Innovative Industrial Propertie
IIPR Small CapReal Estate · REIT - Industrial
Updated: Jun 14, 2026, 22:19 UTC
Price Chart
Key Metrics
Valuation Analysis
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, United States.
Innovative Industrial Propertie Stock at a Glance
Innovative Industrial Propertie (IIPR) is currently trading at $60.49 with a market capitalization of $1.8B. The trailing P/E ratio stands at 15.43x, with a forward P/E of 12.63x. The 52-week range spans from $44.58 to $62.30; the current price is 2.9% below the yearly high. Year-over-year revenue growth stands at -3.8%. The net profit margin stands at 45.58%.
💰 Dividend
Innovative Industrial Propertie pays an annual dividend of $7.60 per share, representing a yield of 12.56%. The payout ratio stands at 193.88%. The elevated payout ratio reflects a mature dividend policy.
📊 Analyst Rating
4 analysts rate Innovative Industrial Propertie (IIPR) on consensus: Hold. The average price target is $61.75, implying +2.08% from the current price. Analyst price targets range from $45.00 to $90.00.
Innovative Industrial Propertie: The Investment Case in Detail
Innovative Industrial Propertie (IIPR) operates in the Real Estate — specifically REIT - Industrial — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
With a gross margin near 88.46%, the company sits in the top tier of its industry — these are the kinds of structural margins that protect earnings during downturns. Free cash flow is positive and net margins stand at 45.58%, meaning reported earnings translate into real cash that can fund buybacks, dividends or strategic acquisitions. Our valuation screen flags the stock as undervalued relative to its fundamentals — multiples are running below where the cash flow profile would normally justify.
The Bear Case
Revenue is contracting at -3.8% year-over-year — until that trend reverses, valuation is exposed to further downgrades. Short interest sits at 15.9% of float — a meaningful contingent of professionals is positioned for the share to fall, which deserves attention even if their thesis may turn out to be wrong.
What to Watch Next
- The forward P/E of 12.63x is meaningfully below the trailing 15.43x — analysts expect earnings to step up; the next earnings release is the test.
Investment Thesis: Strengths & Weaknesses
- Profitable with 45.58% net margin
- High gross margin of 88.46% — indicates pricing power
- Currently flagged as undervalued
- Solid dividend yield of 12.56%
- Solid balance sheet with low debt (D/E 19.32)
- Positive free cash flow
- –Revenue shrinking (-3.8% YoY)
- –High short interest (15.9%)
Technical Snapshot
Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).
Risk Profile
The data points to market-like volatility, elevated short interest (15.9%).
Trading Data
💵 Dividend Info
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