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Innovative Industrial Properties (IIPR) Financials

Innovative Industrial Properties logo
$57.28 +0.69 (+1.21%)
Closing price 03:59 PM Eastern
Extended Trading
$57.38 +0.10 (+0.18%)
As of 07:55 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.
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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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 41 41 39 42 40 39 30 25 28 31 30
Consolidated Net Income / (Loss)		 42 42 39 42 40 40 31 26 29 32 33
Net Income / (Loss) Continuing Operations		 42 42 39 42 40 40 31 26 29 32 33
Total Pre-Tax Income 		46 50 44 46 45 49 36 30 34 39 39
Total Revenue		 80 85 77 84 79 84 73 64 69 73 75
Net Interest Income / (Expense)		 2.08 6.34 1.78 3.97 2.69 6.94 1.61 1.57 4.42 6.72 6.33
Total Interest Income		 2.08 1.82 1.78 3.97 2.69 2.55 1.61 1.57 4.42 6.72 6.33
Investment Securities Interest Income		 2.08 1.82 1.78 3.97 2.69 2.55 1.61 1.57 4.42 6.72 6.33
Total Interest Expense		 0.00 -4.52 0.00 0.00 0.00 -4.39 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 78 79 75 80 77 77 72 63 65 67 69
Other Service Charges		 0.54 0.54 0.54 0.54 0.47 0.03 0.03 0.03 0.39 0.03 0.08
Other Non-Interest Income		 77 79 75 79 76 77 72 63 64 67 69
Total Non-Interest Expense		 34 35 33 37 35 35 38 34 35 35 36
Net Occupancy & Equipment Expense		 6.32 7.19 6.71 6.86 7.30 7.61 7.38 6.87 7.95 7.98 7.58
Other Operating Expenses		 11 11 9.56 9.66 9.33 8.89 8.46 8.63 8.68 7.97 10
Depreciation Expense		 17 17 17 17 18 18 18 19 19 19 19
Impairment Charge		 - - 0.00 0.00 0.00 - 3.53 0.00 0.00 - 0.00
Other Special Charges		 0.00 - - 3.45 0.00 - 0.00 0.00 0.00 - -0.42
Other Gains / (Losses), net		 -4.33 - -4.39 -4.32 -4.43 - -4.50 -4.44 -4.53 -6.73 -6.43
Preferred Stock Dividends Declared		 0.34 0.34 0.34 0.34 0.56 0.56 0.78 0.88 1.02 1.14 2.65
Basic Earnings per Share		 $1.46 $1.46 $1.37 $1.45 $1.38 $1.38 $1.05 $0.87 $0.99 $1.07 $1.04
Weighted Average Basic Shares Outstanding		 27.98M 27.98M 28.15M 28.25M 28.25M 28.23M 28.28M 27.92M 27.91M 28.01M 27.99M
Diluted Earnings per Share		 $1.45 $1.45 $1.36 $1.44 $1.37 $1.35 $1.03 $0.86 $0.97 $1.07 $1.02
Weighted Average Diluted Shares Outstanding		 28.27M 28.26M 28.46M 28.57M 28.58M 28.53M 28.59M 28.32M 28.30M 28.38M 28.47M
Weighted Average Basic & Diluted Shares Outstanding		 28.04M 28.21M 28.33M 28.33M 28.33M 28.33M 28.01M 28.02M 28.02M 28.14M 28.77M
Cash Dividends to Common per Share		 - - - - - - $1.90 $1.90 $1.90 - $1.90

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Change in Cash & Equivalents		 24 23 12 -33 26 -0.88 -18 -28 -63 11 42
Net Cash From Operating Activities		 63 66 72 64 65 58 54 48 46 50 56
Net Cash From Continuing Operating Activities		 63 66 72 64 65 58 54 48 46 50 56
Net Income / (Loss) Continuing Operations		 42 42 39 42 40 40 31 26 29 32 33
