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Innovative Industrial PropertiesIIPR -0.37%78 Intrinsic Value: Projected FCF is $146.14 as of Aug. 03, 2026, which is 22042% above its 10-year median of 0.66. GuruFocus rates IIPR with a GF Score™ of 78/100 and a GF Value™ of $64.97 (Modestly Undervalued). The stock has 12 warning signs investors should review. Among 615 REITs companies, Innovative Industrial Properties ranks better than 79.84% on this metric.
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company. The details of how we calculate the intrinsic value of stocks are described in detail here.
The historical rank and industry rank for Innovative Industrial Properties's Intrinsic Value: Projected FCF or its related term are showing as below:
IIPR'
s Price-to-Projected-FCF Range Over the Past 10 Years
Min: 0.32 Med: 0.66 Max: 1.32
Current: 0.4
During the past 10 years, the highest Price-to-Intrinsic-Value-Projected-FCF of Innovative Industrial Properties was 1.32. The lowest was 0.32. And the median was 0.66.
IIPR's Price-to-Projected-FCF is ranked better than 79.84% of 615
companies
in the REITs industry
Industry Median: 0.68
vs IIPR: 0.40
The growth multiple is capped between 8.35 and 17.74.
Total Stockholders Equity weighting is more art than science and it should always be revisited in more detail when researching a company. Weightings from 0% to 100% to more than 100% are possible. 80% was chosen as a happy median after taking the above ideas into consideration.
Innovative Industrial Properties's Price-to-Intrinsic-Value-Projected-FCF for today is calculated as
Price-to-Intrinsic-Value-Projected-FCF
=
Share Price
/
Intrinsic Value: Projected FCF
=
58.59
/
146.13901317655
=
0.40
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Innovative Industrial Properties Intrinsic Value: Projected FCF Related Terms
Innovative Industrial Properties Intrinsic Value: Projected FCF Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
IIPR vs SMA, ILPT, NSA: Intrinsic Value: Projected FCF Comparison
For the REIT - Industrial subindustry, Innovative Industrial Properties's Price-to-Projected-FCF, along with its competitors' market caps and Price-to-Projected-FCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Innovative Industrial Properties Price-to-Projected-FCF vs REITs Industry
For the REITs industry and Real Estate sector, Innovative Industrial Properties's Price-to-Projected-FCF distribution charts can be found below:
* The bar in red indicates where Innovative Industrial Properties's Price-to-Projected-FCF falls into.
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company.
The details of how we calculate the intrinsic value of stocks are described in detail here.
This method smooths out the free cash flow over the past 6-7 years, multiplies the results by a growth multiple, and adds a portion of Total Stockholders Equity.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Intrinsic Value: Projected FCF of $146.14 mean?
Innovative Industrial Properties (IIPR) has a Intrinsic Value: Projected FCF of $146.14 as of Aug. 03, 2026. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on Innovative Industrial Properties and its competitors. This is 22042% above median its historical median of 0.66. Over the past decade, Innovative Industrial Properties' Intrinsic Value: Projected FCF has ranged from 0.32 to 1.32. According to the industry distribution chart, Innovative Industrial Properties ranks #124 out of 615 companies in the REITs industry, placing it in the top 20.2%.
Is Innovative Industrial Properties' Intrinsic Value: Projected FCF too high?
Innovative Industrial Properties' current Intrinsic Value: Projected FCF of $146.14 is 22042% above median its 10-year median of 0.66. Over the past 10 years, this metric has ranged from a low of 0.32 to a high of 1.32. The REITs industry median Intrinsic Value: Projected FCF is 0.68. Innovative Industrial Properties' value of $146.14 is 21391.2% above this industry median. Based on the distribution chart, Innovative Industrial Properties ranks #124 out of 615 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Innovative Industrial Properties has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Innovative Industrial Properties' Intrinsic Value: Projected FCF compare to SMA and ILPT?
According to the REITs industry distribution chart, Innovative Industrial Properties ranks #124 out of 615 companies for Intrinsic Value: Projected FCF. This places Innovative Industrial Properties in the top 20% of its industry — outperforming the majority of peers. The industry median Intrinsic Value: Projected FCF is 0.68. Innovative Industrial Properties' value of $146.14 is 21391.2% above this benchmark. Historically, Innovative Industrial Properties' own Intrinsic Value: Projected FCF has ranged from 0.32 to 1.32 over the past decade. While the company's 10-year median is 0.66 vs. the industry median of 0.68, Innovative Industrial Properties has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Intrinsic Value: Projected FCF for a REITs company?
The median Intrinsic Value: Projected FCF among REITs companies is 0.68, based on 615 companies in the industry. Companies in the top quartile (top 25%) have a Intrinsic Value: Projected FCF significantly above this median, while those in the bottom quartile fall well below. However, Intrinsic Value: Projected FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Innovative Industrial Properties's current Intrinsic Value: Projected FCF of $146.14 is 21391.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Intrinsic Value: Projected FCF mean?
A high Intrinsic Value: Projected FCF can signal that a stock is expensive relative to its fundamentals. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on Innovative Industrial Properties and its competitors. For the REITs industry, the median Intrinsic Value: Projected FCF is 0.68 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Innovative Industrial Properties's current Intrinsic Value: Projected FCF is $146.14, which is 22042% above median its own 10-year median of 0.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Innovative Industrial Properties stock overvalued right now?
Based on GuruFocus' analysis, Innovative Industrial Properties (IIPR) is currently considered Modestly Undervalued. The stock's GF Value™ is $64.97, compared to a current price of $58.59 — trading 9.8% below its estimated fair value. The current Intrinsic Value: Projected FCF is $146.14, which is 22042% above median its 10-year median of 0.66 and 21391.2% above the REITs industry median of 0.68. Innovative Industrial Properties' overall GF Score™ is 78/100 with 12 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Intrinsic Value: Projected FCF calculated?
Intrinsic Value: Projected FCF is calculated from a company's financial statements. For Innovative Industrial Properties (IIPR), the current Intrinsic Value: Projected FCF is $146.14 as of Aug. 03, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Innovative Industrial Properties (IIPR) Overvalued in 2026?
Based on GuruFocus' analysis, Innovative Industrial Properties stock appears to be undervalued.
The current stock price of $58.59 is trading 9.8% below its estimated GF Value™ of $64.97.
GuruFocus considers Innovative Industrial Properties to be Modestly Undervalued.
Key valuation signals for IIPR:
Intrinsic Value: Projected FCF: $146.14 (22042% above median its 10-year median of 0.66)
GF Value™: $64.97 vs. price of $58.59 (9.8% below fair value)
Industry Position: 21391.2% above the REITs median (#124 of 615)
No single metric tells the full story. See the IIPR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Innovative Industrial Properties Inc is a real estate investment trust focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Its properties are prominently leased to state-licensed operators for their regulated cannabis facilities. The company conducts its business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which properties are owned by its Operating Partnership, directly or through subsidiaries. Its segments are: Cannabis Portfolio and Life Science Portfolio, with the majority of revenue coming from the Cannabis Portfolio segment, which involves acquiring, developing, and leasing real estate to regulated cannabis operators on long-term triple-net leases.
78GF Score
Get the complete analysis for IIPR
Intrinsic Value: Projected FCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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