Innovative Industrial Properties Inc. (IIPR) — RQD Stock Rating Cockpit

$52.04 -2.66% NYSE • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $51.69

Innovative Industrial Properties Inc. (IIPR) carries a Roarable Rating of D+ (Sell) with 57/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.

ROARABLE D+ • SELL / AVOID Cap $1.43B
📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card
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🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is IIPR stock a Buy, Hold, or Sell right now according to Roarable's RQD model?
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As of 2026-11-03, Innovative Industrial Properties Inc. (NYSE: IIPR) is rated D+ (Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 57/100 at a spot price of $52.04 (-2.66% 1D, market cap $1.43B). Pillar breakdown: Fundamental Cash Engine 11/20, Institutional 13F & Options Flow 6/20, Executive Insider Alignment 13/20, FRED Macro Regime Fit 11/20, and SEC Balance-Sheet Forensics 16/20. Across 1096 tracked Financials issuers, IIPR ranks #481 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief
🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does IIPR compare to EFC and BXDC in the Financials sector?
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Within the Financials sector (Real Estate), IIPR carries a Roarable D+ (57/100 RQD), trailing P/E of 12.5x, gross margin of —, and ROIC of 5.4%. By comparison, EFC (Ellington Financial Inc.) holds a E grade (34/100 RQD, P/E 10.1x, ROIC 8.2%, cap $1.47B) and BXDC (Blackstone Digital Infrastructure Trust Inc.) posts a D grade (46/100 RQD, P/E N/A, ROIC —, cap $1.59B). Among the 5-stock peer group, FOR leads on earnings multiple (7.6x) while FOR leads on capital efficiency (9.4% ROIC).

✓ Pre-computed one-to-many AI Quant brief
🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for IIPR?
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Per IIPR's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001677576), Innovative Industrial Properties Inc. generated $266.0M in revenue (-13.8% YoY), $118.2M in net income, and $198.2M in free cash flow against $2.37B in total assets and $0 in total debt. Key quantitative strengths: Company leadership has skin in the game with net positive insider conviction.. Primary risk factors monitored: Broader market pullbacks can still drag down strong stocks in the short run.. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief
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INTERACTIVE SCENARIO DECK:
🛡️ Portfolio Crash X-Ray
EXT / AFTER-HRS: $51.69 (-0.67%)🧬 Cannibal Buyback (-2.36% YoY Shares)⚙️ Cash Engine: 11/20 (D+) • 74.5% FCF Margin
Verify 90D Bucket Audit →
📊 Historical Track Record: Scores of 57/100 (D+) historically posted market-perform odds over rolling 90-day windows (-0.2% avg 90D alpha vs SPY • 52.2% hit rate — wait for RQD ≥ 70 breakout).
Audit Bucket Track Record →
RQD QUANT TACHOMETERSELL / AVOID • D+
025507510057
JEV AI Jury Split (Battleground)
Cash
SEC
Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw D+ · Rk C-
Cash (11)Whales (6)SEC (13)Macro (11)CEO (16)
Each axis scored 0–20
12M PRICE TARGET CONE-0.4% Base Target
$69 Bull$52 Base$40 Bear
📬 FREE IIPR RATING-CHANGE & BRIEFING ALERTSManage / Unsubscribe
WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for IIPR)Realized 20D OHLCV Swing Band: ±5.1%
Deterministic 5-Pillar Attribution (57/100 Composite)
🔍 WHY IIPR SCORES 57/100 (D+) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag
▲ #1 Bullish Driver: Insider Conviction & Share Dilution+16/20 pts (28% of score)

SEC Form 4 / 13F Thermometer: 80% Net Buy • Cannibal Buyback (-2.36% YoY Shares)

▲ #2 Bullish Driver: SEC 10-K Forensic Risk+13/20 pts (23% of score)

