IIPR

Innovative Industrial Properties, Inc.
NYSEUSDEQUITY Real Estate DELAYED
Last price
56.69
▼ 0.04 (0.07%)
MARKET ·

Price

Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
57.25
Prev close
56.73
Day high
57.42
Day low
56.39
Volume
147.19K
Market cap
$1.56B
P/E (TTM)
12.83
52W range
44.58 – 65.38

Day trading desk

Current session · delayed
Gap from prior close
+0.91%
Prior close 56.73
VWAP
56.79
-0.18% from price
Relative volume
0.49×
Quiet session
Session range
3.18%
56.37 – 58.16
Position in range
18%
Near session low
ATR (14D)
1.59
2.80% of price
Prior day high
56.80
PDH
Prior day low
55.72
PDL
Bid / ask spread
Quote not published
Session volume
181.49K
Avg 372.19K

VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.

Trailing performance

Price return · vs SPY
Returnvs SPY
1W
+1.29% +2.7%
1M
-7.44% -11.2%
3M
+0.57% -2.5%
6M
+24.06% +13.0%
YTD
+19.74% +7.5%
1Y
+7.47% -12.5%
3Y
-28.55% -102.7%
5Y

Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.

Unusual options activity

Account required
Flagged2
Total notional$1.39M
Call notional$1.39M
Put notional$0
Tiltcall-weighted
Likely opening2 of 2
SideStrikeExpiryVolumeOpen int. Vol / OINotionalIV PrintScore
CALL 40.00 Dec 18, 26
117d
478 6 79.7× $1.06M 77% at ask
88
CALL 45.00 Dec 18, 26
117d
180 1 180.0× $327.60K 48% at ask
81
How this is calculated, and what it cannot see

A contract is flagged when today's volume approaches or exceeds its open interest, the position is worth at least $40,000, and at least 150 contracts changed hands. Open interest is what was outstanding at yesterday's close, so volume above it means the flow cannot all be closing — something is being opened.

The score weights four things: volume against open interest, dollar notional, volume against the rest of that chain, and where the last print sat inside the bid/ask spread.

What it cannot see. Volume here is a daily total, so ten small orders and one large one are indistinguishable — this is not block or sweep detection, which needs exchange-level time and sales. The print column compares the last trade to the current quote, which is a proxy for who was the aggressor, not a tagged flag. Quotes are delayed. A single large trade can be a hedge, a roll, or one leg of a spread, and none of those mean what a naked directional bet would mean.

Free account required

Contracts trading at or above their open interest, ranked by notional and where the print landed.

Free account

5 more panels on IIPR open with an account.

Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.

Insider net activity

6m · Form 4 rollup
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
Net transactions
0
Buys less sells
Sell : buy shares
Not enough filings
Insider-held shares
543.43K
Total on file

Insider transactions

Account required
DateInsiderAction SharesValueHeld
Jun 18, 26
SMITH DAVID JON
Chief Financial Officer
STOCK 9.22K $0 Direct
Jun 18, 26
SMITHERS PAUL E
Chief Executive Officer
STOCK 22.30K $0 Direct
Jun 9, 26
IVES BRUCE ALAN
Director
STOCK 2.65K $0 Direct
Jan 20, 26
SMITH DAVID JON
Chief Financial Officer
STOCK 20.06K $0 Direct
Jan 20, 26
BUI ANDY
Officer
STOCK 6.52K $0 Direct
Jan 20, 26
SMITHERS PAUL E
Chief Executive Officer
STOCK 47.64K $0 Direct
Jan 2, 26
SMITHERS PAUL E
Chief Executive Officer
10.65K Direct
Jan 2, 26
SHOEMAKER SCOTT
Director
911 Direct
Dec 31, 25
SMITH DAVID JON
Chief Financial Officer
4.55K Direct
Nov 24, 25
GOLD ALAN D
Officer and Director
BUY 2.60K $127.63K Indirect
Nov 20, 25
GOLD ALAN D
Officer and Director
BUY 2.00K $91.95K Indirect
Nov 20, 25
SMITH DAVID JON
Chief Financial Officer
BUY 600 $27.54K Direct
Oct 15, 25
KREITZER GARY A
Director
STOCK 15.65K $1.37M Direct
Jun 11, 25
BOYLE DAVID GERARD
Director
STOCK 2.80K $0 Direct
What this is, and what it is not

These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.

