Innovative Industrial Properties Inc

IIPR-PA · NYSE · Real Estate / REIT - Industrial

23.70USD-0.07 (-0.29%)

Price History

Full chart

Market Stats

Previous Close23.77

Open23.82

Day Range23.70 – 23.92

52-Week Range19.93 – 24.96

Volume41.27K

Market Cap801.43M

P/E (TTM)5.16

Forward P/E0.00

EPS4.83

Dividend Yield9.06%

Beta1.40

50-Day Avg25.01

200-Day Avg23.71

About

Innovative Industrial Properties, Inc. is an internally managed real estate investment trust focused on the acquisition, ownership and management of specialized industrial properties and financial investments in the life science industry. As of June 30, 2026, we owned 108 properties comprising an aggregate of approximately 8.4 million rentable square feet in 19 states. Innovative Industrial Properties, Inc. was established on June 15th 2016 and is incorporated in Maryland.

Company Details

SectorReal Estate
IndustryREIT - Industrial
CEOMr. Paul E. Smithers
Employees24
Headquarters11440 West Bernardo Court, San Diego, CA, United States, 92127, USA
Websitehttps://www.innovativeindustrialproperties.com

Leadership

Mr. Alan D. GoldExecutive Chairman · b. 1960
Mr. Paul E. SmithersPresident, CEO & Director · b. 1957
Mr. David Jon SmithCFO & Treasurer · b. 1981
Ms. Catherine Hastings CPAChief Operating Officer · b. 1971
Mr. Ben ReginChief Investment Officer
Mr. Andy BuiVP & Chief Accounting Officer · b. 1982
Ms. Kelly C. SpicherSenior Vice President of Real Estate Counsel
Ms. Tracie HagerSenior Vice President of Asset Management · b. 1961
Eli KanterSenior Associate of Finance

Financials

Income Statement

Currency: USD	2015-12-31	2016-12-31	2017-12-31	2018-12-31	2019-12-31	2020-12-31	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31
Total Revenue	5.63M	321.00K	6.42M	14.79M	44.67M	116.90M	204.55M	276.36M	309.51M	308.52M	265.95M
Growth (%)	-	-94.30%	+1900.00%	+130.33%	+202.07%	+161.71%	+74.99%	+35.11%	+11.99%	-0.32%	-13.80%
Cost of Revenue	0	87.00K	118.00K	445.00K	1.31M	4.95M	4.44M	10.52M	24.89M	28.47M	30.18M
Gross Profit	5.63M	234.00K	6.30M	14.34M	43.35M	111.94M	200.11M	265.84M	284.61M	280.05M	235.78M
Gross Margin	100.00%	72.90%	98.16%	96.99%	97.06%	95.76%	97.83%	96.19%	91.96%	90.77%	88.65%
Operating Expense	641.43K	4.63M	6.53M	9.00M	18.42M	42.21M	64.74M	96.22M	110.03M	111.70M	111.66M
Operating Income	4.99M	-4.39M	-223.00K	5.34M	24.93M	69.74M	135.37M	169.62M	174.59M	168.34M	124.12M
Operating Margin	88.60%	-1368.22%	-3.47%	36.10%	55.82%	59.66%	66.18%	61.38%	56.41%	54.57%	46.67%
EBITDA	5.63M	-1.22M	805.00K	7.97M	37.60M	100.24M	172.15M	232.64M	248.88M	248.72M	208.70M
EBITDA Margin	100.00%	-380.24%	12.54%	53.88%	84.18%	85.75%	84.16%	84.18%	80.41%	80.62%	78.47%
Net Income	4.99M	-4.39M	-72.00K	6.99M	23.48M	65.73M	113.99M	154.39M	165.59M	161.66M	114.44M
Net Income Margin	88.60%	-1368.22%	-1.12%	47.24%	52.56%	56.23%	55.73%	55.86%	53.50%	52.40%	43.03%
R&D	0	13.68	0.01	0.47	0.53	0.56	0.56	0.56	0.54	-	-
R&D as % of Total Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	-
Interest Expense	0	0	151.00K	1.65M	6.31M	7.43M	18.09M	18.30M	16.10M	16.26M	20.20M
Interest Expense % of Total Revenue	0.00%	0.00%	2.35%	11.14%	14.12%	6.36%	8.84%	6.62%	5.20%	5.27%	7.59%

