Innovative Industrial Properties stock
IIPRNYSEInnovative Industrial Properties, Inc., Real EstateISIN US45781V1017
62Score 62 out of 100, Neutral
Price and trend
65 / 100
Price history
+4.3% in one yearThe chart shows daily closes over 10 years, adjusted for stock splits and without dividends. Click into the chart to set a price alert at that price.
Below the 200-day line: the price is 4.8% below it.
Since October 2026 the 50-day line has been below the 200-day line; the trend has turned down.
Normal: the price is neither overheated nor sold off (RSI 44).
The price is 19% below its 52-week high. Largest decline in 10 years: 84% (November 2021 to November 2025).
Chart figures for advanced users
- SMA 50$54.08
- Average price of the last 50 trading days, shows the short-term trend.
- SMA 200$55.29
- Average price of the last 200 trading days, shows the long-term trend.
- RSI (14)44
- Relative strength over the last 14 days on a scale from 0 to 100. Above 70 the price counts as overheated, below 30 as sharply fallen.
- MACDabove the signal line
- Compares a fast and a slow price average. Above its signal line momentum is rising, below it momentum is fading.
- Support$44.58
- The lowest closing price of the last twelve months.
- Resistance$64.67
- The highest closing price of the last twelve months.
Snapshot
Computed from the data by fixed rules, no AI
- Innovative Industrial Properties, Inc. belongs to the REIT (Industrial) industry (United States) and, with a market value of $1.45B, is number 16 of 17 companies in its industry on MEQIRI.
- In fiscal 2025 it reported revenue of $265.96M (down 13.8% year on year) and earnings of $114.44M (down 29.2%).
- For fiscal 2026, analysts expect on average revenue of $254.63M (down 4.3%) and adjusted earnings per share of $4.29 (up 7.3%).
Show more
- MEQIRI Score 62 out of 100 (Neutral): rank 64 of 327 in Real Estate, median 55.
- The P/E is 11.5 (REIT (Industrial) median 23.8, own median of recent years 32.3).
- For real estate investment trusts (REITs) what counts is funds from operations (FFO and AFFO). The P/E and the payout ratio of earnings say little here, because depreciation on properties depresses earnings.
- Our model puts fair value at $114.84, with the price 52% below it.
In plain words
The numbers on this page in plain words, written by an AI
Strengths
- High marginNet margin 53.2% over the last 12 months, REIT (Industrial) median 32.9%.Profitability 69
- Modestly valuedP/E 11.5, REIT (Industrial) median 23.8, own median 32.3.Valuation 78
- Below fair valuePrice 52% below the fair value of $114.84.Valuation 78
Weaknesses
- DilutionShare count up 44% since 2020.Capital allocation 33
- Dividend at riskDividend yield 13.9%. At yields this high (12 to 15%), the dividend was cut by at least a fifth within a year in 44 of 100 cases from 2011 to 2025, against 7 of 100 at 2 to 4%.Capital allocation 33
Its standout strength is valuation, while capital allocation holds the score back.
Daily figure as of 12 Nov 2026
How the score is calculatedScore overview
The fundamentals are in the middle range.
Score history
The full history of up to 20 years comes with MEQIRI Pro.
See plansCrash risk medium
How well MEQIRI warnsIn the middle among smaller stocks.
From 2016 to 2025, 20 in 100 such stocks fell 30% or more within a year, against a group average of 23 in 100.
What lowers it
- calm price action
Valuation
Valuation signal
Significantly undervaluedClosing price of 11 Nov 2026, used by the daily score.
In our model the price counts as cheap below $88.34 and expensive above $164.06 (uncertainty medium, based on the price swings of the past year).
The two parts of the fair value come to $109.58 (cash-flow model) and $120.11 (industry comparison), and the gap between them shows how uncertain the estimate is. The price is below both.
Calculated with a cost of equity of 8.8%. At 9.8% the fair value would be $105.86, at 7.8% it would be $128.30.
