IIPR

Innovative Industrial PropertiesC

NYSE / Equity Real Estate Investment Trusts (REITs)

At close

2026-06-03

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

Mixed

Lead driver

Momentum

What changed

Momentum remains the lead driver in the composite, 7D delta -2.2.

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 2026-06-03

Fundamentals

As of 2026-06-02 • Vendor: Data Vendor v1

Scores

As of 2026-06-03 • Model: HYBRID_IC_RP

AI Memo

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

Investment thesis

As of 2026-06-03

Supporting evidence

What

Grade C · Mixed

Confidence Medium · Net Neutral

Target $58.75

Why

Momentum64 · Δ7d -2.2

Value65 · Δ7d +0.0

Sentiment34 · Δ7d -0.6

So what

Balanced signals (Net Neutral). Wait for confirmation before sizing up.

Lead driver: Momentum · See technicals

Momentum

34% active weight

Current posture

7d trendFlat

Δ7d

-2.2

Δ21d

-4.0

Value

32% active weight

Current posture

7d trendFlat

Δ7d

+0.0

Δ21d

Sentiment

33% active weight

Current posture

7d trendFlat

Δ7d

-0.6

Δ21d

+3.0

Why this grade

Composite grade C. Momentum 64.5 / Value 65.0 / Sentiment 33.9

Fundamentals (TTM)

As of 2026-06-02

Market Cap

$1.67B

Beta

1.49

Shares Out

28.02M

P/E (TTM)

11.6

P/S (TTM)

4.98

P/FCF (TTM) · Derived

-25.87

Rev YoY

-15.5%

EPS YoY

-28.8%

Gross Margin

+89.2%

Op Margin

+48.6%

Net Debt

$151.62M

Current Ratio

As of 2026-06-03 • Updated nightlySource: Internal modelMethodology