Go Pro
→ Porter flew 3,300 miles to investigate this system (From Porter & Company) (Ad)tc pixel Free IIPR Stock Alerts

Innovative Industrial Properties (IIPR) Financials

Innovative Industrial Properties logo
$55.04 -0.76 (-1.35%)
Closing price 08/18/2026 03:59 PM Eastern
Extended Trading
$55.35 +0.31 (+0.56%)
As of 08/18/2026 07:42 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Compare
Annual Income Statements for Innovative Industrial Properties

Annual Income Statements for Innovative Industrial Properties

This table shows Innovative Industrial Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -0.40 5.63 22 64 113 153 164 160 114
Consolidated Net Income / (Loss)		 -0.07 6.99 23 66 114 154 166 162 118
Net Income / (Loss) Continuing Operations		 -0.07 6.99 23 66 114 154 166 162 118
Total Pre-Tax Income 		-0.07 6.99 23 66 114 173 183 179 138
Total Revenue		 6.57 16 43 113 187 279 318 320 280
Net Interest Income / (Expense)		 0.15 1.65 -1.46 -4.01 -18 3.20 8.45 11 14
Total Interest Income		 0.15 1.65 4.85 3.42 0.40 3.20 8.45 11 14
Investment Securities Interest Income		 0.15 1.65 4.85 3.42 0.40 3.20 8.45 11 14
Total Interest Expense		 0.00 0.00 6.31 7.43 18 0.00 0.00 0.00 0.00
Total Non-Interest Income		 6.42 15 45 117 205 276 310 309 266
Other Service Charges		 - - - 0.00 0.00 1.98 2.16 1.58 0.47
Net Realized & Unrealized Capital Gains on Investments		 - - - - - -0.13 0.02 0.00 0.00
Other Non-Interest Income		 6.42 15 45 117 205 274 307 307 265
Total Non-Interest Expense		 6.64 9.45 20 47 73 107 135 140 142
Net Occupancy & Equipment Expense		 0.12 0.45 1.32 4.95 4.44 11 25 28 30
Other Operating Expenses		 5.61 6.38 9.82 14 23 39 43 37 34
Depreciation Expense		 0.92 2.63 8.60 28 42 61 67 71 74
Impairment Charge		 - - - - - - 0.00 0.00 3.53
Other Special Charges		 - - 0.00 0.00 3.69 -3.60 0.00 3.45 0.33
Other Gains / (Losses), net		 - - - 0.00 0.00 -18 -17 -18 -20
Preferred Stock Dividends Declared		 0.32 1.35 1.35 1.35 1.35 1.35 1.35 1.80 3.81
Basic Earnings per Share		 ($0.13) $0.76 $2.06 $3.28 $4.69 $5.57 $5.82 $5.58 $3.98
Weighted Average Basic Shares Outstanding		 3.38M 7.14M 10.55M 19.44M 23.90M 27.35M 27.98M 28.23M 28.01M
Diluted Earnings per Share		 ($0.13) $0.75 $2.03 $3.27 $4.55 $5.52 $5.77 $5.52 $3.93
Weighted Average Diluted Shares Outstanding		 3.38M 7.29M 10.68M 19.56M 26.26M 27.66M 28.26M 28.53M 28.38M
Weighted Average Basic & Diluted Shares Outstanding		 3.38M 7.40M 17.04M 23.93M 25.62M 28.00M 28.21M 28.33M 28.14M
Cash Dividends to Common per Share		 $0.55 - - - - - $7.22 $7.52 $7.60

