Data as of:
LIVE
IIPR
Innovative Industrial Properties, Inc. · Real Estate - Cannabis Facilities (Net Lease REIT)
$56.43
+2.38% this month
VERSUS
COMPARE
HASI
Hannon Armstrong Sustainable Infrastructure Capital, Inc. · Real Estate - Climate/Infrastructure Finance
$37.18
-10.11% this month
Comparison scoreboard
HASI LEADS 4/5AI Scorei
IIPR 36.7
HASI ✓36.7
1Y Returni
IIPR +14.81%
HASI ✓+38.94%
Fwd P/Ei
IIPR 12.97
HASI ✓11.95
Target Up.i
IIPR +13.25%
HASI ✓+23.77%
Op. Margini
IIPR ✓48.82%
HASI 22.21%
Metrics last refreshed: 9/18/2026
Quick take
IIPR vs HASI Stock Comparison: AI Score, Valuation, Performance and Upside
IIPR (Innovative Industrial Properties) and HASI (Hannon Armstrong) are specialty REITs with distinct missions — IIPR provides sale-leaseback capital to cannabis operators in an industry locked out of traditional banking, creating a financing monopoly with above-market lease rates but tenant credit risk, while HASI is a climate-positive infrastructure finance company investing in solar, wind, and energy efficiency projects with IRA policy tailwinds.
IIPR vs HASI is cannabis-exclusive sale-leaseback REIT with financing monopoly and federal legalization optionality (IIPR's dominant cannabis facility ownership, triple-net leases with rent escalation, and tenant financial stress creating high-reward/high-risk profile) versus climate infrastructure finance REIT with IRA policy tailwinds and institutional government customer base (Hannon Armstrong's clean energy project debt/equity investing, secular renewable economics growth, and 7-10% EPS growth target).
Live analysis · updated 9/18/2026
HASI holds the edge across 4 of 5 key metrics in this comparison. HASI leads on both 1-year return (+38.94%) and forward P/E quality (11.95x vs 12.97x for IIPR), a relatively favorable combination of momentum and valuation. On fundamentals, HASI is growing revenue faster (804.40%), while IIPR maintains the higher operating margin (48.82%) — a classic growth-versus-profitability split. Analyst consensus implies meaningfully more upside for HASI (+23.77%) than for IIPR (+13.25%).
Normalized 1Y performance
IIPR
HASI
Recent returns
IIPR
HASI
Analyst price targets & sentiment
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
IIPR
Price target range
analyst mean$64.50
current price$56.43
+13.2% upside to analyst mean
HASI
Price target range
analyst mean$49.20
current price$37.18
+23.8% upside to analyst mean
Who should consider this stock?
IIPR may suit investors who:
- Want exposure to the cannabis industry through a property income vehicle with the stability of long-term triple-net leases
- Believe federal cannabis normalization (rescheduling or legalization) will improve tenant credit quality and potentially unlock significant value
- Accept the risk of tenant financial stress in exchange for above-market lease rates driven by IIPR's unique financing monopoly
HASI may suit investors who:
- Want clean energy infrastructure exposure through a structured finance company with institutional and government customer credit quality and consistent EPS growth
- Believe the IRA's decade-long clean energy tax credit commitment creates a durable, policy-supported investment pipeline for HASI's project financing
- Value HASI's commitment to climate-positive investing as both a mission alignment and a secular tailwind from renewable energy's improving economics
Performance & AI score
| Metric | IIPR | HASI |
|---|---|---|
| AI scorei | 36.7 | 36.7 |
| AI ranki | #1564 | #1561 |
| Latest closei | $56.43 | $37.18 |
| 1M returni | +2.38% | -10.11% |
| 6M returni | +12.72% | +3.44% |
| 1Y returni | +14.81% | +38.94% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | IIPR | HASI |
|---|---|---|
| 1Y ago | $13.33K (+33.3%) started 2025-09-17 | $14.6K (+46.0%) started 2025-09-17 |
| 5Y ago | $6.64K (-33.6%) started 2021-09-17 | $11.31K (+13.1%) started 2021-09-17 |
| 10Y ago | $118.53K (+1085.3%) started 2016-12-01 | $52.41K (+424.1%) started 2016-09-19 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | IIPR | HASI |
