IIPR
Innovative Industrial Properties, Inc.
REIT - Industrial
Market Cap$1.62B
5Y Perf.-78.5%
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Stock Comparison
IIPR vs REFI
Revenue, margins, valuation, and 5-year total return — side by side.
REFI
Chicago Atlantic Real Estate Finance, Inc.
REIT - Mortgage
Market Cap$245M
5Y Perf.-30.2%
IIPR vs REFI — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | IIPR | REFI |
|---|---|---|
| Industry | REIT - Industrial | REIT - Mortgage |
| Market Cap | $1.62B | $245M |
| Revenue (TTM) | $263M | $44M |
| Net Income (TTM) | $120M | $4.87B |
| Gross Margin | 60.3% | 95.6% |
| Operating Margin | 46.7% | 18.4% |
| Forward P/E | 13.2x | 6.4x |
| Total Debt | $394M | $98M |
| Cash & Equiv. | $48M | $15M |
IIPR vs REFI — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
IIPR
REFI
| Stock | Dec 21 | May 26 | Return |
|---|---|---|---|
| Innovative Industri… (IIPR) | 100 | 21.5 | -78.5% |
| Chicago Atlantic Re… (REFI) | 100 | 69.8 | -30.2% |
Price return only. Dividends and distributions are not included.
Quick Verdict: IIPR vs REFI
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: REFI leads in 4 of 7 categories, making it the strongest pick for growth and revenue expansion and valuation and capital efficiency. Innovative Industrial Properties, Inc. is the stronger pick specifically for dividend income and shareholder returns and recent price momentum and sentiment. As sector peers, any of these can serve as alternatives in the same allocation.
IIPR
Innovative Industrial Properties, Inc.
The Real Estate Income Play
IIPR is the clearest fit if your priority is long-term compounding.
- 436.4% 10Y total return vs REFI's 24.7%
- 13.5% yield, 9-year raise streak, vs REFI's 100.0%
- +20.3% vs REFI's -7.9%
Best for: long-term compounding
REFI
Chicago Atlantic Real Estate Finance, Inc.
The Real Estate Income Play
REFI carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 1 yrs, beta 0.69, yield 100.0%
- Rev growth 15.2%, EPS growth -10.6%, 3Y rev CAGR 8.9%
- Lower volatility, beta 0.69, Low D/E 32.0%, current ratio 0.28x
Best for: income & stability and growth exposure
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | REFI | 15.2% FFO/revenue growth vs IIPR's -13.8% |
| Value | REFI | Lower P/E (6.4x vs 13.2x) |
| Quality / Margins | REFI | 109.7% margin vs IIPR's 45.6% |
| Stability / Safety | REFI | Beta 0.69 vs IIPR's 0.92 |
| Dividends | IIPR | 13.5% yield, 9-year raise streak, vs REFI's 100.0% |
| Momentum (1Y) | IIPR | +20.3% vs REFI's -7.9% |
| Efficiency (ROA) | IIPR | 5.1% ROA vs REFI's 4.5%, ROIC 4.3% vs 6.9% |
IIPR vs REFI — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLREFILAGGINGIIPR
IIPRInnovative Industrial…
0leads
REFIChicago Atlantic Real…
2leads
6 Total Categories
CATEGORYLEADERvs IIPRMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
Tied
—
Valuation MetricsMultiples, price ratios, and targets
REFI6/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
REFI5/9
Total Returns1Y, 3Y, 5Y total returns with dividends
Tied
—
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
Evenly matched — IIPR and REFI each lead in 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
IIPR is the larger business by revenue, generating $263M annually — 5.9x REFI's $44M. REFI is the more profitable business, keeping 109.7% of every revenue dollar as net income compared to IIPR's 45.6%. On growth, IIPR holds the edge at -3.8% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | IIPRInnovative Indust… | REFIChicago Atlantic … |
|---|---|---|
| RevenueTrailing 12 months | $263M | $44M |
| EBITDAEarnings before interest/tax | $197M | $8M |
| Net IncomeAfter-tax profit | $120M | $4.9B |
| Free Cash FlowCash after capex | $144M | $3.2B |
| Gross MarginGross profit ÷ Revenue | +60.3% | +95.6% |
| Operating MarginEBIT ÷ Revenue | +46.7% | +18.4% |
| Net MarginNet income ÷ Revenue | +45.6% | +109.7% |
| FCF MarginFCF ÷ Revenue | +54.7% | +71.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | -3.8% | -100.0% |
| EPS Growth (YoY)Latest quarter vs prior year | -1.0% | -51.1% |
Evenly matched — IIPR and REFI each lead in 3 of 6 comparable metrics.