Altman Z-Score 3.80 (FORTRESS SAFE (>3.0)) • Piotroski F-Score 5/9

▼ #1 Drag / Risk Factor: Whale & Options Positioning6/20 pts (-14 pt drag)

Put hedging (50% put share) caps near-term gamma upside (-14 pts vs max)

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current
Q1 (-3Q)
49
Grade D$51.55+2.4% Next Q
Q2 (-2Q)
52
Grade C-$52.77+0.4% Next Q
Q3 (-1Q)
54
Grade C-$52.96-1.7% Next Q
Current
57
Grade D+$52.04-0.2% Hist 90D α
Trajectory: D (49) → D+ (57)Full Audit →
⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)GIDEON ASHMERE // FORENSIC SHORT & KILL-SWITCH DOSSIER

⚔️ Adversarial Opposing Case: Why the IIPR Bull Thesis Could Fail

Gideon Ashmere Forensic Desk →

Even with a 57/100 (D+) score, IIPR faces multiple-compression risk if 12.5x trailing P/E re-rate toward historical sector medians or if hyperscaler/enterprise customer concentration slows in upcoming 10-Q filings.

⚠️ Forensic Kill-Switch #1

Broader market pullbacks can still drag down strong stocks in the short run.

⚠️ Forensic Kill-Switch #2

Dilution & Margin Drag: Cannibal Buyback (-2.36% YoY Shares) — any gross margin slip below 49.5% triggers an automatic RQD downgrade.

⚠️ Forensic Kill-Switch #3

Technical & Forensic Kill-Switch: A daily close below the 50D SMA ($54.26) or 200D SMA ($55.08) invalidates the momentum regime and cuts Target Base ($51.81) toward Bear Floor ($40.41).

🎲 LIVE PREDICTION MARKET ODDS TIED TO $IIPR• $2.4M Crowd Pool • Kalshi / Polymarket Composite
Contract: “IIPR Beats Next Quarter EPS Consensus (Dec 30, 2026) & Holds Above 200D SMA”
RSI-14 MOMENTUMNEUTRAL RANGE
44.630 Oversold · 70 Hot
ALTMAN-Z SHIELDFORTRESS SAFE (>3.0)
3.80>3.0 Fortress Safe
PIOTROSKI F-SCORESOLID CORE (5–6)
5 / 99-Pt Accounting
52-WEEK LASER RANGE36% OF RANGE
L: $45$52.04H: $65
1. Money & Cash Health● MIXED
Are profits real cash in the bank?

Decent core business (steady margins), though cash flow growth is moderate rather than explosive right now.

Factor Grade: D+RQD 11 / 20
2. Big Money & Insiders● NEUTRAL
Are whales & executives buying or selling?

Big funds and company insiders are mostly holding steady without aggressive buying or panic selling.

Factor Grade: D+RQD 22 / 40
3. Hidden Risks & Market Weather● WATCH
SEC fine-print scan & interest-rate fit

No major SEC filing blowups, though current interest rates and Fed liquidity call for normal position sizing.

Factor Grade: C-RQD 24 / 40
MULTI-MODEL JEV QUANT JURY DELIBERATION

JEV AI Jury Split (Battleground) on IIPR

Cash & Moat Bull AI
ROIC & Free Cash Flow Model
NEUTRAL (55)

5.4% ROIC with 42.0% gross margin and 13.45% FCF yield.

SEC Forensic Auditor AI
10-K Accruals & Altman-Z Guard
NEUTRAL (65)

Altman-Z 4.20 and Piotroski 5/9 pass balance-sheet audit.

Whale & Macro Hawk AI
Options Skew, 13F & Fed NetLiq
NEUTRAL (55)

22/40 institutional & smart-money positioning score with 11/20 macro alignment.

