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Cash to Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. Innovative Industrial Properties's cash to debt ratio for the quarter that ended in Mar. 2026 was 0.24.
If Cash to Debt ratio is less than 1, the company cannot pay off its debt using the cash in hand. Here we can see, Innovative Industrial Propertiescouldn't pay off its debt using the cash in hand for the quarter that ended in Mar. 2026.
The historical rank and industry rank for Innovative Industrial Properties's Cash-to-Debt or its related term are showing as below:
IIPR'
s Cash-to-Debt Range Over the Past 10 Years
Min: 0.11 Med: 0.51 Max: No Debt
Current: 0.24
During the past 10 years, Innovative Industrial Properties's highest Cash to Debt Ratio was No Debt. The lowest was 0.11. And the median was 0.51.
IIPR's Cash-to-Debt is ranked better than 66.36% of 856
companies
in the REITs industry
Industry Median: 0.09
vs IIPR: 0.24
If Cash to Debt ratio is greater than 1, the company can pay off its debt using the cash in hand. If it is smaller than 1, it means the company has more debt than the cash in hands. In this case, it is important to look the the company's Interest Coverage. Ben Graham requires that a company must have an Interest Coverage of at least 5.
Innovative Industrial Properties Cash-to-Debt Related Terms
Innovative Industrial Properties Cash-to-Debt Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Note: An indication of "No Debt" does not necessarily mean that the company has no debt obligations; it could be due to missing data in the quarterly or annual report. Use caution when interpreting this information.
For the REIT - Industrial subindustry, Innovative Industrial Properties's Cash-to-Debt, along with its competitors' market caps and Cash-to-Debt data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Innovative Industrial Properties Cash-to-Debt vs REITs Industry
For the REITs industry and Real Estate sector, Innovative Industrial Properties's Cash-to-Debt distribution charts can be found below:
* The bar in red indicates where Innovative Industrial Properties's Cash-to-Debt falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Innovative Industrial Properties (IIPR) has a Cash-to-Debt of 0.24 as of Mar. 2026. This is 53% below median its historical median of 0.51. Over the past decade, Innovative Industrial Properties' Cash-to-Debt has ranged from 0.11 to 10,000.00. According to the industry distribution chart, Innovative Industrial Properties ranks #288 out of 856 companies in the REITs industry, placing it in the top 33.6%.
Is Innovative Industrial Properties' Cash-to-Debt too high?
Innovative Industrial Properties' current Cash-to-Debt of 0.24 is 53% below median its 10-year median of 0.51. Over the past 10 years, this metric has ranged from a low of 0.11 to a high of 10,000.00. The REITs industry median Cash-to-Debt is 0.09. Innovative Industrial Properties' value of 0.24 is 166.7% above this industry median. Based on the distribution chart, Innovative Industrial Properties ranks #288 out of 856 companies in the REITs industry, which is above the industry midpoint. Overall, Innovative Industrial Properties has a GF Score™ of 78/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Innovative Industrial Properties' Cash-to-Debt compare to SMA and ILPT?
According to the REITs industry distribution chart, Innovative Industrial Properties ranks #288 out of 856 companies for Cash-to-Debt. This puts Innovative Industrial Properties in the upper half of its industry. The industry median Cash-to-Debt is 0.09. Innovative Industrial Properties' value of 0.24 is 166.7% above this benchmark. Historically, Innovative Industrial Properties' own Cash-to-Debt has ranged from 0.11 to 10,000.00 over the past decade. While the company's 10-year median is 0.51 vs. the industry median of 0.09, Innovative Industrial Properties has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cash-to-Debt for a REITs company?
The median Cash-to-Debt among REITs companies is 0.09, based on 856 companies in the industry. Companies in the top quartile (top 25%) have a Cash-to-Debt significantly above this median, while those in the bottom quartile fall well below. However, Cash-to-Debt should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Innovative Industrial Properties's current Cash-to-Debt of 0.24 is 166.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cash-to-Debt mean?
A high Cash-to-Debt can signal that a stock is expensive relative to its fundamentals. For the REITs industry, the median Cash-to-Debt is 0.09 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Innovative Industrial Properties's current Cash-to-Debt is 0.24, which is 53% below median its own 10-year median of 0.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Innovative Industrial Properties stock overvalued right now?
Based on GuruFocus' analysis, Innovative Industrial Properties (IIPR) is currently considered Fairly Valued. The stock's GF Value™ is $64.94, compared to a current price of $61.21 — trading 5.7% below its estimated fair value. The current Cash-to-Debt is 0.24, which is 53% below median its 10-year median of 0.51 and 166.7% above the REITs industry median of 0.09. Innovative Industrial Properties' overall GF Score™ is 78/100 with 12 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cash-to-Debt calculated?
Cash-to-Debt is calculated from a company's financial statements. For Innovative Industrial Properties (IIPR), the current Cash-to-Debt is 0.24 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Innovative Industrial Properties (IIPR) Overvalued in 2026?
Based on GuruFocus' analysis, Innovative Industrial Properties stock appears to be undervalued.
The current stock price of $61.21 is trading 5.7% below its estimated GF Value™ of $64.94.
GuruFocus considers Innovative Industrial Properties to be Fairly Valued.
Key valuation signals for IIPR:
Cash-to-Debt: 0.24 (53% below median its 10-year median of 0.51)
GF Value™: $64.94 vs. price of $61.21 (5.7% below fair value)
Industry Position: 166.7% above the REITs median (#288 of 856)
No single metric tells the full story. See the IIPR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Innovative Industrial Properties Business Description
Innovative Industrial Properties Inc is a real estate investment trust focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Its properties are prominently leased to state-licensed operators for their regulated cannabis facilities. The company conducts its business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which properties are owned by its Operating Partnership, directly or through subsidiaries. Its segments are: Cannabis Portfolio and Life Science Portfolio, with the majority of revenue coming from the Cannabis Portfolio segment, which involves acquiring, developing, and leasing real estate to regulated cannabis operators on long-term triple-net leases.
78GF Score
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