Innovative Industrial Properties Inc (IIPR)

Real Estate

Latest Price

$52.04

TTM P/E

12.10

Normalized P/E

10.47

TTM Div Yield

10.66%

Fwd Div Yield

10.66%

Book Value

59.87

P/B Ratio

0.87

Valuation metrics

EPS: $3.93

Book value / share: $65.95

Formula: √(22.5 × EPS × BVPS)

Graham Number

$76.36

+44% upside

Norm. op. income: $135M (median of 7yr)

Tax rate: 25%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$23.88

55% downside

EPS: $3.93

Target P/E: 10×

Formula: EPS × P/E

P/E Fair Value

$39.30

26% downside

80.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	5.00M	$309.0M	18.13%	+215.9K	2026-06-30
Vanguard Portfolio Management LLC	2.82M	$174.0M	10.22%	+90.0K	2026-06-30
State Street Corp	1.63M	$103.0M	5.91%	+42.2K	2026-06-30
Vanguard Capital Management LLC	1.29M	$80.0M	4.69%	+50.4K	2026-06-30
Sixth Street Partners Management Company, L.P.	648.6K	$40.0M	2.35%	--	2026-06-30
Charles Schwab Investment Management Inc	648.6K	$40.0M	2.35%	+75.0K	2026-06-30
Arrowstreet Capital, Limited Partnership	564.3K	$34.0M	2.05%	+24.7K	2026-06-30
MIRAE ASSET GLOBAL ETFS Holdings Ltd.	524.2K	$32.0M	1.90%	--	2026-06-30
Parallax Volatility Advisers, L.P.	500.0K	$30.0M	1.81%	--	2026-06-30
Invesco Ltd.	497.5K	$30.0M	1.80%	+1.4K	2026-06-30