Consolidated Net Income / (Loss)		 42 42 39 42 40 40 31 26 29 32 33
Depreciation Expense		 17 17 17 17 18 18 18 19 19 19 19
Amortization Expense		 0.07 0.05 0.22 0.33 0.16 0.45 0.47 0.48 0.49 0.57 0.58
Non-Cash Adjustments to Reconcile Net Income		 4.96 4.96 4.34 7.85 4.34 4.34 5.59 2.69 2.70 1.91 0.86
Changes in Operating Assets and Liabilities, net		 -0.23 2.34 10 -3.44 2.21 -5.25 -1.29 0.76 -5.53 -2.95 3.20
Net Cash From Investing Activities		 12 -0.79 -14 -44 6.40 -3.57 -17 -5.76 -110 -42 -0.34
Net Cash From Continuing Investing Activities		 12 -0.79 -14 -44 6.40 -3.57 -17 -5.76 -110 -42 -0.34
Purchase of Property, Leasehold Improvements and Equipment		 -18 -21 -17 -20 -8.65 -17 -9.04 -7.51 -4.43 -2.46 -2.95
Purchase of Investment Securities		 -21 -21 -20 -38 - -6.44 -13 - -105 -45 0.00
Sale and/or Maturity of Investments		 51 40 22 14 15 20 5.00 1.75 - 5.75 2.61
Net Cash From Financing Activities		 -51 -42 -45 -52 -45 -55 -55 -71 1.08 2.74 -14
Net Cash From Continuing Financing Activities		 -51 -42 -45 -52 -45 -55 -55 -71 1.08 2.74 -14
Issuance of Debt		 - - - - - - 0.00 - - 105 5.00
Issuance of Preferred Equity		 - - 0.00 - - - 9.19 4.03 5.90 5.04 60
Issuance of Common Equity		 - 9.56 12 - - - 0.00 - - - 9.28
Repayment of Debt		 - - -4.44 - - - -8.70 - - -53 -33
Repurchase of Common Equity		 - - 0.00 - - - -0.29 -20 - - 0.00
Payment of Dividends		 -51 -51 -52 -52 -55 -55 -55 -55 -55 -55 -55
Other Financing Activities, Net		 - -0.56 -0.86 -0.14 -0.01 -0.31 -0.70 - -0.16 - -1.34
Cash Interest Paid		 -0.08 7.87 0.07 7.86 -0.13 8.25 0.08 7.98 -0.04 9.39 2.02

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
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 6.38 142 210 962 969 305 193 118 244
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 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 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
Total Assets		 2,431 2,413 2,396 2,389 2,400 2,384 2,395 2,353 2,305 2,338 2,394
Cash and Due from Banks		 77 38 93 117 154 121 147 128 100 37 89
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		 1,277 2,044 2,055 2,057 2,042 2,069 2,103 2,102 2,089 2,074 2,053
Intangible Assets		 9.32 8.89 8.68 8.46 8.03 7.82 7.60 7.17 6.96 6.58 6.16
Other Assets		 1,066 321 239 205 196 187 138 115 109 221 245
Total Liabilities & Shareholders' Equity		 2,431 2,413 2,396 2,389 2,400 2,384 2,395 2,353 2,305 2,338 2,394
Total Liabilities		 464 455 443 441 444 437 449 430 425 475 499
Non-Interest Bearing Deposits		 61 59 58 59 60 59 61 53 52 51 50
Short-Term Debt		 - - - - - - - - - 50 75
Other Short-Term Payables		 64 62 60 65 64 64 70 68 65 70 72
Long-Term Debt		 301 300 300 301 297 297 298 289 290 290 291
Other Long-Term Liabilities		 37 34 25 16 23 18 20 20 18 13 12
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		 1,967 1,958 1,953 1,949 1,955 1,947 1,947 1,922 1,880 1,863 1,895
Total Preferred & Common Equity		 1,967 1,958 1,953 1,949 1,955 1,947 1,947 1,922 1,880 1,863 1,895