|---|---|---|
| Market capi | $1.57B | $5.11B |
| Trailing P/Ei | 12.89 | 61.15 |
| Forward P/Ei | 12.97 | 11.95 |
| Price/Salesi | N/A | N/A |
| EV/Revenuei | 7.90 | 84.91 |
| Analyst targeti | $64.50 | $49.20 |
| Target upsidei | +13.25% | +23.77% |
Growth, profitability & risk
| Metric | IIPR | HASI |
|---|---|---|
| Revenue growthi | 0.70% | 804.40% |
| Earnings growthi | 57.70% | 24.50% |
| EPS growthi | +57.70% | +24.50% |
| FCF margini | +37.88% | N/A |
| Operating margini | 48.82% | 22.21% |
| Profit margini | 52.27% | 67.65% |
| ROIC proxyi | 7.39% | 3.37% |
| Return on equityi | 7.39% | 3.37% |
| Dividend yieldi | 13.53% | 4.30% |
| Payout ratioi | 171.95% | 260.00% |
| Dividend growth streaki | 8 yrs | 7 yrs |
| Betai | 1.40 | 1.42 |
| Debt/equityi | 32.89 | 222.66 |
| Current ratioi | 4.58 | 8.70 |
| Quick ratioi | 3.17 | 8.45 |
Correlation
Over the past year, IIPR and HASI have moved weakly in the same direction (correlation of 0.21), based on daily returns.
1Y
0.21
-1.0+1.0
5Y
0.39
-1.0+1.0
10Y
0.38
-1.0+1.0
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
IIPR max drawdowni21.29%
HASI max drawdowni16.02%
IIPR max wkly dropi14.74%
HASI max wkly dropi9.47%
5Y risk snapshot
IIPR max drawdowni78.42%
HASI max drawdowni75.24%
IIPR max wkly dropi31.00%
HASI max wkly dropi30.59%
10Y risk snapshot
IIPR max drawdowni78.42%
HASI max drawdowni76.94%
IIPR max wkly dropi39.57%
HASI max wkly dropi46.87%
Performance metrics by period
| Period | Metric | IIPR | HASI |
|---|---|---|---|
| 1Y | Growthi | +14.81% | +38.94% |
| CAGRi | +14.82% | +38.97% | |
| Volatilityi | 37.94% | 30.58% | |
| Sharpe ratioi | 0.43 | 1.08 | |
| Sortino ratioi | 0.72 | 1.84 | |
| Max drawdowni | 21.29% | 16.02% | |
| Current drawdowni | 12.74% | 13.20% | |
| Avg drawdowni | 7.84% | 5.54% | |
| Ulcer Indexi | 9.28% | 6.93% | |
| Max daily dropi | 5.71% | 3.97% | |
| Max wkly dropi | 14.74% | 9.47% | |
| 5Y | Growthi | -62.07% | -15.70% |
| CAGRi | -17.63% | -3.36% | |
| Volatilityi | 41.55% | 47.07% | |
| Sharpe ratioi | -0.37 | 0.07 | |
| Sortino ratioi | -0.50 | 0.10 | |
| Max drawdowni | 78.42% | 75.24% | |
| Current drawdowni | 69.35% | 25.50% | |
| Avg drawdowni | 60.00% | 41.83% | |
| Ulcer Indexi | 62.63% | 44.45% | |
| Max daily dropi | 22.74% | 19.05% | |
| Max wkly dropi | 31.00% | 30.59% | |
| 10Y | Growthi | +432.70% | +167.95% |
| CAGRi | +18.63% | +10.37% | |
| Volatilityi | 47.91% | 42.22% | |
| Sharpe ratioi | 0.51 | 0.34 | |
| Sortino ratioi | 0.71 | 0.48 | |
| Max drawdowni | 78.42% | 76.94% | |
| Current drawdowni | 69.35% | 30.61% | |
| Avg drawdowni | 37.90% | 28.49% | |
| Ulcer Indexi | 46.90% | 35.54% | |
| Max daily dropi | 22.74% | 20.68% | |
| Max wkly dropi | 39.57% | 46.87% |
Business comparison
| Category | IIPR | HASI |
|---|---|---|
| Company | Innovative Industrial Properties, Inc. | Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
| Sector | Real Estate | Financial Services |
| Industry | REIT - Industrial | Asset Management |
| Core business | Innovative Industrial Properties (IIPR) is the only major publicly traded REIT focused on the cannabis industry, specializing in acquiring, owning, and managing specialized industrial and greenhouse facilities leased to licensed medical and adult-use cannabis operators under long-term triple-net leases. IIPR uses a sale-leaseback model: it purchases cannabis cultivation or processing facilities from multi-state operators (MSOs) who need capital to expand, then immediately leases the property back to the same operator under a 15-20 year triple-net lease with rent escalation provisions. The cannabis industry cannot access traditional bank financing (federal illegality bars federally chartered banks from serving cannabis businesses), making IIPR's sale-leaseback capital critical for MSOs seeking to grow their cultivation and processing capacity. IIPR's portfolio includes 108+ properties in 19 states with approximately 9 million square feet of space leased to cannabis tenants. | Hannon Armstrong Sustainable Infrastructure Capital (HASI) is a specialty finance company structured as a REIT that invests exclusively in climate-positive projects — renewable energy (solar, wind, onshore and offshore), energy efficiency (commercial building upgrades, LED lighting, HVAC), and other sustainable infrastructure. HASI provides debt, equity, and other structured financing to clean energy projects, with a focus on behind-the-meter efficiency projects and land-based renewable energy installations serving government, commercial, and educational facilities. HASI has committed to be 'climate positive' — investing only in projects that reduce carbon emissions. |
| Investor focus | Investors track IIPR's tenant rent coverage ratios, any rent deferrals or non-payment events, federal cannabis rescheduling/legalization risk and opportunity, portfolio occupancy, and dividend sustainability. | Investors track HASI's managed assets growth, distributable earnings per share growth (7-10% annual target), carbon impact of the portfolio, dividend growth, and the evolution of clean energy policy support (IRA tax credits, utility-scale solar economics). |
IIPR strengths
- Monopoly position in cannabis sale-leaseback market provides pricing power — IIPR is virtually the only publicly traded cannabis-focused REIT; cannabis MSOs have extremely limited financing options; IIPR can negotiate above-market lease rates because there are no competing landlords
- Triple-net leases with built-in rent escalation provide predictable income — IIPR's leases are triple-net (tenants pay property taxes, insurance, and maintenance); annual rent escalation provisions (typically 3-4%) provide inflation protection
- Federal cannabis legalization or rescheduling could significantly increase tenant creditworthiness — if cannabis is rescheduled from Schedule I to Schedule III, cannabis operators would be able to deduct business expenses under Section 280E, dramatically improving their cash flow and rent coverage ratios
HASI strengths
- Inflation Reduction Act (IRA) creates a decade-long tailwind for clean energy investment — the 2022 IRA extended and expanded clean energy tax credits through 2032+; direct pay provisions allow government and nonprofit entities to receive refundable IRA credits directly, expanding HASI's addressable market
- Government and institutional customers provide high-quality credit exposure — HASI often finances projects for government agencies, universities, hospitals, and large corporations; these customers have strong credit profiles
- Climate infrastructure investment is a secular growth trend — energy transition to renewables is driven by economics (solar and wind are now the cheapest sources of new electricity generation) as well as policy
Risks to watch — IIPR
- Tenant financial stress creates rent default risk — several IIPR tenants have experienced financial difficulties; rent deferral, default, or lease modification create earnings disruption
- Cannabis industry competition and margin pressure threaten tenant rent coverage — as more states legalize cannabis, competition intensifies; retail cannabis price compression threatens MSO profitability and rent coverage
- Federal legalization could be double-edged — if cannabis is federally legalized, MSOs gain bank access; IIPR's pricing power would be eliminated; lease renewals at maturity would be at lower market rates
Risks to watch — HASI
- Interest rate sensitivity — HASI borrows money to fund loans and investments; rising interest rates increase HASI's cost of capital while existing assets were underwritten at lower rates
- Policy risk from political uncertainty — IRA tax credits could be modified or repealed; any significant rollback of clean energy tax credits would reduce project economics and HASI's investment opportunity
- Distributed efficiency market has more execution complexity than utility-scale renewables — thousands of small building upgrade projects require more complex origination and servicing than large utility-scale solar farms
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