IIPR

MKT CAP:$2B

Innovative Industrial Properties, Inc.

Market Cap

$2B

Real Estate·REIT - Industrial·🇺🇸 United States·NYSE

Real Estate·REIT - Industrial·🇺🇸·NYSE

Stock Price

$54.76+$5.29 (+10.68%)

Apr 24, 2026

Company Details

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated medical-use can...

CEO

Paul E. Smithers

IPO Date

Dec 1, 2016

Website

www.innovativeindustrialproperties.com

Key Metrics TTM

Revenue

$266M

-14.5% YoY

Net Income

$118M

EPS (Diluted)

$3.93

Free Cash Flow

$198M

Revenue / Share

$9.40

Gross Margin

74.7%

Operating Margin

46.8%

Net Margin

44.5%

FCF Margin

74.5%

P/S

5.9x

P/E

13.2x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 24, 2026

$266M-13.8%EPS $3.93

Q4 2025

Feb 24, 2026

$67MEPS $1.07

Q3 2025

Nov 4, 2025

$65M-15.5%EPS $0.97

Q2 2025

Aug 7, 2025

$63M-21.2%EPS $0.86

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$59M	$57M	$38M
Q1 22	$65M	$63M	$40M
Q2 22	$71M	$68M	$44M
Q3 22	$71M	$68M	$41M
Q4 22	$70M	$67M	$44M
Q1 23	$76M	$70M	$43M
Q2 23	$76M	$71M	$43M
Q3 23	$78M	$72M	$44M
Q4 23	$79M	$72M	$44M
Q1 24	$75M	$69M	$42M
Q2 24	$80M	$73M	$42M
Q3 24	$77M	$69M	$42M
Q1 25	$72M	$64M	$34M
Q2 25	$63M	$56M	$29M
Q3 25	$65M	$57M	$29M
Q4 25	$67M	$22M	$32M

Valuation

Quarter	P/S	P/E
Q4 21	33.1x	60.2x
Q1 22	23.6x	43.5x
Q2 22	13.2x	24.4x
Q3 22	9.6x	18.0x
Q4 22	10.3x	18.4x
Q1 23	7.4x	13.3x
Q2 23	7.1x	12.9x
Q3 23	6.9x	12.6x
Q4 23	8.7x	16.2x
Q1 24	9.1x	17.2x
Q2 24	9.7x	18.4x
Q3 24	12.2x	23.3x
Q1 25	5.0x	10.0x
Q2 25	5.4x	11.2x
Q3 25	5.6x	12.1x
Q4 25	5.2x	11.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$48M	$47M
Q1 22	$60M	$60M
Q2 22	$62M	-$100M
Q3 22	$57M	$32M
Q4 22	$55M	-$2M
Q1 23	$65M	$65M
Q2 23	$62M	$62M
Q3 23	$63M	$63M
Q4 23	$66M	$66M
Q1 24	$72M	$72M
Q2 24	$64M	$64M
Q3 24	$65M	$65M
Q1 25	$54M	$54M
Q2 25	$48M	$48M
Q3 25	$46M	$46M
Q4 25	$50M	$50M

Capital Expenditures

Quarter	CapEx
Q4 21	$550.0K
Q1 22	$0
Q2 22	$162M
Q3 22	$25M
Q4 22	$57M
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+71.7%	+47.3%
Q1 22	+73.9%	+73.0%
Q2 22	+64.4%	+73.4%
Q3 22	+31.6%	+68.1%
Q4 22	+19.5%	+28.0%
Q1 23	+17.9%	+32.8%
Q2 23	+8.4%	+25.3%
Q3 23	+9.8%	+15.1%
Q4 23	+12.3%	+34.2%
Q1 24	-0.8%	+2.2%
Q2 24	+4.4%	+13.4%
Q3 24	-1.7%	+1.7%
Q1 25	-9.4%	+7.3%
Q2 25	-16.6%	+1.7%
Q3 25	-18.9%	-5.8%
Q4 25	-12.9%	-0.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$2M	3.7%
Q1 22	$4M	6.8%
Q2 22	$4M	6.3%
Q3 22	$4M	6.2%
Q4 22	$4M	6.1%
Q1 23	$5M	6.3%
Q2 23	$5M	6.4%
Q3 23	$5M	6.3%
Q4 23	$5M	6.2%
Q1 24	$4M	5.7%
Q2 24	$4M	5.5%
Q3 24	$4M	5.6%
Q1 25	$2M	2.9%
Q2 25	$3M	4.2%
Q3 25	$3M	4.1%
Q4 25	$3M	4.0%

OpEx Breakdown

Quarter	G&A
Q4 21	$6M
Q1 22	$9M
Q2 22	$9M
Q3 22	$11M
Q4 22	$10M
Q1 23	$10M
Q2 23	$11M
Q3 23	$11M
Q4 23	$11M
Q1 24	$10M
Q2 24	$10M
Q3 24	$9M
Q1 25	$8M
Q2 25	$9M
Q3 25	$9M
Q4 25	$8M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$43M	$0	$43M
Q2 22	$45M	$0	$45M
Q3 22	$77M	$0	$77M
Q4 22	$87M	$0	$87M
Q1 23	$38M	$0	$38M
Q2 23	$93M	$0	$93M
Q3 23	$117M	$0	$117M
Q4 23	$140M	$0	$140M
Q1 24	$154M	$0	$154M
Q2 24	$121M	$0	$121M
Q3 24	$147M	$0	$147M
Q4 24	$146M	$0	$146M
Q1 25	$128M	$0	$128M
Q2 25	$100M	$0	$100M
Q3 25	$37M	$0	$37M
Q4 25	$48M	$0	$48M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	26M	+0.0%	+21.0%
Q1 22	26M	+0.3%	+5.0%
Q2 22	28M	+6.4%	+7.2%
Q3 22	28M	+0.4%	+7.2%
Q4 22	28M	+0.0%	+7.2%
Q1 23	28M	+0.2%	+7.2%
Q2 23	28M	+0.1%	+0.8%
Q3 23	28M	+0.0%	+0.4%
Q4 23	28M	+0.1%	+0.4%
Q1 24	28M	+0.6%	+0.8%
Q2 24	29M	+0.4%	+1.1%
Q3 24	29M	+0.0%	+1.1%
Q1 25	29M	+0.0%	+1.1%
Q2 25	28M	-0.9%	-0.5%
Q3 25	28M	-0.1%	-0.9%
Q4 25	28M	-0.0%	-1.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$3M	18
Q1 22	$4M	18
Q2 22	$4M	18
Q3 22	$4M	18
Q4 22	$4M	19
Q1 23	$4M	19
Q2 23	$4M	19
Q3 23	$4M	19
Q4 23	$4M	21
Q1 24	$4M	21
Q2 24	$4M	21
Q3 24	$4M	21
Q1 25	$3M	22
Q2 25	$3M	22
Q3 25	$3M	22
Q4 25	$3M	23

Revenue / Employee