Quarterly Income Statements for Innovative Industrial Properties

This table shows Innovative Industrial Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 41 39 42 40 39 30 25 28 31 30 41
Consolidated Net Income / (Loss)		 42 39 42 40 40 31 26 29 32 33 44
Net Income / (Loss) Continuing Operations		 42 39 42 40 40 31 26 29 32 33 44
Total Pre-Tax Income 		50 44 46 45 49 36 30 34 39 39 52
Total Revenue		 85 77 84 79 84 73 64 69 73 75 74
Net Interest Income / (Expense)		 6.34 1.78 3.97 2.69 6.94 1.61 1.57 4.42 6.72 6.33 11
Total Interest Income		 1.82 1.78 3.97 2.69 2.55 1.61 1.57 4.42 6.72 6.33 11
Investment Securities Interest Income		 1.82 1.78 3.97 2.69 2.55 1.61 1.57 4.42 6.72 6.33 11
Total Interest Expense		 -4.52 0.00 0.00 0.00 -4.39 0.00 0.00 0.00 - 0.00 0.00
Total Non-Interest Income		 79 75 80 77 77 72 63 65 67 69 63
Other Service Charges		 0.54 0.54 0.54 0.47 0.03 0.03 0.03 0.39 0.03 0.08 0.43
Other Non-Interest Income		 79 75 79 76 77 72 63 64 67 69 63
Total Non-Interest Expense		 35 33 37 35 35 38 34 35 35 36 22
Net Occupancy & Equipment Expense		 7.19 6.71 6.86 7.30 7.61 7.38 6.87 7.95 7.98 7.58 7.20
Other Operating Expenses		 11 9.56 9.66 9.33 8.89 8.46 8.63 8.68 7.97 10 7.72
Depreciation Expense		 17 17 17 18 18 18 19 19 19 19 19
Impairment Charge		 - 0.00 0.00 0.00 - 3.53 0.00 0.00 - 0.00 0.00
Other Special Charges		 - - 3.45 0.00 - 0.00 0.00 0.00 - -0.42 -12
Other Gains / (Losses), net		 - -4.39 -4.32 -4.43 - -4.50 -4.44 -4.53 -6.73 -6.43 -8.35
Preferred Stock Dividends Declared		 0.34 0.34 0.34 0.56 0.56 0.78 0.88 1.02 1.14 2.65 3.19
Basic Earnings per Share		 $1.46 $1.37 $1.45 $1.38 $1.38 $1.05 $0.87 $0.99 $1.07 $1.04 $1.39
Weighted Average Basic Shares Outstanding		 27.98M 28.15M 28.25M 28.25M 28.23M 28.28M 27.92M 27.91M 28.01M 27.99M 28.44M
Diluted Earnings per Share		 $1.45 $1.36 $1.44 $1.37 $1.35 $1.03 $0.86 $0.97 $1.07 $1.02 $1.36
Weighted Average Diluted Shares Outstanding		 28.26M 28.46M 28.57M 28.58M 28.53M 28.59M 28.32M 28.30M 28.38M 28.47M 29.99M
Weighted Average Basic & Diluted Shares Outstanding		 28.21M 28.33M 28.33M 28.33M 28.33M 28.01M 28.02M 28.02M 28.14M 28.77M 27.57M

Annual Cash Flow Statements for Innovative Industrial Properties

This table details how cash moves in and out of Innovative Industrial Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -21 1.29 104 8.69 -40 2.15 53 4.55 -99
Net Cash From Operating Activities		 5.02 16 45 111 189 234 256 258 198
Net Cash From Continuing Operating Activities		 5.02 16 45 111 189 234 256 258 198
Net Income / (Loss) Continuing Operations		 -0.07 6.99 23 66 114 154 166 162 118
Consolidated Net Income / (Loss)		 -0.07 6.99 23 66 114 154 166 162 118
Depreciation Expense		 0.92 2.63 8.60 28 42 61 67 71 74
Amortization Expense		 0.00 -0.96 -2.06 -0.75 2.51 -0.90 -1.83 1.16 2.00
Non-Cash Adjustments to Reconcile Net Income		 1.72 1.47 2.50 3.49 12 14 20 21 13
Changes in Operating Assets and Liabilities, net		 2.45 5.57 12 14 18 5.12 4.92 3.95 -9.01
Net Cash From Investing Activities		 -39 -199 -341 -1,027 -384 -396 -6.79 -56 -174
Net Cash From Continuing Investing Activities		 -39 -199 -341 -1,027 -384 -396 -6.79 -56 -174
Purchase of Property, Leasehold Improvements and Equipment		 -5.91 -22 -85 -290 -375 -374 -150 -63 -23
Purchase of Investment Securities		 -33 -242 -516 -1,318 -873 -561 -151 -65 -163
Sale and/or Maturity of Investments		 0.00 66 260 581 864 539 294 72 12
Net Cash From Financing Activities		 12 185 400 925 156 164 -196 -198 -123
Net Cash From Continuing Financing Activities		 12 185 400 925 156 164 -196 -198 -123
Issuance of Debt		 0.00 0.00 139 0.00 300 - 0.00 0.00 155
Issuance of Preferred Equity		 14 - - - - 0.00 0.00 9.62 24
Issuance of Common Equity		 0.00 193 286 1,004 0.00 352 9.56 12 0.00
Repayment of Debt		 - - 0.00 0.00 -1.70 0.00 0.00 -4.44 -61
Repurchase of Common Equity		 - - - - - - 0.00 0.00 -20
Payment of Dividends		 -1.05 -7.98 -24 -77 -132 -185 -204 -214 -220
Other Financing Activities, Net		 -0.57 -0.39 -0.94 -2.17 -10 -2.44 -1.13 -1.32 -0.86
Cash Interest Paid		 0.00 0.00 3.06 5.39 14 17 16 16 17

