Innovative Industrial Properties Inc (IIPR) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Innovative Industrial Properties Inc stock $116, price $54.83, upside +111.5%, quality 60 out of 100. Rating: strongly undervalued. Calculated from audited financials with 15 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range $38.35 – $177.71 · fair‑value band $70.28 – $197.55 · the $54.83 price screens below the $115.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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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.
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Innovative Industrial Properties, Inc. was incorporated on June 15th 2016 in Maryland and is based in San Diego, California.
Stock analysis
Innovative Industrial Properties Inc (IIPR) currently trades at $54.83, while our model-based Fair Value estimate is $115.96, implying the stock looks roughly 53% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $116.43 per share, and 12 of the 15 models we run sit above the $54.83 price.
Bear case: the Asset-Based group reads lowest at $44.75, and 3 of the 15 models stay below the price. Data coverage for this calculation is high.
Scenario range: $70.28 (bear) to $197.55 (bull), the price of $54.83 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap $1.6B Small · P/E ratio 12.3 · P/S ratio 6.24 · EPS (TTM) $4.44 · Dividend yield 13.9% · Net margin 52.3% · Return on equity 7.4% · Return on assets (EBIT) 6.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (medium confidence).
What moves the price
The share trades about 12% below its 52-week high and 42% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −32% fair-value upside, at 111%, IIPR screens cheaper than that median.
Fair Value models
Bear$70.28Fair Value $115.96Bull$197.55
Price $54.83 · Upside +111.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director bought shares worth $29,938, on Aug 31, 2026. Over the same period, one person sold shares worth $34,436.
SaleScott ShoemakerDirector611 shares at $56.36$34,436Sep 15, 2026
BuyBruce Alan IvesDirector528 shares at $56.70$29,938Aug 31, 2026
BuyAlan D GoldEXECUTIVE CHAIRMAN, Director2× since Nov 19, 2025: 4,600 shares, avg. $47.74$219,594Nov 24, 2025
BuyDavid Jon SmithCFO AND TREASURER600 shares at $45.90$27,540Nov 20, 2025
Plus 3 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−13.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.9%
Start year 2020 (pandemic). Over 10 years: +47.0% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+47.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+18.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.9%
Dividend (yield on the price)13.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.3.7% vs 3.4%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.60% → 47%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+4.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +2.3% a year for the price and −0.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Sector specialization in cannabis triple-net leases delivers moderate signals, yet low ROE, absent innovation and regulatory exposure limit durability.
Main risk: Cannabis regulatory uncertainty would hit occupancy and collections from tenants undergoing restructurings.
IIPR builds its portfolio around triple-net leases for cannabis properties while committing capital to life science developments like the Alewife Park campus. This diversification effort comes as some cannabis tenants undergo restructurings that affect occupancy and collections. Our models currently see the stock as undervalued, but will the life science moves deliver steadier growth than the core cannabis holdings can sustain?
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Peer Groupⓘ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.REIT - Industrial · 51 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+111.5% · Top 25%
Profitability
Return on equity (12 months)7.4% · Above median
Return on assets4.8% · Above median
Net margin (12 months)52.3% · Above median
Operating margin (12 months)48.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)0.7% · Below median
Dividend yield (12 months)13.9% · Top 25%
Balance sheet
Debt / equity0.16× · Lowest 25%
Valuation Multiplesvs REIT - Industrial median · lower = cheaper
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Is Innovative Industrial Properties Inc (IIPR) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $115.96 versus a price of $54.83, about +111% upside (undervalued).
What is the fair value of IIPR?
Our model-based fair value for Innovative Industrial Properties Inc is $115.96 (as of Nov 7, 2026), built from audited fundamentals. The current price: $54.83.
What is the quality score of IIPR?
Innovative Industrial Properties Inc has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Innovative Industrial Properties Inc (IIPR)?
Our model-based price target is the fair value of $115.96 (as of Nov 7, 2026) from 15 valuation models. Cautious scenario $70.28, optimistic scenario $197.55. It is a calculation from audited fundamentals, not an analyst target.
What is the Innovative Industrial Properties Inc stock forecast for 2026?
Our models put fair value at $115.96, about +111% upside versus a price of $54.83 (undervalued). Cautious scenario $70.28, optimistic scenario $197.55. The calculation is refreshed regularly with new filings.
What is the revenue of Innovative Industrial Properties Inc (IIPR)?
Innovative Industrial Properties Inc reported trailing-twelve-month revenue of about $264M (latest available figure, as of Nov 7, 2026).
Does Innovative Industrial Properties Inc pay a dividend?
Innovative Industrial Properties Inc currently shows a dividend yield of 13.86% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Innovative Industrial Properties Inc (IIPR) and when is the ex-dividend date?
Innovative Industrial Properties Inc pays a dividend of $7.60 per share a year, a dividend yield of 13.9%. The last ex-dividend date was Sep 30, 2026. A dividend has been paid every year since at least 2017. The payout ratio is 162% of earnings (on adjusted earnings, reported 171%). Free cash flow covers the dividend 0.83 times. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What growth is priced into Innovative Industrial Properties Inc (IIPR)?
