Innovative Industrial Properties, Inc (IIPR) Fair Value & Analysis
Real Estate · US · Market cap $1.8B
Innovative Industrial Properties, Inc
IIPR · US
Fair value as of: Jul 26, 2026
From 15 valuation models · updated 15 days ago
Share price −5.9% over the past month.
A solid business, screening 13% undervalued on our models.
What matters now
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
- Our model range runs from $50.32 (bear) to $83.87 (bull), base $67.09. The closer the price sits to the lower half, the larger the margin of safety.
- Quality 66/100 (solid quality) with high evidence: the data supports the verdict.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 26, 2026.
How to read this chart
60‑month range $40.97 – $189.83 · fair‑value band $50.32 – $83.87 · the $59.16 price screens below the $67.09 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 26, 2026.
Analysis
Innovative Industrial Properties, Inc (IIPR) currently trades at $59.16, while our model-based Fair Value estimate is $67.09, implying the stock looks roughly 13.4% undervalued today. The Quality Score stands at 66/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, Innovative Industrial Properties, Inc generated revenue of $263M at a net margin of 45.6%. Revenue declined 3.8% year over year. It earns a return on equity of 6.3%. Net debt stands at $346M. Fundamentals as of Jul 26, 2026
Our scenario range runs from $50.32 (bear case) to $83.87 (bull case); at $59.16, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 5% below its 52-week high and 45% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -45% fair-value upside, at 13%, IIPR screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 15 models by family
Widest divergence: Growth DCF ($124.46) versus Asset-Based ($42.70). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 26, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 64 · Market factors (momentum, volatility) 60
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and life science real estate. Innovative Industrial Properties, Inc. was incorporated on June 15th 2016 in Maryland and is based in San Diego, California.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Innovative Industrial Properties, Inc reported revenue of $266M in FY2025 versus $205M in FY2021, a compound +6.8%/yr. Reported net income was $114M in FY2025, compounding +0.1%/yr from FY2021.
Watch IIPR: get an alert when its fair value changes →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Is Innovative Industrial Properties (IIPR) Undervalued After Higher Net Income And Its 5% Buyback?
- Innovative Industrial Properties Inc (IIPR) (Q2 2026) Earnings Call Highlights: Strategic ...
- Innovative Industrial Properties Inc. Q2 Profit Rises
- Innovative Industrial Properties (IIPR) Q2 FFO Surpass Estimates
Peer Group
REIT - Industrial · 63 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Industrial median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Industrial stocks, each showing price versus our Fair Value estimate (as of Jul 26, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Prologis, Inc PLD | $143.42 | $61.28 | -57% |
| Public Storage, a member of the S&P 500, PSA | $322.48 | $172.80 | -46% |
| Extra Space Storage Inc EXR | $147.71 | $78.38 | -47% |
| EastGroup Properties, Inc EGP | $213.10 | $81.41 | -62% |
| Lineage, Inc LINE | $41.42 | $47.91 | +16% |
| CapitaLand Ascendas REIT (CLAR) A17U | 2.51 SGD | 2.00 SGD | -20% |
| CubeSmart CUBE | $42.09 | $25.06 | -40% |
| First Industrial Realty Trust, Inc FR | $66.99 | $21.48 | -68% |
| Rexford Industrial Realty, Inc REXR | $39.00 | $21.35 | -45% |
| STAG Industrial, Inc STAG | $41.11 | $24.31 | -41% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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