Quarterly Cash Flow Statements for Innovative Industrial Properties

This table details how cash moves in and out of Innovative Industrial Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 23 12 -33 26 -0.88 -18 -28 -63 11 42 119
Net Cash From Operating Activities		 66 72 64 65 58 54 48 46 50 56 45
Net Cash From Continuing Operating Activities		 66 72 64 65 58 54 48 46 50 56 45
Net Income / (Loss) Continuing Operations		 42 39 42 40 40 31 26 29 32 33 44
Consolidated Net Income / (Loss)		 42 39 42 40 40 31 26 29 32 33 44
Depreciation Expense		 17 17 17 18 18 18 19 19 19 19 19
Amortization Expense		 0.05 0.22 0.33 0.16 0.45 0.47 0.48 0.49 0.57 0.58 1.21
Non-Cash Adjustments to Reconcile Net Income		 4.96 4.34 7.85 4.34 4.34 5.59 2.69 2.70 1.91 0.86 -12
Changes in Operating Assets and Liabilities, net		 2.34 10 -3.44 2.21 -5.25 -1.29 0.76 -5.53 -2.95 3.20 -6.83
Net Cash From Investing Activities		 -0.79 -14 -44 6.40 -3.57 -17 -5.76 -110 -42 -0.34 -78
Net Cash From Continuing Investing Activities		 -0.79 -14 -44 6.40 -3.57 -17 -5.76 -110 -42 -0.34 -78
Purchase of Property, Leasehold Improvements and Equipment		 -21 -17 -20 -8.65 -17 -9.04 -7.51 -4.43 -2.46 -2.95 -0.64
Purchase of Investment Securities		 -21 -20 -38 - -6.44 -13 - -105 -45 0.00 -120
Sale and/or Maturity of Investments		 40 22 14 15 20 5.00 1.75 - 5.75 2.61 43
Net Cash From Financing Activities		 -42 -45 -52 -45 -55 -55 -71 1.08 2.74 -14 152
Net Cash From Continuing Financing Activities		 -42 -45 -52 -45 -55 -55 -71 1.08 2.74 -14 152
Issuance of Debt		 - - - - - 0.00 - - 105 5.00 671
Issuance of Preferred Equity		 - 0.00 - - - 9.19 4.03 5.90 5.04 60 21
Issuance of Common Equity		 9.56 12 - - - 0.00 - - - 9.28 35
Repayment of Debt		 - -4.44 - - - -8.70 - - -53 -33 -414
Repurchase of Common Equity		 - 0.00 - - - -0.29 -20 - - 0.00 -89
Payment of Dividends		 -51 -52 -52 -55 -55 -55 -55 -55 -55 -55 -57
Other Financing Activities, Net		 -0.56 -0.86 -0.14 -0.01 -0.31 -0.70 - -0.16 - -1.34 -15
Cash Interest Paid		 7.87 0.07 7.86 -0.13 8.25 0.08 7.98 -0.04 9.39 2.02 11

Annual Balance Sheets for Innovative Industrial Properties

This table presents Innovative Industrial Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 63 80 281 746 1,768 2,085 2,415 2,391 2,378 2,371
Cash and Due from Banks		 33 12 13 82 126 81 87 140 146 48
Restricted Cash		 - - 0.00 35 0.00 5.32 1.45 1.45 - 0.00
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 30 62 126 419 680 1,020 2,012 2,048 2,106 2,073
Intangible Assets		 - - - - 0.00 9.15 9.11 8.25 7.39 6.37
Other Assets		 0.28 6.38 142 210 962 969 305 193 118 221
Total Liabilities & Shareholders' Equity		 63 80 281 746 1,768 2,085 2,415 2,391 2,378 2,371
Total Liabilities		 2.89 6.48 17 198 243 473 453 438 442 523
Non-Interest Bearing Deposits		 2.54 4.16 9.01 21 34 53 59 59 57 50
Short-Term Debt		 - - - - - - - - 0.00 103
Other Short-Term Payables		 0.07 2.26 5.73 16 35 47 61 63 65 66
Long-Term Debt		 - - 0.00 135 137 326 301 301 298 291
Other Long-Term Liabilities		 0.28 0.06 2.43 26 38 47 31 15 22 14
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 60 74 264 548 1,525 1,612 1,962 1,953 1,936 1,848
Total Preferred & Common Equity		 60 74 264 548 1,525 1,612 1,962 1,953 1,936 1,848
Preferred Stock		 0.00 14 14 14 14 14 14 14 24 48
Total Common Equity		 60 60 250 534 1,511 1,598 1,948 1,939 1,912 1,800
Common Stock		 65 64 261 554 1,559 1,673 2,065 2,096 2,124 2,113
Other Equity Adjustments		 - - -10 -20 -48 -75 -117 -157 -212 -313

