NYSE : IIPR
Innovative Industrial Properties, Inc. — Financial statements
Real Estate · REIT - Industrial · United States
Last price 52.04 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.43B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 262.73M | 265.49M | 306.94M | 307.35M | 274.38M | 204.55M |
| Other Revenue | 920.00K | 469.00K | 1.58M | 2.16M | 1.98M | |
| Total Revenue | 263.65M | 265.95M | 308.52M | 309.51M | 276.36M | 204.55M |
| Property Expenses | 30.70M | 30.18M | 28.47M | 24.89M | 10.52M | 4.44M |
| Selling, General & Administrative | 30.34M | 31.73M | 36.66M | 40.35M | 35.51M | 22.96M |
| Depreciation & Amortization | 74.56M | 74.07M | 70.81M | 67.19M | 61.30M | 41.78M |
| Total Operating Expenses | 135.61M | 135.97M | 135.94M | 132.44M | 107.33M | 69.18M |
| Operating Income | 128.04M | 129.98M | 172.58M | 177.07M | 169.03M | 135.37M |
| Interest Expense | -26.03M | -20.20M | -17.67M | -17.47M | -18.30M | -18.09M |
| Interest & Investment Income | 28.22M | 14.32M | 10.99M | 8.45M | 3.19M | 397.00K |
| EBT Excluding Unusual Items | 130.24M | 124.11M | 165.90M | 168.05M | 153.92M | 117.68M |
| Gain (Loss) on Sale of Assets | 11.94M | -326.00K | -3.45M | 3.60M | ||
| Asset Writedown | -3.53M | |||||
| Total Legal Settlements | -4.37M | -2.01M | -788.00K | -2.48M | -3.01M | |
| Other Unusual Items | 22.00K | -125.00K | -3.69M | |||
| Pretax Income | 137.81M | 118.25M | 161.66M | 165.59M | 154.39M | 113.99M |
| Net Income | 137.81M | 118.25M | 161.66M | 165.59M | 154.39M | 113.99M |
| Preferred Dividends & Other Adjustments | 11.61M | 6.80M | 4.06M | 2.83M | 2.19M | 1.91M |
| Net Income to Common | 126.20M | 111.45M | 157.60M | 162.75M | 152.20M | 112.08M |
| Basic Shares Outstanding | 28.07M | 28.01M | 28.23M | 27.98M | 27.35M | 23.90M |
| Diluted Shares Outstanding | 28.77M | 28.38M | 28.53M | 28.26M | 27.66M | 26.26M |
| EPS (Basic) | 4.50 | 3.98 | 5.58 | 5.82 | 5.57 | 4.69 |
| EPS (Diluted) | 4.43 | 3.93 | 5.52 | 5.77 | 5.52 | 4.55 |
| Dividend Per Share | 7.60 | 7.60 | 7.52 | 7.22 | 7.10 | 5.72 |
| Operating Margin | 48.57% | 48.87% | 55.94% | 57.21% | 61.16% | 66.18% |
| Profit Margin | 47.87% | 41.91% | 51.08% | 52.59% | 55.07% | 54.79% |
| EBITDA | 202.60M | 204.05M | 243.39M | 244.26M | 230.33M | 177.15M |
| EBITDA Margin | 76.84% | 76.72% | 78.89% | 78.92% | 83.34% | 86.61% |
| D&A For Ebitda | 74.56M | 74.07M | 70.81M | 67.19M | 61.30M | 41.78M |
| EBIT | 128.04M | 129.98M | 172.58M | 177.07M | 169.03M | 135.37M |
| EBIT Margin | 48.57% | 48.87% | 55.94% | 57.21% | 61.16% | 66.18% |
| Funds From Operations (FFO) | 192.43M | 192.36M | 230.21M | 231.43M | 210.74M | 154.41M |
| FFO Per Share | 6.75 | 6.78 | 8.07 | 8.20 | 7.64 | 6.17 |
| Adjusted Funds From Operations (AFFO) | 208.12M | 205.41M | 256.12M | 256.28M | 233.09M | 167.44M |
| AFFO Per Share | 7.30 | 7.24 | 8.98 | 9.08 | 8.45 | 6.66 |
| FFO Payout Ratio | 112.14% | 112.43% | 92.07% | 87.59% | 87.29% | 84.81% |
| Revenue as Reported | 263.65M | 265.95M | 308.52M | 309.51M | 276.36M | 204.55M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 2.00B | 2.11B | 2.17B | 2.17B | 2.07B | 1.64B |
| Cash & Equivalents | 204.73M | 47.60M | 146.25M | 140.25M | 87.12M | 81.10M |
| Accounts Receivable | 16.80M | 16.80M | ||||
| Investment In Debt and Equity Securities | 275.89M | 152.66M | 5.00M | 21.95M | 200.94M | 324.89M |