Preferred Stock		 14 14 14 14 14 14 24 33 37 43 108
Total Common Equity		 1,953 1,944 1,939 1,935 1,941 1,933 1,923 1,889 1,844 1,821 1,786
Common Stock		 2,061 2,072 2,076 2,081 2,111 2,116 2,120 2,125 2,108 2,111 2,124
Other Equity Adjustments		 -108 -127 -137 -147 -170 -182 -197 -236 -264 -290 -337

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
DEI Shares Outstanding		 - - - - - - - - - - 28,135,865.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 28,135,865.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.17
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 19.00% -0.47% -1.29% 6.33% -0.86% -2.12% -5.05% -23.04% -12.76% - 2.72%
EBITDA Growth		 17.61% -10.39% 0.58% 3.69% 0.12% 0.30% -11.03% -22.89% -15.61% - 7.28%
EBIT Growth		 22.09% -15.90% -4.05% 1.25% -2.79% -2.68% -18.81% -34.21% -24.22% - 10.30%
NOPAT Growth		 22.09% -15.90% -4.05% 1.25% -2.79% -2.68% -18.81% -34.21% -24.22% - 10.30%
Net Income Growth		 10.58% 0.31% -4.05% 1.75% -3.32% -3.86% -21.18% -38.03% -27.13% - 5.57%
EPS Growth		 9.85% -0.68% -4.90% 0.00% -5.52% -6.90% -24.26% -40.28% -29.20% - -0.97%
Operating Cash Flow Growth		 11.07% 19.38% 10.76% 3.95% 2.83% -12.52% -24.21% -24.54% -29.72% - 3.30%
Free Cash Flow Firm Growth		 122.54% 122.51% 116.95% -19.70% -23.15% 15.11% 53.53% 88.81% 49.19% - -112.63%
Invested Capital Growth		 -0.83% -0.42% -0.26% -0.40% -0.23% -0.88% -1.80% -3.30% -1.80% - 2.21%
Revenue Q/Q Growth		 1.43% 7.00% 0.71% 14.98% -5.43% 5.65% -12.37% -12.10% 7.20% - 2.66%
EBITDA Q/Q Growth		 1.35% 7.61% 4.59% 12.89% -2.14% 7.80% -19.52% -9.17% 7.10% - 1.26%
EBIT Q/Q Growth		 0.40% 9.52% 6.10% 17.46% -3.61% 9.65% -27.32% -14.36% 11.03% - 1.75%
NOPAT Q/Q Growth		 0.40% 9.52% 6.10% 17.46% -3.61% 9.65% -27.32% -14.36% 11.03% - 1.75%
Net Income Q/Q Growth		 0.79% 0.09% -5.30% 6.51% -4.23% -0.47% -22.36% -16.26% 12.61% - 3.04%
EPS Q/Q Growth		 0.69% 0.00% -6.21% 5.88% -4.86% -1.46% -23.70% -16.50% 12.79% - -4.67%
Operating Cash Flow Q/Q Growth		 2.13% 4.75% 8.30% -10.29% 1.03% -10.89% -6.17% -10.68% -5.90% - 12.27%
Free Cash Flow Firm Q/Q Growth		 -6.03% -7.67% -3.21% 22.51% -10.06% 38.30% 10.54% 37.32% -28.93% - -130.64%
Invested Capital Q/Q Growth		 -0.19% 0.21% -0.07% -0.35% -0.01% -0.45% -1.00% -1.87% 1.53% - 0.87%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 78.44% 78.88% 77.96% 76.55% 79.21% 80.83% 74.23% 76.70% 76.63% - 77.53%
EBIT Margin		 57.48% 58.83% 54.12% 55.29% 56.36% 58.49% 48.51% 47.27% 48.96% - 52.09%
Profit (Net Income) Margin		 52.06% 48.70% 54.12% 50.14% 50.77% 47.83% 42.38% 40.37% 42.41% - 43.56%
Tax Burden Percent		 90.57% 82.77% 100.00% 90.67% 90.08% 81.77% 87.35% 85.41% 86.62% - 83.61%
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)		 7.64% 8.28% 7.19% 7.49% 7.62% 8.33% 6.86% 6.34% 6.30% - 6.58%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.20% 5.41% 7.19% 6.04% 6.14% 5.35% 5.32% 4.83% 4.88% - 4.61%