Quarterly Balance Sheets for Innovative Industrial Properties

This table presents Innovative Industrial Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 2,413 2,396 2,389 2,400 2,384 2,395 2,353 2,305 2,338 2,394 2,582
Cash and Due from Banks		 38 93 117 154 121 147 128 100 37 89 205
Restricted Cash		 1.45 1.45 1.45 0.00 0.00 0.00 - - - - 2.90
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 2,044 2,055 2,057 2,042 2,069 2,103 2,102 2,089 2,074 2,053 1,962
Intangible Assets		 8.89 8.68 8.46 8.03 7.82 7.60 7.17 6.96 6.58 6.16 5.52
Other Assets		 321 239 205 196 187 138 115 109 221 245 407
Total Liabilities & Shareholders' Equity		 2,413 2,396 2,389 2,400 2,384 2,395 2,353 2,305 2,338 2,394 2,582
Total Liabilities		 455 443 441 444 437 449 430 425 475 499 730
Non-Interest Bearing Deposits		 59 58 59 60 59 61 53 52 51 50 45
Short-Term Debt		 - - - - - - - - 50 75 93
Long-Term Debt		 300 300 301 297 297 298 289 290 290 291 517
Other Long-Term Liabilities		 34 25 16 23 18 20 20 18 13 12 76
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,958 1,953 1,949 1,955 1,947 1,947 1,922 1,880 1,863 1,895 1,852
Total Preferred & Common Equity		 1,958 1,953 1,949 1,955 1,947 1,947 1,922 1,880 1,863 1,895 1,852
Preferred Stock		 14 14 14 14 14 24 33 37 43 108 129
Total Common Equity		 1,944 1,939 1,935 1,941 1,933 1,923 1,889 1,844 1,821 1,786 1,723
Common Stock		 2,072 2,076 2,081 2,111 2,116 2,120 2,125 2,108 2,111 2,124 2,072
Other Equity Adjustments		 -127 -137 -147 -170 -182 -197 -236 -264 -290 -337 -350

Annual Metrics And Ratios for Innovative Industrial Properties

This table displays calculated financial ratios and metrics derived from Innovative Industrial Properties' official financial filings.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - -
Profitability Metrics		 - - - - - - - - -
Valuation Ratios		 - - - - - - - - -
Leverage & Solvency		 - - - - - - - - -
Liquidity Ratios		 - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - -
Efficiency Ratios		 - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - -
Earnings Adjustments		 - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.13) $0.76 $0.00 $0.00 $4.69 $5.57 $5.82 $5.58 $3.98
Adjusted Weighted Average Basic Shares Outstanding		 6.78M 7.14M 0.00 0.00 23.90M 27.35M 27.98M 28.23M 28.01M
Adjusted Diluted Earnings per Share		 ($0.13) $0.75 $0.00 $0.00 $4.55 $5.52 $5.77 $5.52 $3.93
Adjusted Weighted Average Diluted Shares Outstanding		 6.78M 7.29M 0.00 0.00 26.26M 27.66M 28.26M 28.53M 28.38M
Adjusted Basic & Diluted Earnings per Share		 ($0.13) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 3.38M 9.81M 0.00 0.00 25.62M 28.00M 28.21M 28.33M 28.14M
Debt Service Ratios		 - - - - - - - - -
Payout Ratios		 - - - - - - - - -

