Comprehensive Stock Comparison
Compare Innovative Industrial Properties, Inc. (IIPR) vs Prologis, Inc. (PLD) vs Public Storage (PSA) 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 | PSA | 2.7% revenue growth vs IIPR's -13.8% |
| Value | IIPR | Lower P/E (11.9x vs 30.5x), PEG 3.18 vs 4.10 |
| Quality / Margins | IIPR | 44.5% net margin vs PLD's 36.7% |
| Stability / Safety | PSA | Beta 0.45 vs PLD's 0.85 |
| Dividends | PLD | 2.6% yield, 11-year raise streak, vs IIPR's 0.1% |
| Momentum (1Y) | PLD | +18.3% vs IIPR's -15.8% |
| Efficiency (ROA) | PSA | 9.4% ROA vs PLD's 3.3%, ROIC 13.5% vs 3.8% |
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.
Prologis is a global owner and operator of logistics real estate — primarily warehouses and distribution centers — serving e-commerce and supply chain customers. It generates revenue primarily through rental income from long-term leases to logistics companies, retailers, and manufacturers, with property management and development services providing additional income. The company's competitive advantage lies in its massive scale — owning nearly 1 billion square feet of prime logistics space in key global markets — and its deep relationships with major logistics and e-commerce players.
Public Storage is a real estate investment trust that owns and operates self-storage facilities across the United States and Europe. It generates revenue primarily through rental income from storage units — with additional income from tenant insurance, truck rentals, and property management services — making it one of the largest self-storage operators globally. The company's competitive advantage lies in its massive scale, prime locations, and strong brand recognition that creates pricing power and operational efficiency.
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 3 stocks. BestLagging
Financial Scorecard
IIPR leads in 2 of 6 categories (Financial Metrics, Valuation Metrics). PLD leads in 2 (Total Returns, Analyst Outlook). 1 tied.
Financial Metrics (TTM)
PLD is the larger business by revenue, generating $8.7B annually — 32.9x IIPR's $266M. IIPR is the more profitable business, keeping 44.5% of every revenue dollar as net income compared to PLD's 36.7%. On growth, PLD holds the edge at +8.7% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | IIPRInnovative Indust… | PLDPrologis, Inc. | PSAPublic Storage |
|---|---|---|---|
| RevenueTrailing 12 months | $266M | $8.7B | $4.8B |
| EBITDAEarnings before interest/tax | $198M | $6.7B | $3.7B |
| Net IncomeAfter-tax profit | $118M | $3.2B | $1.9B |
| Free Cash FlowCash after capex | $198M | $5.2B | $3.1B |
| Gross MarginGross profit ÷ Revenue | +88.7% | +67.7% | +73.0% |
| Operating MarginEBIT ÷ Revenue | +46.7% | +47.0% | +53.0% |
| Net MarginNet income ÷ Revenue | +44.5% | +36.7% | +39.5% |
| FCF MarginFCF ÷ Revenue | +74.5% | +59.3% | +65.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | -13.1% | +8.7% | +3.1% |
| EPS Growth (YoY)Latest quarter vs prior year | -21.3% | -24.1% | +21.3% |
Valuation Metrics
At 13.5x trailing earnings, IIPR trades at a 62% valuation discount to PLD's 35.6x P/E. Adjusting for growth (PEG ratio), PLD offers better value at 3.29x vs PSA's 4.57x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | IIPRInnovative Indust… | PLDPrologis, Inc. | PSAPublic Storage |
|---|---|---|---|
| Market CapShares × price | $1.5B | $132.4B | $53.9B |
| Enterprise ValueMkt cap + debt − cash | $1.8B | $162.6B | $63.8B |
| Trailing P/EPrice ÷ TTM EPS | 13.48x | 35.55x | 34.08x |
| Forward P/EPrice ÷ next-FY EPS est. | 11.90x | 42.61x | 30.53x |
| PEG RatioP/E ÷ EPS growth rate | 3.60x | 3.29x | 4.57x |
| EV / EBITDAEnterprise value multiple | 9.23x | 23.24x | 14.00x |
| Price / SalesMarket cap ÷ Revenue | 5.58x | 16.14x | 11.17x |
| Price / BookPrice ÷ Book value/share | 0.81x | 2.32x | 5.78x |
| Price / FCFMarket cap ÷ FCF | 7.49x | 26.95x | 16.91x |
Profitability & Efficiency
PSA delivers a 20.1% return on equity — every $100 of shareholder capital generates $20 in annual profit, vs $6 for PLD. IIPR carries lower financial leverage with a 0.21x debt-to-equity ratio, signaling a more conservative balance sheet compared to PSA's 1.10x. On the Piotroski fundamental quality scale (0–9), PLD scores 5/9 vs IIPR's 4/9, reflecting solid financial health.
