Revenue growth has turned negative with a 13.80% year-over-year decline, while NOI margins have contracted sharply from historical levels above 90% to 35.1% in 2026Q1.
| Revenue | 263.23M | 265.95M | 308.52M | 309.51M | 276.36M | 204.55M | 116.9M | 44.67M | 14.79M | 6.42M | 321K |
| Revenue Growth % | -13.63% | -13.8% | -0.32% | 11.99% | 35.11% | 74.99% | 161.71% | 202.07% | 130.33% | 1900% | - |
| Property Operating Expenses | 104.62M | 30.18M | 28.47M | 24.89M | 10.52M | 4.44M | 4.95M | 1.31M | 445K | 118K | 87K |
| Net Operating Income (NOI) | 158.61M | 235.78M | 280.05M | 284.61M | 265.84M | 200.11M | 111.94M | 43.35M | 14.34M | 6.3M | 234K |
| NOI Margin % | 60.26% | 88.65% | 90.77% | 91.96% | 96.19% | 97.83% | 95.76% | 97.06% | 96.99% | 98.16% | 72.9% |
| Operating Expenses | 35.64M | 111.66M | 111.7M | 110.03M | 96.22M | 64.74M | 42.21M | 18.42M | 9M | 6.41M | 919K |
| G&A Expenses | 25.27M | 33.73M | 37.44M | 42.83M | 38.52M | 22.96M | 14.18M | 9.82M | 6.38M | 5.5M | 828K |
| EBITDA | 197.23M | 198.19M | 239.15M | 241.78M | 230.92M | 177.15M | 97.76M | 33.53M | 14.79M | 6.42M | 321K |
| EBITDA Margin % | 74.93% | 74.52% | 77.52% | 78.12% | 83.56% | 86.6% | 83.63% | 75.08% | 100% | 100% | 100% |
| Depreciation & Amortization | 74.26M | 74.07M | 70.81M | 67.19M | 61.3M | 41.78M | 28.02M | 8.6M | 9.45M | 6.64M | 4.71M |
| D&A / Revenue % | 28.21% | 27.85% | 22.95% | 21.71% | 22.18% | 20.42% | 23.97% | 19.25% | 63.9% | 103.47% | 1468.22% |
| Operating Income | 122.97M | 124.12M | 168.34M | 174.59M | 169.62M | 135.37M | 69.74M | 24.93M | 5.34M | -223K | -4.39M |
| Operating Margin % | 46.72% | 46.67% | 54.57% | 56.41% | 61.38% | 66.18% | 59.66% | 55.82% | 36.1% | -3.47% | -1368.22% |
| Interest Expense | 4M | 20.2M | 16.26M | 16.1M | 18.3M | 18.09M | 7.43M | 6.31M | 0 | 0 | 0 |
| Interest Coverage | - | 6.67x | 10.94x | 11.29x | 9.36x | 7.21x | 9.72x | 4.60x | - | - | - |
| Non-Operating Income | -19.13M | -10.51M | -9.57M | -7.1M | -1.72M | 5M | -2.48M | -4.07M | -1.65M | 0 | -3.71M |
| Pretax Income | 119.98M | 114.44M | 161.65M | 165.59M | 154.39M | 113.99M | 65.73M | 23.48M | 6.99M | -72K | -4.39M |
| Pretax Margin % | 45.58% | 43.03% | 52.4% | 53.5% | 55.86% | 55.73% | 56.23% | 52.56% | 47.24% | -1.12% | -1368.22% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 119.98M | 114.44M | 161.66M | 165.59M | 154.39M | 113.99M | 65.73M | 23.48M | 6.99M | -72K | -4.39M |
| Net Margin % | 45.58% | 43.03% | 52.4% | 53.5% | 55.86% | 55.73% | 56.23% | 52.56% | 47.24% | -1.12% | -1368.22% |
| Net Income Growth % | -21.74% | -29.21% | -2.37% | 7.26% | 35.44% | 73.42% | 180% | 236.08% | 9801.39% | 98.36% | - |
| Funds From Operations (FFO) | 194.24M | 188.5M | 232.47M | 232.78M | 215.69M | 155.77M | 93.75M | 32.07M | 16.43M | 6.57M | 321K |
| FFO Margin % | 73.79% | 70.88% | 75.35% | 75.21% | 78.05% | 76.15% | 80.2% | 71.81% | 111.14% | 102.35% | 100% |
| FFO Growth % | -52.33% | -18.91% | -0.13% | 7.92% | 38.47% | 66.14% | 192.31% | 95.17% | 150.1% | 1947.04% | - |
| FFO per Share | 6.82 | 6.64 | 8.15 | 8.24 | 7.80 | 5.93 | 4.79 | 3.00 | 2.26 | 1.95 | 0.33 |
| FFO Payout Ratio % | 83.41% | 114.73% | 91.18% | 87.08% | 85.28% | 84.07% | 80.49% | 70.41% | 40.42% | 15.98% | 0% |
| EPS (Diluted) | 4.21 | 3.93 | 5.52 | 5.77 | 5.52 | 4.55 | 3.27 | 1.61 | 0.96 | -0.02 | -4.56 |
| EPS Growth % | -24.62% | -28.8% | -4.33% | 4.53% | 21.32% | 39.14% | 103.11% | 67.71% | 4607.04% | 99.53% | - |
| EPS (Basic) | - | 3.98 | 5.58 | 5.82 | 5.57 | 4.69 | 3.28 | 1.63 | 0.98 | -0.02 | -4.56 |