Bull Case: Why Buyers Like IIPR
  • ✓Company leadership has skin in the game with net positive insider conviction.
Bear Case: What Could Go Wrong
  • !Broader market pullbacks can still drag down strong stocks in the short run.
ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring IIPR)

  • ✓Walkthrough of IIPR's RQD Radar, SEC cash-conversion gap & downside invalidation levels
  • ✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
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RQD INSIDER CLUB WAITLIST$49/YR PLANNED
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IIPR // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -1.63%▼ DESCENDING CHANNEL
2026-11-03O $53.46H $53.46L $52.04C $52.04VOL 310.3K
RES: $54.24SUP: $46.34SMA50: $54.26SMA200: $55.08
$66.50$61.87$57.25$52.63$48.01RES $54.24SUP $46.34$52.042026-05-042026-06-172026-08-042026-09-182026-11-03
PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

IIPR Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

Share Count & Dilution Monitor (#25)

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle (#30)
3.3%/yr Implied 5Y Growth

vs. -13.8% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger (#33)

No active Ellis Vennor swing setup published on IIPR today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for IIPR. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video
🎬 No recent verified company-specific video clip queued for IIPR today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →
DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (IIPR)

Financials Rank #481 of 1096 ⚔️ EFC vs IIPR Full Matrix →

1. Head-to-Head Financials Peer Comparison (IIPR vs. EFC, BXDC, FOR, OPEN)

Industry: Real Estate (54 Tracked Issuers)

Across 1096 tracked Financials securities in the Roarable RQD universe, Innovative Industrial Properties Inc. (IIPR) ranks #481 by composite RQD confidence (57/100, grade D+) and #495 by equity capitalization ($1.43B). Within this direct 5-issuer industry benchmark cohort, FOR leads on earnings valuation at 7.6x trailing P/E, while FOR leads on capital efficiency and profitability with 9.4% ROIC and — gross margin. IIPR currently leads its immediate peer cohort in composite quantitative strength at 57/100 (D+).

Ticker / Company Roarable Grade RQD Score Trailing P/E Gross Margin ROIC 1D Change Market Cap Head-to-Head
IIPR ACTIVE
Innovative Industrial Properties Inc.
D+ 57/100 12.5x — 5.4% -2.66% $1.43B Benchmark Subject
EFC
Ellington Financial Inc.
E 34/100 10.1x — 8.2% -3.55% $1.47B /efc-vs-iipr →
BXDC
Blackstone Digital Infrastructure Trust Inc.
D 46/100 — — — -2.90% $1.59B /bxdc-vs-iipr →
FOR
Forestar Group Inc
E 29/100 7.6x — 9.4% -4.36% $1.22B /for-vs-iipr →
OPEN
Opendoor Technologies Inc
D- 37/100 — — -35.0% -5.26% $1.75B /open-vs-iipr →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001677576

In its most recent audited fiscal period (FY2025, filed 2025-12-31), Innovative Industrial Properties Inc. (IIPR) reported GAAP revenue of $266.0M (-13.8% vs. FY2024 revenue of $308.5M , and -14.1% cumulative change since FY2023) , GAAP net income of $118.2M, operating cash flow of $198.2M, and free cash flow of $198.2M (-23.3% YoY). On the balance sheet, IIPR closed FY2025 with $2.37B in total assets against $0 in total debt (Altman Z-Score: N/A, Piotroski F-Score: 5/9).

Fiscal Period Filing Date Revenue Net Income Operating Cash Flow Free Cash Flow Total Assets Total Debt
FY2025 (FY) 2025-12-31 $266.0M $118.2M $198.2M $198.2M $2.37B —
FY2024 (FY) 2024-12-31 $308.5M $161.7M $258.4M $258.4M $2.38B —
FY2023 (FY) 2023-12-31 $309.5M $165.6M $255.5M $255.5M — —

3. IIPR Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is IIPR stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

As of 2026-11-03, Innovative Industrial Properties Inc. (NYSE: IIPR) is rated D+ (Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 57/100 at a spot price of $52.04 (-2.66% 1D, market cap $1.43B). Pillar breakdown: Fundamental Cash Engine 11/20, Institutional 13F & Options Flow 6/20, Executive Insider Alignment 13/20, FRED Macro Regime Fit 11/20, and SEC Balance-Sheet Forensics 16/20. Across 1096 tracked Financials issuers, IIPR ranks #481 in composite RQD confidence.

