Innovative Industrial Properties, Inc. (IIPR) Stock Price & Analysis
Innovative Industrial Properties, Inc. (IIPR) is trading at USD 54.1, down 0.84% today, as of October 23, 2026 at 16:33 UTC (US market open; quotes may be delayed), according to Nexqual market data.
IIPR last closed at USD 54.56; today's session has ranged USD 53.95–54.78 on volume of 74,725 shares. Market capitalization is $1.49B, with a 52-week range of USD 44.58–65.38 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 16:39 UTC.
Also available as compact Markdown for AI agents: nexqual.com/IIPR.md
Key facts (IIPR)
- Last four reported quarters (through Jun 30, 2026): revenue $264M, net income $138M (52.3% margin) (SEC filings).
- Valuation: P/E 10.8x (avg 13.5x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $34K; 1 not under a Rule 10b5-1 plan ($34K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $30K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (7 analysts), mean target USD 61.45 (range 44–90).
- Total return with dividends: 1Y +18.3% vs S&P 500 +14.6%; 5Y -66.9% vs S&P 500 +77.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.83, revenue estimate $61.7M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (IIPR)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $205M | $276M | $310M | $309M | $266M | $264M |
| Operating income | $135M | $170M | $175M | $168M | $124M | $136M |
| Net income | $114M | $154M | $166M | $162M | $118M | $138M |
| EPS (diluted) | $4.55 | $5.52 | $5.77 | $5.52 | $3.93 | — |
| Operating margin | 66.2% | 61.4% | 56.4% | 54.6% | 46.7% | 51.4% |
| Net margin | 55.7% | 55.9% | 53.5% | 52.4% | 44.5% | 52.3% |
| Revenue growth | +75.0% | +35.1% | +12.0% | -0.3% | -13.8% | — |
| Cash + short-term investments | $406M | $288M | $162M | $151M | $47.6M | — |
| Total debt | — | — | — | — | $394M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (IIPR)
P/E 10.8x · P/S 5.7x · P/B 0.8x · Earnings yield 9.24% · Dividend yield (paid, TTM) 14.47% · Buyback yield (TTM) 5.96%
P/E at fiscal year-ends: Dec 2025 11.4x, Dec 2024 11.8x, Dec 2023 17.2x.
Insider sales (SEC Form 4, open-market, last ~7 months) (IIPR)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-15 | Shoemaker Scott | Director | 611 | $34K | 23.4% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Insider purchases (SEC Form 4, open-market, last ~7 months) (IIPR)
1 purchase, $30K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-31 | Ives Bruce Alan | Director | 528 | $30K | 56.7 | Too little history (no open-market trades in 2023–2025) |
Analysts (IIPR)
Consensus Hold (mean 3.00 on a 1–5 scale), 7 analysts; mean target USD 61.45 (low 44, high 90).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Stifel | Initiated | Buy | $56.25 |
| 2026-10-12 | Piper Sandler | Target lowered | Underweight | $51 → $44 |
| 2026-07-21 | Piper Sandler | Target raised | Underweight | $45 → $51 |
Total return (dividends reinvested) (IIPR)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | +18.3% | -66.9% |
| S&P 500 (SPY) | +14.6% | +77.3% |
| Per year | +18.3% | -19.9% |
| Volatility (annualized) | 36.7% | 41.8% |
| Max drawdown | -19.5% (Jul 2026→Oct 2026) | -77.9% (Nov 2021→Aug 2025) |
IIPR suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | IQHQ | “In addition, if we fail to meet our separate funding obligations under the Securities Purchase Agreement with respect to the purchase of IQHQ Preferred Stock, the interest rate payable to us under the IQHQ Credit Facility may be reduced by up to 3.0% per annum.” |
Quoted from the company's 10-K filed Feb 24, 2026.
IIPR customer concentration
In the period ended Jun 30, 2026, 5 direct customers each accounted for at least 10% (14%, 10%, 9%, 9%, 8%) of revenue, per the company's 10-Q filed Aug 4, 2026. The company does not name them.
IIPR company outlook (results filed Aug 3, 2026)
- “Each of these arrangements is subject to certain contingencies to effectiveness (such as licensing transfer approvals) and are expected to go into effect at the conclusion of receivership proceedings, anticipated to occur by year end 2026 or early 2027.”
- “Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the Company's subsequent reports filed with the Securities and Exchange Commission.”
- “Historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time.”
Quoted word-for-word from the SEC 8-K results press release.
