The company maintains a defensive capital structure characterized by a low 0.21 debt-to-equity ratio, though total assets have remained stagnant at approximately $2.4 billion since 2024Q1.
| Total Assets | 2.39B | 2.37B | 2.38B | 2.39B | 2.41B | 2.08B | 1.77B | 745.86M | 281.47M | 80.03M | 63.33M |
| Asset Growth % | -4.26% | -0.3% | -0.55% | -0.98% | 15.84% | 17.9% | 137.05% | 164.99% | 251.71% | 26.37% | - |
| Real Estate & Other Assets | -2.27B | -2.29B | 2.2B | 2.2B | 2.1B | 1.65B | 1.02B | 507.74M | 147.97M | 68.27M | 30.05M |
| PP&E (Net) | 0 | 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 | 89.12M | 47.6M | 169.04M | 163.7M | 106.59M | 99.33M | 126.01M | 117.32M | 13.05M | 11.76M | 33.28M |
| Cash & Equivalents | 89.12M | 47.6M | 146.25M | 140.25M | 87.12M | 81.1M | 126.01M | 82.24M | 13.05M | 11.76M | 33M |
| Receivables | 0 | 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 | 6.16M | 6.37M | 7.38M | 8.24M | 9.11M | 9.15M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 499.44M | 522.85M | 441.99M | 438.12M | 452.94M | 472.9M | 243.11M | 197.85M | 17.17M | 6.48M | 2.89M |
| Total Debt | 365.98M | 393.7M | 297.87M | 300.88M | 301.5M | 326.09M | 137.75M | 135.86M | 0 | 0 | 0 |
| Net Debt | 276.86M | 346.1M | 151.62M | 160.63M | 214.37M | 245M | 11.74M | 53.61M | -13.05M | -11.76M | -33M |
| Long-Term Debt | 365.98M | 74.41M | 297.87M | 300.88M | 301.5M | 326.09M | 136.69M | 134.65M | 0 | 0 | 0 |
| Short-Term Borrowings | 0 | 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 | 0 | 319.26M | 132.78M | 132.18M | 149.55M | 145.64M | 105.36M | 61.99M | 17.17M | 6.44M | 2.61M |
| Accounts Payable | 0 | 13.83M | 20.79M | 21M | 39.99M | 53.99M | 41.14M | 28.39M | 4.4M | 1.08M | 70K |
| Deferred Revenue | 0 | 50.31M | 57.18M | 59.36M | 58.72M | 52.8M | 34.15M | 20.63M | 9.01M | 4.16M | 2.54M |
| Other Liabilities | 133.46M | 129.18M | 11.34M | 5.06M | 1.9M | 1.17M | -34.15M | -20.63M | -9.01M | -4.12M | -2.27M |
| Total Equity | 1.89B | 1.85B | 1.94B | 1.95B | 1.96B | 1.61B | 1.52B | 548.01M | 264.29M | 73.55M | 60.44M |
| Equity Growth % | -13.69% | -4.55% | -0.87% | -0.45% | 21.73% | 5.69% | 178.27% | 107.35% | 259.34% | 21.69% | - |
| Shareholders Equity | 1.89B | 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 | 2.12B | 2.11B | 2.12B | 2.1B | 2.07B | 1.67B | 1.56B | 553.93M | 260.54M | 64M | 64.83M |
| Retained Earnings | -337.28M | -312.99M | -211.71M | -156.85M | -117.39M | -75.22M | -48.12M | -19.94M | -10.27M | -4.46M | -4.39M |
| Preferred Stock | 108.08M | 47.78M | 23.63M | 14.01M | 14.01M | 14.01M | 14.01M | 14.01M | 14.01M | 14.01M | 0 |
| Return on Assets (ROA) | 5.1% | 4.82% | 6.78% | 6.89% | 6.86% | 5.92% | 5.23% | 4.57% | 3.86% | -0.1% | -6.94% |
| Return on Equity (ROE) | 6.41% | 6.05% | 8.31% | 8.46% | 8.64% | 7.27% | 6.34% | 5.78% | 4.14% | -0.11% | -7.27% |
| Debt / Assets | 15.29% | 16.61% | 12.53% | 12.58% | 12.49% | 15.64% | 7.79% | 18.21% | - | - | - |
| Debt / Equity | 0.19x | 0.21x | 0.15x | 0.15x | 0.15x | 0.20x | 0.09x | 0.25x | - | - | - |
| Net Debt / EBITDA | 1.40x | 1.75x | 0.63x | 0.66x | 0.93x | 1.38x | 0.12x | 1.60x | -0.88x | -1.83x | -102.81x |
| Book Value per Share | 66.55 | 65.12 | 67.86 | 69.12 | 70.92 | 61.37 | 77.97 | 51.29 | 36.27 | 21.79 | 62.78 |
Tenant Credit and Asset Specialization
As reported in recent financial statements, total assets have remained flat at approximately $2.4 billion since 2024Q1, suggesting that the company's historical growth trajectory has stalled as management shifts focus toward stabilizing the existing portfolio rather than pursuing aggressive new property acquisitions.
The lack of asset base expansion indicates a pivot away from the rapid growth phase that defined the company's early years. This stagnation appears to be a defensive response to the current environment, where the cost of capital and tenant credit risks make new deployments increasingly unattractive.
Based on the company's reported figures, the debt-to-equity ratio remains exceptionally low at 0.21 as of 2026Q1, providing a significant defensive cushion that distinguishes the firm from more highly levered industrial REIT peers operating in traditional, less volatile real estate sectors.
Maintaining such a low leverage profile appears to be a deliberate strategy to mitigate the inherent risks of the cannabis industry. While this conservative stance limits potential returns on equity, it provides the necessary flexibility to navigate potential tenant defaults without immediate balance sheet distress.
According to quarterly data, cash balances have declined from a peak of $153.5 million in 2024Q1 to $89.1 million in 2026Q1, indicating that the company is consuming liquidity to support operations and dividend payments amidst a period of negative revenue growth.
The downward trend in cash reserves warrants close monitoring, as it may limit the company's ability to fund necessary tenant improvements or property re-leasing costs. Investors should consider whether this liquidity drain is sustainable if the current revenue contraction persists into future quarters.
As indicated by the net property, plant, and equipment figures, the company's reliance on highly specialized cannabis facilities creates a non-obvious risk, as these assets may lack the fungibility required for rapid re-tenanting if current operators fail to meet their contractual lease obligations.
The specialized nature of these industrial assets suggests that the book value may not accurately reflect the liquidation value in a distressed scenario. This potential for asset impairment, if tenant credit quality continues to deteriorate, remains a critical, under-appreciated risk factor for the balance sheet.
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.