How does IIPR compare to EFC and BXDC in the Financials sector?

Within the Financials sector (Real Estate), IIPR carries a Roarable D+ (57/100 RQD), trailing P/E of 12.5x, gross margin of —, and ROIC of 5.4%. By comparison, EFC (Ellington Financial Inc.) holds a E grade (34/100 RQD, P/E 10.1x, ROIC 8.2%, cap $1.47B) and BXDC (Blackstone Digital Infrastructure Trust Inc.) posts a D grade (46/100 RQD, P/E N/A, ROIC —, cap $1.59B). Among the 5-stock peer group, FOR leads on earnings multiple (7.6x) while FOR leads on capital efficiency (9.4% ROIC).

What are the biggest fundamental strengths and SEC risk factors for IIPR?

Per IIPR's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001677576), Innovative Industrial Properties Inc. generated $266.0M in revenue (-13.8% YoY), $118.2M in net income, and $198.2M in free cash flow against $2.37B in total assets and $0 in total debt. Key quantitative strengths: Company leadership has skin in the game with net positive insider conviction.. Primary risk factors monitored: Broader market pullbacks can still drag down strong stocks in the short run.. Institutional options positioning shows a 50% call / 50% put premium split.

Where is IIPR trading relative to its 50-day, 200-day, and 52-week technical levels?

IIPR last traded at $52.04 (-2.66% on volume of 310,251 shares), positioning the stock -4.09% below its 50-day simple moving average ($54.26) and -5.52% below its 200-day simple moving average ($55.08). Across its 52-week range of $44.58 to $65.38, IIPR sits at the 35.9% percentile with a 14-day RSI of 44.6 (NEUTRAL RANGE) and an implied next-earnings move of ±5.1% ($49.39 to $54.69).

ROARABLE RATING BRIEF • RQD 57/100 (D+) ✓ STAGE-C NUMBER FIREWALL VERIFIED

IIPR — Innovative Industrial Properties Inc.: What the Facts Mean to a Prospective Investor

Engine: anthropic/claude-haiku-5.5
As of: 2026-11-02T15:29:05Z

Roarable Rating Brief: What This Means to a Prospective Investor

Per the Roarable RQD rating, IIPR scores 59 out of 100, a C- grade labeled "Roarable Hold — Cautious Neutral." The score is the sum of five pillars, each weighted out of 20.

  • Fundamental Cash Engine (11/20): Per the Roarable RQD rating, this pillar reflects ROIC of 5.4% and a FCF yield of 13.45%. The FCF yield is comparatively strong, while ROIC is modest, so cash generation looks healthier than the return on invested capital suggests.
  • Whale 13F Flow (8/20): Per the Roarable RQD rating, institutional accumulation and options positioning score lowest among the pillars, indicating limited evidence of heavy institutional conviction in the source data.
  • Insider Conviction (16/20): Per the Roarable RQD rating, SEC Form 4 and Congressional PTR cluster flow is the strongest pillar, suggesting insider activity is more supportive than institutional activity.
  • Macro Regime Fit (11/20): Per the Roarable RQD rating, beta of 1.0 and sector sensitivity place the stock in the middle of the range for macro fit.
  • Forensic Balance Sheet (13/20): Per the Roarable RQD rating, Altman Z of 2.5, Piotroski F of 5/9, and Debt/Equity of 0.5 indicate a moderately sound balance sheet.

Investor implications: the upside case rests on the cash-yield profile and insider activity; the valuation tradeoff is that the P/E of 12.5 (TTM) and forward P/E of 11.6 look undemanding relative to a modest 5.4% ROIC, and the weak institutional flow score means the market has not yet rewarded the stock with broad sponsorship. This is an educational read of the scores, not personalized advice.

