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IIPR logoInnovative Industrial Properties, Inc.(IIPR)Earnings, Financials & Key Ratios

IIPR•NYSE•REIT / Real Estate
$60.32
$1.72B mkt cap·15.3× P/E·Price updated May 6, 2026
SectorReal EstateIndustryIndustrial REITsSub-IndustryCold 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/Share6.64-18.5%
  • FFO Payout114.73%+25.8%
  • FFO per Share6.64-18.5%
  • NOI Margin88.65%-2.3%
  • FFO Margin70.88%-5.9%
  • ROE6.05%-27.2%
  • ROA4.82%-28.9%
  • Debt/Assets16.61%+32.6%
  • Net Debt/EBITDA1.75+175.4%
  • Book Value/Share65.12-4.0%
Technical→

IIPR Key Insights

Innovative Industrial Properties, Inc. (IIPR) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓High NOI margin of 88.7%
  • ✓Trading near 52-week high
  • ✓Trading at only 0.9x book value

✗Weaknesses

  • ✗FFO declining 15.0% TTM
  • ✗Dividend exceeds FFO - may not be sustainable
  • ✗Dividend payout exceeds 100% of earnings

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

IIPR Price & Volume

Innovative Industrial Properties, Inc. (IIPR) stock price & volume — 10-year historical chart

Loading chart...

IIPR Growth Metrics

Innovative Industrial Properties, Inc. (IIPR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years17.87%
3 Years-1.27%
TTM-13.63%

Profit CAGR

10 Years-
5 Years11.73%
3 Years-9.5%
TTM-23.47%

EPS CAGR

10 Years-
5 Years3.75%
3 Years-10.71%
TTM-24.62%

Return on Capital

10 Years4.34%
5 Years7.31%
3 Years6.99%
Last Year5.78%

IIPR Recent Earnings

Innovative Industrial Properties, Inc. (IIPR) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
May 4, 2026
EPS
$1.04
Est $1.07
-2.8%
Revenue
$69M
Est $66M
+5.1%
Q1 2026
Feb 23, 2026
EPS
$1.88
Est $1.05
+79.0%
Revenue
$67M
Est $66M
+1.3%
Q4 2025
Nov 3, 2025
EPS
$1.71
Est $1.71
+0.0%
Revenue
$65M
Est $66M
-2.2%
Q3 2025
Aug 6, 2025
EPS
$1.71
Est $1.61
+6.2%
Revenue
$63M
Est $65M
-3.3%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 4, 2026
$1.04vs $1.07-2.8%
$69Mvs $66M+5.1%
Q1 2026Feb 23, 2026
$1.88vs $1.05+79.0%
$67Mvs $66M+1.3%
Q4 2025Nov 3, 2025
$1.71vs $1.71+0.0%
$65Mvs $66M-2.2%
Q3 2025Aug 6, 2025
$1.71vs $1.61+6.2%
$63Mvs $65M-3.3%
Based on last 12 quarters of dataView full earnings history →

IIPR Peer Comparison

Innovative Industrial Properties, Inc. (IIPR) competitors in Cold Storage and Specialty Industrial REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
REFI logoREFIChicago Atlantic Real Estate Finance, Inc.Direct Competitor258.17M12.257.29-100%871.56%46.65%100%0.16
SACH logoSACHSachem Capital Corp.Direct Competitor50.85M1.0627.04-18.16%16.66%3.56%4.92%1.59
O logoORealty Income CorporationProduct Competitor59.37B63.5754.339.07%18.41%2.64%6.73%
STAG logoSTAGSTAG Industrial, Inc.Product Competitor7.28B38.0526.0610.14%28.26%6.8%5.52%0.90
COLD logoCOLDAmericold Realty Trust, Inc.Product Competitor3.41B11.98-29.95-2.43%-4.4%-3.92%1.54
GTY logoGTYGetty Realty Corp.Product Competitor1.99B32.9724.429.02%40.06%8.76%6.37%0.98
EPRT logoEPRTEssential Properties Realty Trust, Inc.Product Competitor6.74B31.1824.3624.97%43.28%6.3%5.65%0.60
ADC logoADCAgree Realty CorporationProduct Competitor9.12B75.9542.9116.42%29.28%3.65%5.53%0.53

Compare IIPR vs Peers

Innovative Industrial Properties, Inc. (IIPR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs REFI

Most directly comparable listed peer for IIPR.

