NYSE · IIPR
Innovative Industrial Properties, Inc.
Real Estate · REIT - Industrial
$53.68▼ 0.98% ($0.53)at close
After hours$53.08▼ 1.12%4:36 PM ET
Market cap
$1.48B
P/E
11.68
EPS (TTM)
$4.59
Valuation
P/E Valuation
Verdict: cheap. Price below all scenarios.
Estimated value / share · Base
$79.14
+47%Price vs. estimate range
Assumption scenarios, not confidence intervals
Bear $59.02, Base $79.14, Bull $108.01; price used $53.68
Bear $59.02, Base $79.14, Bull $108.01; price used $53.68
- P/E multiple
- 17.2×
- Earnings basis
- Trailing EPS
USD · Trailing earnings · Price Oct 26, 8:00 PM UTC
Price vs Fundamentals
Why The Stock Is Moving
What changed
The stock rose 1.05% over the last year. Revenue declined 8.42% over the trailing twelve months. Operating margin moved from 51% to 51.4%. Free cash flow declined 5.64% over the trailing twelve months.
What the market seems to be pricing
The stock has moved higher against modestly weakening underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 51.4%. A decisive move in revenue — currently down 8.42% — would be the clearest signal to resolve the ambiguity.
Return analysis
Company profile
Innovative Industrial Properties, Inc. is an independently managed, Maryland-based corporation primarily focused on acquiring, owning, and overseeing unique real estate assets.
Market multiples
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Analyst consensus
4
Buy
6
Hold
1
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Actuals vs estimates by quarter, or any quarter against the same one a year earlier.
Next report
Nov 2, 2026
Q3 FY26 · EPS est $0.90 · Revenue est $60.7M
Same quarter, year over year
FY26 YTD +25.0%Each cell vs the same quarter a year earlier (the cell below) · Q1–Q2 combined $2.40 vs $1.92 · 1 of 2 quarters up
Q1
Q2
Q3
Q4
FY total
FY26
—
—
FY25
FY24
FY23
—
—
—
Fiscal year totals
- FY25
- $4.00
- -27.9%
- FY24
- $5.55
- —
Q2 FY26
Reported Aug 3, 2026 · Latest
HoverTap a cell to inspect
Actual
$1.36
Estimate
$1.02
Year over year
+56.3%
Vs prior quarter
+30.8%
Institutional Sentiment
Innovative Industrial Properties, Inc. · IIPR
From Form 13F filings (managers with $100M+). Filings land up to 45 days after quarter end — read this as positioning context, not live fund flow.