INNOVATIVE INDUSTRIAL PROPERTIES INC

IIPR

INNOVATIVE INDUSTRIAL PROPERTIES INC

IIPR

Insider Sentiment (TTM):

Last Purchase:2025-11-24Last Sale:2025-03-03Shares Purchased (TTM):4,200Shares Sold (TTM):0

Institutional Sentiment:

As of:2026-03-31Institutional Shares Owned:19,062,360Shares Outstanding:27,991,910Institutional Ownership Pct.:68.10%

Earnings Market Reaction:

Filing Date:2026-08-04Price on Filing Date:N/APrevious Close:N/A% Change:N/A

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Financial Statements

10‑Q10‑K

Values in Millions ($)	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30
Assets
Real Estate Investment Pr…
Land	141	145	146	146	146	147	147	146	143	143	143	143
Investment Building And Building Improvements	2,190	2,269	2,270	2,252	2,249	2,244	2,231	2,210	2,161	2,120	2,108	2,101
Construction In Progress Gross	35	40	41	58	57	60	62	60	98	124	118	108
Real Estate Investment Property At Cost	2,366	2,455	2,457	2,456	2,453	2,452	2,440	2,416	2,402	2,386	2,369	2,351
Real Estate Investment Property Accumulated Deprec…	-369	-361	-343	-325	-307	-289	-271	-253	-235	-220	-203	-186
Real Estate Investment Property Net	1,996	2,094	2,113	2,131	2,147	2,163	2,169	2,163	2,167	2,166	2,166	2,165
Other Investments	276	154	153	105	-	-	0	-	-	-	-	-
Restricted Cash	-	-	0	-	-	-	0	-	-	-	1	1
Cash And Cash Equivalents At Carrying Value	205	89	48	37	100	128	146	147	121	154	140	117
Short Term Investments	-	-	0	5	5	5	5	25	40	20	22	42
Operating Lease Right Of Use Asset	-	-	1	1	1	1	1	1	1	1	1	1
Finite Lived Intangible Asset Acquired In Place Le…	-	-	-	-	-	-	-	-	-	8	8	8
Finite Lived Intangible Assets Net	6	6	6	7	7	7	7	8	8	-	8	-
Other Assets	24	28	27	29	23	26	27	30	26	28	30	33
Assets	2,582	2,394	2,371	2,338	2,305	2,353	2,378	2,395	2,384	2,400	2,391	2,389
Liabilities And Stockhold…
Liabilities
Convertible Debt	-	-	-	-	-	-	-	-	-	-	4	4
Unsecured Debt	0	291	291	290	290	289	298	298	297	297	296	296
Line Of Credit	93	75	103	50	-	-	0	-	-	-	-	-
Accounts Payable And Accrued Liabilities Current A…	8	15	11	15	10	12	11	15	9	12	11	14
Dividends Payable Current And Noncurrent	56	57	55	55	55	55	55	55	55	52	52	51
Other Liabilities	11	11	11	9	13	11	11	11	10	12	5	4
Liabilities	730	499	523	475	425	430	442	449	437	444	438	441
Stockholders Equity
Preferred Stock Value	129	108	48	43	37	33	24	24	14	14	14	14
Common Stock Value	0	0	0	0	0	0	0	0	0	0	0	0
Additional Paid In Capital Common Stock	2,072	2,124	2,113	2,110	2,108	2,125	2,124	2,120	2,115	2,111	2,096	2,081
Accumulated Distributions In Excess Of Net Income	-350	-337	-313	-290	-264	-236	-212	-197	-182	-170	-157	-147
Stockholders Equity	1,852	1,895	1,848	1,863	1,880	1,922	1,936	1,947	1,947	1,955	1,953	1,949
Liabilities And Stockholders Equity	2,582	2,394	2,371	2,338	2,305	2,353	2,378	2,395	2,384	2,400	2,391	2,389
Series A Preferred Stock	-	-	-	0	0	0	1	1	-1	1	1	-13
Preferred Stock Par Or Stated Value Per Share	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001
Preferred Stock Shares Authorized	50	50	50	50	50	50	50	50	50	50	50	50
Preferred Stock Dividend Rate Percentage	0	0	0	-	-	0	0	-	0	0	0	-
Preferred Stock Liquidation Preference	0	0	0	-	-	-	0	-	-	-	-	-
Preferred Stock Shares Issued	6	5	2	-	-	-	1	-	-	-	-	-
Preferred Stock Shares Outstanding	6	5	2	-	-	-	1	-	-	-	-	-
Common Stock Par Or Stated Value Per Share	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001
Common Stock Shares Authorized	50	50	50	50	50	50	50	50	50	50	50	50
Common Stock Shares Issued	28	28	28	28	28	28	28	28	28	28	28	28
Shares Outstanding	28	28	28	28	28	28	28	28	28	28	28	28