Scale Benchmark

vs O

Larger-name benchmark to compare IIPR against a more recognizable public peer.

Peer Set

Compare Top 5

vs REFI, SACH, O, STAG

IIPR Income Statement

Innovative Industrial Properties, Inc. (IIPR) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue6.42M14.79M44.67M116.9M204.55M276.36M309.51M308.52M265.95M263.23M
Revenue Growth %1900%130.33%202.07%161.71%74.99%35.11%11.99%-0.32%-13.8%-13.63%
Property Operating Expenses118K445K1.31M4.95M4.44M10.52M24.89M28.47M30.18M67.45M
Net Operating Income (NOI)
6.3M▲ 0%
14.34M▲ 127.6%
43.35M▲ 202.3%
111.94M▲ 158.2%
200.11M▲ 78.8%
265.84M▲ 32.8%
284.61M▲ 7.1%
280.05M▼ 1.6%
235.78M▼ 15.8%
195.78M▲ 0%
NOI Margin %98.16%96.99%97.06%95.76%97.83%96.19%91.96%90.77%88.65%74.38%
Operating Expenses6.41M9M18.42M42.21M64.74M96.22M110.03M111.7M111.66M54.22M
G&A Expenses5.5M6.38M9.82M14.18M22.96M38.52M42.83M37.44M33.73M35.62M
EBITDA6.42M14.79M33.53M97.76M177.15M230.92M241.78M239.15M198.19M197.23M
EBITDA Margin %100%100%75.08%83.63%86.6%83.56%78.12%77.52%74.52%74.93%
Depreciation & Amortization6.64M9.45M8.6M28.02M41.78M61.3M67.19M70.81M74.07M74.26M
D&A / Revenue %103.47%63.9%19.25%23.97%20.42%22.18%21.71%22.95%27.85%28.21%
Operating Income
-223K▲ 0%
5.34M▲ 2493.7%
24.93M▲ 367.1%
69.74M▲ 179.7%
135.37M▲ 94.1%
169.62M▲ 25.3%
174.59M▲ 2.9%
168.34M▼ 3.6%
124.12M▼ 26.3%
122.97M▲ 0%
Operating Margin %-3.47%36.1%55.82%59.66%66.18%61.38%56.41%54.57%46.67%46.72%
Interest Expense006.31M7.43M18.09M18.3M16.1M16.26M20.2M4M
Interest Coverage--4.60x9.72x7.21x9.36x11.29x10.94x6.67x-
Non-Operating Income0-1.65M-4.07M-2.48M5M-1.72M-7.1M-9.57M-10.51M-19.13M
Pretax Income
-72K▲ 0%
6.99M▲ 9801.4%
23.48M▲ 236.1%
65.73M▲ 180.0%
113.99M▲ 73.4%
154.39M▲ 35.4%
165.59M▲ 7.3%
161.65M▼ 2.4%
114.44M▼ 29.2%
119.98M▲ 0%
Pretax Margin %-1.12%47.24%52.56%56.23%55.73%55.86%53.5%52.4%43.03%45.58%
Income Tax0000000000
Effective Tax Rate %0%0%0%0%0%0%0%0%0%0%
Net Income
-72K▲ 0%
6.99M▲ 9801.4%
23.48M▲ 236.1%
65.73M▲ 180.0%
113.99M▲ 73.4%
154.39M▲ 35.4%
165.59M▲ 7.3%
161.66M▼ 2.4%
114.44M▼ 29.2%
117.33M▲ 0%
Net Margin %-1.12%47.24%52.56%56.23%55.73%55.86%53.5%52.4%43.03%44.57%
Net Income Growth %98.36%9801.39%236.08%180%73.42%35.44%7.26%-2.37%-29.21%-23.47%
Funds From Operations (FFO)
6.57M▲ 0%
16.43M▲ 150.1%
32.07M▲ 95.2%
93.75M▲ 192.3%
155.77M▲ 66.1%
215.69M▲ 38.5%
232.78M▲ 7.9%
232.47M▼ 0.1%
188.5M▼ 18.9%
191.59M▲ 0%
FFO Margin %102.35%111.14%71.81%80.2%76.15%78.05%75.21%75.35%70.88%72.78%
FFO Growth %1947.04%150.1%95.17%192.31%66.14%38.47%7.92%-0.13%-18.91%-57.7%
FFO per Share1.952.263.004.795.937.808.248.156.646.73
FFO Payout Ratio %15.98%40.42%70.41%80.49%84.07%85.28%87.08%91.18%114.73%84.57%
EPS (Diluted)
-0.02▲ 0%
0.96▲ 4607.0%
1.61▲ 67.7%
3.27▲ 103.1%
4.55▲ 39.1%
5.52▲ 21.3%
5.77▲ 4.5%
5.52▼ 4.3%
3.93▼ 28.8%
4.12▲ 0%
EPS Growth %99.53%4607.04%67.71%103.11%39.14%21.32%4.53%-4.33%-28.8%-24.62%
EPS (Basic)-0.020.981.633.284.695.575.825.583.98-
Diluted Shares Outstanding3.38M7.29M10.68M19.56M26.26M27.66M28.26M28.53M28.38M28.47M

