Innovative Industrial Properties Inc
NYSE: IIPR · REAL ESTATE · REIT - INDUSTRIAL
Updated 2026-06-05
Innovative Industrial Properties Inc (IIPR) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Capital expenditures | $5.91M | $30.03M | $5.91M | $22.29M | $343.92M | $529.83M | $662.13M | $523.97M | $150.09M | $81.75M | $23.43M |
| Depreciation | — | — | — | — | — | — | — | — | — | — | — |
| Stock-based comp | — | $58000.00 | $1.72M | $1.47M | $2.50M | $3.33M | $8.62M | $17.51M | $19.58M | $17.32M | $10.13M |
| Free cash flow | $-3.01M | $-28.34M | $-896000.00 | $-6.60M | $-298.98M | $-419.01M | $-473.38M | $-289.84M | $105.45M | $176.70M | $174.76M |
| Investing cash flow | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | — | — | — | — | — | — | — | — | — | — | — |
| Dividends paid | $1.05M | $1.05M | $1.05M | $7.98M | $23.94M | $76.82M | $132.31M | $183.94M | $204.06M | $213.53M | $219.51M |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — | — | — | — | — | — |
| Net change in cash | — | — | $-21.25M | $1.29M | $104.27M | $8.69M | $-39.59M | — | — | — | — |
Frequently asked questions
What is Innovative Industrial Properties Inc's revenue?
Innovative Industrial Properties Inc's trailing twelve-month revenue is $263.23M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is IIPR?
In its most recent fiscal year, IIPR ran a gross margin of 88.65%, an operating margin of 46.67%, and a net margin of 43.03%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does IIPR generate?
IIPR produced $174.76M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is IIPR's balance sheet healthy?
IIPR holds $47.60M in cash and equivalents against $290.60M in long-term debt, on $1.85B of shareholder equity. That debt is best read against the cash flow the business throws off each year.