Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
The historical rank and industry rank for Innovative Industrial Properties's Shiller PE Ratio or its related term are showing as below:
IIPR'
s Shiller PE Ratio Range Over the Past 10 Years
Min: 16.15 Med: 18.29 Max: 21.64
Current: 21.64
During the past 10 years, Innovative Industrial Properties's highest Shiller PE Ratio was 21.64. The lowest was 16.15. And the median was 18.29.
IIPR's Shiller PE Ratio is ranked worse than 72.82% of 482
companies
in the REITs industry
Industry Median: 13.575
vs IIPR: 21.64
E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.
Innovative Industrial Properties's adjusted earnings per share data of for the fiscal year that ended in Dec25 was $3.930. Add all the adjusted EPS for the past 10 years together and divide 10 will get our E10, which is $2.83 for the trailing ten years ended in Dec25.
Shiller PE for Stocks: The True Measure of Stock Valuation
Innovative Industrial Properties (NYSE:IIPR) Shiller PE Ratio Explanation
Compared with the regular PE Ratio, which works poorly for cyclical businesses, the Shiller PE Ratio smoothed out the fluctuations of profit margins during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Shiller PE Ratio should give similar results to regular PE Ratio.
Compared with the PS Ratio, the Shiller PE Ratio makes the comparison between different industries more meaningful.
Be Aware
Shiller PE Ratio assumes that over the long term, businesses and profitability revert to their means. If a company's business model does not work in the future compared with the past, Shiller PE Ratio and PS Ratio will give false valuations.
Innovative Industrial Properties Shiller PE Ratio Related Terms
Innovative Industrial Properties Shiller PE Ratio 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.
Innovative Industrial Properties Shiller PE Ratio Chart
IIPR vs SMA, ILPT, LXP: Shiller PE Ratio Comparison
For the REIT - Industrial subindustry, Innovative Industrial Properties's Shiller PE Ratio, along with its competitors' market caps and Shiller PE Ratio 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 Shiller PE Ratio vs REITs Industry
For the REITs industry and Real Estate sector, Innovative Industrial Properties's Shiller PE Ratio distribution charts can be found below:
* The bar in red indicates where Innovative Industrial Properties's Shiller PE Ratio falls into.
Innovative Industrial Properties Shiller PE Ratio Calculation
For Shiller PE Ratio, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller PE Ratio is also called PE10.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.
* 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.
Add all the adjusted EPS together and divide 10 will get our E10.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
Innovative Industrial Properties (IIPR) has a Shiller PE Ratio of 21.65 as of Jul. 24, 2026. Shiller price-earnings ratio is the ratio of share price to a company's inflation-adjusted earnings over a 10-year period. View historical data on Innovative Industrial Properties and its competitors. This is 18% above median its historical median of 18.29. Over the past decade, Innovative Industrial Properties' Shiller PE Ratio has ranged from 16.15 to 21.64. According to the industry distribution chart, Innovative Industrial Properties ranks #351 out of 482 companies in the REITs industry, placing it in the top 72.8%.
Is Innovative Industrial Properties' Shiller PE Ratio too high?
Innovative Industrial Properties' current Shiller PE Ratio of 21.65 is 18% above median its 10-year median of 18.29. Over the past 10 years, this metric has ranged from a low of 16.15 to a high of 21.64. The REITs industry median Shiller PE Ratio is 13.58. Innovative Industrial Properties' value of 21.65 is 59.5% above this industry median. Based on the distribution chart, Innovative Industrial Properties ranks #351 out of 482 companies in the REITs industry, which is below the industry midpoint. Overall, Innovative Industrial Properties has a GF Score™ of 78/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Innovative Industrial Properties' Shiller PE Ratio compare to SMA and ILPT?
According to the REITs industry distribution chart, Innovative Industrial Properties ranks #351 out of 482 companies for Shiller PE Ratio. This places Innovative Industrial Properties in the lower half of its industry. The industry median Shiller PE Ratio is 13.58. Innovative Industrial Properties' value of 21.65 is 59.5% above this benchmark. Historically, Innovative Industrial Properties' own Shiller PE Ratio has ranged from 16.15 to 21.64 over the past decade. While the company's 10-year median is 18.29 vs. the industry median of 13.58, 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 Shiller PE Ratio for a REITs company?
The median Shiller PE Ratio among REITs companies is 13.58, based on 482 companies in the industry. Companies in the top quartile (top 25%) have a Shiller PE Ratio significantly above this median, while those in the bottom quartile fall well below. However, Shiller PE Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Innovative Industrial Properties's current Shiller PE Ratio of 21.65 is 59.5% 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 Shiller PE Ratio mean?
A high Shiller PE Ratio can signal that a stock is expensive relative to its fundamentals. Shiller price-earnings ratio is the ratio of share price to a company's inflation-adjusted earnings over a 10-year period. View historical data on Innovative Industrial Properties and its competitors. For the REITs industry, the median Shiller PE Ratio is 13.58 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Innovative Industrial Properties's current Shiller PE Ratio is 21.65, which is 18% above median its own 10-year median of 18.29. 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 Fairly Valued. The stock's GF Value™ is $64.89, compared to a current price of $61.27 — trading 5.6% below its estimated fair value. The current Shiller PE Ratio is 21.65, which is 18% above median its 10-year median of 18.29 and 59.5% above the REITs industry median of 13.58. 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 Shiller PE Ratio calculated?
Shiller PE Ratio is calculated from a company's financial statements. For Innovative Industrial Properties (IIPR), the current Shiller PE Ratio is 21.65 as of Jul. 24, 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 $61.27 is trading 5.6% below its estimated GF Value™ of $64.89.
GuruFocus considers Innovative Industrial Properties to be Fairly Valued.
Key valuation signals for IIPR:
Shiller PE Ratio: 21.65 (18% above median its 10-year median of 18.29)
GF Value™: $64.89 vs. price of $61.27 (5.6% below fair value)
Industry Position: 59.5% above the REITs median (#351 of 482)
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 Business Description
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
Shiller PE Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
IIPR has been successfully added to your 
