NYSE: IIPR · Industrial REITs
Innovative Industrial Properties (IIPR) fair value and price range
As of 29 Sep 2026, Faircurve's model values Innovative Industrial Properties (IIPR) at $78.97 a share. The stock last closed at $50.52, which puts the model's fair value 56.3% above the price. No verdict is shown for IIPR on this run. The fair value and its range are shown for reference.
Revalued . Price is the close of 2 Oct 2026. Innovative Industrial Properties, Inc.
Faircurve Insights · 29 Sep 2026
Innovative Industrial Properties, Inc. is a Maryland-based corporation focused on acquiring, owning, and overseeing unique real estate assets.
Faircurve's model on 29 Sep 2026 gave a fair value of $78.97 a share. This fair value moved -0.8% since the previous run on 26 Sep 2026, which gave $79.61. The model's calibrated range over 63 trading days is $66.25 to $96.29, built from the fair value. Ranges built this way held the price 60% of the time at this horizon, and the evidence grade is High.
The business is compared with LXP Industrial Trust (LXP), Terreno Realty Corporation (TRNO), STAG Industrial, Inc. (STAG), First Industrial Realty Trust, Inc. (FR), CubeSmart (CUBE), Rexford Industrial Realty, Inc. (REXR), EastGroup Properties, Inc. (EGP), and Extra Space Storage Inc. (EXR). The stock moved a median size of 11.2%, ignoring direction, around its last 8 earnings reports.
Written from the figures on this page for the 29 Sep 2026 valuation and checked by rule before publishing: every number is one printed here, no forecast, no instruction. The price, the gap and the verdict are the page's own and change daily. Not a recommendation.
What price range does the model give IIPR?
The calibrated range for IIPR over 63 trading days is $66.25 to $96.29. There is no live options data for this stock, so the range is built from the fair value and calibrated weekly against realised prices (n = 4,327 past valuations, refreshed 26 Sep 2026). Ranges built this way held the price 60% of the time at this horizon.
The price is below this range. For names with fair value 30%+ above price, the calibrated range has held the price 29% of the time over 63 trading days, and 71% ended below it; the typical move was +5.7%.
The model's own range is $72.70 to $86.07.
How does IIPR compare with similar companies?
The companies in industrial reits closest to Innovative Industrial Properties in market value, each on the same model and the same date.
| Company | Last close | Model fair value | Gap | Model verdict |
|---|---|---|---|---|
| LXP LXP Industrial Trust | $60.95 | $50.59 | -17.0% | No verdict on this run |
| TRNO Terreno Realty Corporation | $64.54 | $58.14 | -9.9% | Low evidence grade |
| STAG STAG Industrial, Inc. | $36.05 | $35.83 | -0.6% | No verdict on this run |
| FR First Industrial Realty Trust, Inc. | $59.46 | $50.91 | -14.4% | No verdict on this run |
| CUBE CubeSmart | $37.52 | $42.39 | +13.0% | No verdict on this run |
| REXR Rexford Industrial Realty, Inc. | $36.69 | $40.50 | +10.4% | Low evidence grade |
| EGP EastGroup Properties, Inc. | $195.78 | $138.23 | -29.4% | No verdict on this run |
| EXR Extra Space Storage Inc. | $133.25 | $120.53 | -9.5% | No verdict on this run |
When does IIPR report earnings, and how has the stock reacted?
Innovative Industrial Properties's next earnings report is scheduled for 2 Nov 2026. Companies can move their dates.
How IIPR moved around its last 8 earnings reports
Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across these 8 reports, ignoring direction, was 11.2%.
| Report date | Two session move |
|---|---|
| 3 Aug 2026 | +2.6% |
| 4 May 2026 | +10.7% |
| 23 Feb 2026 | +11.8% |
| 3 Nov 2025 | -0.8% |
| 6 Aug 2025 | -11.8% |
| 7 May 2025 | +12.4% |
| 19 Feb 2025 | -1.4% |
| 6 Nov 2024 | -16.8% |
Innovative Industrial Properties at a glance
Innovative Industrial Properties, Inc. is an independently managed, Maryland-based corporation primarily focused on acquiring, owning, and overseeing unique real estate assets.
- Market value
- $1.6B
- Sector
- Real Estate
- Industry
- Industrial REITs
- Beta to the US market
- 0.56
- First valued by Faircurve
- 11 Jul 2026
How the fair value is worked out: the model values Innovative Industrial Properties three ways and blends them; the range around the fair value comes from 2,000 simulations of the dividend model. The full method is documented here.
What changed in the latest valuation?
On 26 Sep 2026 the model's fair value for IIPR was $79.61. As of 29 Sep 2026 it is $78.97, a change of -0.8%. The model revalues every stock it covers each week, and again after an earnings report.
Questions about Innovative Industrial Properties's valuation
Is Innovative Industrial Properties stock undervalued or overvalued?
Faircurve's model puts IIPR's fair value at $78.97 a share against a last close of $50.52, as of 29 Sep 2026. No verdict is shown for IIPR on this run. The fair value and its range are shown for reference.
What is IIPR's fair value?
$78.97 a share as of 29 Sep 2026. The fair value blends three methods: a cash-flow multiple against comparable companies, a dividend model, and the value of the properties. The model's own range is $72.70 to $86.07.
What price range does the model give IIPR?
$66.25 to $96.29 over 63 trading days. Ranges built this way held the price 60% of the time across 4,327 past valuations, refreshed 26 Sep 2026.
When does Innovative Industrial Properties report earnings next?
The next report is scheduled for 2 Nov 2026. Companies can move their dates.
How much has IIPR moved on past earnings reports?
Across its last 8 reports the median two session move was 11.2%, ignoring direction. The largest was -16.8% around the report of 6 Nov 2024.
How confident is the model in this valuation?
The model's evidence grade for IIPR is high. For real estate investment trusts (REITs) the grade looks at the dividend record: at least three years of paid dividends with no cut. It is not a probability that the fair value is right, or that the price reaches it.