Innovative Industrial Properties, Inc. (IIPR) valuation

Bring your own price

Enter a share price and a discount rate — every multiple, the earning-power value and the reverse-DCF below recompute on the spot from Innovative Industrial Properties, Inc.'s latest SEC EDGAR filings. Change either input and the whole page follows.

Share price (USD)

Discount rate (% per year)

Enter a share price to run the model.

The prefilled 9.0% is a plain CAPM cost of equity at β = 1: the 10-year Treasury yield (4.55%, 2026-07-17, U.S. Treasury 10-yr) plus the U.S. equity risk premium (4.46%, Damodaran 2026-01-01). Build a firmer per-company rate with the cost-of-equity and WACC calculators, then paste it here.

Share price — · awaiting your input

Market Capitalization

Equity value at your price

—

Price-to-Earnings

P/E · Trailing Diluted

—

Earnings Yield

EPS ÷ Price · Trailing

—

Price-to-Free-Cash-Flow

P/FCF · Trailing

—

Free-Cash-Flow Yield

FCF Yield · Trailing

—

Price-to-Sales

P/S · Trailing

—

Price-to-Book

P/B · Latest filing

—

Fundamentals from the filings

Every model input below comes straight from Innovative Industrial Properties, Inc.'s SEC EDGAR XBRL filings — these are the denominators and bridge inputs the calculator pairs with your price and rate.

Trailing twelve months · TTM as of 2026-03-31 (Q1 FY2026)

Revenue: $263.2M
EBIT (GAAP): $123.1M
EBIT margin: 46.8%
Operating cash flow: $200.0M
CapEx: —
D&A: $74.3M
Free cash flow: —
Stock-based comp: $10.6M
YoY revenue growth: -13.6%

Balance sheet · 10-Q · period ending 2026-03-31

Cash & equivalents: $89.1M
Total debt: $291.0M
Stockholders' equity: $1.89B
Preferred stock: $108.1M
Excess cash: $89.1M

Total debt = Secured + unsecured debt ($291.0M) .

Share count

Diluted shares (TSM-scaled): 28.8M

Method: point-in-time shares outstanding × 1.0170 (latest filer-disclosed diluted ÷ basic ratio). See the diluted-shares methodology for why this count denominates EPV/share and the reverse-DCF equity bridge.

Earning-Power-Value, reverse-DCF, and EV/EBITDA are hidden for this real-estate investment trust. These frameworks capitalise GAAP operating earnings, but a REIT runs on funds from operations (FFO/AFFO) — GAAP EBIT is depressed by non-cash real-estate depreciation, and EV/EBITDA ignores the mortgage debt that funds the property book. The trailing multiples above (P/E, P/S, P/B, P/FCF) still render, but the right lens for a REIT is P/FFO or P/AFFO and dividend coverage — applied manually, outside this page.