Innovative Industrial Properties, Inc. (IIPR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 17, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the IIPR SEC filings page.
Innovative Industrial Properties, Inc. (IIPR) reported $263.7M in revenue over the twelve months to Jun 30, 2026, down 8.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Asset-backed cash generation remains central, but FY2025 paired weaker earnings with dividends above operating cash flow.
Operating cash flow exceeded net income by 1.7x in FY2025, helped by non-cash depreciation rather than by reported profit alone. However, operating cash flow fell23.3% from FY2024 while dividends rose2.0% , meaning distributions consumed more cash than the latest year produced.
Revenue was broadly flat in FY2024 before falling
Debt-to-equity was just 0.2x in FY2025, indicating liabilities remain modest relative to equity. Still, total liabilities increased from
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Innovative Industrial Properties, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. Innovative Industrial Properties, Inc. scores 97/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. Innovative Industrial Properties, Inc. scores 27/100 on it among other REITs.
Innovative Industrial Properties, Inc.'s net debt of $346.1M, being $393.7M of long-term debt less $47.6M of cash, came to 1.75 times its EBITDA in fiscal year 2025. REITs are ranked here on that debt against their EBITDA, where a lower multiple is the safer one, and Innovative Industrial Properties, Inc. scores 88/100 among other REITs.
Innovative Industrial Properties, Inc.'s operating income of $124.1M covered its interest expense of $20.2M 6.15 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and Innovative Industrial Properties, Inc. scores 93/100 among other REITs.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. Innovative Industrial Properties, Inc. scores 97/100 on it among other REITs.
Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. Innovative Industrial Properties, Inc. scores 23/100 on it among other REITs.
Innovative Industrial Properties, Inc. passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Innovative Industrial Properties, Inc. generates $1.68 in operating cash flow ($198.2M OCF vs $118.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Innovative Industrial Properties, Inc. earns $6.15 in operating income for every $1 of interest expense ($124.1M vs $20.2M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Innovative Industrial Properties, Inc. generated $63.3M in revenue in Q2 2026. This represents an increase of 0.7% from the same quarter a year earlier. Against the prior quarter it is down 8.2%.
Innovative Industrial Properties, Inc.'s EBITDA was $60.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 27.1% from the same quarter a year earlier. Against the prior quarter it is up 17.0%.
Innovative Industrial Properties, Inc. reported $43.9M in net income in Q2 2026. This represents an increase of 68.5% from the same quarter a year earlier. Against the prior quarter it is up 33.7%.
Innovative Industrial Properties, Inc. earned $1.36 per diluted share (EPS) in Q2 2026. This represents an increase of 58.1% from the same quarter a year earlier. Against the prior quarter it is up 33.3%.
Cash & Balance Sheet
Innovative Industrial Properties, Inc. held $204.7M in cash as of Q2 2026; long-term debt is not reported for that period.
Innovative Industrial Properties, Inc. paid $1.90 per share in dividends in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q2 2026.
Margins & Returns
Innovative Industrial Properties, Inc.'s operating margin was 65.5% in Q2 2026, reflecting core business profitability. This is up 19.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 17.8 percentage points.
Innovative Industrial Properties, Inc.'s net profit margin was 69.3% in Q2 2026, showing the share of revenue converted to profit. This is up 27.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 21.7 percentage points.
Innovative Industrial Properties, Inc.'s ROE was 2.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.6 percentage points.
Not reported for Q2 2026.
Capital Allocation
Innovative Industrial Properties, Inc. spent $89.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 348.9% from the same quarter a year earlier.
Not reported for Q2 2026.
Not reported for Q2 2026.