| Other Intangible Assets | 5.51M | 6.37M | 7.38M | 8.24M | 9.11M | 9.15M |
| Loans Receivable Current | 88.60M | 22.80M | 22.80M | 42.00M | 38.12M | 12.92M |
| Restricted Cash | 2.90M | 1.45M | 1.45M | 5.32M | ||
| Other Long-Term Assets | 7.51M | 10.67M | 10.09M | 10.02M | 10.08M | 10.00M |
| Total Assets | 2.58B | 2.37B | 2.38B | 2.39B | 2.41B | 2.08B |
| Current Portion of Long-Term Debt | 318.10M | 4.43M | ||||
| Current Portion of Leases | 543.00K | |||||
| Long-Term Debt | 609.03M | 75.00M | 297.87M | 296.45M | 301.50M | 326.09M |
| Long-Term Leases | 27.00K | |||||
| Accounts Payable | 8.35M | 8.87M | 8.46M | 9.26M | 8.45M | 5.25M |
| Accrued Expenses | 2.00M | 2.10M | 2.15M | 2.17M | 2.46M | |
| Other Current Liabilities | 56.31M | 54.91M | 54.82M | 51.83M | 50.84M | 38.85M |
| Long-Term Unearned Revenue | 44.71M | 50.31M | 57.18M | 59.36M | 58.72M | 52.80M |
| Other Long-Term Liabilities | 11.63M | 13.09M | 21.57M | 14.65M | 31.28M | 47.44M |
| Total Liabilities | 730.04M | 522.85M | 441.99M | 438.12M | 452.94M | 472.90M |
| Preferred Stock, Redeemable | 129.00M | 47.78M | 23.63M | 14.01M | 14.01M | 14.01M |
| Common Stock | 28.00K | 28.00K | 28.00K | 28.00K | 28.00K | 26.00K |
| Additional Paid-In Capital | 2.07B | 2.11B | 2.12B | 2.10B | 2.07B | 1.67B |
| Distributions in Excess of Earnings | -349.74M | -312.99M | -211.71M | -156.85M | -117.39M | -75.22M |
| Total Common Equity | 1.72B | 1.80B | 1.91B | 1.94B | 1.95B | 1.60B |
| Shareholders' Equity | 1.85B | 1.85B | 1.94B | 1.95B | 1.96B | 1.61B |
| Total Liabilities & Equity | 2.58B | 2.37B | 2.38B | 2.39B | 2.41B | 2.08B |
| Total Debt | 609.03M | 393.67M | 297.87M | 300.88M | 301.50M | 326.09M |
| Net Cash (Debt) | -404.30M | -346.07M | -151.62M | -160.63M | -214.37M | -245.00M |
| Net Cash Per Share | -14.05 | -12.20 | -5.31 | -5.68 | -7.75 | -9.33 |
| Filing Date Shares Outstanding | 27.57M | 28.14M | 28.33M | 28.21M | 28.00M | 25.62M |
| Total Common Shares Outstanding | 27.57M | 28.02M | 28.33M | 28.14M | 27.97M | 25.61M |
| Book Value Per Share | 62.48 | 64.24 | 67.50 | 68.90 | 69.63 | 62.38 |
| Tangible Book Value | 1.72B | 1.79B | 1.91B | 1.93B | 1.94B | 1.59B |
| Tangible Book Value Per Share | 62.28 | 64.01 | 67.24 | 68.61 | 69.31 | 62.02 |
| Land | 141.29M | 146.32M | 146.77M | 142.52M | 139.95M | 122.39M |
| Buildings | 2.19B | 2.27B | 2.23B | 2.11B | 2.01B | 979.42M |
| Construction In Progress | 34.77M | 40.59M | 62.39M | 117.77M | 54.11M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 137.81M | 118.25M | 161.66M | 165.59M | 154.39M | 113.99M |
| Depreciation & Amortization | 74.56M | 74.07M | 70.81M | 67.19M | 61.30M | 41.78M |
| Other Amortization | 2.84M | 2.00M | 1.67M | 1.37M | 1.35M | 2.85M |
| Gain (Loss) on Sale of Assets | -11.94M | 326.00K | 3.45M | -3.60M | ||
| Gain (Loss) on Sale of Investments | -506.00K | -3.20M | -2.25M | -340.00K | ||
| Asset Writedown | 3.53M | |||||
| Stock-Based Compensation | 10.79M | 10.13M | 17.32M | 19.58M | 17.51M | 8.62M |
| Change in Accounts Payable | -3.08M | -854.00K | 6.00M | 3.92M | 2.72M | 3.10M |
| Change in Other Net Operating Assets | -2.09M | -1.29M | 126.00K | 352.00K | -3.51M | -3.69M |
| Other Operating Activities | -5.50M | -1.10M | 103.00K | 89.00K | 310.00K | 3.78M |
| Operating Cash Flow | 196.45M | 198.19M | 258.45M | 255.54M | 234.13M | 188.75M |
