currently employs 22 full-time employees. The company went IPO on 2016-11-29. The firm is focused on the acquisition, ownership, and management of specialized industrial properties leased to state-licensed operators for their regulated state-licensed cannabis facilities. The company is engaged in the business of providing real estate for the regulated industry. The firm acquires its properties through sale-leaseback transactions and third-party purchases. The firm owns approximately 103 properties comprising an aggregate of approximately 7.7 million rentable square feet (including approximately 2.5 million rentable square feet under development/redevelopment) in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington cannabis.

Contact

UTAH
Park City
1389 Center Drive, Suite 200
+18589973332.0
https://innovativeindustrialproperties.com/

IPO

2016-11-29

Employees

22

Officers

Executive Chairman
Mr. Alan D. Gold
President, CEO & Director
Mr. Paul E. Smithers
Chief Operating Officer
Ms. Catherine Hastings CPA
VP, General Counsel & Company Secretary
Mr. Brian J. Wolfe
CFO & Treasurer
Mr. David J. Smith
Chief Investment Officer
Mr. Ben Regin
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VP & Chief Accounting Officer
Mr. Andy Bui
Director of Construction Management
Mr. Griffin Marquardt
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See Also

Discover More
What is the Intrinsic Value of one IIPR stock?

The intrinsic value of one IIPR stock under the Base Case scenario is 97.42 USD.

Is IIPR stock undervalued or overvalued?

Compared to the current market price of 103.54 USD, Innovative Industrial Properties Inc is Overvalued by 6%.