| Metric | IIPRInnovative Indust… | PLDPrologis, Inc. | PSAPublic Storage |
|---|---|---|---|
| ROE (TTM)Return on equity | +6.4% | +5.6% | +20.1% |
| ROA (TTM)Return on assets | +5.0% | +3.3% | +9.4% |
| ROICReturn on invested capital | +4.3% | +3.8% | +13.5% |
| ROCEReturn on capital employed | +5.8% | +4.8% | +17.1% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 5 | 5 |
| Debt / EquityFinancial leverage | 0.21x | 0.54x | 1.10x |
| Net DebtTotal debt minus cash | $346M | $30.2B | $9.9B |
| Cash & Equiv.Liquid assets | $48M | $1.3B | $318M |
| Total DebtShort + long-term debt | $394M | $31.5B | $10.3B |
| Interest CoverageEBIT ÷ Interest expense | 6.15x | 5.27x | 11.19x |
Total Returns (with DRIP)
A $10,000 investment in PLD five years ago would be worth $16,053 today (with dividends reinvested), compared to $4,494 for IIPR. Over the past 12 months, PLD leads with a +18.3% total return vs IIPR's -15.8%. The 3-year compound annual growth rate (CAGR) favors PLD at 7.6% vs IIPR's -5.2% — a key indicator of consistent wealth creation.
| Metric | IIPRInnovative Indust… | PLDPrologis, Inc. | PSAPublic Storage |
|---|---|---|---|
| YTD ReturnYear-to-date | +7.1% | +10.5% | +18.8% |
| 1-Year ReturnPast 12 months | -15.8% | +18.3% | +5.1% |
| 3-Year ReturnCumulative with dividends | -14.8% | +24.7% | +14.8% |
| 5-Year ReturnCumulative with dividends | -55.1% | +60.5% | +60.5% |
| 10-Year ReturnCumulative with dividends | +407.4% | +340.5% | +64.9% |
| CAGR (3Y)Annualised 3-year return | -5.2% | +7.6% | +4.7% |
Risk & Volatility
PSA is the less volatile stock with a 0.45 beta — it tends to amplify market swings less than PLD's 0.85 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. PLD currently trades 99.0% 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… | PLDPrologis, Inc. | PSAPublic Storage |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.77x | 0.85x | 0.45x |
| 52-Week HighHighest price in past year | $74.92 | $143.95 | $322.49 |
| 52-Week LowLowest price in past year | $44.58 | $85.35 | $256.54 |
| % of 52W HighCurrent price vs 52-week peak | +70.7% | +99.0% | +95.2% |
| RSI (14)Momentum oscillator 0–100 | 70.7 | 67.9 | 64.2 |
| Avg Volume (50D)Average daily shares traded | 276K | 2.8M | 959K |
Analyst Outlook
Analyst consensus: IIPR as "Hold", PLD as "Buy", PSA as "Hold". Consensus price targets imply -1.9% upside for PSA (target: $301) vs -16.9% for IIPR (target: $44). PLD is the only dividend payer here at 2.63% yield — a key consideration for income-focused portfolios.
