Innovative Industrial Properties (IIPR)

• Market cap: $1.82B
• 1 day: -1.58%
• 5 days: -0.33%
• 1 month: -10.95%
• 3 months: -4.81%
• 6 months: -52.40%
• Year to date: -5.50%
• 1 year: -38.12%
• 5 years: -20.03%
• 10 years: 234.57%
• Sector: Real Estate
• Industry: Real Estate

About: Innovative Industrial Properties Inc is a real estate investment trust engaged in the acquisition, ownership, and management of specialized industrial properties leased to state-licensed operators for their regulated medical-use cannabis facilities. It conducts its business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which properties are owned by Operating Partnership, directly or through subsidiaries. Its property portfolio is spread across the United States.

Employees: 22

Fund manager confidence

Based on 2024 Q4 regulatory filings by fund managers ($100M+ AUM)

16% more repeat investments, than reductions

Existing positions increased: 119 | Existing positions reduced: 103

0.9% more ownership

Funds ownership: 69.79% [Q3] → 70.69% (+0.9%) [Q4]

5% less call options, than puts

Call options by funds: $26.3M | Put options by funds: $27.6M

15% less funds holding

Funds holding: 411 [Q3] → 350 (-61) [Q4]

47% less first-time investments, than exits

New positions opened: 59 | Existing positions closed: 111

50% less capital invested

Capital invested by funds: $2.66B [Q3] → $1.34B (-$1.33B) [Q4]

100% less funds holding in top 10

Funds holding in top 10: 1 [Q3] → 0 (-1) [Q4]

Research analyst outlook

3 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $60 6% downside
• Avg. target: $83 30% upside
• High target: $130 103% upside

3 analyst ratings

• positive: 1 33%
• neutral: 1 33%
• negative: 1 33%

Compass Point Merrill Ross 67% 1-year accuracy 6 / 9 met price target	6% downside $60	Neutral Maintained	18 Mar 2025
Piper Sandler Alexander Goldfarb 39% 1-year accuracy 15 / 38 met price target	6% downside $60	Underweight Maintained	17 Mar 2025
Roth MKM Scott Fortune 20% 1-year accuracy 3 / 15 met price target	103% upside $130	Buy Maintained	21 Feb 2025