IIPR Iron Condor Strategy
IIPR (Innovative Industrial Properties, Inc.), in the Real Estate sector, (REIT - Industrial industry), listed on NYSE.
Innovative Industrial Properties, Inc. is an independently managed, Maryland-based corporation primarily focused on acquiring, owning, and overseeing unique real estate assets. These properties are subsequently leased to experienced, state-licensed operators who utilize them for their regulated medical cannabis facilities. For tax purposes, the company adopted the structure of a Real Estate Investment Trust (REIT) starting from the end of 2017.
IIPR (Innovative Industrial Properties, Inc.) trades in the Real Estate sector, specifically REIT - Industrial, with a market capitalization of approximately $1.67B, a trailing P/E of 11.91, a beta of 1.42 versus the broader market, a 52-week range of 44.58-65.38, average daily share volume of 366K, a public-listing history dating back to 2016, approximately 23 full-time employees. These structural characteristics shape how IIPR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.42 indicates IIPR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 11.91 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. IIPR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on IIPR?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
IIPR snapshot
As of August 14, 2026, spot at $56.51, ATM IV 30.00%, IV rank 8.00%, expected move 8.60%. The iron condor on IIPR below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on IIPR specifically: IIPR IV at 30.00% is on the cheap side of its 1-year range, which means a premium-selling IIPR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.60% (roughly $4.86 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated IIPR expiries trade a higher absolute premium for lower per-day decay. Position sizing on IIPR should anchor to the underlying notional of $56.51 per share and to the trader's directional view on IIPR stock.
IIPR iron condor setup
The IIPR iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With IIPR at $56.51 on that close, the first option leg uses a $59.34 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IIPR chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 IIPR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $59.34 | N/A |
| Buy 1 | Call | $62.16 | N/A |
| Sell 1 | Put | $53.68 | N/A |
| Buy 1 | Put | $50.86 | N/A |
IIPR iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
IIPR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on IIPR. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use iron condor on IIPR
Iron condors on IIPR are a delta-neutral premium-collection structure that profits if IIPR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
IIPR thesis for this iron condor
The market-implied 1-standard-deviation range for IIPR extends from approximately $51.65 on the downside to $61.37 on the upside. A IIPR iron condor is a delta-neutral premium-collection structure that pays off when IIPR stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current IIPR IV rank near 8.00% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on IIPR at 30.00%. As a Real Estate name, IIPR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IIPR-specific events.
IIPR iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. IIPR positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IIPR alongside the broader basket even when IIPR-specific fundamentals are unchanged. Short-premium structures like a iron condor on IIPR carry tail risk when realized volatility exceeds the implied move; review historical IIPR earnings reactions and macro stress periods before sizing. Always rebuild the position from current IIPR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on IIPR?
- A iron condor on IIPR is the iron condor strategy applied to IIPR (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With IIPR stock at $56.51 on the most recent close, the strikes shown on this page are snapped to the nearest listed IIPR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are IIPR iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the IIPR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 30.00%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a IIPR iron condor?
- The breakeven for the IIPR iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The IIPR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.60%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on IIPR?
- Iron condors on IIPR are a delta-neutral premium-collection structure that profits if IIPR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current IIPR implied volatility affect this iron condor?
- IIPR ATM IV is at 30.00% with IV rank near 8.00%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.