For today's price to be fair in a discounted-cash-flow model, Innovative Industrial Properties Inc would have to grow free cash flow by +4.7 % per year for five years (discount rate 12.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +17.9 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of IIPR use?
Our models discount Innovative Industrial Properties Inc at 12.3 %: a base by market capitalisation (small), damped by beta 1.38, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Innovative Industrial Properties Inc that is +4.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.3 %) and the same formula as our fair value.
How much growth has Innovative Industrial Properties Inc (IIPR) delivered so far?
Over the past 5 years revenue at Innovative Industrial Properties Inc grew +17.9 % a year. The price currently implies free-cash-flow growth of +4.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Innovative Industrial Properties Inc (IIPR) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Innovative Industrial Properties Inc (+4.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Innovative Industrial Properties Inc (IIPR)?
The free-cash-flow yield on the price is 10.63 %: that much free cash flow Innovative Industrial Properties Inc produces per unit of market value. When it exceeds the discount rate of our models (12.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Innovative Industrial Properties Inc (IIPR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Innovative Industrial Properties Inc it is $115.96 per share (as of Nov 7, 2026), against a price of $54.83. It is the blended result of 15 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Innovative Industrial Properties Inc stock overvalued or undervalued in 2026?
As of Nov 7, 2026, IIPR trades below its calculated fair value: price $54.83, fair value $115.96, a gap of about +111% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IIPR?
No. The price is what the market pays today ($54.83); the fair value is what the company's own numbers justify ($115.96). For Innovative Industrial Properties Inc the two are $61.13 per share apart. That gap is exactly why we show both numbers side by side.
How much is Innovative Industrial Properties Inc worth?
The market values Innovative Industrial Properties Inc at about $1.6B (market capitalisation, as of Nov 7, 2026). Per share that is $54.83; our models calculate a fair value of $115.96 per share.
What do the bullish and bearish scenarios say about IIPR?
Our models span a range for Innovative Industrial Properties Inc: cautious scenario $70.28, base $115.96, optimistic $197.55 per share (as of Nov 7, 2026, price $54.83). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IIPR?
Innovative Industrial Properties Inc trades at a price-to-earnings ratio of 12.3 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $115.96 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 12.8 (reported for FY2025: 13.6). Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings, FY2025 ex one-offs: 26.3. Other multiples: P/B 0.9, P/S 6.2, EV/EBITDA 9.3.
How solid is the balance sheet of Innovative Industrial Properties Inc (IIPR)?
Balance-sheet figures for Innovative Industrial Properties Inc (as of Nov 7, 2026): return on equity 7.4%, debt of 0.16 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is IIPR from its 52-week high?
Innovative Industrial Properties Inc trades at $54.83, about 12% below its 52-week high of $62.42 and 42% above the low of $38.64 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $115.96 is for.
Which stocks are comparable to Innovative Industrial Properties Inc?
From the same area (Real Estate) we also value Prologis, Inc, Public Storage, Extra Space Storage Inc, EastGroup Properties, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Innovative Industrial Properties Inc stock attractive at the current price?
The data as of Nov 7, 2026: price $54.83, calculated fair value $115.96 (+111%), Quality Score 60/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IIPR calculated?
We run Innovative Industrial Properties Inc through 15 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $115.96 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Innovative Industrial Properties Inc currently trades 53% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Innovative Industrial Properties Inc (IIPR)?
The closing price on Nov 6, 2026 was $54.83. Our model-based fair value is $115.96, about +111% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Innovative Industrial Properties Inc right now?
The price is below even our cautious bear case ($70.28). The market is more pessimistic than our downside scenario. The model range is unusually wide ($70.28 to $197.55). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Innovative Industrial Properties Inc
How large is the market capitalisation of Innovative Industrial Properties Inc (IIPR)?
The market capitalisation of Innovative Industrial Properties Inc is $1.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Innovative Industrial Properties Inc (IIPR)?
The price-to-sales ratio of Innovative Industrial Properties Inc is 6.24 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Innovative Industrial Properties Inc (IIPR)?
Earnings per share at Innovative Industrial Properties Inc are $4.44 (price ÷ EPS = P/E 12.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Innovative Industrial Properties Inc (IIPR)?
The dividend yield of Innovative Industrial Properties Inc is 13.9% (payout 162%, on adjusted earnings, reported 171%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Innovative Industrial Properties Inc (IIPR)?
The net margin of Innovative Industrial Properties Inc is 52.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Innovative Industrial Properties Inc (IIPR)?
The return on equity (ROE) of Innovative Industrial Properties Inc is 7.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Innovative Industrial Properties Inc (IIPR)?
On an EBIT basis the return on assets of Innovative Industrial Properties Inc is 6.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Innovative Industrial Properties Inc (IIPR)?
The operating margin of Innovative Industrial Properties Inc is 48.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Innovative Industrial Properties Inc (IIPR)?
Revenue at Innovative Industrial Properties Inc is growing +0.7% versus a year earlier (3y avg −1.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Innovative Industrial Properties Inc (IIPR)?
Earnings per share at Innovative Industrial Properties Inc are growing +57.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Innovative Industrial Properties Inc (IIPR) carry?
The net debt of Innovative Industrial Properties Inc is $346M (fiscal year 2025, ≈ 2.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 7, 2026