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10‑Q10‑K

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10‑Q10‑K

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Earnings Market Reaction

10‑Q10‑K

Fiscal Year	Q1 1 Month	Q1 2 Month	Q1 3 Month	Q2 1 Month	Q2 2 Month	Q2 3 Month	Q3 1 Month	Q3 2 Month	Q3 3 Month	Q4 1 Month	Q4 2 Month	Q4 3 Month
2026	-3.86%	4.33%	5.08%	-	-	-	-	-	-	-	-	-
2025	-0.79%	2.62%	-0.22%	22.91%	18.13%	18.70%	-0.62%	2.25%	3.74%	1.00%	7.63%	9.74%
2024	2.83%	6.04%	19.35%	8.45%	18.52%	16.71%	-0.95%	-38.12%	-36.45%	-4.20%	-29.99%	-22.54%
2023	-	-	-	-	-	-	3.52%	29.72%	23.39%	7.55%	0.62%	21.66%
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Performance and Valuation Metrics

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Metrics	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30
Leverage & Debt
Interest Coverage TTM	5.21	5.56	6.15	7.46	8.20	9.01	9.53	9.85	10.02	9.99	10.00	9.80
Per Share Metrics
Diluted EPS TTM	4.53	4.15	4.17	4.45	4.85	5.35	5.67	5.63	5.70	5.71	5.81	5.82
Free Cash Flow Per Share TTM	6.91	7.14	7.08	7.38	8.07	8.53	9.16	9.44	9.38	9.33	9.13	8.75
Dividend Per Share TTM	7.59	7.71	7.72	7.77	7.78	7.59	7.51	7.38	7.25	9.03	9.05	7.66
Margin Metrics
Gross Profit Margin TTM	-	-	-	-	-	-	-	-	-	105.61%	105.64%	105.93%
Operating Profit Margin TTM	51.44%	46.75%	46.67%	48.65%	51.00%	52.59%	54.57%	54.77%	55.15%	56.09%	56.41%	58.13%
Net Profit Margin TTM	51.56%	44.87%	44.46%	45.60%	47.67%	50.16%	52.40%	51.79%	52.19%	52.63%	53.06%	54.67%
Growth Metrics
Net Revenue Growth (1Y)	-8.42%	-13.63%	-13.80%	-11.22%	-7.80%	-1.33%	-0.32%	3.36%	6.25%	7.28%	11.99%	13.58%
Net Income Growth (1Y)	-0.95%	-22.74%	-26.85%	-21.83%	-15.78%	-5.97%	-1.57%	-2.09%	1.77%	2.20%	7.32%	16.49%
EPS Growth (1Y)	-2.76%	-21.96%	-26.28%	-20.87%	-14.80%	-6.40%	-2.43%	-3.03%	0.80%	1.49%	4.89%	16.30%
Valuation Metrics
P/E TTM	12.97	11.53	10.47	10.67	9.74	8.39	9.46	18.67	14.75	13.73	12.92	9.52
P/B TTM	0.95	0.72	0.67	0.72	0.71	0.67	0.79	1.54	1.23	1.14	1.09	0.80
