IIPR · Innovative Industrial Properties Inc
$56.20
+1.08 (+1.96%)
At close · Aug 19
Going-concern doubt
— cleared Aug 4, 2026
The latest filing states the doubt was alleviated.
“As of June 30, 2026, management believes the substantial doubt about the Company's ability to continue as a going concern has been resolved. The going concern conditions that caused substantial doubt no longer exist as the Company repaid in full the $291.2 million principal amount of its Notes due 2026 upon their maturity in May 2026.”View the 10-Q filed Aug 4, 2026
Market Cap
$1.55B
Shares
27.57M
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$56.20
Open$55.35
Day$55.35–56.20
52W close$44.58–64.67
Avg vol 30d315K
Short int3.7M · 13.4% float · 11.5d
Short vol59%
Last earningsAug 4, 2026
DataJan 2020–Aug 2026
Filing10-Q · Aug 4
Up next
Next earnings call
Nov 2, 2026
Est · unconfirmed
· in 11 wks
FQ3-26 quarter ends
~Sep 30, 2026
Est
filed Aug 4, 2026
AI Brief
TL;DR.
Bullish
Bearish
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Ask ALVIS about this →Equibles Rating
blended score · not investment adviceOverall
Neutral
SellHoldBuy
Technical
Neutral
Momentum
Neutral
Sentiment
Bullish
Fundamentals
Weak
Quant / Vol
Moderate
Market backdrop
VIX 14.9 · calm
Equity put/call 0.52
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
+4%
above
Price vs 50-day avg
−7%
below
RSI (14)
37
neutral
MACD trend
Negative
52-week position
58%
mid-range
Volume (OBV)
Confirms
volume backs price
Momentum
relative strength
1-month return
−10%
trailing
6-month return
+3%
trailing
YTD return
+19%
this year
Relative strength
−9%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $61 › 200d $54 — 50d above 200d
Institutional flow
Accumulating
+7% holders QoQ · +58 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Falling
13.43% of float · ▼ -4.8% MoM · 11.5 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Steady
327 holders — mid 3-yr range
Squeeze score
71
high risk · 0–100
Fundamentals
Revenue growth
−14%
Y/Y
EPS growth
−29%
Y/Y
Valuation
P/E 12.7
below peers
Buyback
$100.0M
authorized
Balance sheet
$346.1M
net debt
Quant / Vol
risk profile
Volatility
39%
annualized · 1-yr
Max drawdown
−23%
past year
ATR
2.8%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Technicals
trend & momentum for long-term holders Neutral
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
+4%
Bullish
Price vs 50-day avg
−7%
Bearish
RSI (14)
37
Neutral
MACD trend
Negative
Bearish
52-week position
58%
Neutral
Volume (OBV)
Confirms
Neutral
Market signals — smart money & positioning
Bullish · 2 of 6
Trend (MA cross)
No cross
50d $61 › 200d $54 — 50d above 200d
Institutional flow
Accumulating
+7% holders QoQ · +58 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Falling
13.43% of float · ▼ -4.8% MoM · 11.5 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Steady
327 holders — mid 3-yr range
Price context
position in its 52-week range
Range low $45
Now $56 · 58%
Range high $65
vs 200-day avg +4%
vs 50-day avg -7%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| % Leased – Operating Portfolio | 95.8% | Q2 2026 | — |
| AFFO Payout Ratio | 104% | Q2 2026 | — |
| AFFO per common share – diluted non-GAAP | $3.71 | Six Months Ended June 30, 2026 | — |
| AFFO Per Share non-GAAP | $7.32 | Q2'26 (Ann) | — |
|
|
|||
| Annualized Q2 2026 Adjusted EBITDA non-GAAP | $248.16M | Q2 2026 | — |
| Base Rent / Interest | $325M | As of June 30, 2026 | — |
| Dividends Paid Since Inception | 1.2B | Since Inception in '16 | — |
| Dividends Per Share | $7.6 | Q2'26 (Ann) | — |
| Exchangeable notes raise | $400M | Q2 2026 | — |
| FFO per common share – diluted non-GAAP | $1.64 | Q2 2026 | — |
| Financial Investment in Life Science | $270M | As of June 30, 2026 | — |
| Liquidity Available | $300M | Q2 2026 | — |
| Net Debt to Total Gross Assets | 14% | Q2 2026 | — |
| Normalized FFO per common share – diluted non-GAAP | $3.47 | Six Months Ended June 30, 2026 | — |
| Number of properties owned | 108 | As of June 30, 2026 | — |
| Number of states | 19 | As of June 30, 2026 | — |
| Number of tenants | 35 | Q2 2026 | — |
| Portfolio leased | 96% | As of June 30, 2026 | — |
| Q2 2026 Adjusted EBITDA non-GAAP | $62.04M | Q2 2026 | — |
| Real Estate | $2.4B | As of June 30, 2026 | — |
| Rentable square feet | 8.4M | As of June 30, 2026 | — |
| Tenants | 37 | As of June 30, 2026 | — |
| Total Annualized Base Rent and Annualized Income from Loans and Securities non-GAAP | $324.69M | As of 06/30/2026 | — |
| Total Invested Capital | 2.4B | Q2 2026 | — |
| Total Portfolio Square Feet | 8.41M | As of 06/30/2026 | — |
| Total Returns Since IIPR Inception | 486% | Since Inception | — |
| Total – Top 10 States ABR | $242.91M | Q2 2026 | — |
| Triple-net lease portfolio | 2.4B | Q2 2026 | — |
| Weighted Average Lease Length | 11.9 | As of June 30, 2026 | — |
| Normalized FFO per share non-GAAP | $1.78 | first quarter ended March 31, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Industrial — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
IIPR
this stock
Innovative Industrial Properties Inc
|
$1.55B | +18.7% | -13.8% | 12.7 | 13.4% |
|
PLD
Prologis, Inc.
|
$131.74B | +10.7% | +7.2% | 35.6 | 1.9% |
|
PSA
Public Storage
|
$57.10B | +25.3% | +2.7% | 31.1 | 3.2% |
|
EXR
Extra Space Storage Inc.
|
$31.34B | +13.6% | +3.7% | 32.8 | 2.2% |
|
EGP
Eastgroup Properties Inc
|
$10.85B | +13.6% | +12.7% | 35.4 | 4.4% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Smart Money
Financials
Filings
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| IIPR | -2.6% | -9.8% | +2.9% | -4.4% | +18.7% |
| SPY | -0.4% | +2.9% | +11.6% | +3.0% | +12.8% |
| vs SPY | -2.2% | -12.7% | -8.7% | -7.4% | +5.9% |
Capital returns
Latest dividend
$1.90
/ share · ex Jun 30, 2026
Paid (TTM)
$7.60
/ share · 4 payouts
Dividend yield (TTM, derived)
13.52%
Buyback program
· as of Mar 31, 2025
Authorized
$100.00M
Spent (derived)
—
Remaining
—
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
Key facts
CIK
1677576
CUSIP
45781V101
13F (30d)
289 filings
288 filers
Visit website
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