Valuation metrics
Half from the cash-flow model, half from FFO per share times the median price to FFO of the REIT industry (17.3). For REITs, depreciation on buildings depresses earnings, so FFO counts instead of earnings, here following the industry rule (Nareit) from the filings with the SEC: gains on property sales are deducted where the company reports them in the standard items. The cash-flow model uses AFFO: operating cash flow less maintenance, estimated at 8% of revenue, and less preferred dividends. New construction and acquisitions do not count as running costs there.
Calculate with your own assumptionsCompany performance
This shows several years of history with an automatic assessment.
Revenue
In the twelve months to 30 Sep 2026, revenue fell 4.4% on the twelve months before. Revenue has grown strongly since 2015, at around 47% per year.
Margins
- Gross margin
- Operating margin
- Net margin
In fiscal 2025: gross 89%, operating 47%, net 43%. Last 12 months: net 53%.
Debt & balance sheet
latest quarterModerate debt, and interest is adequately covered.
Earnings
- Next earnings
- 22 Feb 2027in 102 days
- Last reported
- 2 Nov 2026EPS reported $0.99 (expected $0.90)above expectations
Analyst estimates
Earnings estimates have barely changed since 15 Oct 2026.
- Earnings per share
- $4.29+0.9%
- Revenue
- $254.63M+0.7%
- Earnings per share
- $4.34−0.7%
- Revenue
- $255.69M−0.9%
MEQIRI has stored the estimates since 15 Oct 2026. Until 30 days are available, the card shows the change since that day. Mean estimate according to Financial Modeling Prep. No price target and no recommendation.
Insiders
Open-market purchases and sales by executives, board members and major holders
One insider bought on the open market in the last 6 months, $29,938 in total. One insider sold, $34,436 in total.
Sales say less than purchases: many insiders sell on a fixed plan, for taxes or to diversify.
Source: Form 4 filings with the US Securities and Exchange Commission. Grants, option exercises, gifts and tax withholdings are hidden. Not a recommendation to buy.
What happened at Innovative Industrial Properties
The key events of the last six months from our own data. A click takes you to the matching card.
Sector comparison
327 rated companies in Real Estate
- This company
- 62
- Sector median
- 55
Categories against the sector median
The median is the middle value: half of the companies in the sector lie above it, half below. Categories with too few comparable companies are left out.
Competitors in REIT (Industrial)
The next larger and next smaller companies by market value
- First Industrial Realty TrustFR $7.33B60
- STAG IndustrialSTAG $7.16B62
- Warehouses De PauwWDP.BR $5.74B58
- Americold Realty TrustCOLD $4.62B55
- Shurgard Self StorageSHUR.BR $2.94B65
- Smartstop Self Storage REITSMA $2.15B61
- Montea Comm. VAMONT.BR $1.81B57
- Industrial Logistics Properties TrustILPT $421.32M38
ETFs that hold Innovative Industrial Properties
Held by 21 ETFs on Xetra. Shown per index: the ETF with the largest weight.
| ETF | Weight | Cost | Fund size |
|---|---|---|---|
| Global X Superdividend UCITS ETF USDUDIV | 1.35% | 0.45% | €842.65M |
| iShares US Property Yield UCITS ETFIQQ7 | 0.13% | 0.40% | €554.91M |
| State Street SPDR Dow Jones Global Real Estate UCITS ETF (Dist)SPYJ | 0.10% | 0.40% | €329.7M |
Show 5 more
| iShares Developed Markets Property Yield UCITS ETFIQQ6 | 0.09% | 0.59% | €812.71M |
| iShares S&P SmallCap 600 UCITS ETFIUS3 | 0.09% | 0.30% | €2.28B |
| Amundi FTSE EPRA NAREIT Global UCITS ETF Dist10AJ | 0.08% | 0.24% | €603.52M |
| HSBC FTSE EPRA NAREIT Developed UCITS ETFH4ZL | 0.08% | 0.24% | €3.36B |
| L&G Russell 2000 US Small Cap Quality UCITS ETFETLZ | 0.08% | 0.30% | €185.82M |
Holdings as reported by the funds via FMP, excluding swap ETFs (their holdings are only collateral).
Data status and sources
- Score
- Daily value of 12 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 8 Nov 2024)
- Valuation signal Undervalued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.