Balance Sheet

Currency: USD	2015-12-31	2016-09-30	2016-12-31	2017-12-31	2018-12-31	2019-12-31	2020-12-31	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31
Total Assets	-	375.51K	63.33M	80.03M	281.47M	745.86M	1.77B	2.08B	2.41B	2.39B	2.38B	2.37B
Total Liabilities	-	375.00K	2.89M	6.48M	17.17M	197.85M	243.11M	472.90M	452.94M	438.12M	441.99M	522.85M
Total Equity	-	508	60.44M	73.55M	264.29M	548.01M	1.52B	1.61B	1.96B	1.95B	1.94B	1.85B
Cash	-	508	33.00M	11.76M	13.05M	82.24M	126.01M	81.10M	87.12M	140.25M	146.25M	47.60M
Total Debt	-	-	60.76B	482.00K	614.00K	135.86M	137.75M	326.09M	301.50M	300.88M	297.87M	393.70M
Net Debt	-	-	-33.00M	-11.76M	-13.05M	53.61M	11.74M	245.00M	214.37M	160.63M	151.62M	346.10M

Cash Flow

Currency: USD	2015-12-31	2016-12-31	2017-12-31	2018-12-31	2019-12-31	2020-12-31	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31
Operating Cash Flow	2.90M	1.69M	5.01M	15.69M	44.93M	110.81M	188.75M	234.13M	255.54M	258.45M	198.19M
Investing Cash Flow	-51.48M	-30.03M	-38.65M	-199.25M	-340.63M	-1.03B	-384.09M	-396.20M	-6.79M	-56.00M	-174.30M
Financing Cash Flow	105.16M	61.34M	12.38M	184.85M	399.96M	924.99M	155.76M	164.22M	-195.63M	-197.90M	-122.54M
Capital Expenditure	0.01	30.03M	5.91M	22.29M	343.92M	529.83M	374.54M	373.88M	150.09M	0	23.43M
Free Cash Flow	-	-28.34M	-896.00K	-6.60M	-298.98M	-419.01M	188.75M	234.13M	255.54M	258.45M	174.76M
Dividends Paid	1.05M	1.05M	1.05M	7.98M	23.94M	76.82M	132.31M	183.94M	204.06M	213.53M	219.51M
FCF to OCF	-	-1673.89%	-17.87%	-42.06%	-665.38%	-378.12%	100.00%	100.00%	100.00%	100.00%	88.18%
Dividend Paid to FCF	-	-3.71%	-117.19%	-120.89%	-8.01%	-18.33%	70.10%	78.56%	79.85%	82.62%	125.61%

Earnings

Report Date	Nov 8, 2017	Mar 28, 2018	May 9, 2018	Aug 10, 2018	Nov 7, 2018	Mar 13, 2019	May 8, 2019	Aug 7, 2019	Nov 6, 2019	Feb 26, 2020	May 6, 2020	Aug 5, 2020
EPS Estimate	0.04	0.03	0.18	0.14	0.20	0.26	0.33	0.30	0.48	0.57	0.75	0.75
EPS Actual	0.09	0.07	0.09	0.17	0.21	0.24	0.33	0.30	0.55	0.78	0.72	0.73
Surprise	125.00%	133.33%	-50.00%	21.43%	5.00%	-7.69%	0.00%	0.00%	14.58%	36.84%	-4.00%	-2.67%
Timing	After-hours	After-hours	After-hours	After-hours	After-hours	After-hours	After-hours	After-hours	After-hours	After-hours	After-hours	After-hours

Key Statistics & Ratios

Market Cap801.43M

Enterprise Value1.22B

Trailing P/E5.16

Forward P/E0.00

Price / Sales3.01

Price / Book0.00

EPS4.83

Book Value62.48

Revenue (TTM)263.65M

Gross Profit (TTM)232.95M

EBITDA202.60M

Profit Margin52.27%

Operating Margin48.82%

Return on Equity7.39%

Return on Assets3.28%

Shares Outstanding9.78M

Shares Float26.99M

Beta1.40

Dividend Yield9.06%

Dividend Rate2.25

Payout Ratio0.00%

Ownership Breakdown

Institutions: 22.70%
Insiders: 0.00%
Retail / Other: 77.30%

Top Institutional Holders

Strategic Investment Solutions Inc
00.00%

Dividends

20263×

0.56Sep 30, 20260.56Jun 30, 20260.56Mar 31, 2026

20254×

0.56Dec 31, 20250.56Sep 30, 20250.56Jun 30, 20250.56Mar 31, 2025

20244×

0.56Dec 31, 20240.56Sep 30, 20240.56Jun 28, 20240.56Mar 27, 2024

20234×

0.56Dec 28, 20230.56Sep 28, 20230.56Jun 29, 20230.56Mar 30, 2023

20224×

0.56Dec 29, 20220.56Sep 29, 20220.56Jun 29, 20220.56Mar 30, 2022

20214×

0.56Dec 30, 20210.56Sep 29, 20210.56Jun 29, 20210.56Mar 30, 2021

20201×

0.56Dec 30, 2020