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Innovative Industrial PropertiesIIPR +1.06%78 Earnings Yield (Joel Greenblatt) % is 7.79% as of Mar. 2026, which is 138% above its 10-year median of 3.27. GuruFocus rates IIPR with a GF Score™ of 78/100 and a GF Value™ of $64.94 (Fairly Valued). The stock has 12 warning signs investors should review. Among 957 REITs companies, Innovative Industrial Properties ranks better than 72.2% on this metric.
Innovative Industrial Properties's Enterprise Value for the quarter that ended in Mar. 2026 was $1,805.2 Mil.
Innovative Industrial Properties's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 was $140.6 Mil. Innovative Industrial Properties's Earnings Yield (Joel Greenblatt) for the quarter that ended in Mar. 2026 was 7.79%.
The historical rank and industry rank for Innovative Industrial Properties's Earnings Yield (Joel Greenblatt) % or its related term are showing as below:
IIPR'
s Earnings Yield (Joel Greenblatt) % Range Over the Past 10 Years
Min: -5.83 Med: 3.27 Max: 10.57
Current: 6.51
During the past 10 years, the highest Earnings Yield (Joel Greenblatt) of Innovative Industrial Properties was 10.57%. The lowest was -5.83%. And the median was 3.27%.
IIPR's Earnings Yield (Joel Greenblatt) % is ranked better than 72.2% of 957
companies
in the REITs industry
Industry Median: 3.41
vs IIPR: 6.51
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
A better indicator of the attractiveness of an investment which takes growth into account is the Forward Rate of Return (Yacktman) %. Innovative Industrial Properties's Forward Rate of Return (Yacktman) % for the quarter that ended in Mar. 2026 was 22.15%. The Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Joel Greenblatt defines the earnings yield using the above equation because it more accurately reflects the company's profitability relative to its stock price. Items like interest payment and tax etc. are not directly related to the company's operational profitability.
Enterprise Value instead of market cap (share price) is used in the calculation because it is the real price stock and bond investors together pay for the company.
Be Aware
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
* 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.
For the REIT - Industrial subindustry, Innovative Industrial Properties's Earnings Yield (Joel Greenblatt) %, along with its competitors' market caps and Earnings Yield (Joel Greenblatt) % 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 Earnings Yield (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, Innovative Industrial Properties's Earnings Yield (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Innovative Industrial Properties's Earnings Yield (Joel Greenblatt) % falls into.
In his book, The Little That Beat the Market, hedge fund manager Joel Greenblatt defines Earnings Yield as operating income divided by enterprise value.
Innovative Industrial Properties's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $140.6 Mil.
What does a Earnings Yield (Joel Greenblatt) % of 7.79% mean?
Innovative Industrial Properties (IIPR) has a Earnings Yield (Joel Greenblatt) % of 7.79% as of Mar. 2026. Joel Greenblatt's earnings yield equals the ratio of earnings before interest and taxes to enterprise value. View historical data on Innovative Industrial Properties and its competitors. This is 138% above median its historical median of 3.27. According to the industry distribution chart, Innovative Industrial Properties ranks #266 out of 957 companies in the REITs industry, placing it in the top 27.8%.
Is Innovative Industrial Properties' Earnings Yield (Joel Greenblatt) % too high?
Innovative Industrial Properties' current Earnings Yield (Joel Greenblatt) % of 7.79% is 138% above median its 10-year median of 3.27. The REITs industry median Earnings Yield (Joel Greenblatt) % is 3.41. Innovative Industrial Properties' value of 7.79% is 128.4% above this industry median. Based on the distribution chart, Innovative Industrial Properties ranks #266 out of 957 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' Earnings Yield (Joel Greenblatt) % compare to SMA and ILPT?
According to the REITs industry distribution chart, Innovative Industrial Properties ranks #266 out of 957 companies for Earnings Yield (Joel Greenblatt) %. This puts Innovative Industrial Properties in the upper half of its industry. The industry median Earnings Yield (Joel Greenblatt) % is 3.41. Innovative Industrial Properties' value of 7.79% is 128.4% above this benchmark. While the company's 10-year median is 3.27 vs. the industry median of 3.41, 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 Earnings Yield (Joel Greenblatt) % for a REITs company?
The median Earnings Yield (Joel Greenblatt) % among REITs companies is 3.41, based on 957 companies in the industry. Companies in the top quartile (top 25%) have a Earnings Yield (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, Earnings Yield (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Innovative Industrial Properties's current Earnings Yield (Joel Greenblatt) % of 7.79% is 128.4% 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 Earnings Yield (Joel Greenblatt) % mean?
A high Earnings Yield (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's earnings yield equals the ratio of earnings before interest and taxes to enterprise value. View historical data on Innovative Industrial Properties and its competitors. For the REITs industry, the median Earnings Yield (Joel Greenblatt) % is 3.41 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Innovative Industrial Properties's current Earnings Yield (Joel Greenblatt) % is 7.79%, which is 138% above median its own 10-year median of 3.27. 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 Earnings Yield (Joel Greenblatt) % is 7.79%, which is 138% above median its 10-year median of 3.27 and 128.4% above the REITs industry median of 3.41. 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 Earnings Yield (Joel Greenblatt) % calculated?
Earnings Yield (Joel Greenblatt) % is calculated from a company's financial statements. For Innovative Industrial Properties (IIPR), the current Earnings Yield (Joel Greenblatt) % is 7.79% 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:
Earnings Yield (Joel Greenblatt) %: 7.79% (138% above median its 10-year median of 3.27)
GF Value™: $64.94 vs. price of $61.21 (5.7% below fair value)
Industry Position: 128.4% above the REITs median (#266 of 957)
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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Earnings Yield (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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