Innovative Industrial Properties Inc
IIPR NYSE Real Estate Financials FY2017–FY2025
Revenue
Total sales reported in the income statement.
$266M
13.8%
vs prior year
Operating margin
Operating income as a share of revenue.
46.7%
7.9 pts
Net income
Profit after all expenses, interest and tax.
$118M
26.9%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.5%
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $4.42 EPS (TTM)
What Innovative Industrial Properties Inc does
No business description yet.
- Legal name
- INNOVATIVE INDUSTRIAL PROPERTIES INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Accession · CIK
- 0001677576-26-000001
0001677576
Revenue and margins
Innovative Industrial Properties Inc had $266M of revenue in fiscal 2025, down 13.8% on the year before.
FY17
Revenue $6.4M
FY18
Revenue $14.8M
FY19
Revenue $44.7M
FY20
Revenue $117M
FY21
Revenue $205M
FY22
Revenue $276M
FY23
Revenue $310M
FY24
Revenue $309M
FY25
Revenue $266M
Q3 '23
Revenue $77.8M
Q4 '23
Revenue $79.2M
Q1 '24
Revenue $75.5M
Q2 '24
Revenue $79.8M
Q3 '24
Revenue $76.5M
Q4 '24
Revenue $76.7M
Q1 '25
Revenue $71.7M
Q2 '25
Revenue $62.9M
Q3 '25
Revenue $64.7M
Q4 '25
Revenue $66.7M
Q1 '26
Revenue $69.0M
Q2 '26
Revenue $63.3M
FY17
Gross —
Operating −3.5%
Net −1.1%
FCF −14.0%
FY18
Gross —
Operating 36.1%
Net 47.2%
FCF —
FY19
Gross —
Operating 55.8%
Net 52.6%
FCF —
FY20
Gross —
Operating 59.7%
Net 56.2%
FCF —
FY21
Gross —
Operating 66.2%
Net 55.7%
FCF —
FY22
Gross —
Operating 61.4%
Net 55.9%
FCF —
FY23
Gross —
Operating 56.4%
Net 53.5%
FCF —
FY24
Gross —
Operating 54.6%
Net 52.4%
FCF —
FY25
Gross —
Operating 46.7%
Net 44.5%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 56.3%
Net 53.4%
FCF —
Q4 '23
Gross —
Operating 55.5%
Net 52.6%
FCF —
Q1 '24
Gross —
Operating 55.7%
Net 52.3%
FCF —
Q2 '24
Gross —
Operating 53.1%
Net 52.6%
FCF —
Q3 '24
Gross —
Operating 54.8%
Net 52.6%
FCF —
Q4 '24
Gross —
Operating 54.7%
Net 52.2%
FCF —
Q1 '25
Gross —
Operating 47.4%
Net 43.3%
FCF —
Q2 '25
Gross —
Operating 45.9%
Net 41.4%
FCF —
Q3 '25
Gross —
Operating 45.5%
Net 45.3%
FCF —
Q4 '25
Gross —
Operating 47.8%
Net 47.8%
FCF —
Q1 '26
Gross —
Operating 47.7%
Net 47.6%
FCF —
Q2 '26
Gross —
Operating 65.5%
Net 69.3%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income −$0.1M
FY18
Net income $7.0M
FY19
Net income $23.5M
FY20
Net income $65.7M
FY21
Net income $114M
FY22
Net income $154M
FY23
Net income $166M
FY24
Net income $162M
FY25
Net income $118M
Q3 '23
Net income $41.6M
Q4 '23
Net income $41.6M
Q1 '24
Net income $39.4M
Q2 '24
Net income $42.0M
Q3 '24
Net income $40.2M
Q4 '24
Net income $40.0M
Q1 '25
Net income $31.1M
Q2 '25
Net income $26.0M
Q3 '25
Net income $29.3M
Q4 '25
Net income $31.8M
Q1 '26
Net income $32.8M
Q2 '26
Net income $43.9M
FY17
Diluted EPS −$0.13
FY18
Diluted EPS $0.75
FY19
Diluted EPS $2.03
FY20
Diluted EPS $3.27
FY21
Diluted EPS $4.55
FY22
Diluted EPS $5.52
FY23
Diluted EPS $5.77
FY24
Diluted EPS $5.52
FY25
Diluted EPS $3.93
Q3 '23
Diluted EPS $1.45
Q4 '23
Diluted EPS $1.45
Q1 '24
Diluted EPS $1.36
Q2 '24
Diluted EPS $1.44
Q3 '24
Diluted EPS $1.37
Q4 '24
Diluted EPS $1.35
Q1 '25
Diluted EPS $1.03
Q2 '25
Diluted EPS $0.86
Q3 '25
Diluted EPS $0.97