Return on Net Nonoperating Assets (RNNOA)		 0.95% 0.83% 1.10% 0.93% 0.94% 0.82% 0.81% 0.74% 0.82% - 0.79%
Return on Equity (ROE)		 8.59% 9.11% 8.28% 8.41% 8.56% 9.15% 7.67% 7.09% 7.12% - 7.37%
Cash Return on Invested Capital (CROIC)		 8.39% 8.53% 7.53% 7.72% 7.49% 8.88% 9.48% 10.39% 8.31% - 4.17%
Operating Return on Assets (OROA)		 7.16% 7.78% 6.74% 7.04% 7.16% 7.84% 6.44% 5.97% 5.92% - 6.20%
Return on Assets (ROA)		 6.48% 6.44% 6.74% 6.39% 6.45% 6.41% 5.63% 5.10% 5.13% - 5.18%
Return on Common Equity (ROCE)		 8.53% 9.05% 8.23% 8.35% 8.48% 9.06% 7.57% 6.99% 6.99% - 7.10%
Return on Equity Simple (ROE_SIMPLE)		 8.49% 0.00% 8.38% 8.46% 8.39% 0.00% 7.98% 7.30% 6.79% - 6.33%
Net Operating Profit after Tax (NOPAT)		 46 50 39 46 45 49 36 30 34 - 39
NOPAT Margin		 57.48% 58.83% 54.12% 55.29% 56.36% 58.49% 48.51% 47.27% 48.96% - 52.09%
Net Nonoperating Expense Percent (NNEP)		 1.44% 2.88% 0.00% 1.45% 1.48% 2.98% 1.54% 1.51% 1.42% - 1.96%
SG&A Expenses to Revenue		 7.91% 8.41% 9.21% 8.19% 9.21% 9.09% 10.06% 10.65% 11.51% - 10.06%
Operating Expenses to Revenue		 42.52% 41.17% 45.88% 44.71% 43.64% 41.51% 51.49% 52.73% 51.04% - 47.91%
Earnings before Interest and Taxes (EBIT)		 46 50 39 46 45 49 36 30 34 - 39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 63 67 57 64 63 68 54 49 53 - 58
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.03 1.35 1.47 1.60 0.00 0.99 0.81 0.84 0.82 - 0.79
Price to Tangible Book Value (P/TBV)		 1.03 1.35 1.48 1.61 0.00 0.99 0.81 0.84 0.83 - 0.79
Price to Revenue (P/Rev)		 6.61 8.22 9.53 10.16 0.00 5.91 4.86 5.22 5.25 - 5.00
Price to Earnings (P/E)		 12.09 15.92 17.55 18.95 0.00 11.81 10.14 11.50 12.19 - 12.35
Dividend Yield		 10.18% 7.74% 7.12% 6.72% 5.53% 11.28% 14.05% 13.76% 14.18% - 15.15%
Earnings Yield		 8.27% 6.28% 5.70% 5.28% 0.00% 8.47% 9.86% 8.70% 8.20% - 8.10%
Enterprise Value to Invested Capital (EV/IC)		 0.97 1.24 1.34 1.46 0.00 0.92 0.78 0.82 0.84 - 0.79
Enterprise Value to Revenue (EV/Rev)		 7.26 8.77 10.05 10.79 0.00 6.46 5.47 5.99 6.46 - 6.36
Enterprise Value to EBITDA (EV/EBITDA)		 9.30 11.22 13.02 14.06 0.00 8.21 7.06 7.72 8.40 - 8.22
Enterprise Value to EBIT (EV/EBIT)		 12.77 15.23 18.36 19.97 0.00 11.51 10.09 11.43 12.79 - 12.64
Enterprise Value to NOPAT (EV/NOPAT)		 12.77 15.23 18.36 19.97 0.00 11.51 10.09 11.43 12.79 - 12.64
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.91 10.91 11.47 12.40 0.00 7.98 7.16 7.87 8.97 - 8.98
Enterprise Value to Free Cash Flow (EV/FCFF)		 11.50 14.48 17.74 18.92 0.00 10.35 8.16 7.73 9.99 - 19.26
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.18 - 0.19
Long-Term Debt to Equity		 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.16 - 0.15
Financial Leverage		 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.17 - 0.17
Leverage Ratio		 1.23 1.23 1.23 1.23 1.23 1.23 1.23 1.23 1.24 - 1.24
Compound Leverage Factor		 1.23 1.23 1.23 1.23 1.23 1.23 1.23 1.23 1.24 - 1.24
