FPI
Farmland Partners Inc.
REIT - Specialty
Market Cap$466M
5Y Perf.+53.4%
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Stock Comparison
FPI vs IIPR
Revenue, margins, valuation, and 5-year total return — side by side.
IIPR
Innovative Industrial Properties, Inc.
REIT - Industrial
Market Cap$1.65B
5Y Perf.-33.6%
FPI vs IIPR — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | FPI | IIPR |
|---|---|---|
| Industry | REIT - Specialty | REIT - Industrial |
| Market Cap | $466M | $1.65B |
| Revenue (TTM) | $54M | $263M |
| Net Income (TTM) | $30M | $120M |
| Gross Margin | 78.7% | 60.3% |
| Operating Margin | 45.6% | 46.7% |
| Forward P/E | 50.1x | 13.4x |
| Total Debt | $161M | $394M |
| Cash & Equiv. | $9M | $48M |
FPI vs IIPR — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
FPI
IIPR
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Farmland Partners I… (FPI) | 100 | 153.4 | +53.4% |
| Innovative Industri… (IIPR) | 100 | 66.4 | -33.6% |
Price return only. Dividends and distributions are not included.
Quick Verdict: FPI vs IIPR
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: IIPR leads in 4 of 7 categories, making it the strongest pick for valuation and capital efficiency and dividend income and shareholder returns. Farmland Partners Inc. is the stronger pick specifically for growth and revenue expansion and profitability and margin quality. As sector peers, any of these can serve as alternatives in the same allocation.
FPI
Farmland Partners Inc.
The Real Estate Income Play
FPI is the clearest fit if your priority is growth exposure and sleep-well-at-night.
- Rev growth -10.4%, EPS growth -41.5%, 3Y rev CAGR -5.2%
- Lower volatility, beta 0.56, Low D/E 30.0%, current ratio 537.08x
- Beta 0.56, yield 11.6%, current ratio 537.08x
Best for: growth exposure and sleep-well-at-night
IIPR
Innovative Industrial Properties, Inc.
The Real Estate Income Play
IIPR carries the broadest edge in this set and is the clearest fit for income & stability and long-term compounding.
- Dividend streak 9 yrs, beta 0.92, yield 13.2%
- 442.0% 10Y total return vs FPI's 33.2%
- Lower P/E (13.4x vs 50.1x)
Best for: income & stability and long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | FPI | -10.4% FFO/revenue growth vs IIPR's -13.8% |
| Value | IIPR | Lower P/E (13.4x vs 50.1x) |
| Quality / Margins | FPI | 56.0% margin vs IIPR's 45.6% |
| Stability / Safety | FPI | Beta 0.56 vs IIPR's 0.92 |
| Dividends | IIPR | 13.2% yield, 9-year raise streak, vs FPI's 11.6% |
| Momentum (1Y) | IIPR | +23.2% vs FPI's +9.2% |
| Efficiency (ROA) | IIPR | 5.1% ROA vs FPI's 4.1%, ROIC 4.3% vs 2.4% |
FPI vs IIPR — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
Segment breakdown not available.
FPI vs IIPR — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLIIPRLAGGINGFPI
FPIFarmland Partners Inc.
0leads
IIPRInnovative Industrial…
3leads
6 Total Categories
CATEGORYLEADERvs FPIMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
Tied
—
Valuation MetricsMultiples, price ratios, and targets
IIPR6/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
IIPR6/9
Total Returns1Y, 3Y, 5Y total returns with dividends
Tied
—
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
IIPR2/2
Income & Cash Flow (Last 12 Months)
Evenly matched — FPI and IIPR each lead in 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
IIPR is the larger business by revenue, generating $263M annually — 4.9x FPI's $54M. FPI is the more profitable business, keeping 56.0% of every revenue dollar as net income compared to IIPR's 45.6%.
| Metric | FPIFarmland Partners… | IIPRInnovative Indust… |
|---|---|---|
| RevenueTrailing 12 months | $54M | $263M |
| EBITDAEarnings before interest/tax | $28M | $197M |
| Net IncomeAfter-tax profit | $30M | $120M |
| Free Cash FlowCash after capex | $19M | $144M |
| Gross MarginGross profit ÷ Revenue | +78.7% | +60.3% |
| Operating MarginEBIT ÷ Revenue | +45.6% | +46.7% |
| Net MarginNet income ÷ Revenue | +56.0% | +45.6% |
| FCF MarginFCF ÷ Revenue | +35.9% | +54.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | -1.5% | -3.8% |
| EPS Growth (YoY)Latest quarter vs prior year | -64.2% | -1.0% |
Evenly matched — FPI and IIPR each lead in 3 of 6 comparable metrics.
