IIPR

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Innovative Industrial Properties, Inc.

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Key Metrics

Previous Close: $56.20
52-Week Range: $44.58 – $65.38
Market Cap: $1.56B
P/E (TTM): 12.83
EPS (TTM): 4.42
Dividend Yield: 13.52%

Advanced Metrics

Price/Book: 0.91
PEG Ratio: —
Return on Equity: 7.39%
Return on Assets: 3.28%
Gross Margin: 88.36%
Operating Margin: 48.82%
Profit Margin: 52.27%
Current Ratio: 4.58
Debt/Equity: 0.33
Total Debt: $609.03M
Free Cash Flow: $99.87M
Revenue Growth: 0.70%
Earnings Growth: 57.70%
Enterprise Value: $2.08B

IIPR Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$276.36M	$309.51M	$308.52M	$265.95M
Cost of Revenue	$10.52M	$24.89M	$28.47M	$30.18M
Gross Profit	$265.84M	$284.61M	$280.05M	$235.78M
Selling, General & Admin	$38.52M	$42.83M	$37.44M	$33.73M
Operating Expenses	$99.82M	$110.03M	$108.25M	$107.80M
Operating Income	$166.02M	$174.59M	$171.79M	$127.97M
EBITDA	$232.64M	$248.88M	$248.72M	$211.04M
Pretax Income	$154.39M	$165.59M	$161.65M	$118.25M
Net Income	$154.39M	$165.59M	$161.66M	$118.25M
Diluted EPS	5.52	5.77	5.52	3.93
Diluted Shares	27.66M	28.26M	28.53M	28.38M

IIPR Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$87.12M	$140.25M	$146.25M	$47.60M
Receivables	$18.02M	$22.00M	$22.80M	$119.29M
Current Assets	$106.59M	$163.70M	$169.04M	$166.89M
Total Assets	$2.41B	$2.39B	$2.38B	$2.37B
Current Liabilities	$149.55M	$132.18M	$132.78M	$221.55M
Long-Term Debt	$301.50M	$300.88M	$297.87M	$290.60M
Total Debt	$301.50M	$300.88M	$297.87M	$393.10M
Total Liabilities	$452.94M	$438.12M	$441.99M	$522.85M
Retained Earnings	-$117.39M	-$156.85M	-$211.71M	-$312.99M
Shareholders' Equity	$1.96B	$1.95B	$1.94B	$1.85B
Working Capital	-$42.95M	$31.52M	$36.26M	-$54.66M
Net Debt	$214.37M	$160.63M	$151.62M	$345.50M

IIPR Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$234.13M	$255.54M	$258.45M	$198.19M
Free Cash Flow	$234.13M	$255.54M	$258.45M	$198.19M
Depreciation & Amortisation	$61.30M	$67.19M	$70.81M	$74.07M
Stock-Based Compensation	$17.51M	$19.58M	$17.32M	$10.13M
Investing Cash Flow	-$396.20M	-$6.79M	-$56.00M	-$174.30M
Financing Cash Flow	$164.22M	-$195.63M	-$197.90M	-$122.54M
Dividends Paid	-$185.29M	-$204.06M	-$213.53M	-$219.51M
Share Repurchases	—	$0.00	$0.00	-$20.11M
Net Change in Cash	$2.15M	$53.13M	$4.55M	-$98.65M

IIPR Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$71.72M	$62.89M	$64.69M	$66.66M	$69.00M
Cost of Revenue	$7.38M	$6.87M	$7.95M	$7.98M	$7.58M
Gross Profit	$64.34M	$56.02M	$56.73M	$58.68M	$61.42M
Selling, General & Admin	$8.46M	$8.63M	$8.68M	$7.97M	$10.35M
Operating Expenses	$26.85M	$27.13M	$27.32M	$26.50M	$28.93M
Operating Income	$37.49M	$28.90M	$29.41M	$32.17M	$32.49M
EBITDA	$53.97M	$48.97M	$52.47M	$55.64M	$57.82M
Pretax Income	$31.08M	$26.02M	$29.30M	$31.84M	$32.81M
Net Income	$31.08M	$26.02M	$29.30M	$31.84M	$32.81M
Diluted EPS	1.03	0.86	0.97	1.06	1.02
Diluted Shares	28.59M	28.32M	28.30M	28.30M	28.47M

IIPR Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$128.01M	$99.67M	$36.67M	$47.60M	$89.12M
Receivables	$22.80M	$22.80M	$123.04M	$119.29M	$119.61M
Current Assets	$150.81M	$122.47M	$159.71M	$166.89M	$208.72M
Total Assets	$2.35B	$2.31B	$2.34B	$2.37B	$2.39B
Current Liabilities	$130.07M	$122.14M	$175.53M	$221.55M	$197.71M
Long-Term Debt	$289.50M	$289.86M	$290.23M	$290.60M	$290.98M
Total Debt	$289.50M	$289.86M	$340.23M	$393.10M	$365.98M
Total Liabilities	$430.42M	$424.65M	$474.57M	$522.85M	$499.44M
Retained Earnings	-$235.79M	-$264.43M	-$289.92M	-$312.99M	-$337.28M
Shareholders' Equity	$1.92B	$1.88B	$1.86B	$1.85B	$1.89B
Working Capital	$20.74M	$328.00K	-$15.82M	-$54.66M	$11.01M
Net Debt	$161.49M	$190.19M	$303.56M	$345.50M	$276.86M

IIPR Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$54.24M	$48.45M	$45.59M	$49.91M	$56.03M
Free Cash Flow	$54.24M	$48.45M	$45.59M	$49.91M	$56.03M
Depreciation & Amortisation	$18.39M	$18.50M	$18.64M	$18.54M	$18.58M
Stock-Based Compensation	$2.08M	$2.67M	$2.68M	$2.70M	$2.58M
Investing Cash Flow	-$17.16M	-$5.76M	-$109.66M	-$41.73M	-$341.00K
Financing Cash Flow	-$55.32M	-$71.04M	$1.08M	$2.74M	-$14.17M
Dividends Paid	-$54.82M	-$55.24M	-$54.66M	-$54.79M	-$54.91M
Share Repurchases	-$290.00K	-$19.82M	$0.00	$0.00	$0.00
Net Change in Cash	-$18.23M	-$28.34M	-$62.99M	$10.93M	$41.52M

Market Snapshot

About

Innovative Industrial Properties, Inc. is a specialized real estate investment trust (REIT) focused on the acquisition, ownership, and management of properties leased to licensed cannabis operators for medical-use cannabis facilities. The company provides sale-leaseback financing solutions to state-licensed cannabis cultivators and processors, allowing them to unlock capital from their real estate for business expansion while IIPR becomes the landlord. IIPR owns over 100 properties across more than 19 states, making it the first and largest publicly-traded cannabis-focused REIT. The company generates revenue through long-term triple-net leases, typically 15-20 years, with built-in rental escalations, providing stable and growing cash flows to support its dividend.