IIPR
Innovative Industrial Properties, Inc.
NYSEUSDEQUITY
Real Estate
DELAYED
Sell
-29/100
Last price
50.93
▲ 0.67 (1.33%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
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H —
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Range —
Vol —
vs
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Open
50.10
Prev close
50.26
Day high
51.07
Day low
50.24
Volume
74.17K
Market cap
$1.40B
P/E (TTM)
11.52
52W range
44.58 – 65.38
Day trading desk
Gap from prior close
-0.32%
Prior close 50.26
VWAP
50.79
+0.27% from price
Relative volume
0.37×
Quiet session
Session range
1.94%
50.10 – 51.07
Position in range
86%
Near session high
ATR (14D)
1.28
2.52% of price
Prior day high
50.72
PDH
Prior day low
49.44
PDL
Bid / ask spread
—
Quote not published
Session volume
134.01K
Avg 358.35K
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
Returnvs SPY
1W
-3.32%
-4.9%
1M
-10.98%
-12.1%
3M
-19.20%
-22.2%
6M
+3.26%
-11.3%
YTD
+7.54%
-6.1%
1Y
-7.28%
-22.6%
3Y
-31.44%
-112.7%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
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
Net shares
+34.09K
Net buying
Buy transactions
4
34.70K shares
Sell transactions
1
611 shares
Net transactions
+5
Buys less sells
Sell : buy shares
0.0 : 1
Mixed
Insider-held shares
546.46K
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Sep 15, 26 | SHOEMAKER SCOTT Director |
SELL | 611 | $34.44K | Direct |
| Aug 31, 26 | IVES BRUCE ALAN Director |
BUY | 528 | $29.94K | Direct |
| Jun 18, 26 | SMITHERS PAUL E Chief Executive Officer |
STOCK | 22.30K | $0 | Direct |
| Jun 18, 26 | SMITH DAVID JON Chief Financial Officer |
STOCK | 9.22K | $0 | Direct |
| Jun 9, 26 | IVES BRUCE ALAN Director |
STOCK | 2.65K | $0 | Direct |
| Jan 20, 26 | SMITHERS PAUL E Chief Executive Officer |
STOCK | 47.64K | $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 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 |
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.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
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 | 3.18K | Purchase |
KREITZER GARY A |
Director | 63.11K | Stock Award(Grant) |
SHOEMAKER SCOTT |
Director | 2.00K | Sale |
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
Market cap$1.40B
Enterprise value$1.92B
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 float20.92%
Dividend yield15.12%
Beta (5Y)1.42
Valuation & profitability ratios
Trailing P/E11.52
Forward P/E11.60
PEG ratio—
Price / sales—
Price / book0.82
EV / revenue7.28
EV / EBITDA9.47
Gross margin88.36%
Operating margin48.82%
Profit margin52.27%
Return on equity7.39%
Return on assets3.28%
Debt / equity32.89
Current ratio4.58
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| 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 | 3.98 | 5.58 | 5.82 | 5.57 | -28.7% |
| Diluted EPS | 3.93 | 5.52 | 5.77 | 5.52 | -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 | 28.01M | 28.23M | 27.98M | 27.35M | -0.8% |
| Diluted shares | 28.38M | 28.53M | 28.26M | 27.66M | -0.5% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $47.60M | $146.25M | $140.25M | $87.12M | -67.5% |
| Cash & short-term investments | $47.60M | $146.25M | $140.25M | $87.12M | -67.5% |
| Total current assets | $166.89M | $169.04M | $163.70M | $106.59M | -1.3% |
| Property, plant & equipment | $509.00K | $946.00K | $1.35M | $1.74M | -46.2% |
| Goodwill & intangibles | $6.37M | $7.38M | $8.24M | $9.11M | -13.8% |
| Total assets | $2.37B | $2.38B | $2.39B | $2.41B | -0.3% |
| Total current liabilities | $221.55M | $132.78M | $132.18M | $149.55M | +66.9% |
| Current debt | $102.50M | — | — | — | — |
| Long-term debt | $290.60M | $297.87M | $300.88M | $301.50M | -2.4% |
| Total debt | $393.10M | $297.87M | $300.88M | $301.50M | +32.0% |
| Total liabilities | $522.85M | $441.99M | $438.12M | $452.94M | +18.3% |
| Retained earnings | -$312.99M | -$211.71M | -$156.85M | -$117.39M | -47.8% |
| Shareholder equity | $1.85B | $1.94B | $1.95B | $1.96B | -4.5% |
| Working capital | -$54.66M | $36.26M | $31.52M | -$42.95M | -250.8% |
| Net tangible assets | $1.84B | $1.93B | $1.94B | $1.95B | -4.5% |