IIPR Balance Sheet

Innovative Industrial Properties, Inc. (IIPR) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets80.03M281.47M745.86M1.77B2.08B2.41B2.39B2.38B2.37B2.39B
Asset Growth %26.37%251.71%164.99%137.05%17.9%15.84%-0.98%-0.55%-0.3%-4.26%
Real Estate & Other Assets68.27M147.97M507.74M1.02B1.65B2.1B2.2B2.2B-2.29B-2.27B
PP&E (Net)001.2M980K1.07M1.74M1.35M946K509K0
Investment Securities01000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets11.76M13.05M117.32M126.01M99.33M106.59M163.7M169.04M47.6M89.12M
Cash & Equivalents11.76M13.05M82.24M126.01M81.1M87.12M140.25M146.25M47.6M89.12M
Receivables00001000K1000K1000K1000K1000K0
Other Current Assets-482K035.07M05.32M1.45M1.45M0-16.8M0
Intangible Assets00009.15M9.11M8.24M7.38M6.37M6.16M
Total Liabilities6.48M17.17M197.85M243.11M472.9M452.94M438.12M441.99M522.85M499.44M
Total Debt00135.86M137.75M326.09M301.5M300.88M297.87M393.7M365.98M
Net Debt-11.76M-13.05M53.61M11.74M245M214.37M160.63M151.62M346.1M276.86M
Long-Term Debt00134.65M136.69M326.09M301.5M300.88M297.87M74.41M365.98M
Short-Term Borrowings00000000319.26M0
Capital Lease Obligations001.2M1.06M000027K27K
Total Current Liabilities6.44M17.17M61.99M105.36M145.64M149.55M132.18M132.78M319.26M0
Accounts Payable1.08M4.4M28.39M41.14M53.99M39.99M21M20.79M13.83M0
Deferred Revenue4.16M9.01M20.63M34.15M52.8M58.72M59.36M57.18M50.31M0
Other Liabilities-4.12M-9.01M-20.63M-34.15M1.17M1.9M5.06M11.34M129.18M133.46M
Total Equity
73.55M▲ 0%
264.29M▲ 259.3%
548.01M▲ 107.4%
1.52B▲ 178.3%
1.61B▲ 5.7%
1.96B▲ 21.7%
1.95B▼ 0.5%
1.94B▼ 0.9%
1.85B▼ 4.5%
1.89B▲ 0%
Equity Growth %21.69%259.34%107.35%178.27%5.69%21.73%-0.45%-0.87%-4.55%-13.69%
Shareholders Equity73.55M264.29M548.01M1.52B1.61B1.96B1.95B1.94B1.85B1.89B
Minority Interest0000000000
Common Stock4K10K13K24K26K28K28K28K28K28K
Additional Paid-in Capital64M260.54M553.93M1.56B1.67B2.07B2.1B2.12B2.11B2.12B
Retained Earnings-4.46M-10.27M-19.94M-48.12M-75.22M-117.39M-156.85M-211.71M-312.99M-337.28M
Preferred Stock14.01M14.01M14.01M14.01M14.01M14.01M14.01M23.63M47.78M108.08M
Return on Assets (ROA)-0.1%3.86%4.57%5.23%5.92%6.86%6.89%6.78%4.82%4.99%
Return on Equity (ROE)-0.11%4.14%5.78%6.34%7.27%8.64%8.46%8.31%6.05%6.27%
Debt / Assets--18.21%7.79%15.64%12.49%12.58%12.53%16.61%15.29%
Debt / Equity--0.25x0.09x0.20x0.15x0.15x0.15x0.21x0.21x
Net Debt / EBITDA-1.83x-0.88x1.60x0.12x1.38x0.93x0.66x0.63x1.75x1.75x
Book Value per Share21.7936.2751.2977.9761.3770.9269.1267.8665.1266.55

