INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR-PA)
Innovative Industrial Properties, Inc. is a Maryland-incorporated entity that independently oversees its operations. It concentrates on acquiring, holding, and overseeing niche real estate assets, which are subsequently leased to seasoned, state-approved operators for their regulated medical cannabis facilities. The company also chose to be taxed as a real estate investment trust, a status that began with the fiscal year concluding December 31, 2017.
Sector: Real Estate
Industry: REIT - Industrial
Innovative Industrial Properties, Inc. 9.00% Series A Cumulative Redeemable Preferred Stock
Mkt Cap$1.51B
Float1.94M
O/S27.57M
Inst Own-
Dilution
Financials Summary
Revenue$265.95M
Net Income$114.44M
Total Assets$2.37B
Free Cash Flow$174.76M
Debt & Equity
Debt 17%
Equity 81%
Preferred 2%
Total Debt$393.7M
Total Equity$1.85B
Preferred Stock$47.78M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in IIPR-PA's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$2.37B
Liabilities$522.85M
Accounts Receivable$16.8M
Accounts Payable$13.83M
Inventory$0
PP&E (Net)$509K
Goodwill$0
Intangible Assets$6.37M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
| Revenue | $265.95M | $308.52M | $309.51M | $276.36M | $204.55M | $116.9M | $44.67M | $14.79M | $6.42M | $321K | $5.63M |
| YoY Growth | -13.8% | -0.3% | 12.0% | 35.1% | 75.0% | 161.7% | 202.1% | 130.3% | 1900.0% | -94.3% | - |
| Cost of Revenue | $30.18M | $28.47M | $24.89M | $10.52M | $4.44M | $4.95M | $1.31M | $445K | $118K | $87K | $0 |
| Gross Profit | $235.78M | $280.05M | $284.61M | $265.84M | $200.11M | $111.94M | $43.35M | $14.34M | $6.3M | $234K | $5.63M |
| Gross Margin | 88.7% | 90.8% | 92.0% | 96.2% | 97.8% | 95.8% | 97.1% | 97.0% | 98.2% | 72.9% | 100.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$0 | -$14 | $0 |
| Selling, General, and Administrative | $33.73M | $37.44M | $42.83M | $38.52M | $22.96M | $14.18M | $9.82M | $6.38M | $5.5M | $828K | $0 |
| Other | $77.92M | $74.26M | $67.19M | $57.7M | $41.78M | $28.02M | $8.6M | $2.63M | $915K | $91K | $0 |
| Total Operating Expenses | $111.66M | $111.7M | $110.03M | $96.22M | $64.74M | $42.21M | $18.42M | $9M | $6.41M | $919K | $641K |
| Operating Income (EBIT) | $124.12M | $168.34M | $174.59M | $169.62M | $135.37M | $69.74M | $24.93M | $5.34M | -$223K | -$4.39M | $4.99M |
| Operating Margin | 46.7% | 54.6% | 56.4% | 61.4% | 66.2% | 59.7% | 55.8% | 36.1% | -3.5% | -1368.2% | 88.6% |
| Interest Expense | $20.2M | $16.26M | $16.1M | $18.3M | $18.09M | $7.43M | $6.31M | $0 | $0 | $0 | $0 |
| Interest Income | $0 | $10.99M | $7.08M | $3.19M | $397K | $3.42M | $4.85M | $1.65M | $151K | $0 | $0 |
| Other Income (Expense) | -$9.69M | -$6.69M | -$9M | -$15.23M | -$21.38M | -$4.01M | -$1.46M | $1.65M | $151K | $0 | -$641K |
| Income Before Tax (EBT) | $114.44M | $161.65M | $165.59M | $154.39M | $113.99M | $65.73M | $23.48M | $6.99M | -$72K | -$4.39M | $4.99M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | $114.44M | $161.66M | $165.59M | $154.39M | $113.99M | $65.73M | $23.48M | $6.99M | -$72K | -$4.39M | $4.99M |
| Net Income Margin | 43.0% | 52.4% | 53.5% | 55.9% | 55.7% | 56.2% | 52.6% | 47.2% | -1.1% | -1368.2% | 88.6% |
| Supplementary Data | |||||||||||
| EPS | 3.98 | 5.58 | 5.82 | 5.57 | 4.69 | 3.28 | 1.63 | 0.98 | -0.02 | -4.56 | 2.89 |
| Diluted EPS | 3.93 | 5.52 | 5.77 | 5.52 | 4.55 | 3.27 | 1.61 | 0.96 | -0.02 | -4.56 | 2.89 |
| Weighted Average OS | 28.01M | 28.23M | 27.98M | 27.35M | 23.90M | 19.44M | 10.55M | 7.14M | 3.38M | 962,775 | 1.73M |
| EBITDA | $208.7M | $248.72M | $248.88M | $232.64M | $172.15M | $100.24M | $37.6M | $9.61M | $692K | -$658K | $5.63M |