Quarterly Metrics And Ratios for Innovative Industrial Properties

This table displays calculated financial ratios and metrics derived from Innovative Industrial Properties' official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 28,135,865.00 28,774,470.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 28,135,865.00 28,774,470.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 1.17 1.52
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -0.47% -1.29% 6.33% -0.86% -2.12% -5.05% -23.04% -12.76% - 2.72% 14.90%
EBITDA Growth		 -10.39% 0.58% 3.69% 0.12% 0.30% -11.03% -22.89% -15.61% - 7.28% 46.04%
EBIT Growth		 -15.90% -4.05% 1.25% -2.79% -2.68% -18.81% -34.21% -24.22% - 10.30% 71.33%
NOPAT Growth		 -15.90% -4.05% 1.25% -2.79% -2.68% -18.81% -34.21% -24.22% - 10.30% 71.33%
Net Income Growth		 0.31% -4.05% 1.75% -3.32% -3.86% -21.18% -38.03% -27.13% - 5.57% 68.51%
EPS Growth		 -0.68% -4.90% 0.00% -5.52% -6.90% -24.26% -40.28% -29.20% - -0.97% 58.14%
Operating Cash Flow Growth		 19.38% 10.76% 3.95% 2.83% -12.52% -24.21% -24.54% -29.72% - 3.30% -7.29%
Free Cash Flow Firm Growth		 122.51% 116.95% -19.70% -23.15% 15.11% 53.53% 88.81% 49.19% - -112.63% -327.81%
Invested Capital Growth		 -0.42% -0.26% -0.40% -0.23% -0.88% -1.80% -3.30% -1.80% - 2.21% 13.38%
Revenue Q/Q Growth		 7.00% 0.71% 14.98% -5.43% 5.65% -12.37% -12.10% 7.20% - 2.66% -1.67%
EBITDA Q/Q Growth		 7.61% 4.59% 12.89% -2.14% 7.80% -19.52% -9.17% 7.10% - 1.26% 23.65%
EBIT Q/Q Growth		 9.52% 6.10% 17.46% -3.61% 9.65% -27.32% -14.36% 11.03% - 1.75% 33.03%
NOPAT Q/Q Growth		 9.52% 6.10% 17.46% -3.61% 9.65% -27.32% -14.36% 11.03% - 1.75% 33.03%
Net Income Q/Q Growth		 0.09% -5.30% 6.51% -4.23% -0.47% -22.36% -16.26% 12.61% - 3.04% 33.66%
EPS Q/Q Growth		 0.00% -6.21% 5.88% -4.86% -1.46% -23.70% -16.50% 12.79% - -4.67% 33.33%
Operating Cash Flow Q/Q Growth		 4.75% 8.30% -10.29% 1.03% -10.89% -6.17% -10.68% -5.90% - 12.27% -19.84%
Free Cash Flow Firm Q/Q Growth		 -7.67% -3.21% 22.51% -10.06% 38.30% 10.54% 37.32% -28.93% - -130.64% -2,376.24%
Invested Capital Q/Q Growth		 0.21% -0.07% -0.35% -0.01% -0.45% -1.00% -1.87% 1.53% - 0.87% 8.85%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 78.88% 77.96% 76.55% 79.21% 80.83% 74.23% 76.70% 76.63% - 77.53% 97.49%
EBIT Margin		 58.83% 54.12% 55.29% 56.36% 58.49% 48.51% 47.27% 48.96% - 52.09% 70.48%
Profit (Net Income) Margin		 48.70% 54.12% 50.14% 50.77% 47.83% 42.38% 40.37% 42.41% - 43.56% 59.21%
Tax Burden Percent		 82.77% 100.00% 90.67% 90.08% 81.77% 87.35% 85.41% 86.62% - 83.61% 84.01%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Return on Invested Capital (ROIC)		 8.28% 7.19% 7.49% 7.62% 8.33% 6.86% 6.34% 6.30% - 6.58% 8.88%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.41% 7.19% 6.04% 6.14% 5.35% 5.32% 4.83% 4.88% - 4.61% 7.03%
Return on Net Nonoperating Assets (RNNOA)		 0.83% 1.10% 0.93% 0.94% 0.82% 0.81% 0.74% 0.82% - 0.79% 1.69%
Return on Equity (ROE)		 9.11% 8.28% 8.41% 8.56% 9.15% 7.67% 7.09% 7.12% - 7.37% 10.58%
Cash Return on Invested Capital (CROIC)		 8.53% 7.53% 7.72% 7.49% 8.88% 9.48% 10.39% 8.31% - 4.17% -5.46%
Operating Return on Assets (OROA)		 7.78% 6.74% 7.04% 7.16% 7.84% 6.44% 5.97% 5.92% - 6.20% 8.42%
Return on Assets (ROA)		 6.44% 6.74% 6.39% 6.45% 6.41% 5.63% 5.10% 5.13% - 5.18% 7.07%
