Innovative Industrial Properties, Inc. (IIPR) Revenue History
Annual and quarterly revenue from 2016 to present
IIPR Revenue Over Time (2016–2025)
IIPR Revenue Growth History
7 of 9 years with positive growth- FY2016 revenue growth
- N/A
- FY2017 revenue growth
- +1900.0%
- FY2018 revenue growth
- +130.3%
- FY2019 revenue growth
- +202.1%
- FY2020 revenue growth
- +161.7%
- FY2021 revenue growth
- +75.0%
- FY2022 revenue growth
- +35.1%
- FY2023 revenue growth
- +12.0%
- FY2024 revenue growth
- -0.3%
- FY2025 revenue growth
- -13.8%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $69.0M | -3.8% |
| Q4 2025 | $66.7M | -13.1% |
| Q3 2025 | $64.7M | -15.5% |
| Q2 2025 | $62.9M | -21.2% |
| Q1 2025 | $71.7M | -4.9% |
| Q4 2024 | $76.7M | -3.0% |
| Q3 2024 | $76.5M | -1.7% |
| Q2 2024 | $79.8M | +4.4% |
Multi-year avg. share of annual revenue by fiscal quarter
IIPR Revenue Analysis (2016–2025)
Current Revenue & Growth
As of June 21, 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.
Historical Growth Trajectory
IIPR's 5-year compound annual growth rate (CAGR) stands at +17.9%, indicating consistent double-digit revenue growth. The 3-year CAGR of -1.3% is below the 5-year average, signalling a growth deceleration in recent years. Innovative Industrial Properties, Inc.'s highest annual revenue of $309.5 million was recorded in 2023.
Peer Comparison
Compared to Real Estate sector peers — including REFI (+9.0% YoY), SACH (+397.2% YoY), and O (+9.8% YoY) — IIPR has underperformed the peer group in revenue growth. Compare IIPR vs REFI →
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% | |
 REFI | $63M | +9.0% | - | 57.1% | |
 SACH | $47M | +397.2% | +29.2% | 58.8% | |
 O | $5.7B | +9.8% | +28.4% | 28.3% | |
 STAG | $845M | +10.0% | +11.8% | 37.7% | |
 COLD | $2.6B | -1.1% | +5.5% | 3.8% |
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% |
Intrinsic Valuation
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Historical Returns
10+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
IIPR — 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 is slowing. TTM revenue is $263M, up -3.8% year-over-year — below the 5-year CAGR of +17.9%. The deceleration suggests maturing end-markets or increased competition.
What is IIPR's revenue history from 2016 to 2026?
Innovative Industrial Properties, Inc. (IIPR) revenue history spans 2016 to 2026. TTM revenue as of 2026 is $263M, growing at -3.8% YoY. The 5-year CAGR is +17.9%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is IIPR's long-term revenue growth rate (CAGR)?
Innovative Industrial Properties, Inc.'s 5-year revenue CAGR of +17.9% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -3.8% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for IIPR.
Why does IIPR's quarterly revenue fluctuate?
IIPR quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Innovative Industrial Properties, Inc.'s revenue data from 2016 to 2026 shows full historical quarterly detail on this page.
How is IIPR's revenue distributed by segment?
IIPR reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does IIPR's revenue compare to industry peers?
Innovative Industrial Properties, Inc. (IIPR) with TTM revenue of $263M and -3.8% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.