Q4 '25
Diluted EPS $1.07
Q1 '26
Diluted EPS $1.02
Q2 '26
Diluted EPS $1.36
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity −0.1%
Return on assets −0.1%
FY18
Return on capital —
Return on equity 4.1%
Return on assets 3.9%
FY19
Return on capital 4.1%
Return on equity 5.8%
Return on assets 4.6%
FY20
Return on capital —
Return on equity 6.3%
Return on assets 5.2%
FY21
Return on capital —
Return on equity 7.3%
Return on assets 5.9%
FY22
Return on capital —
Return on equity 8.6%
Return on assets 6.9%
FY23
Return on capital —
Return on equity 8.5%
Return on assets 6.9%
FY24
Return on capital —
Return on equity 8.3%
Return on assets 6.8%
FY25
Return on capital 4.5%
Return on equity 6.2%
Return on assets 5.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY17
Free cash flow −$0.9M
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY17
Cash from operations $5.0M
Capital spending $5.9M
FY18
Cash from operations $15.7M
Capital spending —
FY19
Cash from operations $44.9M
Capital spending —
FY20
Cash from operations $111M
Capital spending —
FY21
Cash from operations $189M
Capital spending —
FY22
Cash from operations $234M
Capital spending —
FY23
Cash from operations $256M
Capital spending —
FY24
Cash from operations $258M
Capital spending —
FY25
Cash from operations $198M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $63.1M
Capital spending —
Q4 '23
Cash from operations $66.1M
Capital spending —
Q1 '24
Cash from operations $71.6M
Capital spending —
Q2 '24
Cash from operations $64.2M
Capital spending —
Q3 '24
Cash from operations $64.9M
Capital spending —
Q4 '24
Cash from operations $57.8M
Capital spending —
Q1 '25
Cash from operations $54.2M
Capital spending —
Q2 '25
Cash from operations $48.4M
Capital spending —
Q3 '25
Cash from operations $45.6M
Capital spending —
Q4 '25
Cash from operations $49.9M
Capital spending —
Q1 '26
Cash from operations $56.0M
Capital spending —
Q2 '26
Cash from operations $44.9M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Innovative Industrial Properties Inc returned $236M to shareholders in fiscal 2025. The diluted share count fell 0.5%.
FY17
Dividends $1.1M
Buybacks $0.0M
FY18
Dividends $6.6M
Buybacks —
FY19
Dividends $22.6M
Buybacks —
FY20
Dividends $75.5M
Buybacks —
FY21
Dividends $131M
Buybacks —
FY22
Dividends $184M
Buybacks —
FY23
Dividends $203M
Buybacks $0.0M
FY24
Dividends $212M
Buybacks $0.0M
FY25
Dividends $216M
Buybacks $20.1M
Dividends
Buybacks
Q3 '23
Dividends $50.7M
Buybacks —
Q4 '23
Dividends $50.7M
Buybacks —
Q1 '24
Dividends $51.5M
Buybacks $0.0M
Q2 '24
Dividends $52.0M
Buybacks $0.0M
Q3 '24
Dividends $54.3M
Buybacks $0.0M
Q4 '24
Dividends $54.3M
Buybacks $0.0M
Q1 '25
Dividends $54.3M
Buybacks $0.3M
Q2 '25
Dividends $54.5M
Buybacks $19.8M
Q3 '25
Dividends $53.8M
Buybacks $0.0M
Q4 '25
Dividends $53.8M
Buybacks $0.0M
Q1 '26
Dividends $53.8M
Buybacks $0.0M
Q2 '26
Dividends $54.4M
Buybacks $89.0M
Dividends
Buybacks
FY17
Diluted shares 0.00B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.01B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.03B
Balance sheet
Cash, debt and the ratios that show how comfortably Innovative Industrial Properties Inc can carry it.