Return on Common Equity (ROCE)		 9.05% 8.23% 8.35% 8.48% 9.06% 7.57% 6.99% 6.99% - 7.10% 10.11%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 8.38% 8.46% 8.39% 0.00% 7.98% 7.30% 6.79% - 6.33% 7.44%
Net Operating Profit after Tax (NOPAT)		 50 39 46 45 49 36 30 34 - 39 52
NOPAT Margin		 58.83% 54.12% 55.29% 56.36% 58.49% 48.51% 47.27% 48.96% - 52.09% 70.48%
Net Nonoperating Expense Percent (NNEP)		 2.88% 0.00% 1.45% 1.48% 2.98% 1.54% 1.51% 1.42% - 1.96% 1.86%
SG&A Expenses to Revenue		 8.41% 9.21% 8.19% 9.21% 9.09% 10.06% 10.65% 11.51% - 10.06% 9.72%
Operating Expenses to Revenue		 41.17% 45.88% 44.71% 43.64% 41.51% 51.49% 52.73% 51.04% - 47.91% 29.52%
Earnings before Interest and Taxes (EBIT)		 50 39 46 45 49 36 30 34 - 39 52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 67 57 64 63 68 54 49 53 - 58 72
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.35 1.47 1.60 0.00 0.99 0.81 0.84 0.82 - 0.79 1.04
Price to Tangible Book Value (P/TBV)		 1.35 1.48 1.61 0.00 0.99 0.81 0.84 0.83 - 0.79 1.04
Price to Revenue (P/Rev)		 8.22 9.53 10.16 0.00 5.91 4.86 5.22 5.25 - 5.00 6.11
Price to Earnings (P/E)		 15.92 17.55 18.95 0.00 11.81 10.14 11.50 12.19 - 12.35 13.74
Dividend Yield		 7.74% 7.12% 6.72% 5.53% 11.28% 14.05% 13.76% 14.18% - 15.15% 12.26%
Earnings Yield		 6.28% 5.70% 5.28% 0.00% 8.47% 9.86% 8.70% 8.20% - 8.10% 7.28%
Enterprise Value to Invested Capital (EV/IC)		 1.24 1.34 1.46 0.00 0.92 0.78 0.82 0.84 - 0.79 0.94
Enterprise Value to Revenue (EV/Rev)		 8.77 10.05 10.79 0.00 6.46 5.47 5.99 6.46 - 6.36 7.93
Enterprise Value to EBITDA (EV/EBITDA)		 11.22 13.02 14.06 0.00 8.21 7.06 7.72 8.40 - 8.22 9.59
Enterprise Value to EBIT (EV/EBIT)		 15.23 18.36 19.97 0.00 11.51 10.09 11.43 12.79 - 12.64 14.12
Enterprise Value to NOPAT (EV/NOPAT)		 15.23 18.36 19.97 0.00 11.51 10.09 11.43 12.79 - 12.64 14.12
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.91 11.47 12.40 0.00 7.98 7.16 7.87 8.97 - 8.98 11.78
Enterprise Value to Free Cash Flow (EV/FCFF)		 14.48 17.74 18.92 0.00 10.35 8.16 7.73 9.99 - 19.26 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.18 - 0.19 0.33
Long-Term Debt to Equity		 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.16 - 0.15 0.28
Financial Leverage		 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.17 - 0.17 0.24
Leverage Ratio		 1.23 1.23 1.23 1.23 1.23 1.23 1.23 1.24 - 1.24 1.31
Compound Leverage Factor		 1.23 1.23 1.23 1.23 1.23 1.23 1.23 1.24 - 1.24 1.31
Debt to Total Capital		 13.35% 13.18% 13.24% 13.26% 13.33% 13.09% 13.36% 15.44% - 16.19% 24.75%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.27% - 3.32% 3.76%
Long-Term Debt to Total Capital		 13.35% 13.18% 13.24% 13.26% 13.33% 13.09% 13.36% 13.17% - 12.87% 20.99%
Preferred Equity to Total Capital		 0.62% 0.62% 0.62% 1.05% 1.06% 1.48% 1.70% 1.94% - 4.78% 5.24%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Common Equity to Total Capital		 86.03% 86.20% 86.14% 85.69% 85.61% 85.43% 84.95% 82.62% - 79.03% 70.01%
Debt to EBITDA		 1.21 1.28 1.27 1.27 1.19 1.18 1.26 1.55 - 1.68 2.52
Net Debt to EBITDA		 0.64 0.62 0.75 0.64 0.60 0.66 0.83 1.38 - 1.27 1.66
Long-Term Debt to EBITDA		 1.21 1.28 1.27 1.27 1.19 1.18 1.26 1.32 - 1.33 2.14
Debt to NOPAT		 1.64 1.81 1.81 1.82 1.66 1.69 1.87 2.36 - 2.58 3.72
Net Debt to NOPAT		 0.87 0.87 1.07 0.92 0.85 0.94 1.23 2.10 - 1.95 2.45