P/S TTM	6.69	5.17	4.66	4.87	4.64	4.21	4.96	9.67	7.70	7.22	6.86	5.20
Market Cap	1.76B	1.36B	1.24B	1.34B	1.34B	1.28B	1.53B	3.01B	2.40B	2.23B	2.12B	1.56B
Enterprise Value	1.56B	1.27B	1.19B	1.31B	1.24B	1.15B	1.38B	2.86B	2.28B	2.08B	1.98B	1.45B
Calculated Values
Free Cash Flow TTM	196.45M	199.98M	198.19M	206.09M	225.37M	241.12M	258.45M	266.72M	264.93M	262.49M	255.54M	244.82M
Net Debt	-207.64M	-89.12M	-47.60M	-36.67M	-99.67M	-128.01M	-146.25M	-147.13M	-120.84M	-153.50M	-137.27M	-114.06M
Per-Share and Margin
EPS TTM
Adjusted EPS TTM
Cash Flow Per Share TTM
Pretax Margin TTM
Stock Comp to Revenue TTM
Turnover Ratios and Averages
Average Assets
Average Equity
Average Inventory
Average Receivables
Average Accounts Payables
Inventory Turnover TTM
Payables Turnover TTM
Days Inventory Outstanding TTM
Days Payables Outstanding TTM
Cash Conversion Cycle TTM
Working Capital to Revenue
Deferred Revenue to Revenue
Growth Rates
Total Assets Growth (1Y)
Total Assets Growth (3Y)
Total Assets Growth (5Y)
Dividends Paid Growth (1Y)
Dividends Paid Growth (3Y)
Dividends Paid Growth (5Y)
EPS Growth (3Y)
EPS Growth (5Y)
Net Income Growth (3Y)
Net Income Growth (5Y)
Net Profit Margin Growth (1Y)
Net Profit Margin Growth (3Y)
Net Profit Margin Growth (5Y)
Net Revenue Growth (3Y)
Net Revenue Growth (5Y)
Deferred Revenue Growth (1Y)
Retained Earnings Growth (1Y)
Credit, Liquidity, Returns, Payout
Cash Ratio
Net Working Capital
Debt to EBITDA TTM
Net Debt to EBITDA TTM
Net Debt to Equity
Altman A
Altman B
Altman C
Altman D
Altman E
Altman Z-Score
ROA TTM
ROE TTM
NOPAT TTM
ROIC TTM
Effective Tax Rate TTM
Payout Ratio TTM
Dilution Ratio
Retained Earnings to Equity
Treasury Stock to Equity
Treasury Stock Change (1Y)
Accrued to Current Liabilities
NCAV
NCAV Per Share TTM
Valuation Ratios
P/CF TTM
Dividend Yield TTM
Free Cash Flow Yield TTM
EV EBITDA TTM
EV EBIT TTM
Stock Compensation TTM
Adjusted Net Income TTM
Billings TTM
Total Debt
Invested Capital

