INNOVATIVE INDUSTRIAL PROPERTIES INC IIPR

Real estate SIC 6500 - Real Estate NAICS Real Estate and Rental and Leasing › Real Estate derived NYSE

We are an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Our properties are primarily leased to experienced, state-licensed operators for their regulated cannabis facilities. We have acquired and expect to continue to acquire our cannabis properties through sale-leaseback transactions and third-party purchases. These properties are generally leased, and we expect to continue leasing them on a triple-net lease basis, pursuant to which the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes and insurance. Outside of the cannabis sector, our leases may include different lease structures that do not require tenants to assume all property-related expenses. In addition to our cannabis-related real estate portfolio, we also have financial investments in the life science industry and intend to actively pursue acquisitions of properties within that sector as a key component of our growth strategy. We may continue expanding our investment activities to include joint ventures, debt or mezzanine financing, preferred or joint venture equity interests, and interests in other real estate funds or REITs.

Last close 54.21 2026-10-23
Market cap $1.49B 2026-06-30 share count
52-week range 44.58 - 65.38

Valuation FY2025 figures against the last close

P/S5.6x
P/E13.8x
P/FCF7.5x
EV/EBITDA9.3x
Dividend yield14.5%
Diluted EPS3.93

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $266.0M$308.5M$309.5M$276.4M$204.6M$116.9M$44.7M$14.8M$6.4M—
SG&A $33.7M$37.4M$42.8M$38.5M$23.0M$14.2M$9.8M$6.4M$5.5M—
Total operating expenses $141.5M$136.7M$134.9M$110.3M$69.2M$47.2M$19.7M$9.4M$6.6M—
Operating income $124.1M$168.3M$174.6M$169.6M$135.4M$69.7M$24.9M$5.3M-$223.0K—
Interest expense $20.2M$17.7M$17.5M$18.3M$18.1M$7.4M$6.3M$0$0—
Net income $118.2M$161.7M$165.6M$154.4M$114.0M$65.7M$23.5M$7.0M-$72.0K—
EPS, basic 3.985.585.825.574.693.282.060.76-0.13—
EPS, diluted 3.935.525.775.524.553.272.030.75-0.13—
Shares, diluted (wtd. avg.) 28.4M28.5M28.3M27.7M26.3M19.6M10.7M7.3M3.4M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $47.6M$146.2M$141.7M$88.6M$86.4M$126.0M$117.3M$13.1M$11.8M$33.0M
Short-term investments $0$5.0M$21.9M$200.9M$324.9M$619.3M$119.6M$120.4M$0—
Other intangibles $6.4M$7.4M$8.2M———————
Total assets $2.37B$2.38B$2.39B$2.41B$2.08B$1.77B$745.9M$281.5M$80.0M$63.3M
Long-term debt $393.7M—————$134.7M———
Total liabilities $522.9M$442.0M$438.1M$452.9M$472.9M$243.1M$197.8M$17.2M$6.5M$2.9M
Retained earnings ———————$0-$4.5M-$4.4M
Total equity $1.85B$1.94B$1.95B$1.96B$1.61B$1.52B$548.0M$264.3M$73.5M$60.4M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $198.2M$258.4M$255.5M$234.1M$188.7M$110.8M$44.9M$15.7M$5.0M—
Depreciation and amortisation $74.1M$70.8M$67.2M$61.3M$41.8M$28.0M$8.6M$2.6M$915.0K—
Stock-based compensation $10.1M$17.3M$19.6M$17.5M$8.6M$3.3M$2.5M$1.5M$1.7M—
Capital expenditure ————————$5.9M—
Investing cash flow -$174.3M-$56.0M-$6.8M-$396.2M-$384.1M-$1.03B-$340.6M-$199.3M-$38.6M—
Financing cash flow -$122.5M-$197.9M-$195.6M$164.2M$155.8M$925.0M$400.0M$184.9M$12.4M—
Dividends paid $216.3M$212.0M$202.7M$183.9M$33.6M$31.7M$17.1M$4.4M$1.1M—
Buybacks $20.1M$0$0—————$0—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001677576-26-000001.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M 0 100M 200M 300M 400M Revenue, FY2017: 6.4M Net income, FY2017: -72K Revenue, FY2018: 14.8M Net income, FY2018: 7M Revenue, FY2019: 44.7M Net income, FY2019: 23.5M Revenue, FY2020: 116.9M Net income, FY2020: 65.7M Revenue, FY2021: 204.6M Net income, FY2021: 114M Revenue, FY2022: 276.4M Net income, FY2022: 154.4M Revenue, FY2023: 309.5M Net income, FY2023: 165.6M Revenue, FY2024: 308.5M Net income, FY2024: 161.7M Revenue, FY2025: 266M Net income, FY2025: 118.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $6.4M $14.8M $44.7M $116.9M $204.6M $276.4M $309.5M $308.5M $266.0M
Gross profit — — — — — — — — — —
Net income — -$72.0K $7.0M $23.5M $65.7M $114.0M $154.4M $165.6M $161.7M $118.2M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Other event Item 8.01
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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MRP Millrose Properties, Inc. $3.96B 9.8x —
CURB Curbline Properties Corp. $3.05B 78.0x 51.3%
CWK Cushman & Wakefield Ltd. $2.78B 31.1x 8.9%
UE Urban Edge Properties $2.44B 26.1x 6.1%
GTY GETTY REALTY CORP /MD/ $1.73B 20.7x 9.0%