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Innovative Industrial Properties, Inc. (IIPR) 10-Year Financial Performance & Capital Metrics

IIPR • • REIT / Real Estate
Real EstateIndustrial REITsCold Storage and Specialty Industrial REITs
AboutInnovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.Show more
  • Revenue $266M -13.8%
  • FFO $189M -18.9%
  • FFO/Share 6.64 -18.5%
  • FFO Payout 0.44% -99.5%
  • FFO per Share 6.64 -18.5%
  • NOI Margin 88.65% -2.3%
  • FFO Margin 70.88% -5.9%
  • ROE 6.05% -27.2%
  • ROA 4.82% -28.9%
  • Debt/Assets 16.61% +32.6%
  • Net Debt/EBITDA 1.75 +175.4%
  • Book Value/Share 65.12 -4.0%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Sustainable FFO payout ratio of 0.4%
  • ✓High NOI margin of 88.7%
  • ✓Trading at only 0.8x book value

✗Weaknesses

  • ✗FFO declining 17.3% TTM

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y17.87%
3Y-1.27%
TTM-13.8%

Profit (Net Income) CAGR

10Y-
5Y11.73%
3Y-9.5%
TTM-26.86%

EPS CAGR

10Y-
5Y3.75%
3Y-10.71%
TTM-28.93%

ROCE

10Y Avg4.34%
5Y Avg7.31%
3Y Avg6.99%
Latest5.78%

Peer Comparison

Cold Storage and Specialty Industrial REITs
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Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
Safety & Leverage
TTM Growth
Famous Investor Metrics
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Latest Quarter
Momentum & Returns
Total Return (DRIP)
Technical
Volume & Trading
Shares & Dilution
Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
IIPRInnovative Industrial Properties, Inc.1.48B52.9613.48-13.8%44.46%6.4%13.35%0.21
COLDAmericold Realty Trust, Inc.3.81B13.39-33.48-2.43%-4.4%-3.92%1.54
LINELineage, Inc.9.2B40.52-94.230.28%-1.87%-1.08%2.13%0.20

Compare IIPR vs Peers

Analyze head-to-head performance against top industry competitors across valuation, growth, and profitability metrics.

vs LINE

Compare head-to-head with Lineage, Inc.

vs COLD

Compare head-to-head with Americold Realty Trust, Inc.

Compare Top 3

vs LINE, COLD

Profit & Loss

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Revenue+321K6.42M14.79M44.67M116.9M204.55M276.36M309.51M308.52M265.95M
Revenue Growth %-1900%130.33%202.07%161.71%74.99%35.11%11.99%-0.32%-13.8%
Property Operating Expenses87K118K445K1.31M4.95M4.44M10.52M24.89M28.47M30.18M
Net Operating Income (NOI)+----------
NOI Margin %----------
Operating Expenses+919K6.41M9M18.42M42.21M64.74M96.22M110.03M111.7M111.66M
G&A Expenses828K5.5M6.38M9.82M14.18M22.96M38.52M42.83M37.44M33.73M
EBITDA+321K6.42M14.79M33.53M97.76M177.15M230.92M241.78M239.15M198.19M
EBITDA Margin %----------
Depreciation & Amortization+4.71M6.64M9.45M8.6M28.02M41.78M61.3M67.19M70.81M74.07M
D&A / Revenue %----------
Operating Income+-4.39M-223K5.34M24.93M69.74M135.37M169.62M174.59M168.34M124.12M
Operating Margin %----------
Interest Expense+0006.31M7.43M18.09M18.3M16.1M16.26M20.2M
Interest Coverage---3.95x9.38x7.48x9.27x10.85x10.35x6.15x
Non-Operating Income-3.71M0-1.65M-4.07M-2.48M5M-1.72M-7.1M-9.57M-10.51M
Pretax Income+-4.39M-72K6.99M23.48M65.73M113.99M154.39M165.59M161.65M114.44M
Pretax Margin %----------
Income Tax+0000000000
Effective Tax Rate %----------
Net Income+-4.39M-72K6.99M23.48M65.73M113.99M154.39M165.59M161.66M114.44M
Net Margin %----------
Net Income Growth %-98.36%9801.39%236.08%180%73.42%35.44%7.26%-2.37%-29.21%
Funds From Operations (FFO)+----------
FFO Margin %----------
FFO Growth %-1947.04%150.1%95.17%192.31%66.14%38.47%7.92%-0.13%-18.91%
FFO per Share+----------
FFO Payout Ratio %----------
EPS (Diluted)+-4.56-0.020.961.613.274.555.525.775.523.93
EPS Growth %-99.53%4607.04%67.71%103.11%39.14%21.32%4.53%-4.33%-28.8%
EPS (Basic)-4.56-0.020.981.633.284.695.575.825.583.98
Diluted Shares Outstanding962.77K3.38M7.29M10.68M19.56M26.26M27.66M28.26M28.53M28.38M