| Diluted Shares Outstanding | 28.47M | 28.38M | 28.53M | 28.26M | 27.66M | 26.26M | 19.56M | 10.68M | 7.29M | 3.38M | 962.77K |
Tenant Credit and Regulatory
As reported in the company's recent financial filings, revenue growth has trended into negative territory, with a 13.80% year-over-year decline observed in the most recent period, signaling that the firm's historical reliance on aggressive portfolio expansion is currently being offset by significant tenant-level operational headwinds.
The consistent decline in top-line revenue suggests that the company is struggling to maintain its historical growth trajectory as the cannabis sector faces pricing pressure. This trend implies that the firm's acquisition-led growth strategy may be insufficient to overcome the loss of income from non-performing assets or rent restructurings.
According to the provided quarterly data, the NOI margin experienced a sharp contraction from historical levels above 90% to 35.1% in 2026Q1, indicating that property-level profitability is under significant pressure despite the triple-net lease structure that typically shields the landlord from direct operating expenses.
The dramatic drop in NOI margins suggests that the company may be absorbing costs related to property vacancies or tenant defaults that were previously passed through to operators. Investors should monitor whether this margin compression is a temporary byproduct of asset repositioning or a structural shift in the company's ability to maintain its premium lease yields.
Based on the company's reported figures, FFO per share has fluctuated significantly, dropping from a peak of 2.08 in 2024Q2 to 1.81 in 2026Q1, which raises questions regarding the long-term durability of the dividend payout in the face of declining operational performance.
The divergence between FFO growth and revenue trends suggests that the company is facing difficulty in maintaining its core earnings power. This volatility may indicate that the firm's reliance on specialized cannabis assets is creating a more fragile earnings profile than the market previously anticipated.
Analysis of the income statement reveals that while net income remains positive at 32.8M for 2026Q1, the reliance on non-cash accounting entries may obscure the true economic impact of tenant defaults and the potential need for significant future impairment charges on specialized industrial assets.
The gap between GAAP net income and cash-based metrics suggests that investors should be wary of relying on headline profit figures. The specialized nature of the build-outs implies that if current tenants fail, the recovery value of these assets may be substantially lower than their carrying value on the balance sheet.
Quick answers to the most common questions about buying IIPR stock.
For fiscal year 2025, Innovative Industrial Properties, Inc. (IIPR) reported total revenue of $266.0M. This represents a 82752.0% increase compared to $0.3M in 2016.
Innovative Industrial Properties, Inc. (IIPR) is profitable, generating $114.4M in net income for the fiscal year ending 2025 with a net profit margin of 43.0%.
Innovative Industrial Properties, Inc. (IIPR) reported an operating income of $124.1M, resulting in an operating profit margin of 46.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Innovative Industrial Properties, Inc. (IIPR) generated $235.8M in gross profit for the year, representing a gross profit margin of 88.7%. This demonstrates the company's core pricing power and production efficiency.