Valuation Metrics
IIPR leads this category, winning 6 of 6 comparable metrics.
Valuation Metrics
At 14.7x trailing earnings, IIPR trades at a 15% valuation discount to FPI's 17.2x P/E. On an enterprise value basis, IIPR's 10.1x EV/EBITDA is more attractive than FPI's 22.7x.
| Metric | FPIFarmland Partners… | IIPRInnovative Indust… |
|---|---|---|
| Market CapShares × price | $466M | $1.6B |
| Enterprise ValueMkt cap + debt − cash | $618M | $2.0B |
| Trailing P/EPrice ÷ TTM EPS | 17.23x | 14.68x |
| Forward P/EPrice ÷ next-FY EPS est. | 50.07x | 13.42x |
| PEG RatioP/E ÷ EPS growth rate | — | 3.92x |
| EV / EBITDAEnterprise value multiple | 22.70x | 10.06x |
| Price / SalesMarket cap ÷ Revenue | 8.93x | 6.20x |
| Price / BookPrice ÷ Book value/share | 1.02x | 0.89x |
| Price / FCFMarket cap ÷ FCF | 26.74x | 9.43x |
IIPR leads this category, winning 6 of 6 comparable metrics.
Profitability & Efficiency
IIPR leads this category, winning 6 of 9 comparable metrics.
Profitability & Efficiency
IIPR delivers a 6.4% return on equity — every $100 of shareholder capital generates $6 in annual profit, vs $6 for FPI. IIPR carries lower financial leverage with a 0.21x debt-to-equity ratio, signaling a more conservative balance sheet compared to FPI's 0.30x. On the Piotroski fundamental quality scale (0–9), FPI scores 6/9 vs IIPR's 4/9, reflecting solid financial health.
| Metric | FPIFarmland Partners… | IIPRInnovative Indust… |
|---|---|---|
| ROE (TTM)Return on equity | +5.7% | +6.4% |
| ROA (TTM)Return on assets | +4.1% | +5.1% |
| ROICReturn on invested capital | +2.4% | +4.3% |
| ROCEReturn on capital employed | +3.0% | +5.8% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 4 |
| Debt / EquityFinancial leverage | 0.30x | 0.21x |
| Net DebtTotal debt minus cash | $152M | $346M |
| Cash & Equiv.Liquid assets | $9M | $48M |
| Total DebtShort + long-term debt | $161M | $394M |
| Interest CoverageEBIT ÷ Interest expense | 4.34x | 6.67x |
IIPR leads this category, winning 6 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
Evenly matched — FPI and IIPR each lead in 3 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in FPI five years ago would be worth $9,699 today (with dividends reinvested), compared to $5,182 for IIPR. Over the past 12 months, IIPR leads with a +23.2% total return vs FPI's +9.2%. The 3-year compound annual growth rate (CAGR) favors FPI at 6.2% vs IIPR's 5.0% — a key indicator of consistent wealth creation.
| Metric | FPIFarmland Partners… | IIPRInnovative Indust… |
|---|---|---|
| YTD ReturnYear-to-date | +12.0% | +20.5% |
| 1-Year ReturnPast 12 months | +9.2% | +23.2% |
| 3-Year ReturnCumulative with dividends | +19.9% | +15.7% |
| 5-Year ReturnCumulative with dividends | -3.0% | -48.2% |
| 10-Year ReturnCumulative with dividends | +33.2% | +442.0% |
| CAGR (3Y)Annualised 3-year return | +6.2% | +5.0% |
Evenly matched — FPI and IIPR each lead in 3 of 6 comparable metrics.
Risk & Volatility
Evenly matched — FPI and IIPR each lead in 1 of 2 comparable metrics.
Risk & Volatility
FPI is the less volatile stock with a 0.56 beta — it tends to amplify market swings less than IIPR's 0.92 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. IIPR currently trades 94.0% from its 52-week high vs FPI's 80.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | FPIFarmland Partners… | IIPRInnovative Indust… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.56x | 0.92x |
| 52-Week HighHighest price in past year | $13.23 | $61.40 |
| 52-Week LowLowest price in past year | $9.37 | $44.58 |
| % of 52W HighCurrent price vs 52-week peak | +80.7% | +94.0% |
| RSI (14)Momentum oscillator 0–100 | 29.2 | 67.2 |
| Avg Volume (50D)Average daily shares traded | 408K | 309K |
Evenly matched — FPI and IIPR each lead in 1 of 2 comparable metrics.
