Innovative Industrial Properties, Inc. (IIPR)

NYSE Real Estate Industrial REITs S&P SmallCap 600

$54.83

-0.47 (-0.85%)

Close of Nov 06, 2026 · end-of-day data

Source: Innovative Industrial Properties, Inc.'s 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 04, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$6.42M	$14.79M	$44.67M	$116.90M	$204.55M	$276.36M	$309.51M	$308.52M	$265.95M
Operating income	-$223.00K	$5.34M	$24.93M	$69.74M	$135.37M	$169.62M	$174.59M	$168.34M	$124.12M
Interest expense	$0	$0	$6.31M	$7.43M	$18.09M	$18.30M	$17.47M	$17.67M	$20.20M
Net income	-$72.00K	$6.99M	$23.48M	$65.73M	$113.99M	$154.39M	$165.59M	$161.66M	$118.25M
EBITDA	$692.00K	$7.97M	$33.53M	$97.76M	$177.15M	$230.92M	$241.78M	$239.15M	$198.19M
EPS (basic)	$-0.13	$0.76	$2.06	$3.28	$4.69	$5.57	$5.82	$5.58	$3.98
EPS (diluted)	$-0.13	$0.75	$2.03	$3.27	$4.55	$5.52	$5.77	$5.52	$3.93
Diluted shares	3.38M	7.29M	10.68M	19.56M	26.26M	27.66M	28.26M	28.53M	28.38M
Operating margin	-3.5%	36.1%	55.8%	59.7%	66.2%	61.4%	56.4%	54.6%	46.7%
Net margin	-1.1%	47.2%	52.6%	56.2%	55.7%	55.9%	53.5%	52.4%	44.5%

Balance sheet

fiscal years · USD

Fiscal year	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$11.76M	$13.05M	$82.24M	$126.01M	$81.10M	$87.12M	$140.25M	$146.25M	$47.60M
Short-term investments	$0	$120.44M	$119.59M	$619.27M	$324.89M	$200.94M	$21.95M	$5.00M	$0
Total assets	$80.03M	$281.47M	$745.86M	$1.77B	$2.08B	$2.41B	$2.39B	$2.38B	$2.37B
Long-term debt	—	—	$134.65M	—	—	—	—	—	$393.10M
Total debt	—	—	$134.65M	—	—	—	—	—	$393.10M
Total liabilities	$6.48M	$17.17M	$197.85M	$243.11M	$472.90M	$452.94M	$438.12M	$441.99M	$522.85M
Shareholders' equity	$73.55M	$264.29M	$548.01M	$1.52B	$1.61B	$1.96B	$1.95B	$1.94B	$1.85B