IIPR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $63.3M+0.7% | $69.0M-3.8% | $66.7M-13.1% | $64.7M-15.5% | $62.9M-21.2% | $71.7M-4.9% | $76.7M-3.0% | $76.5M-1.7% |
| SG&A Expenses | $7.7M-10.5% | $10.3M+22.3% | $8.0M-10.4% | $8.7M-7.0% | $8.6M-10.7% | $8.5M-11.5% | $8.9M-18.5% | $9.3M-15.0% |
| Operating Income | $41.4M+43.4% | $32.9M-3.1% | $31.8M-24.2% | $29.4M-29.9% | $28.9M-31.8% | $34.0M-19.2% | $42.0M-4.4% | $42.0M-4.3% |
| EBITDA | $60.2M+27.1% | $51.5M-1.6% | $50.4M-16.4% | $48.1M-19.8% | $47.4M-20.8% | $52.4M-11.5% | $60.2M-1.3% | $59.9M-1.0% |
| Interest Expense | $8.3M+87.8% | $6.4M+42.9% | $6.7M+48.3% | $4.5M+2.2% | $4.4M+2.9% | $4.5M+2.5% | $4.5M+9.4% | $4.4M+2.2% |
| Net Income | $43.9M+68.5% | $32.8M+5.6% | $31.8M-20.4% | $29.3M-27.1% | $26.0M-38.0% | $31.1M-21.2% | $40.0M-3.9% | $40.2M-3.3% |
| EPS (Basic) | $1.39+59.8% | $1.04-1.0% | $1.07-21.9% | $0.99-28.3% | $0.87-40.0% | $1.05-23.4% | $1.37-6.2% | $1.38-5.5% |
| EPS (Diluted) | $1.36+58.1% | $1.02-1.0% | $1.06-22.1% | $0.97-29.2% | $0.86-40.3% | $1.03-24.3% | $1.36-6.2% | $1.37-5.5% |
| Diluted Shares (Avg) | 30M+5.9% | 28M-0.4% | N/A | 28M-1.0% | 28M-0.9% | 29M+0.4% | N/A | 29M+1.1% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Income Tax.
IIPR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.6B+12.0% | $2.4B+1.8% | $2.4B-0.3% | $2.3B-2.4% | $2.3B-3.3% | $2.4B-2.0% | $2.4B-0.5% | $2.4B+0.2% |
| Cash & Equivalents | $204.7M+105.4% | $89.1M-30.4% | $47.6M-67.5% | $36.7M-75.1% | $99.7M-17.5% | $128.0M-16.6% | $146.2M+4.3% | $147.1M+25.7% |
| Short-Term Investments | $0-100.0% | $0-100.0% | $0-100.0% | $5.3M-79.2% | $5.3M-86.9% | $5.3M-73.7% | $5.0M-77.2% | $25.3M-39.6% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $730.0M+71.9% | $499.4M+16.0% | $522.9M+18.3% | $474.6M+5.7% | $424.6M-2.8% | $430.4M-3.1% | $442.0M+0.9% | $448.8M+1.8% |
| Long-Term Debt | N/A | N/A | $393.7M | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.9B-1.5% | $1.9B-1.4% | $1.8B-4.5% | $1.9B-4.3% | $1.9B-3.4% | $1.9B-1.7% | $1.9B-0.9% | $1.9B-0.1% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Retained Earnings.
IIPR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $44.9M-7.3% | $56.0M+3.3% | $49.9M-13.7% | $45.6M-29.7% | $48.4M-24.5% | $54.2M-24.2% | $57.8M-12.5% | $64.9M+2.8% |
| Depreciation & Amortization | $18.8M+1.6% | $18.6M+1.0% | $18.5M+1.6% | $18.6M+3.9% | $18.5M+5.9% | $18.4M+7.2% | $18.2M+6.7% | $17.9M+7.6% |
| Stock-Based Compensation | N/A | $2.6M+24.4% | N/A | N/A | N/A | $2.1M-51.8% | N/A | N/A |
| Investing Cash Flow | -$78.1M-1256.1% | -$341K+98.0% | -$41.7M-1070.4% | -$109.7M-1813.0% | -$5.8M+87.0% | -$17.2M-19.2% | -$3.6M-351.8% | $6.4M-48.5% |
| Financing Cash Flow | $151.7M+313.5% | -$14.2M+74.4% | $2.7M+105.0% | $1.1M+102.4% | -$71.0M-35.5% | -$55.3M-21.9% | -$55.1M-31.0% | -$45.0M+11.9% |
| Dividends Paid | $54.4M0.0% | $53.8M-0.9% | $53.8M-0.9% | $53.8M-0.9% | $54.5M+4.8% | $54.3M+5.4% | $54.3M+6.9% | $54.3M+6.9% |
| Share Buybacks | $89.0M+348.9% | $0-100.0% | $0 | $0 | $19.8M | $290K | $0 | $0 |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
IIPR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 65.5%+19.5pp | 47.7%+0.3pp | 47.8%-7.0pp | 45.5%-9.4pp | 46.0%-7.1pp | 47.4%-8.4pp | 54.7%-0.8pp | 54.8%-1.5pp |
| Net Margin | 69.3%+27.9pp | 47.5%+4.2pp | 47.8%-4.4pp | 45.3%-7.2pp | 41.4%-11.2pp | 43.3%-8.9pp | 52.1%-0.5pp | 52.5%-0.9pp |
| Return on Equity | 2.4%+1.0pp | 1.7%+0.1pp | 1.7%-0.3pp | 1.6%-0.5pp | 1.4%-0.8pp | 1.6%-0.4pp | 2.1%-0.1pp | 2.1%-0.1pp |
| Return on Assets | 1.7%+0.6pp | 1.4%+0.1pp | 1.3%-0.3pp | 1.3%-0.4pp | 1.1%-0.6pp | 1.3%-0.3pp | 1.7%-0.1pp | 1.7%-0.1pp |
| Debt-to-Equity | 0.39+0.2x | 0.260.0x | 0.210.0x | 0.250.0x | 0.230.0x | 0.220.0x | 0.230.0x | 0.230.0x |
| Asset Turnover | 0.020.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Innovative Industrial Properties, Inc. IIPR | FY2025 | $266.0M | $118.2M | 44.5% | $1.4B | 71/100 |
| Plymouth Industrial REIT, Inc. PLYM | FY2024 | $198.4M | $139.3M | 70.3% | $990.0M | 57/100 |