| Acquisition of Real Estate Assets | -10.48M | -31.29M | -81.75M | -184.99M | -523.97M | -662.13M |
| Sale of Real Estate Assets | 45.68M | 2.24M | 9.10M | 23.50M | ||
| Net Sale / Acq. of Real Estate Assets | 35.20M | -29.05M | -72.65M | -184.99M | -500.47M | -662.13M |
| Investment in Marketable & Equity Securities | -264.99M | -145.25M | 17.45M | 182.19M | 126.20M | 294.73M |
| Other Investing Activities | -250.00K | -625.00K | ||||
| Investing Cash Flow | -229.79M | -174.30M | -56.00M | -6.79M | -396.20M | -384.09M |
| Long-Term Debt Issued | 155.00M | 300.00M | ||||
| Long-Term Debt Repaid | -61.20M | -4.44M | ||||
| Net Debt Issued (Repaid) | 332.39M | 93.80M | -4.44M | 300.00M | ||
| Issuance of Common Stock | 44.03M | 11.76M | 9.56M | 351.96M | ||
| Repurchase of Common Stock | -90.47M | -20.97M | -750.00K | -568.00K | -2.44M | -3.38M |
| Preferred Stock Issued | 92.15M | 24.15M | 9.62M | |||
| Common Dividends Paid | -215.78M | -216.28M | -211.95M | -202.71M | -183.94M | -130.95M |
| Preferred Dividends Paid | -5.68M | -3.24M | -1.58M | -1.35M | -1.35M | -1.35M |
| Total Dividends Paid | -221.47M | -219.51M | -213.53M | -204.06M | -185.29M | -132.31M |
| Other Financing Activities | -15.32M | -567.00K | -561.00K | -8.55M | ||
| Net Cash Flow | 107.97M | -98.65M | 4.55M | 53.13M | 2.15M | -39.59M |
| Levered Free Cash Flow | 99.87M | 155.22M | 192.61M | 185.79M | 167.92M | 120.17M |
| Unlevered Free Cash Flow | 113.30M | 165.84M | 201.98M | 195.34M | 178.01M | 128.62M |
| Cash Interest Paid | 22.44M | 17.41M | 16.05M | 16.12M | 17.25M | 14.38M |
| Change in Working Capital | -12.11M | -9.01M | 3.95M | 4.92M | 5.12M | 18.07M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.43B | 1.33B | 1.89B | 2.83B | 2.84B | 6.29B |
| Enterprise Value | 1.84B | 1.67B | 2.06B | 3.03B | 3.08B | 6.61B |
| Last Close Price | 52.04 | 42.68 | 52.30 | 73.20 | 67.29 | 164.19 |
| Price/FFO Ratio | 8.87 | 6.29 | 6.48 | 8.93 | 8.81 | 26.61 |
| Price/AFFO Ratio | 8.20 | 5.89 | 5.82 | 8.06 | 7.96 | 24.65 |
| PE Ratio | 11.76 | 11.91 | 11.98 | 17.37 | 18.63 | 56.13 |
| PS Ratio | 5.44 | 4.99 | 6.12 | 9.13 | 10.26 | 30.75 |
| PB Ratio | 0.83 | 0.72 | 0.97 | 1.45 | 1.45 | 3.90 |
| P/OCF Ratio | 7.30 | 6.70 | 7.30 | 11.06 | 12.11 | 33.33 |
| EV/Sales Ratio | 6.98 | 6.29 | 6.69 | 9.78 | 11.13 | 32.32 |
| EV/EBITDA Ratio | 9.08 | 8.21 | 8.48 | 12.39 | 13.35 | 37.31 |
| EV/EBIT Ratio | 14.36 | 12.88 | 11.96 | 17.09 | 18.19 | 48.83 |
| Debt / Equity Ratio | 0.33 | 0.21 | 0.15 | 0.15 | 0.15 | 0.20 |
| Debt / EBITDA Ratio | 3.01 | 1.92 | 1.22 | 1.23 | 1.31 | 1.84 |
| Net Debt / Equity Ratio | 0.22 | 0.19 | 0.08 | 0.08 | 0.11 | 0.15 |
| Net Debt / EBITDA Ratio | 2.00 | 1.70 | 0.62 | 0.66 | 0.93 | 1.38 |
| Asset Turnover | 0.11 | 0.11 | 0.13 | 0.13 | 0.12 | 0.11 |
| Quick Ratio | 3.17 | 0.17 | 2.49 | 2.07 | 1.42 | 1.74 |
| Current Ratio | 4.58 | 0.23 | 2.84 | 2.71 | 2.06 | 2.13 |
| Return on Equity (ROE) | 7.38% | 6.25% | 8.31% | 8.46% | 8.64% | 7.27% |
| Return on Assets (ROA) | 3.28% | 3.42% | 4.52% | 4.61% | 4.70% | 4.39% |
| Earnings Yield | 8.50% | 8.91% | 8.56% | 5.86% | 5.45% | 1.81% |
| Dividend Yield | 14.60% | 16.05% | 11.29% | 7.19% | 7.00% | 2.33% |
| Payout Ratio | 171.75% | 185.64% | 132.09% | 123.23% | 120.02% | 116.07% |
| Buyback Yield / Dilution | -0.97% | 0.54% | -0.97% | -2.14% | -5.34% | -34.28% |
| Total Shareholder Return | 13.64% | 16.59% | 10.31% | 5.04% | 1.67% | -31.95% |