| Shares issued | 28.02M | 28.33M | 28.14M | 27.97M | -1.1% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $118.25M | $161.66M | $165.59M | $154.39M | -26.9% |
| Depreciation & amortisation | $74.07M | $70.81M | $67.19M | $61.30M | +4.6% |
| Stock-based compensation | $10.13M | $17.32M | $19.58M | $17.51M | -41.5% |
| Change in working capital | -$9.01M | $3.95M | $4.92M | $5.12M | -328.3% |
| Operating cash flow | $198.19M | $258.45M | $255.54M | $234.13M | -23.3% |
| Investing cash flow | -$174.30M | -$56.00M | -$6.79M | -$396.20M | -211.3% |
| Share buybacks | -$20.11M | $0 | $0 | — | — |
| Dividends paid | -$219.51M | -$213.53M | -$204.06M | -$185.29M | -2.8% |
| Financing cash flow | -$122.54M | -$197.90M | -$195.63M | $164.22M | +38.1% |
| Free cash flow | $198.19M | $258.45M | $255.54M | $234.13M | -23.3% |
| End cash position | $47.60M | $146.25M | $141.70M | $88.57M | -67.5% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $63.31M | $69.00M | $66.66M | $64.69M | $62.89M | -8.2% |
| Operating revenue | $62.89M | $68.92M | $66.63M | $64.29M | $62.87M | -8.7% |
| Cost of revenue | $7.20M | $7.58M | $7.98M | $7.95M | $6.87M | -5.0% |
| Gross profit | $56.12M | $61.42M | $58.68M | $56.73M | $56.02M | -8.6% |
| Selling, general & admin | $7.72M | $10.35M | $7.97M | $8.68M | $8.63M | -25.4% |
| Total operating expense | $26.52M | $28.93M | $26.50M | $27.32M | $27.13M | -8.3% |
| Operating income | $29.60M | $32.49M | $32.17M | $29.41M | $28.90M | -8.9% |
| Net interest income | $2.40M | -$100.00K | -$5.00K | -$109.00K | -$2.87M | +2,504.0% |
| Pre-tax income | $43.85M | $32.81M | $31.84M | $29.30M | $26.02M | +33.7% |
| Net income | $43.85M | $32.81M | $31.84M | $29.30M | $26.02M | +33.7% |
| Net income to common | $39.52M | $29.17M | $29.96M | $27.55M | $24.39M | +35.5% |
| Basic EPS | 1.39 | 1.04 | 1.07 | 0.99 | 0.87 | +33.7% |
| Diluted EPS | 1.36 | 1.02 | 1.06 | 0.97 | 0.86 | +33.3% |
| EBIT | $52.20M | $39.24M | $37.10M | $33.83M | $30.47M | +33.0% |
| EBITDA | $71.00M | $57.82M | $55.64M | $52.47M | $48.97M | +22.8% |
| Basic shares | 28.44M | 27.99M | 27.91M | 27.91M | 27.92M | +1.6% |
| Diluted shares | 29.99M | 28.47M | 28.30M | 28.30M | 28.32M | +5.4% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Cash & equivalents | $204.73M | $89.12M | $47.60M | $36.67M | $99.67M | — | +129.7% |
| Cash & short-term investments | $204.73M | $89.12M | $47.60M | $36.67M | $99.67M | — | +129.7% |
| Total current assets | $376.56M | $208.72M | $166.89M | $159.71M | $122.47M | — | +80.4% |
| Property, plant & equipment | — | — | $509.00K | $621.00K | $731.00K | $839.00K | — |
| Goodwill & intangibles | $5.51M | $6.16M | $6.37M | $6.58M | $6.96M | — | -10.4% |
| Total assets | $2.58B | $2.39B | $2.37B | $2.34B | $2.31B | — | +7.8% |
| Total current liabilities | $202.67M | $197.71M | $221.55M | $175.53M | $122.14M | — | +2.5% |
| Current debt | $92.50M | $75.00M | $102.50M | $50.00M | — | — | +23.3% |
| Long-term debt | $516.53M | $290.98M | $290.60M | $290.23M | $289.86M | — | +77.5% |
| Total debt | $609.03M | $365.98M | $393.10M | $340.23M | $289.86M | — | +66.4% |
| Total liabilities | $730.04M | $499.44M | $522.85M | $474.57M | $424.65M | — | +46.2% |
| Retained earnings | -$349.74M | -$337.28M | -$312.99M | -$289.92M | -$264.43M | — | -3.7% |
| Shareholder equity | $1.85B | $1.89B | $1.85B | $1.86B | $1.88B | — | -2.3% |
| Working capital | $173.89M | $11.01M | -$54.66M | -$15.82M | $328.00K | — | +1,479.4% |
| Net tangible assets | $1.85B | $1.89B | $1.84B | $1.86B | $1.87B | — | -2.2% |
| Shares issued | 27.57M | 28.31M | 28.02M | 28.02M | 28.02M | — | -2.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $43.85M | $32.81M | $31.84M | $29.30M | $26.02M | +33.7% |
| Depreciation & amortisation | $18.80M | $18.58M | $18.54M | $18.64M | $18.50M | +1.2% |
| Stock-based compensation | $2.83M | $2.58M | $2.70M | $2.68M | $2.67M | +9.4% |
| Change in working capital | -$6.83M | $3.20M | -$2.95M | -$5.53M | $761.00K | -313.3% |
| Operating cash flow | $44.92M | $56.03M | $49.91M | $45.59M | $48.45M | -19.8% |
| Investing cash flow | -$78.06M | -$341.00K | -$41.73M | -$109.66M | -$5.76M | -22,790.9% |