IIPR Cash Flow Statement

Innovative Industrial Properties, Inc. (IIPR) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations5.01M15.69M44.93M110.81M188.75M234.13M255.54M258.45M198.19M198.19M
Operating CF Growth %196.22%212.92%186.33%146.62%70.33%24.04%9.15%1.14%-23.32%-65.01%
Operating CF / Revenue %78.12%106.13%100.6%94.8%92.27%84.72%82.56%83.77%74.52%75.29%
Net Income-72K6.99M23.48M65.73M113.99M154.39M165.59M161.66M114.44M117.33M
Depreciation & Amortization915K2.63M8.6M28.02M41.78M61.3M67.19M70.81M74.07M74.26M
Stock-Based Compensation1.72M1.47M2.5M3.33M8.62M17.51M19.58M17.32M10.13M10.64M
Other Non-Cash Items2.62M-955K1.68M2.2M6.3M216.62M-1.74M4.71M8.56M2.82M
Working Capital Changes2.45M5.57M12.43M14.32M18.07M-215.69M4.92M3.95M-9.01M-7.72M
Cash from Investing-38.65M-199.25M-340.63M-1.03B-384.09M-396.2M-6.79M-56M-174.3M-157.49M
Acquisitions (Net)00-650K-200K0373.88M000105.23M
Purchase of Investments-32.73M-184.99M-255.66M-1.08B-569.77M-538.89M-150.76M-45.11M-5.26M-255.49M
Sale of Investments065.5M260.25M580.98M864.5M515M294.06M62.56M10.26M5.26M
Other Investing-38.65M-79.77M-650K-200K-678.82M-372.31M-150.09M-73.45M-179.3M-5.61M
Cash from Financing12.38M184.85M399.96M924.99M155.76M164.22M-195.63M-197.9M-122.54M-81.39M
Dividends Paid-1.05M-7.98M-23.94M-76.82M-132.31M-185.29M-204.06M-213.53M-219.51M-165.7M
Common Dividends-1.05M-6.64M-22.58M-75.46M-130.95M-183.94M-202.71M-211.95M-216.28M-162.02M
Debt Issuance (Net)001000K01000K00-1000K1000K2M
Share Repurchases-298K0000000-20.11M-19.82M
Other Financing-574K-390K-939K-2.17M-11.94M-2.44M-1.13M-1.32M-864K-13.33M
Net Change in Cash
-21.25M▲ 0%
1.29M▲ 106.1%
104.27M▲ 7970.1%
8.69M▼ 91.7%
-39.59M▼ 555.5%
2.15M▲ 105.4%
53.13M▲ 2367.6%
4.55M▼ 91.4%
-98.65M▼ 2270.0%
-38.89M▲ 0%
Exchange Rate Effect0000000000
Cash at Beginning33M11.76M13.05M117.32M126.01M86.42M88.57M141.7M146.25M47.6M
Cash at End11.76M13.05M117.32M126.01M86.42M88.57M141.7M146.25M47.6M89.12M
Free Cash Flow
-896K▲ 0%
-6.6M▼ 636.6%
-298.98M▼ 4430.0%
-419.01M▼ 40.1%
188.75M▲ 145.0%
-139.75M▼ 174.0%
255.54M▲ 282.9%
258.45M▲ 1.1%
174.76M▼ 32.4%
199.98M▲ 0%
FCF Growth %96.84%-636.61%-4430.03%-40.15%145.05%-174.04%282.86%1.14%-32.38%-10.7%
FCF / Revenue %-13.96%-44.63%-669.36%-358.45%92.27%-50.57%82.56%83.77%65.71%75.97%

