IIPR

Innovative Industrial PropertiesB

NYSE / Equity Real Estate Investment Trusts (REITs)

At close

2026-07-21

Current thesis

IIPR still has a largely leased portfolio, meaningful embedded real estate value, active re-leasing progress on troubled assets, and a visible set of near-dated milestones that could narrow the discount if the May 2026 debt and PharmaCann handoff issues are handled cleanly.

Posture

Constructive

Lead driver

Value

What changed

Value remains the lead driver in the composite.

What can break

Additional tenant stress remains possible, including from Cannabist after the March 2026 payment default disclosed by the company.

Momentum

Value

Sentiment

Setup hits (3d)

0 · Net Neutral

AI TargetsBase $49.00 · Bull $60.00 · Bear $38.00

Data freshness

Prices

As of 2026-07-21

Fundamentals

As of 2026-07-21 • Vendor: Data Vendor v1

Scores

As of 2026-07-21 • Model: HYBRID_IC_RP

AI Memo

As of 2026-04-15 • Model: RankAlpha Sentiment Codex

Investment thesis

As of 2026-07-21

Supporting evidence

What

Grade B · Constructive

Confidence Medium · Net Neutral

Target $66.00

Why

Momentum78 · Δ7d +2.8

Value65 · Δ7d -

Sentiment28 · Δ7d -2.1

So what

Strength-led posture (Net Neutral). Favor watchlist adds and disciplined entries.

Lead driver: Value · See fundamentals

Momentum

26% active weight

Current posture

7d trendFlat

Δ7d

+2.8

Δ21d

+8.6

Value

39% active weight

Current posture

7d trendFlat

Δ7d

Δ21d

Sentiment

34% active weight

Current posture

7d trendSoftening

Δ7d

-2.1

Δ21d

-6.7

Why this grade

Composite grade B. Momentum 78.2 / Value 65.0 / Sentiment 28.1

Fundamentals (TTM)

As of 2026-07-21

Market Cap

$1.83B

Beta

1.49

Shares Out

29M

P/E (TTM)

11.6

P/S (TTM)

4.98

P/FCF (TTM) · Derived

-48.45

Rev YoY

-3.8%

EPS YoY

-0.9%

Gross Margin

+60.2%

Op Margin

+48.6%

Net Debt

$346.08M

Current Ratio

0.22

As of 2026-07-21 • Updated nightlySource: Internal modelMethodology