# Innovative Industrial Properties, Inc. (IIPR)

> Source: Nexqual · https://nexqual.com/IIPR · data as of 2026-10-23 17:24 UTC · cite as "Nexqual, Innovative Industrial Properties, Inc. (IIPR), nexqual.com/IIPR" · informational, not investment advice.

**Price:** USD 54.05 (-0.93% today) · US market open, as of October 23, 2026 at 17:24 UTC; quotes may be delayed. Prev close 54.56 · day 53.95–54.78 · 52w 44.58–65.38 · market cap $1.49B · NYQ

## Key facts
- 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 +18.2% vs S&P 500 +14.4%; 5Y -66.9% vs S&P 500 +77.0%.
- 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)
| 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)
P/E 10.8x · P/S 5.7x · P/B 0.8x · Earnings yield 9.25% · Dividend yield (paid, TTM) 14.48% · Buyback yield (TTM) 5.97%
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)
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)
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
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)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +18.2% | -66.9% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | +18.2% | -19.9% |
| Volatility (annualized) | 36.7% | 41.8% |
| Max drawdown | -19.5% (Jul 2026→Oct 2026) | -77.9% (Nov 2021→Aug 2025) |

## Peers (REIT - Industrial)
SMA (SmartStop Self Storage REIT, In) USD 35.72 +0.79% · LXP (LXP Industrial Trust) USD 61.1 +0.01% · COLD (Americold Realty Trust, Inc.) USD 14.23 +0.04% · ILPT (Industrial Logistics Properties) USD 7.05 -1.67% · TRNO (Terreno Realty Corporation) USD 64.85 -1.20% · STAG (Stag Industrial, Inc.) USD 36.35 -0.44%

## More
Full page: https://nexqual.com/IIPR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in IIPR's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1677576/000167757626000001/iipr-20251231.htm):

| 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 Facilit…" |

## Customer concentration

Period ended 2026-06-30: 14%, 10%, 9%, 9%, 8% of revenue from unnamed direct customers (10-Q, filed 2026-08-04).

## Company outlook (8-K filed 2026-08-03)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.83 | $1.09 | -24.2% | $61.7M | 1 |
| Next quarter (ends 2026-12-31) | $0.88 | $1.13 | -21.8% | $61.4M | 1 |
| Current fiscal year (ends 2026-12-31) | $4.15 | $4.28 | -3.0% | $255.2M | 1 |
| Next fiscal year (ends 2027-12-31) | $4.39 | $4.79 | -8.4% | $258.8M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±9.6%; last 8 reports averaged ±7.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 37.4% | ±9.6% |
| 2026-12-18 | 56 | 38.9% | ±12.3% |
| 2027-01-15 | 84 | 34.4% | ±14.3% |
| 2027-04-16 | 175 | 38.4% | ±22.1% |
| 2027-06-17 | 237 | 38.2% | ±24.5% |