Is IIPR or MRP more undervalued in 2026?

CirclFi compares Innovative Industrial Propertie (IIPR) and Millrose Properties, Inc. (MRP) using 13 institutional-grade valuation models. IIPR has a Quality of Company score of 8.4/10 while MRP scores 8.1/10.

Which is a better buy — IIPR or MRP?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do IIPR and MRP valuations compare?

IIPR at $57.99 and MRP at $28.22 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

IIPR vs MRP Valuation Comparison 2026 — Intrinsic Value Analysis

IIPR

Real Estate

Innovative Industrial Propertie

Quality

8.4

out of 10

Value Trap

SAFE

Price

$57.99

Last close

Models

12/13

Active

MRP

Real Estate

Millrose Properties, Inc.

Quality

8.1

out of 10

Value Trap

—

Price

$28.22

Last close

Models

13/13

Active

Model-by-Model Comparison

Model	Type	IIPR Fair Value	IIPR Upside	MRP Fair Value	MRP Upside
Bayesian DCF	Intrinsic	$131.22	+126.3%	$96.85	+243.2%
Earnings Power Value	Intrinsic	$14.64	-74.8%	$19.83	-29.7%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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IIPR vs MRP — Which Stock Is More Undervalued?

IIPR scores higher with a 8.4/10 quality rating vs MRP's 8.1/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Innovative Industrial Propertie (IIPR) and Millrose Properties, Inc. (MRP) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

IIPR currently trades at $57.99 with a QOC of 8.4/10, while MRP trades at $28.22 with a QOC of 8.1/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).