A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.

This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.

Free account required

Officer and director trades in their own stock, straight from Form 4 filings.

Insider holders

9 reporting
NameRelationShares heldLatest
BOYLE DAVID GERARD
Director 2.95K Stock Award(Grant)
BUI ANDY
Officer 16.19K Stock Award(Grant)
GOLD ALAN D
Officer and Director Purchase
IVES BRUCE ALAN
Director 2.65K Stock Award(Grant)
KREITZER GARY A
Director 63.11K Stock Award(Grant)
SHOEMAKER SCOTT
Director 2.61K Conversion of Exercise of derivative security
SMITH DAVID JON
Chief Financial Officer 32.80K Stock Award(Grant)
SMITHERS PAUL E
Chief Executive Officer 172.88K Stock Award(Grant)
STECHER DAVID
Director 1.42K Sale

Fundamentals

TTM · reported
Market cap$1.56B
Enterprise value$2.10B
Revenue (TTM)$263.65M
Gross profit$232.95M
EBITDA$202.60M
Net income$126.20M
EPS (TTM)$4.42
Free cash flow$99.87M
Total cash$204.73M
Total debt$609.03M
Book value / share$62.48
Shares outstanding27.57M
Float26.99M
Short % of float19.07%
Dividend yield13.40%
Beta (5Y)1.40

Valuation & profitability ratios

Account required
Trailing P/E12.83
Forward P/E12.36
PEG ratio
Price / sales
Price / book0.91
EV / revenue7.95
EV / EBITDA10.35
Gross margin88.36%
Operating margin48.82%
Profit margin52.27%
Return on equity7.39%
Return on assets3.28%
Debt / equity32.89
Current ratio4.58
Free account required

Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.

Financial statements

As reported · 4 years · 6 quarters
Blank means not reported, not zero
Line item2025202420232022YoY
Total revenue $265.95M$308.52M$309.51M$276.36M -13.8%
Operating revenue $265.49M$306.94M$307.35M$274.38M -13.5%
Cost of revenue $30.18M$28.47M$24.89M$10.52M +6.0%
Gross profit $235.78M$280.05M$284.61M$265.84M -15.8%
Selling, general & admin $33.73M$37.44M$42.83M$38.52M -9.9%
Total operating expense $107.80M$108.25M$110.03M$99.82M -0.4%
Operating income $127.97M$171.79M$174.59M$166.02M -25.5%
Net interest income -$5.88M-$6.69M-$9.02M-$15.11M +12.2%
Pre-tax income $118.25M$161.65M$165.59M$154.39M -26.9%
Net income $118.25M$161.66M$165.59M$154.39M -26.9%
Net income to common $111.45M$157.60M$162.75M$152.20M -29.3%
Basic EPS 3.985.585.825.57 -28.7%
Diluted EPS 3.935.525.775.52 -28.8%
EBIT $136.97M$177.91M$181.68M$171.34M -23.0%
EBITDA $211.04M$248.72M$248.88M$232.64M -15.1%
Basic shares 28.01M28.23M27.98M27.35M -0.8%
Diluted shares 28.38M28.53M28.26M27.66M -0.5%

Options analytics

Account required
Put / call volume
0.63
Call-heavy session
Put / call open interest
1.19
Positioning, not flow
Max pain
60.00
+5.8% from spot
ATM implied vol
35.3%
Nearest strike to spot
Skew (10% OTM)
+5.9%
Puts bid over calls
Call volume
96
Contracts, this expiry
Put volume
60
Contracts, this expiry
Heaviest call OI
65.00
253 contracts
Heaviest put OI
55.00
319 contracts

Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.

Free account required

Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.