Debt to Total Capital		 13.36% 13.35% 13.18% 13.24% 13.26% 13.33% 13.09% 13.36% 15.44% - 16.19%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.27% - 3.32%
Long-Term Debt to Total Capital		 13.36% 13.35% 13.18% 13.24% 13.26% 13.33% 13.09% 13.36% 13.17% - 12.87%
Preferred Equity to Total Capital		 0.62% 0.62% 0.62% 0.62% 1.05% 1.06% 1.48% 1.70% 1.94% - 4.78%
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		 86.02% 86.03% 86.20% 86.14% 85.69% 85.61% 85.43% 84.95% 82.62% - 79.03%
Debt to EBITDA		 1.28 1.21 1.28 1.27 1.27 1.19 1.18 1.26 1.55 - 1.68
Net Debt to EBITDA		 0.78 0.64 0.62 0.75 0.64 0.60 0.66 0.83 1.38 - 1.27
Long-Term Debt to EBITDA		 1.28 1.21 1.28 1.27 1.27 1.19 1.18 1.26 1.32 - 1.33
Debt to NOPAT		 1.76 1.64 1.81 1.81 1.82 1.66 1.69 1.87 2.36 - 2.58
Net Debt to NOPAT		 1.07 0.87 0.87 1.07 0.92 0.85 0.94 1.23 2.10 - 1.95
Long-Term Debt to NOPAT		 1.76 1.64 1.81 1.81 1.82 1.66 1.69 1.87 2.01 - 2.05
Noncontrolling Interest Sharing Ratio		 0.72% 0.72% 0.72% 0.72% 0.97% 0.97% 1.21% 1.33% 1.74% - 3.69%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 65 60 45 55 50 69 76 105 74 - -9.62
Operating Cash Flow to CapEx		 349.58% 321.00% 433.60% 313.46% 749.58% 331.42% 599.96% 645.47% 1,029.37% - 1,900.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 10.30 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 16.31 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 12.55 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.12 0.13 0.12 0.13 0.13 0.13 0.13 0.13 0.12 - 0.12
Fixed Asset Turnover		 0.18 0.16 0.15 0.15 0.15 0.15 0.15 0.14 0.14 - 0.14
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,249 2,254 2,252 2,244 2,244 2,234 2,212 2,170 2,204 - 2,261
Invested Capital Turnover		 0.13 0.14 0.13 0.14 0.14 0.14 0.14 0.13 0.13 - 0.13
Increase / (Decrease) in Invested Capital		 -19 -9.54 -5.77 -9.06 -5.16 -20 -41 -74 -40 - 49
Enterprise Value (EV)		 2,180 2,788 3,010 3,284 0.00 2,063 1,727 1,774 1,848 - 1,796
Market Capitalization		 1,984 2,615 2,853 3,094 0.00 1,888 1,532 1,547 1,501 - 1,411
Book Value per Share		 $69.00 $69.15 $68.98 $68.24 $68.06 $67.50 $66.69 $65.82 $64.97 - $63.49
Tangible Book Value per Share		 $68.69 $68.86 $68.69 $67.97 $67.79 $67.24 $66.43 $65.57 $64.73 - $63.28
Total Capital		 2,249 2,254 2,252 2,244 2,244 2,234 2,212 2,170 2,204 - 2,261
Total Debt		 301 301 297 297 298 298 289 290 340 - 366
Total Long-Term Debt		 301 301 297 297 298 298 289 290 290 - 291
Net Debt		 182 159 143 176 150 152 161 190 304 - 277
Capital Expenditures (CapEx)		 18 21 17 20 8.65 17 9.04 7.51 4.43 - 2.95
Net Nonoperating Expense (NNE)		 4.33 8.67 0.00 4.32 4.43 8.93 4.50 4.44 4.53 - 6.43
Net Nonoperating Obligations (NNO)		 301 301 297 297 298 298 289 290 340 - 366
Total Depreciation and Amortization (D&A)		 17 17 17 18 18 19 19 19 19 - 19
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.46 $1.46 $1.37 $1.45 $1.38 $1.38 $1.05 $0.87 $0.99 $1.07 $1.04