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Insider Transactions

2025-11-24Purchase

Owner: Gold, Alan D

Title: EXECUTIVE CHAIRMAN

Shares: 2,600

Price/Share: $49.09

Value: $127,634.00

Shares Owned: 2,600

Relationship: Director,Officer

Ownership: Indirect

2025-11-20Purchase

Owner: Gold, Alan D

Title: EXECUTIVE CHAIRMAN

Shares: 1,000

Price/Share: $45.70

Value: $45,700.00

Shares Owned: 58,500

Relationship: Director,Officer

Ownership: Indirect

2025-11-20Purchase

Owner: Smith, David Jon

Title: CFO AND TREASURER

Shares: 600

Price/Share: $45.90

Value: $27,540.00

Shares Owned: 600

Relationship: Officer

Ownership: Direct

2025-03-03Sale

Owner: Stecher, David

Title: -

Shares: 7,599

Price/Share: $70.55

Value: $536,109.45

Shares Owned: 1,346

Relationship: Director

Ownership: Direct

2023-11-15Sale

Owner: Stecher, David

Title: -

Shares: 2,500

Price/Share: $80.76

Value: $201,900.00

Shares Owned: 7,529

Relationship: Director

Ownership: Direct

Filed Date	Owner	Relationship	Title	Ownership	Purchase/Sale	No. Shares	Price Per Share	Value	Shares Owned	Document Type
2025-11-24	Gold, Alan D	Director,Officer	EXECUTIVE CHAIRMAN	Indirect	Purchase	2,600	49.09	$127,634.00	2,600	4
2025-11-20	Gold, Alan D	Director,Officer	EXECUTIVE CHAIRMAN	Indirect	Purchase	1,000	45.70	$45,700.00	58,500	4
2025-11-20	Smith, David Jon	Officer	CFO AND TREASURER	Direct	Purchase	600	45.90	$27,540.00	600	4
2025-03-03	Stecher, David	Director	-	Direct	Sale	7,599	70.55	$536,109.45	1,346	4
2023-11-15	Stecher, David	Director	-	Direct	Sale	2,500	80.76	$201,900.00	7,529	4
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Institutional Ownership

No data available for chart

2026-03-31

68.10%

Inst. Shares: 19,062,360

Shares Outstanding: 27,991,910

2025-12-31

66.60%

Inst. Shares: 18,650,763

Shares Outstanding: 28,005,228

2025-09-30

64.63%

Inst. Shares: 18,040,204

Shares Outstanding: 27,912,881

2025-06-30

66.15%

Inst. Shares: 18,471,882

Shares Outstanding: 27,924,092

2025-03-31

66.70%

Inst. Shares: 18,860,848

Shares Outstanding: 28,275,549

Date	Institutional Shares Owned	Shares Outstanding	Institutional Ownership %
2026-03-31	19,062,360	27,991,910	68.10%
2025-12-31	18,650,763	28,005,228	66.60%
2025-09-30	18,040,204	27,912,881	64.63%
2025-06-30	18,471,882	27,924,092	66.15%
2025-03-31	18,860,848	28,275,549	66.70%
2024-12-31	19,238,714	28,226,402	68.16%
2024-09-30	18,743,229	28,254,565	66.34%
2024-06-30	18,944,458	28,250,843	67.06%
2024-03-31	18,336,646	28,145,017	65.15%
2023-12-31	18,849,140	27,977,807	67.37%
2023-09-30	18,178,434	27,983,004	64.96%
2023-06-30	18,320,998	27,981,517	65.48%
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INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) — SEC Financial Statements & Analysis

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) is a real estate company. INNOVATIVE INDUSTRIAL PROPERTIES INC trades on NYSE as: IIPR, IIPR-PA. Based on its latest SEC filing (Form 10-Q, period ending 2026-06-30), INNOVATIVE INDUSTRIAL PROPERTIES INC reported a -8.42% year-over-year revenue growth, a Gross Profit Margin of 105.61% (TTM), a Price-to-Sales (P/S) ratio of 6.69x (TTM), a Price-to-Book (P/B) ratio of 0.95x (TTM), at a market cap of $1.76B. Figures below are sourced from SEC EDGAR, as-filed.

Net Revenue TTM Growth 1Y: -8.42%
Gross Profit Margin TTM: 105.61%
P/S TTM: 6.69x
P/B TTM: 0.95x
Market Cap: $1.76B

Data as of 2026-06-30 · Source: SEC EDGAR

Frequently Asked Questions

What industry is INNOVATIVE INDUSTRIAL PROPERTIES INC in?

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) operates in the Real Estate industry.

What is IIPR's market cap?

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) has a market capitalization of $1.76B as of 2026-06-30.

What is IIPR's P/E ratio?

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)'s trailing twelve month P/E ratio is 12.97x as of 2026-06-30.

What exchange does IIPR trade on?

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) trades on the NYSE.