Long-Term Debt to NOPAT		 1.64 1.81 1.81 1.82 1.66 1.69 1.87 2.01 - 2.05 3.15
Noncontrolling Interest Sharing Ratio		 0.72% 0.72% 0.72% 0.97% 0.97% 1.21% 1.33% 1.74% - 3.69% 4.44%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 60 45 55 50 69 76 105 74 - -9.62 -238
Operating Cash Flow to CapEx		 321.00% 433.60% 313.46% 749.58% 331.42% 599.96% 645.47% 1,029.37% - 1,900.00% 6,996.42%
Free Cash Flow to Firm to Interest Expense		 0.00 10.30 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 16.31 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 12.55 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.13 0.12 0.13 0.13 0.13 0.13 0.13 0.12 - 0.12 0.12
Fixed Asset Turnover		 0.16 0.15 0.15 0.15 0.15 0.15 0.14 0.14 - 0.14 0.14
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,254 2,252 2,244 2,244 2,234 2,212 2,170 2,204 - 2,261 2,461
Invested Capital Turnover		 0.14 0.13 0.14 0.14 0.14 0.14 0.13 0.13 - 0.13 0.13
Increase / (Decrease) in Invested Capital		 -9.54 -5.77 -9.06 -5.16 -20 -41 -74 -40 - 49 290
Enterprise Value (EV)		 2,788 3,010 3,284 0.00 2,063 1,727 1,774 1,848 - 1,796 2,314
Market Capitalization		 2,615 2,853 3,094 0.00 1,888 1,532 1,547 1,501 - 1,411 1,783
Book Value per Share		 $69.15 $68.98 $68.24 $68.06 $67.50 $66.69 $65.82 $64.97 - $63.49 $59.87
Tangible Book Value per Share		 $68.86 $68.69 $67.97 $67.79 $67.24 $66.43 $65.57 $64.73 - $63.28 $59.67
Total Capital		 2,254 2,252 2,244 2,244 2,234 2,212 2,170 2,204 - 2,261 2,461
Total Debt		 301 297 297 298 298 289 290 340 - 366 609
Total Long-Term Debt		 301 297 297 298 298 289 290 290 - 291 517
Net Debt		 159 143 176 150 152 161 190 304 - 277 401
Capital Expenditures (CapEx)		 21 17 20 8.65 17 9.04 7.51 4.43 - 2.95 0.64
Net Nonoperating Expense (NNE)		 8.67 0.00 4.32 4.43 8.93 4.50 4.44 4.53 - 6.43 8.35
Net Nonoperating Obligations (NNO)		 301 297 297 298 298 289 290 340 - 366 609
Total Depreciation and Amortization (D&A)		 17 17 18 18 19 19 19 19 - 19 20
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.46 $1.37 $1.45 $1.38 $1.38 $1.05 $0.87 $0.99 $1.07 $1.04 $1.39
Adjusted Weighted Average Basic Shares Outstanding		 27.98M 28.15M 28.25M 28.25M 28.23M 28.28M 27.92M 27.91M 28.01M 27.99M 28.44M
Adjusted Diluted Earnings per Share		 $1.45 $1.36 $1.44 $1.37 $1.35 $1.03 $0.86 $0.97 $1.07 $1.02 $1.36
Adjusted Weighted Average Diluted Shares Outstanding		 28.26M 28.46M 28.57M 28.58M 28.53M 28.59M 28.32M 28.30M 28.38M 28.47M 29.99M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 28.21M 28.33M 28.33M 28.33M 28.33M 28.01M 28.02M 28.02M 28.14M 28.77M 27.57M
Normalized Net Operating Profit after Tax (NOPAT)		 35 28 35 31 34 27 21 24 - 27 28
Normalized NOPAT Margin		 41.18% 37.89% 41.59% 39.45% 40.94% 37.33% 33.09% 34.27% - 36.07% 38.14%
Pre Tax Income Margin		 58.83% 54.12% 55.29% 56.36% 58.49% 48.51% 47.27% 48.96% - 52.09% 70.48%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 8.98 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT to Interest Expense		 0.00 8.98 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 5.22 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 5.22 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 123.24% 125.09% 125.29% 128.50% 132.09% 141.23% 159.80% 173.64% - 183.04% 160.71%
Augmented Payout Ratio		 123.24% 125.09% 125.29% 128.50% 132.09% 141.23% 159.80% 173.64% - 199.56% 225.27%