IIPR Key Ratios

Innovative Industrial Properties, Inc. (IIPR) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share1.952.2634.795.937.88.248.156.646.73
FFO Payout Ratio15.98%40.42%70.41%80.49%84.07%85.28%87.08%91.18%114.73%84.57%
NOI Margin98.16%96.99%97.06%95.76%97.83%96.19%91.96%90.77%88.65%74.38%
Net Debt / EBITDA-1.83x-0.88x1.60x0.12x1.38x0.93x0.66x0.63x1.75x1.75x
Debt / Assets--18.21%7.79%15.64%12.49%12.58%12.53%16.61%15.29%
Interest Coverage--4.60x9.72x7.21x9.36x11.29x10.94x6.67x-
Book Value / Share21.7936.2751.2977.9761.3770.9269.1267.8665.1266.55
Revenue Growth1900%130.33%202.07%161.71%74.99%35.11%11.99%-0.32%-13.8%-13.63%

IIPR SEC Filings & Documents

Innovative Industrial Properties, Inc. (IIPR) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 4, 2026·SEC

Material company update

Apr 29, 2026·SEC

Material company update

Apr 10, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 24, 2026·SEC

FY 2025

Feb 21, 2025·SEC

FY 2024

Feb 27, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 5, 2026·SEC

FY 2025

Nov 4, 2025·SEC

FY 2025

Aug 7, 2025·SEC

IIPR Frequently Asked Questions

Innovative Industrial Properties, Inc. (IIPR) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Innovative Industrial Properties, Inc. (IIPR) reported $263.2M in revenue for fiscal year 2025. This represents a 81903% increase from $0.3M in 2016.

Innovative Industrial Properties, Inc. (IIPR) saw revenue decline by 13.8% over the past year.

Yes, Innovative Industrial Properties, Inc. (IIPR) is profitable, generating $117.3M in net income for fiscal year 2025 (43.0% net margin).

Dividend & Returns

Yes, Innovative Industrial Properties, Inc. (IIPR) pays a dividend with a yield of 12.63%. This makes it attractive for income-focused investors.

Innovative Industrial Properties, Inc. (IIPR) has a return on equity (ROE) of 6.0%. This is below average, suggesting room for improvement.

Industry Metrics

Innovative Industrial Properties, Inc. (IIPR) generated Funds From Operations (FFO) of $191.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Innovative Industrial Properties, Inc. (IIPR) offers a 12.63% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More IIPR

Innovative Industrial Properties, Inc. (IIPR) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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