Innovative Industrial PropertiesIIPRPA.PFD -0.72%77 ROC (Joel Greenblatt) % is 30,836.94% as of Mar. 2026, which is 153% above its 10-year median of 12,207.91. GuruFocus rates IIPRPA.PFD with a GF Score™ of 77/100. The stock has 12 warning signs investors should review. Among 587 REITs companies, Innovative Industrial Properties ranks better than 93.87% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Innovative Industrial Properties's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 30,836.94%.
The historical rank and industry rank for Innovative Industrial Properties's ROC (Joel Greenblatt) % or its related term are showing as below:
IIPRpA.PFD'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 2412.73 Med: 12207.91 Max: 19286.62
Current: 19286.62
During the past 10 years, Innovative Industrial Properties's highest ROC (Joel Greenblatt) % was 19286.62%. The lowest was 2412.73%. And the median was 12207.91%.
IIPRpA.PFD's ROC (Joel Greenblatt) % is ranked better than 93.87% of 587
companies
in the REITs industry
Industry Median: 174.41
vs IIPRpA.PFD: 19286.62
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
* 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.
IIPRPA.PFD vs SMA, ILPT, LXP: ROC (Joel Greenblatt) % Comparison
For the REIT - Industrial subindustry, Innovative Industrial Properties's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (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 ROC (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, Innovative Industrial Properties's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Innovative Industrial Properties's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT 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.
What does a ROC (Joel Greenblatt) % of 30,836.94% mean?
Innovative Industrial Properties (IIPRPA.PFD) has a ROC (Joel Greenblatt) % of 30,836.94% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Innovative Industrial Properties and its competitors. This is 153% above median its historical median of 12,207.91. Over the past decade, Innovative Industrial Properties' ROC (Joel Greenblatt) % has ranged from 2,412.73 to 19,286.62. According to the industry distribution chart, Innovative Industrial Properties ranks #36 out of 587 companies in the REITs industry, placing it in the top 6.1%.
Is Innovative Industrial Properties' ROC (Joel Greenblatt) % too high?
Innovative Industrial Properties' current ROC (Joel Greenblatt) % of 30,836.94% is 153% above median its 10-year median of 12,207.91. Over the past 10 years, this metric has ranged from a low of 2,412.73 to a high of 19,286.62. The REITs industry median ROC (Joel Greenblatt) % is 174.41. Innovative Industrial Properties' value of 30,836.94% is 17580.7% above this industry median. Based on the distribution chart, Innovative Industrial Properties ranks #36 out of 587 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Innovative Industrial Properties has a GF Score™ of 77/100, reflecting its overall financial health beyond just this single metric.
How does Innovative Industrial Properties' ROC (Joel Greenblatt) % compare to SMA and ILPT?
According to the REITs industry distribution chart, Innovative Industrial Properties ranks #36 out of 587 companies for ROC (Joel Greenblatt) %. This places Innovative Industrial Properties in the top 6% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 174.41. Innovative Industrial Properties' value of 30,836.94% is 17580.7% above this benchmark. Historically, Innovative Industrial Properties' own ROC (Joel Greenblatt) % has ranged from 2,412.73 to 19,286.62 over the past decade. While the company's 10-year median is 12,207.91 vs. the industry median of 174.41, 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 ROC (Joel Greenblatt) % for a REITs company?
The median ROC (Joel Greenblatt) % among REITs companies is 174.41, based on 587 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Innovative Industrial Properties's current ROC (Joel Greenblatt) % of 30,836.94% is 17580.7% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Innovative Industrial Properties and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 174.41 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Innovative Industrial Properties's current ROC (Joel Greenblatt) % is 30,836.94%, which is 153% above median its own 10-year median of 12,207.91. 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?
Innovative Industrial Properties (IIPRPA.PFD) has a current ROC (Joel Greenblatt) % of 30,836.94%. The current ROC (Joel Greenblatt) % is 30,836.94%, which is 153% above median its 10-year median of 12,207.91 and 17580.7% above the REITs industry median of 174.41. Innovative Industrial Properties' overall GF Score™ is 77/100 with 12 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Innovative Industrial Properties (IIPRPA.PFD), the current ROC (Joel Greenblatt) % is 30,836.94% 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.
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.
77GF Score
Get the complete analysis for IIPRPA.PFD
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
IIPRPA.PFD has been successfully added to your 
