Comprehensive Stock Comparison
Compare Innovative Industrial Properties, Inc. (IIPR) vs Extra Space Storage Inc. (EXR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | EXR | 27.6% revenue growth vs IIPR's -13.8% |
| Value | IIPR | Lower P/E (11.9x vs 31.7x), PEG 3.18 vs 7.10 |
| Quality / Margins | IIPR | 44.5% net margin vs EXR's 28.9% |
| Stability / Safety | EXR | Beta 0.56 vs IIPR's 0.77 |
| Dividends | EXR | 4.3% yield, 15-year raise streak, vs IIPR's 0.1% |
| Momentum (1Y) | EXR | +3.2% vs IIPR's -15.8% |
| Efficiency (ROA) | IIPR | 5.0% ROA vs EXR's 3.3%, ROIC 4.3% vs 3.7% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Innovative Industrial Properties is a specialized real estate investment trust that acquires and leases properties to state-licensed medical cannabis operators. It generates revenue primarily through long-term triple-net leases — collecting rent and property management fees — with additional income from property sales and development reimbursements. Its competitive advantage lies in being the first and largest publicly-traded REIT focused exclusively on the regulated U.S. cannabis industry, creating a specialized expertise and scale that's difficult to replicate.
Extra Space Storage is a real estate investment trust that owns and operates self-storage facilities across the United States. It generates revenue primarily through rental income from storage units — including boat, RV, and business storage — with property management fees contributing additional income. The company benefits from economies of scale as the second-largest self-storage operator in the U.S., leveraging its national brand recognition and sophisticated revenue management systems.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
IIPR leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). EXR leads in 3 (Total Returns, Risk & Volatility).
Financial Metrics (TTM)
EXR is the larger business by revenue, generating $3.3B annually — 12.4x IIPR's $266M. IIPR is the more profitable business, keeping 44.5% of every revenue dollar as net income compared to EXR's 28.9%. On growth, EXR holds the edge at -9.0% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | IIPRInnovative Indust… | EXRExtra Space Stora… |
|---|---|---|
| RevenueTrailing 12 months | $266M | $3.3B |
| EBITDAEarnings before interest/tax | $198M | $2.1B |
| Net IncomeAfter-tax profit | $118M | $953M |
| Free Cash FlowCash after capex | $198M | $1.9B |
| Gross MarginGross profit ÷ Revenue | +88.7% | +67.7% |
| Operating MarginEBIT ÷ Revenue | +46.7% | +43.1% |
| Net MarginNet income ÷ Revenue | +44.5% | +28.9% |
| FCF MarginFCF ÷ Revenue | +74.5% | +57.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | -13.1% | -9.0% |
| EPS Growth (YoY)Latest quarter vs prior year | -21.3% | -14.3% |
Valuation Metrics
At 13.5x trailing earnings, IIPR trades at a 64% valuation discount to EXR's 37.5x P/E. Adjusting for growth (PEG ratio), IIPR offers better value at 3.60x vs EXR's 8.40x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | IIPRInnovative Indust… | EXRExtra Space Stora… |
|---|---|---|
| Market CapShares × price | $1.5B | $32.1B |
| Enterprise ValueMkt cap + debt − cash | $1.8B | $44.9B |
| Trailing P/EPrice ÷ TTM EPS | 13.48x | 37.48x |
| Forward P/EPrice ÷ next-FY EPS est. | 11.90x | 31.65x |
| PEG RatioP/E ÷ EPS growth rate | 3.60x | 8.40x |
| EV / EBITDAEnterprise value multiple | 9.23x | 21.39x |
| Price / SalesMarket cap ÷ Revenue | 5.58x | 9.60x |
| Price / BookPrice ÷ Book value/share | 0.81x | 2.15x |
| Price / FCFMarket cap ÷ FCF | 7.49x | 17.17x |
Profitability & Efficiency
EXR delivers a 6.6% return on equity — every $100 of shareholder capital generates $7 in annual profit, vs $6 for IIPR. IIPR carries lower financial leverage with a 0.21x debt-to-equity ratio, signaling a more conservative balance sheet compared to EXR's 0.88x. On the Piotroski fundamental quality scale (0–9), EXR scores 5/9 vs IIPR's 4/9, reflecting solid financial health.
