Innovative Industrial Properties, Inc. (IIPR) Revenue History
Annual and quarterly revenue from 2016 to 2025
Compound Annual Growth Rate (CAGR)
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IIPR Revenue Growth
IIPR Revenue Analysis (2016–2025)
As of May 6, 2026, Innovative Industrial Properties, Inc. (IIPR) generated trailing twelve-month (TTM) revenue of $263.2 million, reflecting slight decline in growth of -3.8% year-over-year. The most recent quarter (Q1 2026) recorded $69.0 million in revenue, up 3.5% sequentially.
Looking at the longer-term picture, IIPR's 5-year compound annual growth rate (CAGR) stands at +17.9%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $309.5 million in 2023.
When compared to Real Estate sector peers including SACH (+338.4% YoY), O (+9.1% YoY), and STAG (+10.0% YoY), IIPR has underperformed the peer group in terms of revenue growth. Compare IIPR vs SACH →
IIPR Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| IIPRCurrent | $263M | -3.8% | +17.9% | 46.7% | |
 SACH | $47M | +338.4% | +29.2% | 58.8% | |
 O | $5.7B | +9.1% | +28.4% | 28.3% | |
 STAG | $845M | +10.0% | +11.8% | 37.7% | |
 COLD | $2.6B | -2.4% | +5.5% | 0.3% |
IIPR Historical Revenue Data (2016–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $266.0M | -13.8% | $235.8M | 88.7% | $124.1M | 46.7% |
| 2024 | $308.5M | -0.3% | $280.0M | 90.8% | $168.3M | 54.6% |
| 2023 | $309.5M | +12.0% | $284.6M | 92.0% | $174.6M | 56.4% |
| 2022 | $276.4M | +35.1% | $265.8M | 96.2% | $169.6M | 61.4% |
| 2021 | $204.6M | +75.0% | $200.1M | 97.8% | $135.4M | 66.2% |
| 2020 | $116.9M | +161.7% | $111.9M | 95.8% | $69.7M | 59.7% |
| 2019 | $44.7M | +202.1% | $43.4M | 97.1% | $24.9M | 55.8% |
| 2018 | $14.8M | +130.3% | $14.3M | 97.0% | $5.3M | 36.1% |
| 2017 | $6.4M | +1900.0% | $6.3M | 98.2% | $-223,000 | -3.5% |
| 2016 | $321K | - | $234K | 72.9% | $-4,392,000 | -1368.2% |
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Start ComparisonIIPR — Frequently Asked Questions
Quick answers to the most common questions about buying IIPR stock.
Is IIPR's revenue growth accelerating or slowing?
IIPR revenue growth slowed to -3.8%, below the 5-year CAGR of +17.9%. TTM revenue is $263M. The deceleration marks a shift from historical growth rates.
What is IIPR's long-term revenue growth rate?
Innovative Industrial Properties, Inc.'s 5-year revenue CAGR of +17.9% reflects the variable expansion pattern. Current YoY growth of -3.8% is near this long-term average.
How is IIPR's revenue distributed by segment?
IIPR reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2016-2025 are available for download. Segment mix reveals concentration and diversification trends.