Financials Breakdown Chart

Key Financial Trends

Innovative Industrial Properties (NYSE:IIPR) delivered a solid first quarter in 2026, with strong profitability and operating cash flow, but the longer-term trend still shows some balance sheet and cash flow pressure versus 2024.

  • Q1 2026 net income attributable to common shareholders rose to $30.2 million, up from $30.7 million in Q4 2025 and $28.3 million in Q3 2025, showing earnings remain resilient.
  • Operating cash flow was strong at $56.0 million in Q1 2026, compared with $49.9 million in Q4 2025 and $45.6 million in Q3 2025.
  • The company generated a healthy $41.5 million increase in cash and equivalents during Q1 2026.
  • Basic EPS improved to $1.04 in Q1 2026, versus $1.07 in Q4 2025 and $0.99 in Q3 2025, while still remaining well above early-2025 levels.
  • Revenue held up well at $75.3 million in Q1 2026, nearly in line with recent quarters and above Q2 2025’s $64.5 million.
  • The company ended Q1 2026 with $89.1 million in cash, up from $36.7 million in Q3 2025 and $99.7 million in Q2 2025, giving it liquidity flexibility.
  • Depreciation remains a large non-cash expense at $18.6 million in Q1 2026, which is normal for a real estate-heavy business but can make accounting earnings look better than cash economics.
  • Investment activity continues, with Q1 2026 spending on property and equipment of $2.9 million and net investing cash outflow of only $0.3 million, indicating a relatively light capital deployment quarter.
  • Total assets were $2.39 billion in Q1 2026, roughly in line with the prior year range, suggesting the asset base is still substantial and stable.
  • Total liabilities increased to $499.4 million in Q1 2026 from $474.6 million in Q3 2025, showing leverage and obligations remain meaningful.
  • The company paid $54.9 million in dividends in Q1 2026, which is a large cash use relative to operating cash flow and keeps pressure on retained liquidity.
  • Other gains/losses were a drag again in Q1 2026 at -$6.4 million, continuing a pattern of below-the-line volatility.
  • Compared with 2024, cash generation is lower in recent periods: Q1 2024 operating cash flow was $71.6 million, well above Q1 2026’s $56.0 million.
  • Cash and equivalents are still well below the $153.5 million level seen in Q1 2024, indicating less balance sheet cushion than two years ago.

Bottom line: IIPR is still producing strong earnings and reliable operating cash flow, which supports its dividend profile and near-term financial stability. However, investors should note that cash has come down versus 2024, liabilities are creeping higher, and large dividend payments continue to consume a meaningful portion of cash generation. For retail investors, this looks like a company that remains profitable, but one that is still managing a more constrained financial cushion than it had in prior years.

08/19/26 03:38 AM ETAI Generated. May Contain Errors.

Innovative Industrial Properties Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Innovative Industrial Properties' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Innovative Industrial Properties' net income appears to be on an upward trend, with a most recent value of $118.25 million in 2025, falling from -$72 thousand in 2017. The previous period was $161.66 million in 2024. Check out Innovative Industrial Properties' forecast to explore projected trends and price targets.

Over the last 8 years, Innovative Industrial Properties' total revenue changed from $6.57 million in 2017 to $280.28 million in 2025, a change of 4,165.3%.

Innovative Industrial Properties' total liabilities were at $522.85 million at the end of 2025, a 18.3% increase from 2024, and a 18,004.4% increase since 2016.

In the past 9 years, Innovative Industrial Properties' cash and equivalents has ranged from $11.76 million in 2017 to $146.25 million in 2024, and is currently $47.60 million as of their latest financial filing in 2025.


Related Companies

Financial statements for NYSE:IIPR last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
ALERT: Drop these 5 stocks before the market opens tomorrow!
The Wall Street Journal is already raising the alarm about a potential market crash, and Weiss Ratings researc...
Weiss Ratings | Sponsoredtc pixel
Louis Navellier: My #1 AI stock for 2026 (name & ticker inside)
Louis Navellier's Stock Grader system helped him flag Nvidia before its 82,000% run and has identified the top...
InvestorPlace | Sponsoredtc pixel
Ready to give options a try? Your first trade (Ticker included) -INSIDE
Tired of trying tactic after tactic when it comes to options trades... only to be met with market noise and st...
Base Camp Trading | Sponsoredtc pixel
Small Colorado Company (Backed by Sam Altman) Could Save U.S. Power Grid
A small Colorado company has secured rights to technology that could prevent the U.S. public power grid from c...
Altimetry | Sponsoredtc pixel
Iran War Shock: What I Was Told In That Private Meeting
You’re Being LIED To About The Iran War Forget EVERYTHING you’ve heard about the Iran war. Especially th...
Banyan Hill Publishing | Sponsoredtc pixel
My top 3 AI picks for the next decade
Alexander Green bought Apple in 1996, recommended Nvidia at a split-adjusted 66 cents in 2004, and picked up A...
The Oxford Club | Sponsoredtc pixel
Buy this stock today
Marc Chaikin, founder of Chaikin Analytics, is sharing a strategy he calls 'Sell This, Buy That' - a way to mo...
Chaikin Analytics | Sponsoredtc pixel
Here’s the stock symbol I’ve promised
Whitney Tilson of Stansberry Research has long recommended Berkshire Hathaway as a core retirement holding - b...
Stansberry Research | Sponsoredtc pixel