IIPR analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.83 | $1.09 | -24.2% | $61.7M | 1 |
| Next quarter (ends Dec 2026) | $0.88 | $1.13 | -21.8% | $61.4M | 1 |
| Current fiscal year (ends Dec 2026) | $4.15 | $4.28 | -3.0% | $255.2M | 1 |
| Next fiscal year (ends Dec 2027) | $4.39 | $4.79 | -8.4% | $258.8M | 1 |
Key Statistics (as of October 23, 2026 at 16:39 UTC)
| Price | USD 54.1 |
|---|---|
| Change | ▼ 0.84% (down) |
| Previous Close | USD 54.56 |
| Open | USD 54.25 |
| Day Range | USD 53.95 – 54.78 |
| 52-Week Range | USD 44.58 – 65.38 |
| Volume | 74,725 shares |
| Market Cap | $1.49B |
| Exchange | NYQ |
Technical Analysis (IIPR)
Nexqual's technical model rates IIPR "SELL" based on 2 bullish and 4 bearish signals across 128 daily candles, as of October 23, 2026 at 16:39 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 53.07 (neutral) |
| vs SMA50 | Below (USD 54.72) |
| MACD | -0.45 (negative) |
Analyst Ratings (IIPR)
Wall Street analysts rate IIPR "Hold" based on 7 analysts, with a mean price target of USD 61.45 (range USD 44–90), per Nexqual as of October 23, 2026 at 16:39 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 7 |
| Mean Target | USD 61.45 |
| High Target | USD 90 |
| Low Target | USD 44 |
| Buy / Hold / Sell | 2 / 4 / 1 |
Earnings (IIPR)
| Next Earnings Date | 2026-11-02 |
|---|---|
| EPS Estimate | USD 0.83 |
| Revenue Estimate | $61.67M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.96 vs est 1.03 ▼ miss |
| 2026-03-31 | USD 1.04 vs est 1.07 ▼ miss |
| 2025-12-31 | USD 1.06 vs est 1.05 ▲ beat |
| 2025-09-30 | USD 0.97 vs est 0.9 ▲ beat |
Source: Nexqual, October 23, 2026 at 16:39 UTC.
Financials & Fundamentals (IIPR)
| Total Revenue | $263.65M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +0.70% |
| Gross Margin | +88.36% |
| Operating Margin | +48.82% |
| Profit Margin | +52.27% |
| ROE | +7.39% |
| Debt / Equity | 0.33 |
| Current Ratio | 4.58 |
| Total Cash | $204.73M |
| Total Debt | $609.03M |
Source: Nexqual, October 23, 2026 at 16:39 UTC.
Financial Health Score (IIPR)
Nexqual rates Innovative Industrial Properties, Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 16:39 UTC.
| Growth | Critical — Revenue -14% YoY (annual), sharp decline |
|---|---|
| Profitability | Strong — Gross margin 88%, operating 49% (last 12 months) |
| Balance Sheet | Strong — $48M cash and investments vs $394M debt (Dec 2025, SEC) |
| Cash Flow | Solid — Operating cash flow $198M (FY ended Dec 2025, 10-K) |
| Efficiency | Mixed — ROE 7%, ROA 3.3% |
Ownership (IIPR)
| Insider Ownership | +1.98% |
|---|---|
| Institutional Ownership | +79.76% |
| Shares Outstanding | 27.57M |
| Float | 26.99M |
| Short % of Float | +23.67% |
Source: Nexqual, October 23, 2026 at 16:39 UTC.
Leadership (IIPR)
Innovative Industrial Properties, Inc. is led by Paul E. Smithers, President, CEO & Director, per Nexqual as of October 23, 2026 at 16:39 UTC.
| President, CEO & Director | Paul E. Smithers |
|---|---|
| Executive Chairman | Alan D. Gold |
| CFO & Treasurer | David Jon Smith |
| Chief Operating Officer | Catherine Hastings |
| Senior Vice President of Real Estate Counsel | Kelly C. Spicher |
Major Backers & Investors (IIPR)
Notable institutional backers of Innovative Industrial Properties, Inc. include Charles Schwab Investment Management, Inc., Arrowstreet Capital, Limited Partnership, Mirae Asset Global ETFs Holdings Ltd., according to Nexqual as of October 23, 2026 at 16:39 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Charles Schwab Investment Management, Inc. | 2.35% |
| Arrowstreet Capital, Limited Partnership | 2.05% |
| Mirae Asset Global ETFs Holdings Ltd. | 1.9% |
| Invesco | 1.8% |
| GLOBAL X FUNDS-Global X SuperDividend ETF | 0.97% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 18.13% |
| Vanguard Group | 14.91% |
| State Street | 5.91% |
| Northern Trust | 1.44% |
| Dimensional Fund Advisors | 1.32% |
Source: Nexqual, October 23, 2026 at 16:39 UTC.
From Innovative Industrial Properties, Inc.'s Latest SEC 10-K Filing (filed 2026-02-24)
Key Strengths & Strategy (as disclosed to the SEC)
- Our extensive experience and relationships in the real estate and regulated cannabis industry enable us to identify, negotiate and close on acquisitions and leases with established operators and other operators which meet our criteria.
Partnerships
- In October 2025, our Operating Partnership and IIP Life Science entered into a loan agreement with a federally regulated commercial bank, as agent for the lenders that become party thereto from time to time (the "IIP Life Science Credit Facility").
- In connection with the initial closing under the Securities Purchase Agreement, on September 30, 2025, IIP Life Science became a lender under the IQHQ Credit Facility.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| SMA | SmartStop Self Storage REIT, In | USD 35.74 | ▲ 0.85% |
| LXP | LXP Industrial Trust | USD 61.11 | ▲ 0.03% |
| COLD | Americold Realty Trust, Inc. | USD 14.28 | ▲ 0.42% |
| ILPT | Industrial Logistics Properties | USD 7.04 | ▼ 1.81% |
| TRNO | Terreno Realty Corporation | USD 65.21 | ▼ 0.66% |
| STAG | Stag Industrial, Inc. | USD 36.47 | ▼ 0.11% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 16:39 UTC. This page is informational and not investment advice.
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