Total debt rose to $609.0M in 2026Q2 from $297.9M in 2024Q4, lifting D/E to 0.33, while cash increased to $204.7M, reflecting a conservative but expanding leverage profile to fund the IQHQ investment.
Innovative Industrial Properties, Inc. (IIPR) balance sheet — 10-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Total Assets | 2.58B | 2.37B | 2.38B | 2.39B | 2.41B | 2.08B | 1.77B | 745.86M | 281.47M | 80.03M | 63.33M |
| Asset Growth % | 11.06% | -0.3% | -0.55% | -0.98% | 15.84% | 17.9% | 137.05% | 164.99% | 251.71% | 26.37% | - |
| Real Estate & Other Assets | 24.31M | -2.29B | 2.2B | 2.2B | 2.1B | 1.65B | 1.02B | 507.74M | 147.97M | 68.27M | 30.05M |
| PP&E (Net) | 2B | 509K | 946K | 1.35M | 1.74M | 1.07M | 980K | 1.2M | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Total Current Assets | 276.53M | 47.6M | 169.04M | 163.7M | 106.59M | 99.33M | 126.01M | 117.32M | 13.05M | 11.76M | 33.28M |
| Cash & Equivalents | 204.73M | 47.6M | 146.25M | 140.25M | 87.12M | 81.1M | 126.01M | 82.24M | 13.05M | 11.76M | 33M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | -16.8M | 0 | 1.45M | 1.45M | 5.32M | 0 | 35.07M | 0 | -482K | 0 |
| Intangible Assets | 5.51M | 6.37M | 7.38M | 8.24M | 9.11M | 9.15M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 730.04M | 522.85M | 441.99M | 438.12M | 452.94M | 472.9M | 243.11M | 197.85M | 17.17M | 6.48M | 2.89M |
| Total Debt | 609.03M | 393.7M | 297.87M | 300.88M | 301.5M | 326.09M | 137.75M | 135.86M | 0 | 0 | 0 |
| Net Debt | 404.3M | 346.1M | 151.62M | 160.63M | 214.37M | 245M | 11.74M | 53.61M | -13.05M | -11.76M | -33M |
| Long-Term Debt | 516.53M | 74.41M | 297.87M | 300.88M | 301.5M | 326.09M | 136.69M | 134.65M | 0 | 0 | 0 |
| Short-Term Borrowings | 92.5M | 319.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 27K | 27K | 0 | 0 | 0 | 0 | 1.06M | 1.2M | 0 | 0 | 0 |
| Total Current Liabilities | 202.97M | 319.26M | 132.78M | 132.18M | 149.55M | 145.64M | 105.36M | 61.99M | 17.17M | 6.44M | 2.61M |
| Accounts Payable | 8.35M | 13.83M | 20.79M | 21M | 39.99M | 53.99M | 41.14M | 28.39M | 4.4M | 1.08M | 70K |
| Deferred Revenue | 44.71M | 50.31M | 57.18M | 59.36M | 58.72M | 52.8M | 34.15M | 20.63M | 9.01M | 4.16M | 2.54M |
| Other Liabilities | 10.84M | 129.18M | 11.34M | 5.06M | 1.9M | 1.17M | -34.15M | -20.63M | -9.01M | -4.12M | -2.27M |
| Total Equity | 1.85B | 1.85B | 1.94B | 1.95B | 1.96B | 1.61B | 1.52B | 548.01M | 264.29M | 73.55M | 60.44M |
| Equity Growth % | -11.79% | -4.55% | -0.87% | -0.45% | 21.73% | 5.69% | 178.27% | 107.35% | 259.34% | 21.69% | - |
| Shareholders Equity | 1.85B | 1.85B | 1.94B | 1.95B | 1.96B | 1.61B | 1.52B | 548.01M | 264.29M | 73.55M | 60.44M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 28K | 28K | 28K | 28K | 28K | 26K | 24K | 13K | 10K | 4K | 3K |
| Additional Paid-in Capital | 2.07B | 2.11B | 2.12B | 2.1B | 2.07B | 1.67B | 1.56B | 553.93M | 260.54M | 64M | 64.83M |
| Retained Earnings | -349.74M | -312.99M | -211.71M | -156.85M | -117.39M | -75.22M | -48.12M | -19.94M | -10.27M | -4.46M | -4.39M |
| Preferred Stock | 129M | 47.78M | 23.63M | 14.01M | 14.01M | 14.01M | 14.01M | 14.01M | 14.01M | 14.01M | 0 |
| Return on Assets (ROA) | 5.69% | 4.82% | 6.78% | 6.89% | 6.86% | 5.92% | 5.23% | 4.57% | 3.86% | -0.1% | -6.94% |
| Return on Equity (ROE) | 7.39% | 6.05% | 8.31% | 8.46% | 8.64% | 7.27% | 6.34% | 5.78% | 4.14% | -0.11% | -7.27% |
| Debt / Assets | 23.59% | 16.61% | 12.53% | 12.58% | 12.49% | 15.64% | 7.79% | 18.21% | - | - | - |
| Debt / Equity | 0.33x | 0.21x | 0.15x | 0.15x | 0.15x | 0.20x | 0.09x | 0.25x | - | - | - |
| Net Debt / EBITDA | 1.90x | 1.75x | 0.63x | 0.66x | 0.93x | 1.38x | 0.12x | 1.60x | -0.88x | -1.83x | -102.81x |
| Book Value per Share | 61.74 | 65.12 | 67.86 | 69.12 | 70.92 | 61.37 | 77.97 | 51.29 | 36.27 | 21.79 | 62.78 |
Quick answers to the most common questions about buying IIPR stock.