Valuation Metrics
REFI leads this category, winning 6 of 6 comparable metrics.
Valuation Metrics
At 6.9x trailing earnings, REFI trades at a 52% valuation discount to IIPR's 14.4x P/E. On an enterprise value basis, REFI's 9.1x EV/EBITDA is more attractive than IIPR's 9.9x.
| Metric | IIPRInnovative Indust… | REFIChicago Atlantic … |
|---|---|---|
| Market CapShares × price | $1.6B | $245M |
| Enterprise ValueMkt cap + debt − cash | $2.0B | $328M |
| Trailing P/EPrice ÷ TTM EPS | 14.40x | 6.92x |
| Forward P/EPrice ÷ next-FY EPS est. | 13.17x | 6.41x |
| PEG RatioP/E ÷ EPS growth rate | 3.85x | — |
| EV / EBITDAEnterprise value multiple | 9.91x | 9.12x |
| Price / SalesMarket cap ÷ Revenue | 6.08x | 3.88x |
| Price / BookPrice ÷ Book value/share | 0.87x | 0.81x |
| Price / FCFMarket cap ÷ FCF | 9.26x | 0.01x |
REFI leads this category, winning 6 of 6 comparable metrics.
Profitability & Efficiency
REFI leads this category, winning 5 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 REFI. IIPR carries lower financial leverage with a 0.21x debt-to-equity ratio, signaling a more conservative balance sheet compared to REFI's 0.32x. On the Piotroski fundamental quality scale (0–9), REFI scores 5/9 vs IIPR's 4/9, reflecting solid financial health.
| Metric | IIPRInnovative Indust… | REFIChicago Atlantic … |
|---|---|---|
| ROE (TTM)Return on equity | +6.4% | +6.4% |
| ROA (TTM)Return on assets | +5.1% | +4.5% |
| ROICReturn on invested capital | +4.3% | +6.9% |
| ROCEReturn on capital employed | +5.8% | +9.3% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 5 |
| Debt / EquityFinancial leverage | 0.21x | 0.32x |
| Net DebtTotal debt minus cash | $346M | $83M |
| Cash & Equiv.Liquid assets | $48M | $15M |
| Total DebtShort + long-term debt | $394M | $98M |
| Interest CoverageEBIT ÷ Interest expense | 6.67x | 4.77x |
REFI leads this category, winning 5 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
Evenly matched — IIPR and REFI each lead in 3 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in REFI five years ago would be worth $12,468 today (with dividends reinvested), compared to $4,999 for IIPR. Over the past 12 months, IIPR leads with a +20.3% total return vs REFI's -7.9%. The 3-year compound annual growth rate (CAGR) favors REFI at 7.9% vs IIPR's 4.5% — a key indicator of consistent wealth creation.
| Metric | IIPRInnovative Indust… | REFIChicago Atlantic … |
|---|---|---|
| YTD ReturnYear-to-date | +18.3% | -1.4% |
| 1-Year ReturnPast 12 months | +20.3% | -7.9% |
| 3-Year ReturnCumulative with dividends | +14.1% | +25.7% |
| 5-Year ReturnCumulative with dividends | -50.0% | +24.7% |
| 10-Year ReturnCumulative with dividends | +436.4% | +24.7% |
| CAGR (3Y)Annualised 3-year return | +4.5% | +7.9% |
Evenly matched — IIPR and REFI each lead in 3 of 6 comparable metrics.
Risk & Volatility
Evenly matched — IIPR and REFI each lead in 1 of 2 comparable metrics.
Risk & Volatility
REFI is the less volatile stock with a 0.69 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 92.2% from its 52-week high vs REFI's 76.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | IIPRInnovative Indust… | REFIChicago Atlantic … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.92x | 0.69x |
| 52-Week HighHighest price in past year | $61.40 | $15.20 |
| 52-Week LowLowest price in past year | $44.58 | $10.74 |
| % of 52W HighCurrent price vs 52-week peak | +92.2% | +76.4% |
| RSI (14)Momentum oscillator 0–100 | 59.3 | 58.1 |
| Avg Volume (50D)Average daily shares traded | 303K | 167K |
Evenly matched — IIPR and REFI each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — IIPR and REFI each lead in 1 of 2 comparable metrics.
