“Cash flows provided by operating activities were generally from contractual rent and tenant reimbursements from our properties, partially offset by our general and administrative expense, interest expense, property expenses in excess of tenant reimbursements…”10-Q · May 5, 2026 ↗
Innovative Industrial Properties, Inc.
IIPR
Market read
Innovative Industrial Properties, Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 38 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.
- IIPR's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if IIPR's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 38 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.
No thresholded supportive filing evidence is available yet.
No thresholded adverse filing evidence is available yet.
- IIPR's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Operating cash flow covered net income at 1.68x in the latest annual period.
- Latest annual revenue changed -13.8% year over year.
- Operating margin changed -7.9 percentage points in the latest annual period.
- Net margin changed -7.9 percentage points in the latest annual period.
- Credit and interest rates has repeated adverse evidence across 4 filings.
- P/E is 70% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 65% above the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 10, 2026
55.65Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“The increase was primarily driven by a $1.5 million increase in litigation expense.”10-Q · May 5, 2026 ↗
“Since 2021, capital availability for the regulated cannabis industry has declined, in part due to broader macroeconomic conditions.”10-Q · May 5, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 5.9× · EV/sales 7.2×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for IIPR. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for IIPR. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind IIPR
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 2 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
IIPR is currently a Follower in the organic co-movement group Regional Banks & REITs. This group is discovered from market behaviour rather than assigned from an industry taxonomy. No verified filing-linked names are available yet.
This group is retained as the last observed read for IIPR; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.