Saturday 17 October 2026 Export IIPR’s income statement to Excel — free account

Innovative Industrial Properties, Inc.

Innovative Industrial Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $266.0 million, down 13.8% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS grew 59.8%, free cash flow grew 74.3% and total debt rose 110.1%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.

52.39 0.81 −1.52%

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Market cap: $1.5B
P/E: 11.7×
Fwd P/E: 13.7×
Dividend yield: 14.5%
F-score: 4/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 1.28

Total sells 0.03

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	3	—	—	—	—	—	—	—	—	1	—	1
Sell	—	—	—	—	—	—	—	—	—	—	1	—

Insider Ownership 5.04%

Capital & Financial Ratios $m

Market Cap 1,470.00

Revenue 263.65

Net Income 137.81

Free Cash Flow 242.13

Net Debt 404.30

Current Ratio 24.51

Debt/Equity 0.33

P/E ratio 11.67

Fwd P/E 13.70

P/S ratio 5.65

P/B ratio 0.87

Past 5Y EPS Growth 3.75%

This Y EPS Growth 8.27%

Next Y EPS Growth 2.70%

Next Y revenue growth (3.29%)

Next 5Y EPS Growth 5.39%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 6.61%

10-year low 10-year high

P/S against its own 10 years 11.95%

10-year low 10-year high

P/B against its own 10 years 10.88%

10-year low 10-year high

EV/Sales against its own 10 years 17.74%

10-year low 10-year high

EV/FCF against its own 10 years 12.58%

10-year low 10-year high

Dividends

Payout Ratio 1.72

Annual Dividend Rate 7.60

Annual Dividend Yield 14.51%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	7.60	1.90 1.90 1.90
2025	7.60	1.90 1.90 1.90 1.90
2024	7.52	1.82 1.90 1.90 1.90
2023	7.22	1.80 1.80 1.80 1.82
2022	7.10	1.75 1.75 1.80 1.80
2021	5.72	1.32 1.40 1.50 1.50
2020	4.47	1.00 1.06 1.17 1.24
2019	2.83	0.45 0.60 0.78 1.00
2018	1.20	0.25 0.25 0.35 0.35
2017	0.55	0.15 0.15 0.25

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	162	151	48	205
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	162	151	48	205

	2023	2024	2025	Q'26
Payables	11	11	11	8
ST’ Debt	—	—	—	—
Other	—	—	—	—
	11	11	11	8

Compound Annual Growth %

	10y	5y	3y
Sales	—	17.87%	(1.27%)
Cash Flow	—	12.33%	(5.40%)
Earnings	—	12.19%	(9.23%)
Book Value	—	3.92%	(1.97%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	69	63	—	—	—
’25	72	63	65	67	266
’24	75	80	77	77	309
’23	76	76	78	79	310
’22	65	71	71	70	276
’21	43	49	54	59	205
’20	21	24	34	37	117

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	56	45	—	—	—
’25	54	48	46	50	198
’24	72	64	65	58	258
’23	65	62	63	66	256
’22	60	62	57	55	234
’21	43	47	52	48	189
’20	20	24	33	34	111

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	59	88	—	—	—
’25	54	50	46	50	200
’24	72	73	65	58	268
’23	65	62	63	66	256
’22	60	62	57	79	258
’21	43	47	52	48	189
’20	20	24	33	34	111

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.02	1.36	—	—	—
’25	1.03	0.86	0.97	1.06	3.93
’24	1.36	1.44	1.37	1.36	5.52
’23	1.43	1.44	1.45	1.45	5.77
’22	1.32	1.42	1.32	1.46	5.52
’21	1.05	1.17	1.20	1.14	4.55
’20	0.72	0.73	0.86	0.91	3.27