Analyst Outlook
IIPR leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Wall Street rates FPI as "Hold" and IIPR as "Hold". Consensus price targets imply 59.2% upside for FPI (target: $17) vs -23.7% for IIPR (target: $44). For income investors, IIPR offers the higher dividend yield at 13.21% vs FPI's 11.64%.
| Metric | FPIFarmland Partners… | IIPRInnovative Indust… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $17.00 | $44.00 |
| # AnalystsCovering analysts | 15 | 11 |
| Dividend YieldAnnual dividend ÷ price | +11.6% | +13.2% |
| Dividend StreakConsecutive years of raises | 2 | 9 |
| Dividend / ShareAnnual DPS | $1.24 | $7.62 |
| Buyback YieldShare repurchases ÷ mkt cap | +8.2% | +1.2% |
IIPR leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
IIPR leads in 3 of 6 categories — strongest in Valuation Metrics and Profitability & Efficiency. 3 categories are tied.
Best OverallInnovative Industrial Prope… (IIPR)Leads 3 of 6 categories
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FPI vs IIPR: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is FPI or IIPR a better buy right now?
For growth investors, Farmland Partners Inc.
(FPI) is the stronger pick with -10. 4% revenue growth year-over-year, versus -13. 8% for Innovative Industrial Properties, Inc. (IIPR). Innovative Industrial Properties, Inc. (IIPR) offers the better valuation at 14. 7x trailing P/E (13. 4x forward), making it the more compelling value choice. Analysts rate Farmland Partners Inc. (FPI) a "Hold" — based on 15 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — FPI or IIPR?
On trailing P/E, Innovative Industrial Properties, Inc.
(IIPR) is the cheapest at 14. 7x versus Farmland Partners Inc. at 17. 2x. On forward P/E, Innovative Industrial Properties, Inc. is actually cheaper at 13. 4x.
03Which is the better long-term investment — FPI or IIPR?
Over the past 5 years, Farmland Partners Inc.
(FPI) delivered a total return of -3. 0%, compared to -48. 2% for Innovative Industrial Properties, Inc. (IIPR). Over 10 years, the gap is even starker: IIPR returned +442. 0% versus FPI's +33. 2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — FPI or IIPR?
By beta (market sensitivity over 5 years), Farmland Partners Inc.
(FPI) is the lower-risk stock at 0. 56β versus Innovative Industrial Properties, Inc. 's 0. 92β — meaning IIPR is approximately 64% more volatile than FPI relative to the S&P 500. On balance sheet safety, Innovative Industrial Properties, Inc. (IIPR) carries a lower debt/equity ratio of 21% versus 30% for Farmland Partners Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — FPI or IIPR?
By revenue growth (latest reported year), Farmland Partners Inc.
(FPI) is pulling ahead at -10. 4% versus -13. 8% for Innovative Industrial Properties, Inc. (IIPR). On earnings-per-share growth, the picture is similar: Innovative Industrial Properties, Inc. grew EPS -28. 8% year-over-year, compared to -41. 5% for Farmland Partners Inc.. Over a 3-year CAGR, IIPR leads at -1. 3% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — FPI or IIPR?
Farmland Partners Inc.
(FPI) is the more profitable company, earning 60. 5% net margin versus 43. 0% for Innovative Industrial Properties, Inc. — meaning it keeps 60. 5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: IIPR leads at 46. 7% versus 44. 2% for FPI. At the gross margin level — before operating expenses — IIPR leads at 88. 7%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is FPI or IIPR more undervalued right now?
On forward earnings alone, Innovative Industrial Properties, Inc.
(IIPR) trades at 13. 4x forward P/E versus 50. 1x for Farmland Partners Inc. — 36. 7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for FPI: 59. 2% to $17. 00.
08Which pays a better dividend — FPI or IIPR?
All stocks in this comparison pay dividends.
Innovative Industrial Properties, Inc. (IIPR) offers the highest yield at 13. 2%, versus 11. 6% for Farmland Partners Inc. (FPI).
09Is FPI or IIPR better for a retirement portfolio?
For long-horizon retirement investors, Farmland Partners Inc.
(FPI) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 56), 11. 6% yield). Both have compounded well over 10 years (FPI: +33. 2%, IIPR: +442. 0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between FPI and IIPR?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
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(FPI: -1.5% · IIPR: -3.8%)Net Margin>
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(FPI: 56.0% · IIPR: 45.6%)P/E Ratio<
x
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