| Metric | IIPRInnovative Indust… | EXRExtra Space Stora… |
|---|---|---|
| ROE (TTM)Return on equity | +6.4% | +6.6% |
| ROA (TTM)Return on assets | +5.0% | +3.3% |
| ROICReturn on invested capital | +4.3% | +3.7% |
| ROCEReturn on capital employed | +5.8% | +5.0% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 5 |
| Debt / EquityFinancial leverage | 0.21x | 0.88x |
| Net DebtTotal debt minus cash | $346M | $12.9B |
| Cash & Equiv.Liquid assets | $48M | $138M |
| Total DebtShort + long-term debt | $394M | $13.0B |
| Interest CoverageEBIT ÷ Interest expense | 6.15x | 2.22x |
Total Returns (with DRIP)
A $10,000 investment in EXR five years ago would be worth $14,619 today (with dividends reinvested), compared to $4,494 for IIPR. Over the past 12 months, EXR leads with a +3.2% total return vs IIPR's -15.8%. The 3-year compound annual growth rate (CAGR) favors EXR at 1.2% vs IIPR's -5.2% — a key indicator of consistent wealth creation.
| Metric | IIPRInnovative Indust… | EXRExtra Space Stora… |
|---|---|---|
| YTD ReturnYear-to-date | +7.1% | +15.3% |
| 1-Year ReturnPast 12 months | -15.8% | +3.2% |
| 3-Year ReturnCumulative with dividends | -14.8% | +3.5% |
| 5-Year ReturnCumulative with dividends | -55.1% | +46.2% |
| 10-Year ReturnCumulative with dividends | +407.4% | +140.5% |
| CAGR (3Y)Annualised 3-year return | -5.2% | +1.2% |
Risk & Volatility
EXR is the less volatile stock with a 0.56 beta — it tends to amplify market swings less than IIPR's 0.77 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. EXR currently trades 94.1% from its 52-week high vs IIPR's 70.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | IIPRInnovative Indust… | EXRExtra Space Stora… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.77x | 0.56x |
| 52-Week HighHighest price in past year | $74.92 | $160.58 |
| 52-Week LowLowest price in past year | $44.58 | $121.03 |
| % of 52W HighCurrent price vs 52-week peak | +70.7% | +94.1% |
| RSI (14)Momentum oscillator 0–100 | 70.7 | 58.2 |
| Avg Volume (50D)Average daily shares traded | 276K | 1.1M |
Analyst Outlook
Wall Street rates IIPR as "Hold" and EXR as "Hold". Consensus price targets imply -0.7% upside for EXR (target: $150) vs -16.9% for IIPR (target: $44). EXR is the only dividend payer here at 4.30% yield — a key consideration for income-focused portfolios.
| Metric | IIPRInnovative Indust… | EXRExtra Space Stora… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $44.00 | $150.00 |
| # AnalystsCovering analysts | 11 | 28 |
| Dividend YieldAnnual dividend ÷ price | +0.1% | +4.3% |
| Dividend StreakConsecutive years of raises | 0 | 15 |
| Dividend / ShareAnnual DPS | $0.03 | $6.50 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.4% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Innovative Industri… (IIPR) | 100 | 49.26 | -50.7% |
| Extra Space Storage… (EXR) | 100 | 128.27 | +28.3% |
Extra Space Storage… (EXR) returned +46% over 5 years vs Innovative Industri… (IIPR)'s -55%. A $10,000 investment in EXR 5 years ago would be worth $14,619 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Innovative Industri… (IIPR) | $321000.00 | $266M | +82752.0% |
| Extra Space Storage… (EXR) | $1.0B | $3.3B | +232.2% |
Innovative Industrial Properties, Inc.'s revenue grew from $0M (2016) to $266M (2025) — a 111.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Innovative Industri… (IIPR) | -13.7% | 43.0% | +414.5% |
| Extra Space Storage… (EXR) | 36.4% | 25.6% | -29.7% |
Innovative Industrial Properties, Inc.'s net margin went from -14% (2016) to 43% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Innovative Industri… (IIPR) | 47.3 | 12.1 | -74.4% |
| Extra Space Storage… (EXR) | 23.3 | 37.1 | +59.2% |
Innovative Industrial Properties, Inc. has traded in a 12x–58x P/E range over 8 years; current trailing P/E is ~13x. Extra Space Storage Inc. has traded in a 23x–37x P/E range over 8 years; current trailing P/E is ~37x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Innovative Industri… (IIPR) | -4.56 | 3.93 | +186.2% |
| Extra Space Storage… (EXR) | 2.91 | 4.03 | +38.5% |
Innovative Industrial Properties, Inc.'s EPS grew from $-4.56 (2016) to $3.93 (2025).
