insiderdelta
CoverageForm 410-K10-Q8-K13D13G13F

IIPR · Innovative Industrial Properties Inc - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · IIPR

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AnnualQuarterly

Income Statement

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Revenue$265.95M$308.52M$309.51M$276.36M$204.55M$116.90M
Cost of Revenue------
Gross Profit------
R&D------
SG&A$33.73M$37.44M$42.83M$38.52M$22.96M$14.18M
Total Operating Expenses$141.51M$136.72M$134.92M$110.34M$69.18M$47.16M
D&A$74.07M$70.81M$67.19M$61.30M$41.78M$28.02M
Operating Income$124.12M$168.34M$174.59M$169.62M$135.37M$69.74M
Interest Expense$20.20M$17.67M$17.47M$18.30M$18.09M$7.43M
Income Tax------
Net Income$118.25M$161.66M$165.59M$154.39M$113.99M$65.73M
EPS - Basic$3.98$5.58$5.82$5.57$4.69$3.28
EPS - Diluted$3.93$5.52$5.77$5.52$4.55$3.27

Balance Sheet

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Cash & Equivalents$47.60M$146.25M$140.25M$87.12M$81.10M$126.01M
Accounts Receivable------
Inventory------
Accounts Payable------
Current Assets------
Total Assets$2.37B$2.38B$2.39B$2.41B$2.08B$1.77B
Current Liabilities------
Long-term Debt$393.71M-----
Total Liabilities$522.85M$441.99M$438.12M$452.94M$472.90M$243.11M
Stockholders' Equity$1.85B$1.94B$1.95B$1.96B$1.61B$1.52B
Retained Earnings------

Cash Flow

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Operating Cash Flow$198.19M$258.45M$255.54M$234.13M$188.75M$110.81M
Investing Cash Flow($174.30M)($56.00M)($6.79M)($396.20M)($384.09M)($1.03B)
Financing Cash Flow($122.54M)($197.90M)($195.63M)$164.22M$155.76M$924.99M
CapEx------
Free Cash Flow------

Ratios

MetricFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Profitability
Gross margin------
Operating margin46.7%54.6%56.4%61.4%66.2%59.7%
EBITDA margin74.5%77.5%78.1%83.6%86.6%83.6%
Net margin44.5%52.4%53.5%55.9%55.7%56.2%
Free cash flow margin------
FCF / Net income------
R&D / Revenue------
SG&A / Revenue12.7%12.1%13.8%13.9%11.2%12.1%
Effective tax rate------
Return on assets5.0%6.8%6.9%6.4%5.5%3.7%
Return on equity6.4%8.3%8.5%7.9%7.1%4.3%
Return on invested capital------
Liquidity
Current ratio------
Quick ratio------
Cash ratio------
Leverage
Debt / Equity0.21-----
Debt / Assets0.17-----
Debt / EBITDA1.99-----
Interest coverage6.1x9.5x10.0x9.3x7.5x9.4x
Equity multiplier1.281.231.221.231.291.16
Liabilities / Assets0.220.190.180.190.230.14
Efficiency
Asset turnover0.110.130.130.110.100.07
Inventory turnover------
Days sales outstanding------
Days inventory outstanding------
Days payable outstanding------
Cash conversion cycle------
Valuation
P / E12.1x12.1x17.5x18.4x57.8x56.0x
P / B0.7x1.0x1.5x1.4x4.3x2.3x
P / S5.1x6.2x9.2x10.1x33.8x30.6x
EV / EBITDA8.5x7.3x11.2x11.8x38.5x35.3x
Growth
Revenue growth (YoY)-13.8%-0.3%12.0%35.1%75.0%161.7%
Revenue CAGR (3y)-1.3%14.7%38.3%83.6%217.0%-
Revenue CAGR (5y)17.9%47.2%117.1%---
Gross profit growth (YoY)------
Operating income growth (YoY)-26.3%-3.6%2.9%25.3%94.1%179.7%
Net income growth (YoY)-26.9%-2.4%7.3%35.4%73.4%180.0%
EPS growth (YoY)-28.8%-4.3%4.5%21.3%39.1%61.1%
EPS CAGR (3y)-10.7%6.7%20.8%39.6%82.4%-
EPS CAGR (5y)3.7%22.1%50.4%---
FCF growth (YoY)------
FCF CAGR (5y)------
Book value growth (YoY)-4.5%-0.9%-0.5%21.7%5.7%178.3%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$265.95M total
Cannabis Portfolio$265.95M · 100.0%

Stability scores

Piotroski F-score

FY 2025 · 9-point quality

4/9
Neutral
  • ✓Net income positive
  • ✓Operating cash flow positive
  • ✗ROA improved YoY
  • ✓Cash flow > net income
  • -Long-term debt decreased
  • -Current ratio improved
  • ✓No share dilution
  • -Gross margin improved
  • ✗Asset turnover improved

Peer comparison

Same SIC group: Real Estate

CompanyRevenue (last FY)Net marginROE
CBRE$40.55B2.9%13.0%
FOR$1.66B10.1%9.5%
TRC$49.59M0.2%0.0%
HPP$831.11M-71.3%-19.9%
CWK$10.29B0.9%4.5%

Comparing INNOVATIVE INDUSTRIAL PROPERTIES INC against the 5 most active filers in the same SIC group.

Dividends

$7.60/share trailing 12 months · 0.0% YoY

Ex-datePer share
Mar 31, 2026$1.9000
Dec 31, 2025$1.9000
Sep 30, 2025$1.9000
Jun 30, 2025$1.9000
Mar 31, 2025$1.9000
Dec 31, 2024$1.9000
Sep 30, 2024$1.9000
Jun 28, 2024$1.9000
Mar 27, 2024$1.8200
Dec 28, 2023$1.8200
Sep 28, 2023$1.8000
Jun 29, 2023$1.8000
Mar 30, 2023$1.8000
Dec 29, 2022$1.8000
Sep 29, 2022$1.8000
Jun 29, 2022$1.7500
Mar 30, 2022$1.7500
Dec 30, 2021$1.5000
Sep 29, 2021$1.5000
Jun 29, 2021$1.4000
Mar 30, 2021$1.3200
Dec 30, 2020$1.2400
Sep 29, 2020$1.1700
Jun 29, 2020$1.0600