As of 2025, Innovative Industrial Properties, Inc. (IIPR) had total assets of $2.37B including $47.6M in current assets.
Innovative Industrial Properties, Inc. (IIPR) carries total debt of $393.7M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Innovative Industrial Properties, Inc. (IIPR) has total shareholders' equity (book value) of $1.85B ($65.12 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Innovative Industrial Properties, Inc. (IIPR) reported a current ratio of 0.15x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Tenant credit and revenue decline
Metrics are mathematically derived from official filings.
Balance Sheet Expansion Amid Revenue Contraction
Total assets grew to $2.6B in 2026Q2, up from $2.4B a year earlier, per balance sheet data, while revenue declined 13.8% YoY, suggesting growth is driven by new investments rather than organic operations.
The $270M IQHQ investment appears to be the primary driver of asset growth, as PPE net jumped to $2.0B from near zero in prior quarters. This strategic pivot toward life sciences diversifies the portfolio but introduces execution risk, especially given the ongoing contraction in the core cannabis business. The balance sheet is expanding, but the quality of that growth depends on the performance of the new investment.
Portfolio Shift Toward Life Sciences
PPE net surged to $2.0B in 2026Q2 from negligible levels in prior quarters, per balance sheet data, indicating a major asset addition, likely the IQHQ investment, which may reduce concentration in cannabis properties.
The dramatic increase in property, plant, and equipment suggests a significant acquisition, consistent with the IQHQ funding. This diversification could mitigate tenant concentration risk in the cannabis sector, but the new asset class brings different operational risks. Investors should monitor the performance of this new investment relative to the existing portfolio.
Leverage Rises to Fund Growth
Total debt increased to $609.0M in 2026Q2 from $297.9M in 2024Q4, per balance sheet data, lifting D/E to 0.33, still conservative but a notable shift from the prior 0.15 level.
The debt increase appears to be funding the IQHQ investment, as the company leverages its balance sheet to diversify. While the D/E ratio remains low relative to peers, the rapid rise in leverage warrants monitoring, especially if revenue continues to decline. The company's ability to service this debt will depend on the cash flows from the new investment.
Equity Base Stable, Dilution Risk Looms
Equity remained around $1.9B over the past year, per balance sheet data, but capital markets activity, including equity raises, may be diluting shareholders as the company funds growth.
The stable equity base suggests that retained earnings are offsetting any dilution from share issuance. However, the need to raise capital for the IQHQ investment and ongoing operations, given the revenue decline, could pressure equity per share. Investors should monitor the pace of ATM issuance and its impact on FFO per share.
Cash Position Strengthens, Coverage Adequate
Cash and equivalents rose to $204.7M in 2026Q2 from $146.2M in 2024Q4, per balance sheet data, providing ample liquidity for near-term obligations and development funding.
The increase in cash, coupled with low leverage, suggests a strong liquidity position. However, the company's ability to cover fixed charges, including dividends, is under pressure as AFFO coverage fell to 0.87x in 2026Q2, per cash flow analysis. The cash buffer provides a cushion, but sustained revenue decline could erode it.
IQHQ Investment Execution Risk
The $270M IQHQ investment, per management commentary, represents a significant strategic shift that may not yield expected returns, especially if the life science market softens or integration challenges arise.
While diversification is prudent, the scale of the investment relative to the company's revenue base (~$266M) is substantial. The success of this pivot is unproven, and any underperformance could strain the balance sheet. Additionally, the company's core cannabis portfolio continues to face tenant stress, as evidenced by the revenue decline, which may require further write-downs or restructuring.