Innovative Industrial Properties (IIPR) financial statements
Innovative Industrial Properties reported revenue of $266M in fiscal 2025, up 59.3% a year over 8 years.
Net income was $118M and the operating margin 46.7%, against -3.5% in 2017.
The diluted share count rose 741% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Innovative Industrial Properties's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6M | $15M | $45M | $117M | $205M | $276M | $310M | $309M | $266M |
| Selling, general and admin | $5M | $6M | $10M | $14M | $23M | $39M | $43M | $37M | $34M |
| Operating income | -$223,000 | $5M | $25M | $70M | $135M | $170M | $175M | $168M | $124M |
| Interest expense | $0 | $0 | $6M | $7M | $18M | $18M | $17M | $18M | $20M |
| Net income | -$72,000 | $7M | $23M | $66M | $114M | $154M | $166M | $162M | $118M |
| EPS (diluted) | -$0.13 | $0.75 | $2.03 | $3.27 | $4.55 | $5.52 | $5.77 | $5.52 | $3.93 |
| Diluted shares | 3M | 7M | 11M | 20M | 26M | 28M | 28M | 29M | 28M |
| Operating margin | -3.5% | 36.1% | 55.8% | 59.7% | 66.2% | 61.4% | 56.4% | 54.6% | 46.7% |
| Net margin | -1.1% | 47.2% | 52.6% | 56.2% | 55.7% | 55.9% | 53.5% | 52.4% | 44.5% |
Balance sheet
Fiscal years, from Innovative Industrial Properties's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $12M | $133M | $202M | $745M | $406M | $288M | $162M | $151M | $48M |
| Total assets | $80M | $281M | $746M | $1.8B | $2.1B | $2.4B | $2.4B | $2.4B | $2.4B |
| Total liabilities | $6M | $17M | $198M | $243M | $473M | $453M | $438M | $442M | $523M |
| Shareholders' equity | $74M | $264M | $548M | $1.5B | $1.6B | $2.0B | $2.0B | $1.9B | $1.8B |
| Net debt | -$12M | -$13M | -$82M | -$126M | -$81M | -$87M | -$140M | -$146M | -$48M |
Cash flow
Fiscal years, from Innovative Industrial Properties's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5M | $16M | $45M | $111M | $189M | $234M | $256M | $258M | $198M |
| Capital spending | $6M | — | — | — | — | — | — | — | — |
| Free cash flow | -$896,000 | — | — | — | — | — | — | — | — |
| Stock-based compensation | $2M | $1M | $2M | $3M | $9M | $18M | $20M | $17M | $10M |
| Dividends paid | $1M | $7M | $23M | $75M | $131M | $184M | $203M | $212M | $216M |
| Share buybacks (net) | $0 | — | — | — | — | — | $0 | $0 | -$20M |
| Net borrowing | — | — | — | — | — | — | $0 | -$4M | -$9M |
| Free cash flow margin | -14.0% | — | — | — | — | — | — | — | — |
| Dividends per share | $0.31 | $0.91 | $2.11 | $3.86 | $4.99 | $6.65 | $7.17 | $7.43 | $7.62 |
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What was Innovative Industrial Properties's revenue in 2025?
$266M in fiscal 2025, from its 10-K filing.
From Innovative Industrial Properties's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.