Chart 6Free Cash Flow — 5 Years
Innovative Industrial Properties, Inc. generated $198M FCF in 2025 (+5% vs 2021). Extra Space Storage Inc. generated $2B FCF in 2024 (+97% vs 2021).
IIPR vs EXR: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is IIPR or EXR a better buy right now?
Innovative Industrial Properties, Inc. (IIPR) offers the better valuation at 13.5x trailing P/E (11.9x forward), making it the more compelling value choice. Analysts rate Innovative Industrial Properties, Inc. (IIPR) a "Hold" — based on 11 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — IIPR or EXR?
On trailing P/E, Innovative Industrial Properties, Inc. (IIPR) is the cheapest at 13.5x versus Extra Space Storage Inc. at 37.5x. On forward P/E, Innovative Industrial Properties, Inc. is actually cheaper at 11.9x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Innovative Industrial Properties, Inc. wins at 3.18x versus Extra Space Storage Inc.'s 7.10x.
03Which is the better long-term investment — IIPR or EXR?
Over the past 5 years, Extra Space Storage Inc. (EXR) delivered a total return of +46.2%, compared to -55.1% for Innovative Industrial Properties, Inc. (IIPR). A $10,000 investment in EXR five years ago would be worth approximately $15K today (assuming dividends reinvested). Over 10 years, the gap is even starker: IIPR returned +407.4% versus EXR's +140.5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — IIPR or EXR?
By beta (market sensitivity over 5 years), Extra Space Storage Inc. (EXR) is the lower-risk stock at 0.56β versus Innovative Industrial Properties, Inc.'s 0.77β — meaning IIPR is approximately 38% more volatile than EXR relative to the S&P 500. On balance sheet safety, Innovative Industrial Properties, Inc. (IIPR) carries a lower debt/equity ratio of 21% versus 88% for Extra Space Storage Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — IIPR or EXR?
Innovative Industrial Properties, Inc. (IIPR) is the more profitable company, earning 43.0% net margin versus 25.6% for Extra Space Storage Inc. — meaning it keeps 43.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: IIPR leads at 46.7% versus 39.6% for EXR. At the gross margin level — before operating expenses — IIPR leads at 88.7%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is IIPR or EXR more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Innovative Industrial Properties, Inc. (IIPR) is the more undervalued stock at a PEG of 3.18x versus Extra Space Storage Inc.'s 7.10x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, Innovative Industrial Properties, Inc. (IIPR) trades at 11.9x forward P/E versus 31.7x for Extra Space Storage Inc. — 19.7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for EXR: -0.7% to $150.00.
07Which pays a better dividend — IIPR or EXR?
In this comparison, EXR (4.3% yield) pays a dividend. IIPR does not pay a meaningful dividend and should not be held primarily for income.
08Is IIPR or EXR better for a retirement portfolio?
For long-horizon retirement investors, Extra Space Storage Inc. (EXR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.56), 4.3% yield, +140.5% 10Y return). Both have compounded well over 10 years (EXR: +140.5%, IIPR: +407.4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between IIPR and EXR?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: IIPR is a small-cap deep-value stock; EXR is a mid-cap income-oriented stock. EXR pays a dividend while IIPR does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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