Analyst Outlook
Wall Street rates IIPR as "Hold" and REFI as "Buy". Consensus price targets imply 20.5% upside for REFI (target: $14) vs -22.3% for IIPR (target: $44). For income investors, REFI offers the higher dividend yield at 100.00% vs IIPR's 13.46%.
| Metric | IIPRInnovative Indust… | REFIChicago Atlantic … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $44.00 | $14.00 |
| # AnalystsCovering analysts | 11 | 6 |
| Dividend YieldAnnual dividend ÷ price | +13.5% | +100.0% |
| Dividend StreakConsecutive years of raises | 9 | 1 |
| Dividend / ShareAnnual DPS | $7.62 | $2045.71 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.2% | 0.0% |
Evenly matched — IIPR and REFI each lead in 1 of 2 comparable metrics.
Key Takeaway
REFI leads in 2 of 6 categories — strongest in Valuation Metrics and Profitability & Efficiency. 4 categories are tied.
Best OverallChicago Atlantic Real Estat… (REFI)Leads 2 of 6 categories
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IIPR vs REFI: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is IIPR or REFI a better buy right now?
For growth investors, Chicago Atlantic Real Estate Finance, Inc.
(REFI) is the stronger pick with 15. 2% revenue growth year-over-year, versus -13. 8% for Innovative Industrial Properties, Inc. (IIPR). Chicago Atlantic Real Estate Finance, Inc. (REFI) offers the better valuation at 6. 9x trailing P/E (6. 4x forward), making it the more compelling value choice. Analysts rate Chicago Atlantic Real Estate Finance, Inc. (REFI) a "Buy" — based on 6 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 — IIPR or REFI?
On trailing P/E, Chicago Atlantic Real Estate Finance, Inc.
(REFI) is the cheapest at 6. 9x versus Innovative Industrial Properties, Inc. at 14. 4x. On forward P/E, Chicago Atlantic Real Estate Finance, Inc. is actually cheaper at 6. 4x.
03Which is the better long-term investment — IIPR or REFI?
Over the past 5 years, Chicago Atlantic Real Estate Finance, Inc.
(REFI) delivered a total return of +24. 7%, compared to -50. 0% for Innovative Industrial Properties, Inc. (IIPR). Over 10 years, the gap is even starker: IIPR returned +436. 4% versus REFI's +24. 7%. 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 — IIPR or REFI?
By beta (market sensitivity over 5 years), Chicago Atlantic Real Estate Finance, Inc.
(REFI) is the lower-risk stock at 0. 69β versus Innovative Industrial Properties, Inc. 's 0. 92β — meaning IIPR is approximately 33% more volatile than REFI relative to the S&P 500. On balance sheet safety, Innovative Industrial Properties, Inc. (IIPR) carries a lower debt/equity ratio of 21% versus 32% for Chicago Atlantic Real Estate Finance, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — IIPR or REFI?
By revenue growth (latest reported year), Chicago Atlantic Real Estate Finance, Inc.
(REFI) is pulling ahead at 15. 2% versus -13. 8% for Innovative Industrial Properties, Inc. (IIPR). On earnings-per-share growth, the picture is similar: Chicago Atlantic Real Estate Finance, Inc. grew EPS -10. 6% year-over-year, compared to -28. 8% for Innovative Industrial Properties, Inc.. Over a 3-year CAGR, REFI leads at 8. 9% 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 — IIPR or REFI?
Chicago Atlantic Real Estate Finance, Inc.
(REFI) is the more profitable company, earning 57. 1% net margin versus 43. 0% for Innovative Industrial Properties, Inc. — meaning it keeps 57. 1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: REFI leads at 57. 1% versus 46. 7% for IIPR. 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 IIPR or REFI more undervalued right now?
On forward earnings alone, Chicago Atlantic Real Estate Finance, Inc.
(REFI) trades at 6. 4x forward P/E versus 13. 2x for Innovative Industrial Properties, Inc. — 6. 8x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for REFI: 20. 5% to $14. 00.
08Which pays a better dividend — IIPR or REFI?
All stocks in this comparison pay dividends.
Chicago Atlantic Real Estate Finance, Inc. (REFI) offers the highest yield at 100. 0%, versus 13. 5% for Innovative Industrial Properties, Inc. (IIPR).
09Is IIPR or REFI better for a retirement portfolio?
For long-horizon retirement investors, Innovative Industrial Properties, Inc.
(IIPR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 92), 13. 5% yield, +436. 4% 10Y return). Both have compounded well over 10 years (IIPR: +436. 4%, REFI: +24. 7%), 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 IIPR and REFI?
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.
In terms of investment character: IIPR is a small-cap deep-value stock; REFI is a small-cap high-growth stock. 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>
%
(IIPR: -3.8% · REFI: -100.0%)Net Margin>
%
(IIPR: 45.6% · REFI: 10972.3%)P/E Ratio<
x
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