Cash flow

fiscal years · USD

Fiscal year	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$5.01M	$15.69M	$44.93M	$110.81M	$188.75M	$234.13M	$255.54M	$258.45M	$198.19M
Capital expenditures	$5.91M	—	—	—	—	—	—	—	—
Free cash flow	-$896.00K	$15.69M	$44.93M	$110.81M	$188.75M	$234.13M	$255.54M	$258.45M	$198.19M
Investing cash flow	-$38.65M	-$199.25M	-$340.63M	-$1.03B	-$384.09M	-$396.20M	-$6.79M	-$56.00M	-$174.30M
Financing cash flow	$12.38M	$184.85M	$399.96M	$924.99M	$155.76M	$164.22M	-$195.63M	-$197.90M	-$122.54M
Dividends paid	$1.05M	$6.64M	$22.58M	$75.46M	$130.95M	$183.94M	$202.71M	$211.95M	$216.28M
Share buybacks	$0	—	—	—	—	—	$0	$0	$20.11M
Stock-based compensation	$1.72M	$1.47M	$2.50M	$3.33M	$8.62M	$17.51M	$19.58M	$17.32M	$10.13M
Depreciation & amortization	$915.00K	$2.63M	$8.60M	$28.02M	$41.78M	$61.30M	$67.19M	$70.81M	$74.07M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$79.16M	$75.45M	$79.79M	$76.53M	$76.74M	$71.72M	$62.89M	$64.69M	$66.66M	$69.00M	$63.31M	$64.92M
Operating income	$43.96M	$42.03M	$42.35M	$41.96M	$42.01M	$33.96M	$28.90M	$29.41M	$31.85M	$32.91M	$41.45M	$29.38M
Interest expense	$4.14M	$4.39M	$4.32M	$4.43M	$4.54M	$4.50M	$4.44M	$4.53M	$6.73M	$6.43M	$8.35M	$11.82M
Net income	$41.63M	$39.43M	$41.99M	$40.22M	$40.02M	$31.08M	$26.02M	$29.30M	$31.84M	$32.81M	$43.85M	$31.89M
EBITDA	$61.05M	$59.18M	$59.82M	$59.90M	$60.25M	$52.35M	$47.40M	$48.05M	$50.38M	$51.49M	$60.25M	$48.96M
EPS (basic)	$1.46	$1.37	$1.45	$1.38	$1.37	$1.05	$0.87	$0.99	$1.07	$1.04	$1.39	$1.01
EPS (diluted)	$1.45	$1.36	$1.44	$1.37	$1.36	$1.03	$0.86	$0.97	$1.06	$1.02	$1.36	$0.99
Diluted shares	7.74K	28.46M	28.57M	28.58M	-17.40K	28.59M	28.32M	28.30M	-24.84K	28.47M	29.99M	27.96M
Operating margin	55.5%	55.7%	53.1%	54.8%	54.7%	47.4%	45.9%	45.5%	47.8%	47.7%	65.5%	45.3%
Net margin	52.6%	52.3%	52.6%	52.6%	52.2%	43.3%	41.4%	45.3%	47.8%	47.6%	69.3%	49.1%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$140.25M	$153.50M	$120.83M	$147.13M	$146.25M	$128.01M	$99.67M	$36.67M	$47.60M	$89.12M	$204.73M	$142.35M
Short-term investments	$21.95M	$20.03M	$40.11M	$25.32M	$5.00M	$5.26M	$5.26M	$5.26M	$0	—	—	—
Total assets	$2.39B	$2.40B	$2.38B	$2.40B	$2.38B	$2.35B	$2.31B	$2.34B	$2.37B	$2.39B	$2.58B	$2.65B
Long-term debt	—	—	—	—	—	—	—	—	$393.10M	—	—	$695.96M
Total debt	—	—	—	—	—	—	—	—	$393.10M	—	—	$695.96M
Total liabilities	$438.12M	$444.09M	$436.98M	$448.79M	$441.99M	$430.42M	$424.65M	$474.57M	$522.85M	$499.44M	$730.04M	$820.23M
Shareholders' equity	$1.95B	$1.96B	$1.95B	$1.95B	$1.94B	$1.92B	$1.88B	$1.86B	$1.85B	$1.89B	$1.85B	$1.83B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$66.08M	$71.57M	$64.20M	$64.87M	$57.81M	$54.24M	$48.45M	$45.59M	$49.91M	$56.03M	$44.92M	$49.45M
Free cash flow	$66.08M	$71.57M	$64.20M	$64.87M	$57.81M	$54.24M	$48.45M	$45.59M	$49.91M	$56.03M	$44.92M	$49.45M
Investing cash flow	-$789.00K	-$14.39M	-$44.44M	$6.40M	-$3.56M	-$17.16M	-$5.76M	-$109.66M	-$41.73M	-$341.00K	-$78.06M	-$140.97M
Financing cash flow	-$42.08M	-$45.37M	-$52.43M	-$44.98M	-$55.12M	-$55.32M	-$71.04M	$1.08M	$2.74M	-$14.17M	$151.66M	$29.14M
Dividends paid	$50.74M	$51.49M	$51.96M	$54.25M	$54.25M	$54.25M	$54.46M	$53.78M	$53.78M	$53.78M	$54.45M	$53.13M
Share buybacks	—	$0	$0	$0	$0	$290.00K	$19.82M	$0	$0	$0	$88.97M	$0
Stock-based compensation	$4.93M	$4.32M	$4.37M	$4.32M	$4.32M	$2.08M	$2.67M	$2.68M	$2.70M	$2.58M	$2.83M	$3.31M
Depreciation & amortization	$17.10M	$17.15M	$17.47M	$17.94M	$18.24M	$18.39M	$18.50M	$18.64M	$18.54M	$18.58M	$18.80M	$19.57M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.