Adjusted Weighted Average Basic Shares Outstanding		 27.98M 27.98M 28.15M 28.25M 28.25M 28.23M 28.28M 27.92M 27.91M 28.01M 27.99M
Adjusted Diluted Earnings per Share		 $1.45 $1.45 $1.36 $1.44 $1.37 $1.35 $1.03 $0.86 $0.97 $1.07 $1.02
Adjusted Weighted Average Diluted Shares Outstanding		 28.27M 28.26M 28.46M 28.57M 28.58M 28.53M 28.59M 28.32M 28.30M 28.38M 28.47M
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		 28.04M 28.21M 28.33M 28.33M 28.33M 28.33M 28.01M 28.02M 28.02M 28.14M 28.77M
Normalized Net Operating Profit after Tax (NOPAT)		 32 35 28 35 31 34 27 21 24 - 27
Normalized NOPAT Margin		 40.23% 41.18% 37.89% 41.59% 39.45% 40.94% 37.33% 33.09% 34.27% - 36.07%
Pre Tax Income Margin		 57.48% 58.83% 54.12% 55.29% 56.36% 58.49% 48.51% 47.27% 48.96% - 52.09%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 8.98 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 8.98 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 5.22 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 5.22 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 123.19% 123.24% 125.09% 125.29% 128.50% 132.09% 141.23% 159.80% 173.64% - 183.04%
Augmented Payout Ratio		 123.19% 123.24% 125.09% 125.29% 128.50% 132.09% 141.23% 159.80% 173.64% - 199.56%

Financials Breakdown Chart

Key Financial Trends

Here are the top takeaways for Innovative Industrial Properties (IIPR) based on the last four years of quarterly data, with a focus on the Q4 2025 results and notable year-over-year trends.

  • Net cash from continuing operating activities in Q4 2025: 49,907,000 USD
  • Net change in cash & equivalents in Q4 2025: 10,926,000 USD
  • Issuance of debt in Q4 2025: 105,000,000 USD
  • Sale and/or maturity of investments in Q4 2025: 5,747,000 USD
  • Net cash from financing activities in Q4 2025: 2,744,000 USD
  • Cash dividends per share remained at 1.9 USD for Q1–Q4 2025 (neutral in terms of liquidity impact)
  • Total assets remained broadly flat around 2.3–2.4B USD across 2022–2025 (neutral in the near term)
  • Total revenue in Q4 2025 declined to 73.38M USD from 83.70M USD in Q4 2024
  • Diluted earnings per share declined to 1.07 USD in Q4 2025 from 1.45 USD in Q4 2024
  • Net income attributable to common shareholders declined to 30.71M USD in Q4 2025 from 39.46M USD in Q4 2024
05/08/26 10:28 PM 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' financial year ends in December. Their financial 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. View Innovative Industrial Properties' forecast to see where analysts expect Innovative Industrial Properties to go next.

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.


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Financial statements for NYSE:IIPR last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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