Balance Sheet

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Total Assets+63.33M80.03M281.47M745.86M1.77B2.08B2.41B2.39B2.38B2.37B
Asset Growth %-26.37%251.71%164.99%137.05%17.9%15.84%-0.98%-0.55%-0.3%
Real Estate & Other Assets+30.05M68.27M147.97M507.74M1.02B1.65B2.1B2.2B2.2B-2.29B
PP&E (Net)0001.2M980K1.07M1.74M1.35M946K509K
Investment Securities001000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets+33.28M11.76M13.05M117.32M126.01M99.33M106.59M163.7M169.04M47.6M
Cash & Equivalents33M11.76M13.05M82.24M126.01M81.1M87.12M140.25M146.25M47.6M
Receivables000001000K1000K1000K1000K0
Other Current Assets0-482K035.07M05.32M1.45M1.45M00
Intangible Assets000009.15M9.11M8.24M7.38M6.37M
Total Liabilities2.89M6.48M17.17M197.85M243.11M472.9M452.94M438.12M441.99M522.85M
Total Debt+000135.86M137.75M326.09M301.5M300.88M297.87M393.7M
Net Debt-33M-11.76M-13.05M53.61M11.74M245M214.37M160.63M151.62M346.1M
Long-Term Debt000134.65M136.69M326.09M301.5M300.88M297.87M74.41M
Short-Term Borrowings000000000319.26M
Capital Lease Obligations0001.2M1.06M00000
Total Current Liabilities+2.61M6.44M17.17M61.99M105.36M145.64M149.55M132.18M132.78M319.26M
Accounts Payable70K1.08M4.4M28.39M41.14M53.99M39.99M21M20.79M0
Deferred Revenue2.54M4.16M9.01M20.63M34.15M52.8M58.72M59.36M57.18M0
Other Liabilities-2.27M-4.12M-9.01M-20.63M-34.15M1.17M1.9M5.06M11.34M522.85M
Total Equity+60.44M73.55M264.29M548.01M1.52B1.61B1.96B1.95B1.94B1.85B
Equity Growth %-21.69%259.34%107.35%178.27%5.69%21.73%-0.45%-0.87%-4.55%
Shareholders Equity60.44M73.55M264.29M548.01M1.52B1.61B1.96B1.95B1.94B1.85B
Minority Interest0000000000
Common Stock3K4K10K13K24K26K28K28K28K28K
Additional Paid-in Capital64.83M64M260.54M553.93M1.56B1.67B2.07B2.1B2.12B2.11B
Retained Earnings-4.39M-4.46M-10.27M-19.94M-48.12M-75.22M-117.39M-156.85M-211.71M-312.99M
Preferred Stock014.01M14.01M14.01M14.01M14.01M14.01M14.01M23.63M47.78M
Return on Assets (ROA)-6.94%-0.1%3.86%4.57%5.23%5.92%6.86%6.89%6.78%4.82%
Return on Equity (ROE)-7.27%-0.11%4.14%5.78%6.34%7.27%8.64%8.46%8.31%6.05%
Debt / Assets---18.21%7.79%15.64%12.49%12.58%12.53%16.61%
Debt / Equity---0.25x0.09x0.20x0.15x0.15x0.15x0.21x
Net Debt / EBITDA-102.81x-1.83x-0.88x1.60x0.12x1.38x0.93x0.66x0.63x1.75x
Book Value per Share62.7821.7936.2751.2977.9761.3770.9269.1267.8665.12