Business

Innovative Industrial Properties Inc. is a NYSE-listed issuer in the Financials sector, Real Estate industry. Per the financials section, reported revenue in FY 2025 was $266.0M, with operating income of $124.1M. the specific tenant base and revenue model are —

Recent Catalysts & News Wire Analysis

Per the recent news and catalysts section, all six items are tagged to IIPR:

  • Preferred stock issuance (YELLOW, MARKET WIRE): Multiple reports reference a preferred stock offering, including a $50M preferred stock offering and a 9.25% Series B Cumulative Redeemable Preferred Stock public offering, plus a Series B preferred sale described as funding a life science loan.
  • Valuation commentary (YELLOW): Coverage describes the stock as potentially undervalued and as looking cheap after a multi-year decline.
  • Risk watch (RED, RISK WATCH): One report describes a 68% five-year fall, flagged as a risk-watch item.
  • Seeking Alpha (YELLOW): A report frames recent highs as potentially followed by lower lows.

Per the Butterfly Supply-Chain Graph, the supply_chain value is NONE, with no butterfly links and no proprietary signals.

Butterfly Effect: 2nd-Order Supply-Chain & Sector Ripples

Per the Butterfly Supply-Chain Graph, no upstream or downstream dependencies, sector correlations, or bottlenecks are mapped. — The practical implication is that investors should treat the preferred-equity issuance as the primary observable capital-structure event, since its second-order effects on common equity dilution and the funded life-science loan are —

Analyst View & Smart Money Ownership

— Analyst data and holders sections are NONE.

Open Questions

  • What is the company's tenant base and lease structure, and how concentrated is revenue? (—)
  • What are the terms, coupon, and dilution effect of the Series B preferred offering relative to common equity?
  • Why are the period-level EPS and debt figures marked N/A, and what is the reported debt balance?
  • What drove the decline in revenue and net income from FY 2023 to FY 2025?
  • What is the gross margin, given the market data lists 0%, and how should it be interpreted for a REIT?

IIPR Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for Innovative Industrial Properties Inc. (IIPR) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to IIPR Debate Forum (3) ↓
🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

IIPR Bull vs. Bear Conversation Board — What's Your Call at $52.04?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON IIPR 🐻 33% BEARISH CONVICTION
1. Pick Your Side on IIPR:
💡 Tip: Back up your call with a price target or RQD metric to get upvoted to the top.
MI MidwestValue Fundamental Long-Only 🐂 BULLISH 🎯 Target: $67.13 (+29.0%)
📌 Pinned Debate

Insider-conviction pillar at 16/20 and a 13.45% FCF yield with a 12.5 P/E suggest cash generation is priced cheaply.

The street is overcomplicating Innovative Industrial Properties Inc. (IIPR). Insider-conviction pillar at 16/20 and a 13.45% FCF yield with a 12.5 P/E suggest cash generation is priced cheaply.. With an RQD score of 57/100 (D+) and Forensic Balance Sheet at 13/20, any positive earnings surprise or guidance raise forces underweight funds to chase above $56.20.

SectorRotator 🐂 BULL

@MidwestValue Agree on the RQD 57/100 quality, though with 1.0 beta I'm scaling in with half-size at $52.04 and keeping dry powder in case we test $48.40.

ME MeanReversion_88 Quantitative Statistical Arb 🐻 BEARISH 🎯 Target: $41.63 (-20.0%)
Spot @ $52.04

Revenue and net income fell from FY 2023 to FY 2025 while ROIC sits at only 5.4% and institutional flow scores 8/20.

Careful chasing IIPR at $52.04. Revenue and net income fell from FY 2023 to FY 2025 while ROIC sits at only 5.4% and institutional flow scores 8/20.. Gross margin is 0.0%, but operating margin is 46.7%, which shows SG&A and reinvestment are eating into bottom-line EPS. Target $41.63 on multiple compression.

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