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INNOVATIVE INDUSTRIAL PROPERTIES INC

IIPR Clue Score47
United States Fiscal year ends December CIK 0001677576
$51.83 -0.17% Close, 9 Oct 2026
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Price $51.83 −77.57% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 1 Dec 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue6.4Operating income−0.2Net income−0.1EPS, diluted−0.13Fiscal year 2018Revenue14.8 +130.3%Operating income5.3Net income7.0EPS, diluted0.75Fiscal year 2019Revenue44.7 +202.1%Operating income24.9Net income23.5 +236.1%EPS, diluted2.03Fiscal year 2020Revenue116.9 +161.7%Operating income69.7Net income65.7 +180.0%EPS, diluted3.27Fiscal year 2021Revenue204.6 +75.0%Operating income135.4Net income114.0 +73.4%EPS, diluted4.55Fiscal year 2022Revenue276.4 +35.1%Operating income169.6Net income154.4 +35.4%EPS, diluted5.52Fiscal year 2023Revenue309.5 +12.0%Operating income174.6Net income165.6 +7.3%EPS, diluted5.77Fiscal year 2024Revenue308.5 −0.3%Operating income168.3Net income161.7 −2.4%EPS, diluted5.52Fiscal year 2025Revenue266.0 −13.8%Operating income124.1Net income118.2 −26.9%EPS, diluted3.93
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 6.4 14.8 44.7 116.9 204.6 276.4 309.5 308.5 266.0
Growth +130.3% +202.1% +161.7% +75.0% +35.1% +12.0% −0.3% −13.8%
Operating income −0.2 5.3 24.9 69.7 135.4 169.6 174.6 168.3 124.1
Net income −0.1 7.0 23.5 65.7 114.0 154.4 165.6 161.7 118.2
Growth +236.1% +180.0% +73.4% +35.4% +7.3% −2.4% −26.9%
EPS, diluted −0.13 0.75 2.03 3.27 4.55 5.52 5.77 5.52 3.93

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2017Operating margin−3.5%Net margin−1.1%Free cash flow margin−14.0%Fiscal year 2018Operating margin36.1%Net margin47.2%Fiscal year 2019Operating margin55.8%Net margin52.6%Fiscal year 2020Operating margin59.7%Net margin56.2%Fiscal year 2021Operating margin66.2%Net margin55.7%Fiscal year 2022Operating margin61.4%Net margin55.9%Fiscal year 2023Operating margin56.4%Net margin53.5%Fiscal year 2024Operating margin54.6%Net margin52.4%Fiscal year 2025Operating margin46.7%Net margin44.5%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Free cash flow margin −14.0% n/a n/a n/a n/a n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow5.0Capital expenditure−5.9Free cash flow−0.9Buybacks0.0Dividends paid−1.1Fiscal year 2018Operating cash flow15.7Dividends paid−6.6Fiscal year 2019Operating cash flow44.9Dividends paid−22.6Fiscal year 2020Operating cash flow110.8Dividends paid−75.5Fiscal year 2021Operating cash flow188.7Dividends paid−131.0Fiscal year 2022Operating cash flow234.1Dividends paid−183.9Fiscal year 2023Operating cash flow255.5Buybacks0.0Dividends paid−202.7Fiscal year 2024Operating cash flow258.4Buybacks0.0Dividends paid−212.0Fiscal year 2025Operating cash flow198.2Buybacks−20.1Dividends paid−216.3
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 5.0 15.7 44.9 110.8 188.7 234.1 255.5 258.4 198.2
Capital expenditure −5.9 n/a n/a n/a n/a n/a n/a n/a n/a
Free cash flow −0.9 n/a n/a n/a n/a n/a n/a n/a n/a
Growth
Buybacks 0.0 n/a n/a n/a n/a n/a 0.0 0.0 −20.1
Dividends paid −1.1 −6.6 −22.6 −75.5 −131.0 −183.9 −202.7 −212.0 −216.3

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash11.8Shareholders’ equity73.5Fiscal year 2018Cash13.1Shareholders’ equity264.3Fiscal year 2019Cash82.2Total debt134.7Net cash (debt)−52.4Shareholders’ equity548.0Debt to equity0.25Fiscal year 2020Cash126.0Shareholders’ equity1,525.0Fiscal year 2021Cash81.1Shareholders’ equity1,611.7Fiscal year 2022Cash87.1Shareholders’ equity1,961.9Fiscal year 2023Cash140.2Shareholders’ equity1,953.0Fiscal year 2024Cash146.2Shareholders’ equity1,936.1Fiscal year 2025Cash47.6Total debt393.7Net cash (debt)−346.1Shareholders’ equity1,848.0Debt to equity0.21
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 11.8 13.1 82.2 126.0 81.1 87.1 140.2 146.2 47.6
Total debt n/a n/a 134.7 n/a n/a n/a n/a n/a 393.7
Net cash (debt) n/a n/a −52.4 n/a n/a n/a n/a n/a −346.1
Shareholders’ equity 73.5 264.3 548.0 1,525.0 1,611.7 1,961.9 1,953.0 1,936.1 1,848.0
Debt to equity n/a n/a 0.25 n/a n/a n/a n/a n/a 0.21

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Dec 2017 FY2018† 31 Dec 2018 FY2019 31 Dec 2019 FY2020† 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
11.8 13.1 82.2 126.0 81.1 87.1 140.2 146.2 47.6
80.0 281.5 745.9 1,768.1 2,084.6 2,414.8 2,391.1 2,378.0 2,370.9
Growth +251.7% +165.0% +137.1% +17.9% +15.8% −1.0% −0.5% −0.3%
Liabilities
n/a n/a 134.7 n/a n/a n/a n/a n/a 393.7
calc n/a n/a 134.7 n/a n/a n/a n/a n/a 393.7
6.5 17.2 197.8 243.1 472.9 452.9 438.1 442.0 522.9
Equity
−4.5 0.0 n/a n/a n/a n/a n/a n/a n/a
73.5 264.3 548.0 1,525.0 1,611.7 1,961.9 1,953.0 1,936.1 1,848.0
Growth +259.3% +107.4% +178.3% +5.7% +21.7% −0.5% −0.9% −4.5%
Per share and net cash
calc n/a n/a −52.4 n/a n/a n/a n/a n/a −346.1
3.5 9.8 12.6 23.9 25.6 28.0 28.1 28.3 28.0
calc 21.01 27.04 43.37 63.71 62.93 70.14 69.40 68.34 65.95

† The diluted share count jumps at 2018 and 2020, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Lines marked calc are worked out here from filed figures; point at one for how.