FY17
Cash $11.8M
Debt —
FY18
Cash $133M
Debt —
FY19
Cash $202M
Debt $135M
FY20
Cash $745M
Debt —
FY21
Cash $406M
Debt —
FY22
Cash $288M
Debt —
FY23
Cash $162M
Debt —
FY24
Cash $151M
Debt —
FY25
Cash $47.6M
Debt $394M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $406M | $288M | $162M | $151M | $47.6M |
| Debt incl. finance leases | — | — | — | — | $394M |
| Net debt / EBITDA | — | — | — | — | 1.7x |
| Debt / equity | — | — | — | — | 0.2x |
| Interest coverage | 7.5x | 9.3x | 10.0x | 9.5x | 6.1x |
| Total assets | $2.1B | $2.4B | $2.4B | $2.4B | $2.4B |
| Total liabilities | $473M | $453M | $438M | $442M | $523M |
| Shareholders' equity | $1.6B | $2.0B | $2.0B | $1.9B | $1.8B |
| Net debt (− = net cash) | — | — | — | — | $346M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — | — |
| Current ratio rose | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Gross margin rose | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| F-score | — / 3 | — / 6 | — / 6 | — / 6 | — / 6 | — / 6 | — / 6 | — / 6 | — / 6 |
| Accruals ratio | −6.4% | −4.8% | −4.2% | −3.6% | −3.9% | −3.5% | −3.7% | −4.1% | −3.4% |
| Altman Z'' | — | — | — | — | — | — | — | — | — |
9 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $6.4M | $14.8M | $44.7M | $117M | $205M | $276M | $310M | $309M | $266M |
| Operating income | −$0.2M | $5.3M | $24.9M | $69.7M | $135M | $170M | $175M | $168M | $124M |
| Interest expense | $0.0M | $0.0M | $6.3M | $7.4M | $18.1M | $18.3M | $17.5M | $17.7M | $20.2M |
| Net income | −$0.1M | $7.0M | $23.5M | $65.7M | $114M | $154M | $166M | $162M | $118M |
| Net income to common | −$0.4M | $5.6M | $22.1M | $64.4M | $113M | $153M | $164M | $160M | $114M |
| Diluted EPS | −$0.13 | $0.75 | $2.03 | $3.27 | $4.55 | $5.52 | $5.77 | $5.52 | $3.93 |
| Diluted shares | 0.00B | 0.01B | 0.01B | 0.02B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B |
| Cash flow | |||||||||
| Cash from operations | $5.0M | $15.7M | $44.9M | $111M | $189M | $234M | $256M | $258M | $198M |
| Capital expenditure | $5.9M | — | — | — | — | — | — | — | — |
| Free cash flow | −$0.9M | — | — | — | — | — | — | — | — |
| Depreciation and amortization | $0.9M | $2.6M | $8.6M | $28.0M | $41.8M | $61.3M | $67.2M | $70.8M | $74.1M |
| Stock-based compensation | $1.7M | $1.5M | $2.5M | $3.3M | $8.6M | $17.5M | $19.6M | $17.3M | $10.1M |
| Share buybacks | $0.0M | — | — | — | — | — | $0.0M | $0.0M | $20.1M |
| Dividends paid | $1.1M | $6.6M | $22.6M | $75.5M | $131M | $184M | $203M | $212M | $216M |
