Innovative Industrial Propertie IIPR

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
59/100
Moderate

Ranked against 23 peers in REIT - Industrial

About Innovative Industrial Propertie

Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and life science real estate. Full IIPR analysis →

Key strengths

  • Conservative Leverage Leverage is conservative (score 1.00), providing refinancing flexibility.
  • Strong AFFO Generation AFFO generation is strong (score 1.00), supporting dividend sustainability.

Key risks

  • Portfolio Quality Concerns Portfolio quality is concerning (occupancy stability 0.30).
  • Dilutive or Undisciplined Growth Growth discipline is questionable (score 0.04), raising dilution concerns.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

Moderate
56
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Signals, strengths and risks for Rent Pricing Power

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Signals, strengths and risks for AFFO Strength

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Signals, strengths and risks for Balance Sheet & Cost of Capital

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Signals, strengths and risks for Capital Recycling & Growth

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Portfolio Quality & Diversification

Where IIPR ranks in REIT - Industrial

Innovative Industrial Propertie ranks #7 of 18 scored companies in REIT - Industrial by moat score — the top 39%. The widest moat in the group is Terreno Realty Corporation (TRNO) at 81/100.

# Company Moat score Rating
3 First Industrial Realty Trust, FR 76/100 Strong
4 Public Storage PSA 72/100 Moderate
5 EastGroup Properties, Inc. EGP 69/100 Moderate
6 Prologis, Inc. PLD 60/100 Moderate
7 Innovative Industrial Propertie IIPR 59/100 Moderate
8 Stag Industrial, Inc. STAG 56/100 Moderate
9 LXP Industrial Trust LXP 50/100 Moderate
10 Extra Space Storage Inc EXR 50/100 Developing
11 CubeSmart CUBE 48/100 Developing

See every Real Estate Investment Trusts company ranked by moat score →

How IIPR scores on the REIT Specialized defenses

Rent Pricing Power

Score 56 · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Score 100 · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Score 96 · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Score 2 · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Score 89 · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Score 15 · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding IIPR's moat

What is Innovative Industrial Propertie's moat score?

Innovative Industrial Propertie (IIPR) scores 58 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #7 of 18 scored companies in REIT - Industrial, the top 39%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 23 companies in REIT - Industrial. Its strongest defense is AFFO Strength (100/100) and its weakest is Capital Recycling & Growth (2/100).

How does Innovative Industrial Propertie compare with other REIT - Industrial companies?

Innovative Industrial Propertie ranks #7 of 18 scored companies in REIT - Industrial by moat score. The widest moat in REIT - Industrial is Terreno Realty Corporation (TRNO) at 81/100. The companies ranked closest are Prologis, Inc. (PLD) at 60 just above it and Stag Industrial, Inc. (STAG) at 56 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 23 companies in REIT - Industrial. The defenses are then weighted to produce the overall score out of 100.

Why is Innovative Industrial Propertie scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for Innovative Industrial Propertie?

The REIT Specialized template measures 6 defenses, and IIPR scores: Rent Pricing Power (56), AFFO Strength (100), Balance Sheet & Cost of Capital (96), Capital Recycling & Growth (2), Operational Efficiency (89), Portfolio Quality & Diversification (15). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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