| Share buybacks | -$88.97M | $0 | $0 | $0 | -$19.82M | — |
| Dividends paid | -$57.10M | -$54.91M | -$54.79M | -$54.66M | -$55.24M | -4.0% |
| Financing cash flow | $151.66M | -$14.17M | $2.74M | $1.08M | -$71.04M | +1,170.3% |
| Free cash flow | $44.92M | $56.03M | $49.91M | $45.59M | $48.45M | -19.8% |
| End cash position | $207.64M | $89.12M | $47.60M | $36.67M | $99.67M | +133.0% |
Options analytics
Put / call volume
52.28
Put-heavy session
Put / call open interest
2.80
Positioning, not flow
Max pain
55.00
+8.0% from spot
ATM implied vol
41.6%
Nearest strike to spot
Skew (10% OTM)
+26.4%
Puts bid over calls
Call volume
96
Contracts, this expiry
Put volume
5.02K
Contracts, this expiry
Heaviest call OI
75.00
779 contracts
Heaviest put OI
30.00
4.03K 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.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 1.03 | 0.96 | -6.3% |
| Mar 2026 | 1.07 | 1.04 | -2.7% |
| Dec 2025 | 1.05 | 1.06 | +1.3% |
| Sep 2025 | 0.90 | 0.97 | +7.4% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.83 | 1 | $62.12M | -4.0% |
| Next quarter | 0.88 | 1 | $62.86M | -5.7% |
| Current year | 4.15 | 1 | $257.20M | -3.3% |
| Next year | 4.39 | 1 | $267.56M | +4.0% |
Analyst targets & ownership
Mean target$64.50
High target$90.00
Low target$51.00
Implied upside26.64%
Analyst count4
ConsensusHOLD
Strong buy / Buy0 / 1
Hold4
Sell / Strong sell0 / 1
Held by insiders1.98%
Held by institutions79.72%
Institutions holding432
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
52.68
-3.31% from price
SMA 20
54.38
-6.34% from price
SMA 50
56.25
-9.46% from price
SMA 100
58.29
-12.63% from price
SMA 200
54.84
-7.13% from price
EMA 12
52.63
-3.23% from price
EMA 26
54.33
-6.26% from price
EMA 50
55.83
-8.77% from price
RSI (14)
28.5
Oversold
MACD (12,26,9)
-1.70
Hist -0.46
ATR (14)
1.28
2.52% of price
Realised vol 30D
20.4%
Annualised
Bollinger upper
59.01
20, 2σ
Bollinger lower
49.75
20, 2σ
50 / 200 cross
Golden
56.25 vs 54.84
Trend bias
Below 200
-7.13%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.70
Less volatile than market
Correlation to SPY
0.24
Largely independent
Realised vol 30D
20.4%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-22.3%
Peak to trough
Max drawdown 5Y
-84.4%
Peak to trough
ATR 14
1.28
2.52% of price
Beta (reported)
1.42
5Y monthly, from filing
Short interest
Shares short
3.76M
Prior 3.51M
Change vs prior
+7.2%
Shorts adding
% of float
20.92%
Heavily shorted
% of shares out
13.65%
Against total outstanding
Days to cover
12.5
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
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| 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
Forward rate$7.60 / yr
Forward yield15.12%
5-year avg yield6.91%
Payout ratio171.95%
Ex-dividend dateSep 30, 2026
Next pay dateOct 15, 2026
Last split—
Split date—
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-10-01
Corporate Changes & Voting Matters
8-K · 2026-09-25
Corporate Changes & Voting Matters
8-K · 2026-09-01
Periodic Financial Reports
10-Q · 2026-08-04
Corporate Changes & Voting Matters
8-K · 2026-08-03
Corporate Changes & Voting Matters
8-K · 2026-07-21
Corporate Changes & Voting Matters
8-K · 2026-06-15
Corporate Changes & Voting Matters
8-K · 2026-06-11
Headlines
Innovative Industrial Properties Launches Public Offering of Preferred Stock
MT Newswires · 2h ago
Innovative Industrial Properties Announces Launch of Series B Preferred Stock Offering
Business Wire · 2h ago
2 High-Octane Cannabis Stocks to Buy in October for Aggressive Investors
Motley Fool · 4d ago
Huntington Initiates Innovative Industrial Properties at Outperform With $60 Price Target
MT Newswires · 5d ago
Innovative Industrial Properties Announces Mezzanine Loan Commitment of $245 Million for Alewife Park
Business Wire · 6d ago
Innovative Industrial Properties (IIPR) Sees a More Significant Dip Than Broader Market: Some Facts to Know
Zacks · 8d ago
Innovative Industrial Properties (IIPR) Stock Sinks As Market Gains: Here's Why
Zacks · 19d ago
Innovative Industrial Properties Declares Third Quarter 2026 Dividends
Business Wire · 22d ago
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