Innovative Industrial Properties Inc (IIPR) Financial Statements
Industry: Real Estate
In fiscal 2025, Innovative Industrial Properties reported revenue of $266.0M, down 13.8% from $308.5M the year before. Net income was $118.2M (a 44.5% net margin), or $3.93 per diluted share. Operating margin was 46.7%. Operating activities generated $198.2M of cash. At fiscal year end, Innovative Industrial Properties held $2.37B in total assets against $522.9M in total liabilities, including $47.6M of cash and equivalents.
Open the full interactive Innovative Industrial Properties financials → Quarterly statements, key ratios, valuation history and price charts.
Innovative Industrial Properties Key Stats
| Share Price | $51.55 |
|---|---|
| Market Cap | $1.55B |
| P/E Ratio | 13.1 |
| Revenue YoY Growth | -13.8% |
| 52-Week Range | $38.64 – $62.42 |
| Shares Outstanding | 28.4 million (basic, 2026 Q2) |
Innovative Industrial Properties Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $116.9M | $204.6M | $276.4M | $309.5M | $308.5M | $266.0M |
| Operating Income | $69.7M | $135.4M | $169.6M | $174.6M | $168.3M | $124.1M |
| Pre-Tax Income | $65.7M | $114.0M | $154.4M | $165.6M | $161.7M | $118.2M |
| Net Income | $65.7M | $114.0M | $154.4M | $165.6M | $161.7M | $118.2M |
| Diluted EPS | $3.27 | $4.55 | $5.52 | $5.77 | $5.52 | $3.93 |
Innovative Industrial Properties Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $64.7M | $66.7M | $69.0M | $63.3M |
| Net Income | $29.3M | $31.8M | $32.8M | $43.9M |
| Diluted EPS | $0.97 | $1.12 | $1.02 | $1.36 |
Innovative Industrial Properties Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $126.0M | $81.1M | $87.1M | $140.2M | $146.2M | $47.6M |
| Total Assets | $1.77B | $2.08B | $2.41B | $2.39B | $2.38B | $2.37B |
| Total Long-Term Debt | $136.7M | $326.1M | $301.5M | $300.9M | $297.9M | $393.7M |
| Total Liabilities | $243.1M | $472.9M | $452.9M | $438.1M | $442.0M | $522.9M |
| Shareholders' Equity | $1.52B | $1.61B | $1.96B | $1.95B | $1.94B | $1.85B |
Innovative Industrial Properties Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $110.8M | $188.7M | $234.1M | $255.5M | $258.4M | $198.2M |
| Cash From Investing | -$1.03B | -$384.1M | -$396.2M | -$6.8M | -$56.0M | -$174.3M |
| Cash From Financing | $925.0M | $155.8M | $164.2M | -$195.6M | -$197.9M | -$122.5M |
Figures from Innovative Industrial Properties' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Innovative Industrial Properties financials page for every line item.
Innovative Industrial Properties Company Profile
| Ticker | IIPR |
|---|---|
| Exchange | NYSE |
| Industry | Real Estate |
| Headquarters | Park City, Utah |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001677576 |
Frequently Asked Questions
What was Innovative Industrial Properties' revenue in fiscal 2025?
Innovative Industrial Properties (IIPR) reported revenue of $266.0M for fiscal 2025.
What is Innovative Industrial Properties' annual revenue history?
Innovative Industrial Properties' annual revenue by fiscal year: 2020: $116.9M; 2021: $204.6M; 2022: $276.4M; 2023: $309.5M; 2024: $308.5M; 2025: $266.0M.
What was Innovative Industrial Properties' net income in fiscal 2025?
Innovative Industrial Properties reported net income of $118.2M for fiscal 2025.
What was Innovative Industrial Properties' earnings per share (EPS) in fiscal 2025?
Innovative Industrial Properties' diluted EPS was $3.93 for fiscal 2025 (adjusted for any later stock splits).
What was Innovative Industrial Properties' revenue last quarter?
In its most recent reported quarter (2026 Q2), Innovative Industrial Properties reported revenue of $63.3M.
How much debt does Innovative Industrial Properties have?
Innovative Industrial Properties reported $393.7M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Innovative Industrial Properties are outstanding?
Innovative Industrial Properties reported a weighted average of 28.4 million basic shares outstanding in 2026 Q2.
What is Innovative Industrial Properties' market cap?
Based on its latest closing price, Innovative Industrial Properties (IIPR) has a market capitalization of about $1.55B.
When does Innovative Industrial Properties' fiscal year end?
Innovative Industrial Properties' fiscal year end, as registered with the SEC, is December 31.
Where is Innovative Industrial Properties headquartered?
Innovative Industrial Properties lists its business address in Park City, Utah in its SEC filings.