| Dividends and buybacks | $1.1M | $6.6M | $22.6M | $75.5M | $131M | $184M | $203M | $212M | $236M |
| Balance sheet | |||||||||
| Cash and short-term investments | $11.8M | $133M | $202M | $745M | $406M | $288M | $162M | $151M | $47.6M |
| Total debt | — | — | $135M | — | — | — | — | — | $394M |
| Loans, net | — | — | — | $0.0M | $12.9M | — | — | — | — |
| Intangible assets | — | — | — | — | — | — | $8.2M | $7.4M | $6.4M |
| Total assets | $80.0M | $281M | $746M | $1.8B | $2.1B | $2.4B | $2.4B | $2.4B | $2.4B |
| Total liabilities | $6.5M | $17.2M | $198M | $243M | $473M | $453M | $438M | $442M | $523M |
| Preferred stock | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M | $14.0M | $23.6M | $47.8M |
| Shareholders' equity | $73.5M | $264M | $548M | $1.5B | $1.6B | $2.0B | $2.0B | $1.9B | $1.8B |
| Margins | |||||||||
| Operating margin | −3.5% | 36.1% | 55.8% | 59.7% | 66.2% | 61.4% | 56.4% | 54.6% | 46.7% |
| EBITDA margin | 10.8% | 53.9% | 75.1% | 83.6% | 86.6% | 83.6% | 78.1% | 77.5% | 74.5% |
| Net margin | −1.1% | 47.2% | 52.6% | 56.2% | 55.7% | 55.9% | 53.5% | 52.4% | 44.5% |
| FCF margin | −14.0% | — | — | — | — | — | — | — | — |
| Returns | |||||||||
| Return on capital | — | — | 4.1% | — | — | — | — | — | 4.5% |
| Return on equity | −0.1% | 4.1% | 5.8% | 6.3% | 7.3% | 8.6% | 8.5% | 8.3% | 6.2% |
| Return on assets | −0.1% | 3.9% | 4.6% | 5.2% | 5.9% | 6.9% | 6.9% | 6.8% | 5.0% |
| Return on tangible equity | −0.5% | 2.1% | 4.0% | 4.2% | 7.0% | 7.8% | 8.4% | 8.3% | 6.2% |
| Growth | |||||||||
| Revenue growth | — | 130.3% | 202.1% | 161.7% | 75.0% | 35.1% | 12.0% | −0.3% | −13.8% |
| Net income growth | — | — | 236.1% | 180.0% | 73.4% | 35.4% | 7.3% | −2.4% | −26.9% |
| EPS growth | — | — | 170.7% | 61.1% | 39.1% | 21.3% | 4.5% | −4.3% | −28.8% |
| Share count change | — | 115.9% | 46.6% | 83.1% | 34.3% | 5.3% | 2.1% | 1.0% | −0.5% |
| Financial health | |||||||||
| Net debt / EBITDA | — | — | −2.0x | — | — | — | — | — | 1.7x |
| Debt / equity | — | — | 0.2x | — | — | — | — | — | 0.2x |
| Interest coverage | — | — | 4.0x | 9.4x | 7.5x | 9.3x | 10.0x | 9.5x | 6.1x |
| Capital allocation | |||||||||
| Capex / revenue | 92.1% | — | — | — | — | — | — | — | — |
| Stock comp / revenue | 26.8% | 9.9% | 5.6% | 2.8% | 4.2% | 6.3% | 6.3% | 5.6% | 3.8% |
| Quality scores | |||||||||
| Accruals ratio | −6.4% | −4.8% | −4.2% | −3.6% | −3.9% | −3.5% | −3.7% | −4.1% | −3.4% |
Source: SEC EDGAR XBRL filings (CIK 0001677576). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.