| Metric | IIPRInnovative Indust… | PLDPrologis, Inc. | PSAPublic Storage |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy | Hold |
| Price TargetConsensus 12-month target | $44.00 | $136.00 | $301.22 |
| # AnalystsCovering analysts | 11 | 41 | 36 |
| Dividend YieldAnnual dividend ÷ price | +0.1% | +2.6% | — |
| Dividend StreakConsecutive years of raises | 0 | 11 | 0 |
| Dividend / ShareAnnual DPS | $0.03 | $3.74 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +1.4% | +0.0% | 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% |
| Prologis, Inc. (PLD) | 100 | 146.91 | +46.9% |
| Public Storage (PSA) | 100 | 123.97 | +24.0% |
Prologis, Inc. (PLD) returned +61% over 5 years vs Innovative Industri… (IIPR)'s -55%. A $10,000 investment in PLD 5 years ago would be worth $16,053 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Innovative Industri… (IIPR) | $321000.00 | $266M | +82752.0% |
| Prologis, Inc. (PLD) | $2.5B | $8.2B | +223.8% |
| Public Storage (PSA) | $2.6B | $4.8B | +88.4% |
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% |
| Prologis, Inc. (PLD) | 47.8% | 45.5% | -4.7% |
| Public Storage (PSA) | 56.8% | 37.3% | -34.4% |
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% |
| Prologis, Inc. (PLD) | 21.1 | 26.4 | +25.1% |
| Public Storage (PSA) | 31.1 | 28.8 | -7.4% |
Innovative Industrial Properties, Inc. has traded in a 12x–58x P/E range over 8 years; current trailing P/E is ~13x. Prologis, Inc. has traded in a 21x–51x P/E range over 8 years; current trailing P/E is ~36x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Innovative Industri… (IIPR) | -4.56 | 3.93 | +186.2% |
| Prologis, Inc. (PLD) | 2.27 | 4.01 | +76.7% |
| Public Storage (PSA) | 6.81 | 9.01 | +32.3% |
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). Prologis, Inc. generated $5B FCF in 2024 (+97% vs 2021).
IIPR vs PLD vs PSA: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is IIPR or PLD or PSA 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 Prologis, Inc. (PLD) a "Buy" — based on 41 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 PLD or PSA?
On trailing P/E, Innovative Industrial Properties, Inc. (IIPR) is the cheapest at 13.5x versus Prologis, Inc. at 35.6x. 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 Public Storage's 4.10x.
03Which is the better long-term investment — IIPR or PLD or PSA?
Over the past 5 years, Prologis, Inc. (PLD) delivered a total return of +60.5%, compared to -55.1% for Innovative Industrial Properties, Inc. (IIPR). A $10,000 investment in PLD five years ago would be worth approximately $16K today (assuming dividends reinvested). Over 10 years, the gap is even starker: IIPR returned +407.4% versus PSA's +64.9%. 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 PLD or PSA?
By beta (market sensitivity over 5 years), Public Storage (PSA) is the lower-risk stock at 0.45β versus Prologis, Inc.'s 0.85β — meaning PLD is approximately 87% more volatile than PSA relative to the S&P 500. On balance sheet safety, Innovative Industrial Properties, Inc. (IIPR) carries a lower debt/equity ratio of 21% versus 110% for Public Storage — giving it more financial flexibility in a downturn.
05Which has better profit margins — IIPR or PLD or PSA?
Prologis, Inc. (PLD) is the more profitable company, earning 45.5% net margin versus 37.3% for Public Storage — meaning it keeps 45.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PSA leads at 70.6% versus 46.7% for IIPR. 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 PLD or PSA 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 Public Storage's 4.10x. 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 42.6x for Prologis, Inc. — 30.7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for PSA: -1.9% to $301.22.
07Which pays a better dividend — IIPR or PLD or PSA?
In this comparison, PLD (2.6% yield) pays a dividend. IIPR, PSA do not pay a meaningful dividend and should not be held primarily for income.
08Is IIPR or PLD or PSA better for a retirement portfolio?
For long-horizon retirement investors, Prologis, Inc. (PLD) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.85), 2.6% yield, +340.5% 10Y return). Both have compounded well over 10 years (PLD: +340.5%, 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 PLD and PSA?
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; PLD is a mid-cap quality compounder stock; PSA is a mid-cap quality compounder stock. PLD pays a dividend while IIPR, PSA do 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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