| EBITDA Margin | 78.5% | 80.6% | 80.4% | 84.2% | 84.2% | 85.8% | 84.2% | 65.0% | 10.8% | -205.0% | 100.0% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
| Assets | ||||||||||
| Current Assets | ||||||||||
| Cash and Cash Equivalents | $47.6M | $146.25M | $140.25M | $87.12M | $81.1M | $126.01M | $82.24M | $13.05M | $11.76M | $33M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $47.6M | $146.25M | $140.25M | $87.12M | $81.1M | $126.01M | $82.24M | $13.05M | $11.76M | $33M |
| Accounts Receivable | $16.8M | $22.8M | $22M | $18.02M | $12.92M | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | -$16.8M | $0 | $1.45M | $1.45M | $5.32M | $0 | $35.07M | $0 | -$482K | $0 |
| Total Current Assets | $47.6M | $169.04M | $163.7M | $106.59M | $99.33M | $126.01M | $117.32M | $13.05M | $11.76M | $33.28M |
| Long-Term Assets | ||||||||||
| Property, Plant & Equipment Net | $509K | $946K | $1.35M | $1.74M | $1.07M | $980K | $1.2M | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $6.37M | $7.38M | $8.24M | $9.11M | $9.15M | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $2.29B | $5M | $21.95M | $200.94M | $324.89M | $619.27M | $119.59M | $120.44M | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | -$2.29B | $2.2B | $2.2B | $2.1B | $1.65B | $1.02B | $507.74M | $147.97M | $68.27M | $30.05M |
| Total Long-Term Assets | $6.88M | $2.21B | $2.23B | $2.31B | $1.99B | $1.64B | $628.54M | $268.42M | $68.27M | $30.05M |
| Other Assets | $2.32B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $2.37B | $2.38B | $2.39B | $2.41B | $2.08B | $1.77B | $745.86M | $281.47M | $80.03M | $63.33M |
| Liabilities | ||||||||||
| Current Liabilities | ||||||||||
| Accounts Payable | $13.83M | $20.79M | $21M | $39.99M | $53.99M | $41.14M | $28.39M | $4.4M | $1.08M | $70K |
| Short-Term Debt | $319.26M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $50.31M | $57.18M | $59.36M | $58.72M | $52.8M | $34.15M | $20.63M | $9.01M | $4.16M | $2.54M |
| Other Current Liabilities | -$119.05M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Liabilities | $319.26M | $132.78M | $132.18M | $149.55M | $145.64M | $105.36M | $61.99M | $17.17M | $6.44M | $2.61M |
| Long-Term Liabilities | ||||||||||
| Long-Term Debt | $74.41M | $297.87M | $300.88M | $301.5M | $326.09M | $136.69M | $134.65M | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $34.15M | $20.63M | $9.01M | $4.16M | $2.54M |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $129.18M | $11.34M | $5.06M | $1.9M | $1.17M | -$34.15M | -$20.63M | -$9.01M | -$4.12M | -$2.27M |
| Total Long-Term Liabilities | $203.6M | $309.2M | $305.94M | $303.4M | $327.26M | $137.75M | $135.86M | $0 | $41K | $276K |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $522.85M | $441.99M | $438.12M | $452.94M | $472.9M | $243.11M | $197.85M | $17.17M | $6.48M | $2.89M |
| Stockholders' Equity | ||||||||||
| Preferred Stock | $47.78M | $23.63M | $14.01M | $14.01M | $14.01M | $14.01M | $14.01M | $14.01M | $14.01M | $0 |
| Common Stock | $28K | $28K | $28K | $28K | $26K | $24K | $13K | $10K | $4K | $3K |
| Retained Earnings | -$312.99M | -$211.71M | -$156.85M | -$117.39M | -$75.22M | -$48.12M | -$19.94M | -$10.27M | -$4.46M | -$4.39M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $2.16B | $2.15B | $2.11B | $2.08B | $1.69B | $1.57B | $567.94M | $274.55M | $78.01M | $64.83M |
| Total Equity | $1.85B | $1.94B | $1.95B | $1.96B | $1.61B | $1.52B | $548.01M | $264.29M | $73.55M | $60.44M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $2.37B | $2.38B | $2.39B | $2.41B | $2.08B | $1.77B | $745.86M | $281.47M | $80.03M | $63.33M |
| Supplementary Data | ||||||||||
| Total Debt | $393.7M | $297.87M | $300.88M | $301.5M | $326.09M | $137.75M | $135.86M | $0 | $0 | $0 |