Cash Flow

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash from Operations+1.69M5.01M15.69M44.93M110.81M188.75M234.13M255.54M258.45M198.19M
Operating CF Growth %-196.22%212.92%186.33%146.62%70.33%24.04%9.15%1.14%-23.32%
Operating CF / Revenue %----------
Net Income-4.39M-72K6.99M23.48M65.73M113.99M154.39M165.59M161.66M114.44M
Depreciation & Amortization27K915K2.63M8.6M28.02M41.78M61.3M67.19M70.81M74.07M
Stock-Based Compensation58K1.72M1.47M2.5M3.33M8.62M17.51M19.58M17.32M10.13M
Other Non-Cash Items3.71M2.62M-955K1.68M2.2M6.3M216.62M-1.74M4.71M-446K
Working Capital Changes2.29M2.45M5.57M12.43M14.32M18.07M-215.69M4.92M3.95M0
Cash from Investing+-30.03M-38.65M-199.25M-340.63M-1.03B-384.09M-396.2M-6.79M-56M-174.3M
Acquisitions (Net)000-650K-200K0373.88M000
Purchase of Investments-30.03M-32.73M-184.99M-255.66M-1.08B-569.77M-538.89M-150.76M-45.11M-5.26M
Sale of Investments001000K1000K1000K1000K1000K1000K1000K1000K
Other Investing-51.48M-38.65M-79.77M-650K-200K-678.82M-372.31M-150.09M-73.45M-179.3M
Cash from Financing+61.34M12.38M184.85M399.96M924.99M155.76M164.22M-195.63M-197.9M-122.54M
Dividends Paid0-1.05M-7.98M-23.94M-76.82M-132.31M-185.29M-204.06M-213.53M-826K
Common Dividends0-1.05M-6.64M-22.58M-75.46M-130.95M-183.94M-202.71M-211.95M0
Debt Issuance (Net)0001000K01000K00-1000K0
Share Repurchases-1K-298K0000000-20.11M
Other Financing61.34M-574K-390K-939K-2.17M-11.94M-2.44M-1.13M-1.32M-121.71M
Net Change in Cash+33M-21.25M1.29M104.27M8.69M-39.59M2.15M53.13M4.55M-98.65M
Exchange Rate Effect0000000000
Cash at Beginning033M11.76M13.05M117.32M126.01M86.42M88.57M141.7M146.25M
Cash at End33M11.76M13.05M117.32M126.01M86.42M88.57M141.7M146.25M47.6M
Free Cash Flow+-28.34M-896K-6.6M-298.98M-419.01M188.75M-139.75M255.54M258.45M198.19M
FCF Growth %-96.84%-636.61%-4430.03%-40.15%145.05%-174.04%282.86%1.14%-23.32%
FCF / Revenue %----------

Key Ratios

Metric2016201720182019202020212022202320242025
FFO per Share0.331.952.2634.795.937.88.248.156.64
FFO Payout Ratio0%15.98%40.42%70.41%80.49%84.07%85.28%87.08%91.18%0.44%
NOI Margin72.9%98.16%96.99%97.06%95.76%97.83%96.19%91.96%90.77%88.65%
Net Debt / EBITDA-102.81x-1.83x-0.88x1.60x0.12x1.38x0.93x0.66x0.63x1.75x
Debt / Assets---18.21%7.79%15.64%12.49%12.58%12.53%16.61%
Interest Coverage---3.95x9.38x7.48x9.27x10.85x10.35x6.15x
Book Value / Share62.7821.7936.2751.2977.9761.3770.9269.1267.8665.12
Revenue Growth-1900%130.33%202.07%161.71%74.99%35.11%11.99%-0.32%-13.8%

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