| Industrial Logistics Properties Trust ILPT | FY2025 | N/A | -$66.2M | N/A | $455.2M | — |
| LXP Industrial Trust LXP | FY2025 | $350.2M | $113.2M | 32.3% | $3.6B | 37/100 |
| National Storage Affiliates Trust NSA | FY2025 | $752.9M | $73.8M | 9.8% | $6.4B | 32/100 |
| Terreno Realty Corporation TRNO | FY2025 | $476.4M | $403.0M | 84.6% | $7.0B | 51/100 |
Where Innovative Industrial Properties, Inc. Ranks
Frequently Asked Questions
What is Innovative Industrial Properties, Inc.'s annual revenue?
Innovative Industrial Properties, Inc. (IIPR) reported $266.0M in total revenue for fiscal year 2025. This represents a -13.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Innovative Industrial Properties, Inc.'s revenue growing?
Innovative Industrial Properties, Inc. (IIPR) revenue declined by 13.8% year-over-year, from $308.5M to $266.0M in fiscal year 2025.
Is Innovative Industrial Properties, Inc. profitable?
Yes, Innovative Industrial Properties, Inc. (IIPR) reported a net income of $118.2M in fiscal year 2025, with a net profit margin of 44.5%.
What is Innovative Industrial Properties, Inc.'s EBITDA?
Innovative Industrial Properties, Inc. (IIPR) had EBITDA of $198.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Innovative Industrial Properties, Inc. have?
As of fiscal year 2025, Innovative Industrial Properties, Inc. (IIPR) had $47.6M in cash and equivalents against $393.7M in long-term debt.
What is Innovative Industrial Properties, Inc.'s operating margin?
Innovative Industrial Properties, Inc. (IIPR) had an operating margin of 46.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Innovative Industrial Properties, Inc.'s net profit margin?
Innovative Industrial Properties, Inc. (IIPR) had a net profit margin of 44.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Innovative Industrial Properties, Inc.'s return on equity (ROE)?
Innovative Industrial Properties, Inc. (IIPR) has a return on equity of 6.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Innovative Industrial Properties, Inc.'s operating cash flow?
Innovative Industrial Properties, Inc. (IIPR) generated $198.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Innovative Industrial Properties, Inc.'s total assets?
Innovative Industrial Properties, Inc. (IIPR) had $2.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Innovative Industrial Properties, Inc.'s debt-to-equity ratio?
Innovative Industrial Properties, Inc. (IIPR) had a debt-to-equity ratio of 0.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Innovative Industrial Properties, Inc.'s return on assets (ROA)?
Innovative Industrial Properties, Inc. (IIPR) had a return on assets of 5.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Innovative Industrial Properties, Inc.'s P/E ratio?
Innovative Industrial Properties, Inc. (IIPR) trades at 10.5x earnings, its market capitalization divided by net income of $137.8M net income, trailing 12 months to June 30, 2026. The market capitalization is $1.4B as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Innovative Industrial Properties, Inc.'s price-to-sales ratio?
Innovative Industrial Properties, Inc. (IIPR) trades at 5.5x sales, its market capitalization divided by revenue of $263.7M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.4B as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Innovative Industrial Properties, Inc.'s Piotroski F-Score?
Innovative Industrial Properties, Inc. (IIPR) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Innovative Industrial Properties, Inc.'s earnings high quality?
Innovative Industrial Properties, Inc. (IIPR) has an earnings quality ratio of 1.68x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Innovative Industrial Properties, Inc. cover its interest payments?
Innovative Industrial Properties, Inc. (IIPR) has an interest coverage ratio of 6.15x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Innovative Industrial Properties, Inc.?
Innovative Industrial Properties, Inc. (IIPR) scores 71 out of 100 on our Financial Health Score, indicating strong standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.