| Net Debt | $346.1M | $151.62M | $160.63M | $214.37M | $245M | $11.74M | $53.61M | -$13.05M | -$11.76M | -$33M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
| Operating Activities | |||||||||||
| Net Income | $114.44M | $161.66M | $165.59M | $154.39M | $113.99M | $65.73M | $23.48M | $6.99M | -$72K | -$4.39M | $4.99M |
| Depreciation & Amortization | $74.07M | $70.81M | $67.19M | $61.3M | $41.78M | $28.02M | $8.6M | $2.63M | $915K | $27K | $641K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | -$2.79M | -$3.74M | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $10.13M | $17.32M | $19.58M | $17.51M | $8.62M | $3.33M | $2.5M | $1.47M | $1.72M | $58K | $0 |
| Changes in Working Capital: | |||||||||||
| Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$854K | $6M | $3.92M | $2.72M | $3.1M | $1.22M | $1.43M | $886K | $992K | $27K | $0 |
| Other Working Capital | -$8.15M | -$2.06M | $994K | -$218.41M | $14.96M | $13.09M | $11M | $4.68M | $1.46M | $2.29M | $0 |
| Total Working Capital Change | -$9.01M | $3.95M | $4.92M | -$215.69M | $18.07M | $14.32M | $12.43M | $5.57M | $2.45M | $2.29M | $0 |
| Other Non-Cash Items | $8.56M | $4.71M | -$1.74M | $216.62M | $6.3M | $2.2M | $1.68M | -$955K | $0 | $3.71M | -$5.63M |
| Net Cash from Operating | $198.19M | $258.45M | $255.54M | $234.13M | $188.75M | $110.81M | $44.93M | $15.69M | $5.01M | $1.69M | $0 |
| Investing Activities | |||||||||||
| Capital Expenditures | $0 | $0 | $0 | -$373.88M | $0 | -$529.83M | -$343.92M | -$22.29M | -$5.91M | -$30.03M | $0 |
| Acquisitions | $0 | $0 | $0 | $373.88M | $0 | -$200K | -$650K | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$5.26M | -$45.11M | -$150.76M | -$538.89M | -$569.77M | -$1.08B | -$255.66M | -$184.99M | -$32.73M | -$30.03M | $0 |
| Sales of Investments | $10.26M | $62.56M | $294.06M | $515M | $864.5M | $580.98M | $260.25M | $65.5M | $0 | $0 | $0 |
| Other Investing Activities | -$179.3M | -$73.45M | -$150.09M | -$372.31M | -$678.82M | -$200K | -$650K | -$79.77M | -$38.65M | -$51.48M | $0 |
| Net Cash from Investing | -$174.3M | -$56M | -$6.79M | -$396.2M | -$384.09M | -$1.03B | -$340.63M | -$199.25M | -$38.65M | -$30.03M | $0 |
| Financing Activities | |||||||||||
| Debt Repaid | -$93.8M | $4.44M | - | - | -$300M | - | -$138.54M | - | - | - | - |
| Common Stock Issuance | $24.15M | $11.76M | $9.56M | $351.96M | $0 | $1B | $286.29M | $193.22M | $13.73M | $61.34M | $0 |
| Common Stock Repurchases | -$20.11M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$298K | -$1K | $0 |
| Dividends Paid | -$216.28M | -$211.95M | -$202.71M | -$183.94M | -$130.95M | -$75.46M | -$22.58M | -$6.64M | -$1.05M | $0 | $0 |
| Other Financing Activities | -$864K | -$1.32M | -$1.13M | -$2.44M | -$11.94M | -$2.17M | -$939K | -$390K | -$574K | $61.34M | $0 |
| Net Cash from Financing | -$122.54M | -$197.9M | -$195.63M | $164.22M | $155.76M | $924.99M | $399.96M | $184.85M | $12.38M | $61.34M | $0 |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$98.65M | $4.55M | $53.13M | $2.15M | -$39.59M | $8.69M | $104.27M | $1.29M | -$21.25M | $33M | $0 |
| Supplementary Data | |||||||||||
| Operating Cash Flow | $198.19M | $258.45M | $255.54M | $234.13M | $188.75M | $110.81M | $44.93M | $15.69M | $5.01M | $1.69M | $0 |
| Capital Expenditure | -$23.43M | $0 | $0 | -$373.88M | $0 | -$529.83M | -$343.92M | -$22.29M | -$5.91M | -$30.03M | $0 |
| Free Cash Flow | $174.76M | $258.45M | $255.54M | -$139.75M | $188.75M | -$419.01M | -$298.98M | -$6.6M | -$896K | -$28.34M | $0 |
| Cash at Beginning | $146.25M | $141.7M | $88.57M | $86.42M | $126.01M | $117.32M | $13.05M | $11.76M | $33M | $0 | $0 |
| Cash at End | $47.6M | $146.25M | $141.7M | $88.57M | $86.42M | $126.01M | $117.32M | $13.05M | $11.76M | $33M | $0 |