Innovative Industrial Properties, Inc. (IIPR) Revenue History
Annual and quarterly revenue from 2016 to 2025
Compound Annual Growth Rate (CAGR)
Loading revenue history...
Revenue Growth Metrics
IIPR Revenue Analysis (2016–2025)
As of March 2, 2026, Innovative Industrial Properties, Inc. (IIPR) generated trailing twelve-month (TTM) revenue of $266.0 million, reflecting significant decline in growth of -13.1% year-over-year. The most recent quarter (Q4 2025) recorded $66.7 million in revenue, up 3.0% 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 LINE (+0.3% YoY), and COLD (-2.4% YoY), IIPR has underperformed the peer group in terms of revenue growth. Compare IIPR vs LINE →
Peer Comparison
Compare IIPR's revenue metrics with industry peers
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| IIPRCurrent | $266M | -13.1% | +17.9% | 46.7% | |
| LINE | $5.4B | +0.3% | +59.6% | 4.7% | |
| COLD | $2.6B | -2.4% | +5.5% | 0.3% |
Historical Revenue Data
| 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% |
See IIPR's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs IIPR Undervalued?
See our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationCompare IIPR vs WELL
See how IIPR stacks up against sector leader Welltower Inc..
Start ComparisonFrequently Asked Questions
Is IIPR's revenue growth accelerating or slowing?
IIPR revenue declined -13.1% year-over-year, contrasting with the 5-year CAGR of +17.9%. TTM revenue fell to $266M. This reverses the prior growth trend.
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 -13.1% is below 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.