Earnings

History & consensus estimates
Reported vs expected · EPS
QuarterEst.ActualSurprise
Jun 2026 1.030.96 -6.3%
Mar 2026 1.071.04 -2.7%
Dec 2025 1.051.06 +1.3%
Sep 2025 0.900.97 +7.4%
Forward consensus
PeriodEPSAnalystsRevenueGrowth
Current quarter 0.83 1 $63.62M -1.7%
Next quarter 0.88 1 $65.00M -2.5%
Current year 4.15 1 $260.81M -1.9%
Next year 4.59 2 $270.84M +3.9%

Analyst targets & ownership

Account required
Mean target$63.25
High target$90.00
Low target$51.00
Implied upside11.57%
Analyst count4
ConsensusHOLD
Strong buy / Buy0 / 1
Hold4
Sell / Strong sell0 / 1
Held by insiders1.97%
Held by institutions78.48%
Institutions holding433
Free account required

Price targets, consensus spread, insider and institutional ownership.

Moving averages & technicals

Computed from 2Y daily closes
SMA 10
56.69
+0.01% from price
SMA 20
58.23
-2.61% from price
SMA 50
60.57
-6.37% from price
SMA 100
57.69
-1.73% from price
SMA 200
54.15
+4.72% from price
EMA 12
57.17
-0.84% from price
EMA 26
58.52
-3.12% from price
EMA 50
58.99
-3.90% from price
RSI (14)
39.8
Neutral
MACD (12,26,9)
-1.35
Hist -0.14
ATR (14)
1.59
2.80% of price
Realised vol 30D
23.4%
Annualised
Bollinger upper
61.92
20, 2σ
Bollinger lower
54.54
20, 2σ
50 / 200 cross
Golden
60.57 vs 54.15
Trend bias
Above 200
+4.72%

Options chain

Account required
ExpirySpot 56.69
Calls
StrikeLastBidAskVolOIIV
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
Puts
StrikeLastBidAskVolOIIV
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
Free account required

Every listed expiry, both sides of the book, with volume, open interest and implied volatility.

Risk profile

Daily returns · 1Y window
Beta vs SPY
0.75
Less volatile than market
Correlation to SPY
0.25
Largely independent
Realised vol 30D
23.4%
Annualised
Market vol 1Y
12.9%
SPY, annualised
Max drawdown 1Y
-23.5%
Peak to trough
Max drawdown 5Y
-84.4%
Peak to trough
ATR 14
1.59
2.80% of price
Beta (reported)
1.40
5Y monthly, from filing

Short interest

Semi-monthly exchange report · lags by ~2 weeks
Shares short
3.70M
Prior 4.03M
Change vs prior
-8.0%
Shorts covering
% of float
19.07%
Elevated
% of shares out
12.77%
Against total outstanding
Days to cover
11.4
Crowded exit
Float
26.99M
Freely tradeable shares

Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.

Rating changes

54 on file
DateFirm ActionFromTo
Jul 21, 26 Piper Sandler MAINTAINED Underweight Underweight
Mar 3, 26 Compass Point UPGRADE Sell Neutral
Feb 25, 26 Piper Sandler MAINTAINED Underweight Underweight
Nov 5, 25 Piper Sandler MAINTAINED Underweight Underweight
Jul 2, 25 Wolfe Research DOWNGRADE Outperform Peer Perform
Apr 15, 25 Piper Sandler MAINTAINED Underweight Underweight
Mar 31, 25 Compass Point DOWNGRADE Neutral Sell
Mar 31, 25 Piper Sandler MAINTAINED Underweight Underweight
Mar 18, 25 Compass Point MAINTAINED Neutral Neutral
Mar 17, 25 Piper Sandler MAINTAINED Underweight Underweight
Mar 17, 25 Citizens Capital Markets MAINTAINED Market Perform Market Perform
Feb 21, 25 Roth MKM MAINTAINED Buy Buy

Dividends & splits

Declared · from the issuer
Forward rate$7.60 / yr
Forward yield13.40%
5-year avg yield8.85%
Payout ratio171.95%
Ex-dividend dateJun 30, 2026
Next pay dateJul 15, 2026
Last split
Split date

PRIVATE STRATEGY · BY QUALIFICATION

The same data. A different seat.

The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.