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	14.50	15.45	23.63	44.40	40.21	160.91	87.47	63.36	64.80	44.58	Analyst estimates 2026–2028 Powerpack
	High	20.52	32.52	55.63	139.53	199.35	288.02	265.28	115.55	138.35	75.71
People
People	Employees	5	6	6	13	15	18	19	21	22	23
	Revenue/emp, $m	0.05	1.07	2.46	3.44	7.79	11.36	14.55	14.74	14.02	11.56
Income, $m
Income, $m	Revenue	0	6	15	45	117	205	276	310	309	266
	Gross margin, %	67.42	98.16	96.99	97.06	95.76	97.83	96.19	91.96	90.77	88.65
	EBT	(4)	0	7	23	66	114	154	166	162	118
	EBT margin, %	(1,644.94)	(1.12)	47.24	52.56	56.23	55.73	55.86	53.50	52.40	44.46
	Net income	(4)	0	7	23	66	114	154	166	162	118
	Depreciation	0	1	2	7	27	44	60	65	72	76
Per share, $
Per share, $	Revenue	0.28	1.90	2.07	4.24	6.01	8.56	10.11	11.06	10.93	9.50
	Earnings	(4.56)	(0.13)	0.76	2.06	3.28	4.69	5.57	5.82	5.58	3.98
	Cash flow	1.76	1.49	2.20	4.26	5.70	7.90	8.56	9.13	9.16	7.08
	Capex	0.00	(1.75)	(3.12)	0.00	0.00	0.00	0.86	0.00	0.32	0.08
	Free cash flow	1.76	(0.27)	(0.92)	4.26	5.70	7.90	9.42	9.13	9.48	7.16
	Book value	62.76	21.79	37.02	51.96	78.43	67.43	71.75	69.80	68.59	65.99
	Shares, m	1	3	7	11	19	24	27	28	28	28
Valuation, ×
Valuation, ×	P/E	0.00	0.00	61.34	37.94	56.70	55.94	17.64	17.39	11.94	11.90
	P/S	0.00	19.22	21.91	17.91	30.46	30.72	9.72	9.15	6.10	4.99
	P/B	18,999.20	2.07	1.29	1.50	2.36	3.93	1.38	1.46	0.98	0.74
	EV/Sales	0.00	17.39	12.89	16.41	25.25	30.33	9.77	9.60	6.57	6.29
	EV/FCF	0.00	22.27	(15.24)	(8.06)	(117.98)	117.26	21.14	19.92	6.97	8.34
Cash, $m
Cash, $m	Operating cash flow	2	5	16	45	111	189	234	256	258	198
	Capex	—	(6)	(22)	(85)	(290)	(375)	24	—	9	2
	Free cash flow	2	(1)	(7)	45	111	189	258	256	268	200
Balance, $m
Balance, $m	Working capital	33	11	132	198	741	398	277	151	141	37
	Total debt	—	—	—	135	137	326	301	301	298	393
	Net debt	(33)	(12)	(133)	(67)	(609)	(80)	13	139	147	346
	Shareholders’ equity	60	74	264	548	1,525	1,612	1,962	1,953	1,936	1,848
Returns, %
Returns, %	ROA	(13.87)	(0.55)	3.12	4.31	5.12	5.85	6.80	6.83	6.70	4.82
	ROIC	(10.13)	(0.23)	2.55	3.24	4.76	5.52	5.37	5.22	5.05	3.54
	ROE	(7.29)	(0.66)	3.64	5.64	6.30	7.25	8.63	8.45	8.30	6.16

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
FR First Industrial Realty Trust, Inc.	$8.1B	21.4×	26.9×	+8.20% (above 0%: growing)	+38.10% (above 0%: growing)	+183.07% (above 0%: growing)	75.40%	45.08%	Compare
LINE Lineage, Inc.	$7.8B	— (loss-making)	— (loss-making)	+0.81% (above 0%: growing)	n/m	+91.92% (above 0%: growing)	31.23%	3.97%	Compare
TRNO Terreno Realty Corporation	$7.0B	17.2×	32.9×	+11.12% (above 0%: growing)	−40.00% (below 0%: shrinking)	−173.91% (below 0%: shrinking)	76.25%	41.77%	Compare
STAG Stag Industrial, Inc.	$6.9B	27.6×	33.3×	+8.08% (above 0%: growing)	+3.70% (above 0%: growing)	−536.34% (below 0%: shrinking)	79.93%	37.04%	Compare
COLD Americold Realty Trust Inc.	$4.0B	— (loss-making)	— (loss-making)	+1.87% (above 0%: growing)	n/m	+63.81% (above 0%: growing)	32.08%	(43.42%)	Compare
LXP LXP Industrial Trust	$3.6B	61.1×	614×	+0.45% (above 0%: growing)	n/m	−175.97% (below 0%: shrinking)	81.64%	16.08%	Compare
SMA Smartstop Self Storage REIT Inc	$2.0B	67.0×	68.8×	+18.65% (above 0%: growing)	n/m	+93.06% (above 0%: growing)	60.10%	22.55%	Compare
IIPR Innovative Industrial Properties, Inc.	$1.5B	11.7×	13.7×	+0.67% (above 0%: growing)	+59.77% (above 0%: growing)	+74.31% (above 0%: growing)	88.63%	65.46%
ILPT Industrial Logistics Properties Trust	$459.9M	— (loss-making)	— (loss-making)	+1.81% (above 0%: growing)	n/m	+30.53% (above 0%: growing)	85.18%	31.40%	Compare
Median of peers	$5.4B	27.6×	33.3×	+4.98%	+3.70%	+47.17%	75.83%	26.98%

All 15 Reit Industrial stocks →

Innovative Industrial Properties, Inc. (IIPR) key facts

Concern: Innovative Industrial Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $266.0 million, down 13.8% from fiscal 2024.
Innovative Industrial Properties, Inc. (IIPR) is a Reit Industrial company in the Real Estate sector, listed on the New York Stock Exchange.
As of October 16, 2026, IIPR traded at $52.39, a market capitalization of $1.5 billion.
Innovative Industrial Properties, Inc. pays an annual dividend of $7.60 per share, a yield of 14.5%, with a payout ratio of 172.3%.
Return on equity was 6.16% and debt-to-equity 0.33.
Its Piotroski F-score is 4 out of 9 for fiscal 2025.