FY2025 · ended Dec 31, 2025 · Revenue $265.95M, -13.8% YoY · Filed Feb 24, 2026
Innovative Industrial Properties, Inc. (IIPR) files with the SEC under industry code 6500, Real Estate. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $266.0 million and net income of $118.2 million. As of Sep 30, 2026 it held $142.4 million in cash and investments and $696.0 million in total debt.
Revenue (TTM)
$263.89M
-4.4% vs year-ago TTM
Net income (TTM)
$140.40M
+11.0% vs year-ago TTM
Operating cash flow (TTM)
$200.31M
-2.8% vs year-ago TTM
Free cash flow
$-896,000
EPS (TTM)
$4.94
+14.0% vs year-ago TTM
Dividend per share
$0.55
Shares outstanding
28.14M
-0.7% vs prior year
Net cash
$-553.61M
as of Sep 30, 2026
Operating margin
51.4%
FY 2026
Company profile
- Industry
- Real Estate (SIC 6500)
- Listed as
- IIPR (NYSE), IIPR-PA (NYSE), IIPR-PB (NYSE)
- Fiscal year ends
- December 31
- Headquarters
- Park City, UT
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1677576
Other Real Estate companies
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $266.0M | $308.5M | $309.5M | $276.4M | $204.6M |
| Operating income | $124.1M | $168.3M | $174.6M | $169.6M | $135.4M |
| Net income | $118.2M | $161.7M | $165.6M | $154.4M | $114.0M |
| Diluted EPS | $3.93 | $5.52 | $5.77 | $5.52 | $4.55 |
| Operating cash flow | $198.2M | $258.4M | $255.5M | $234.1M | $188.7M |
| Total assets | $2.4B | $2.4B | $2.4B | $2.4B | $2.1B |
| Total liabilities | $522.9M | $442.0M | $438.1M | $452.9M | $472.9M |
| Stockholders' equity | $1.8B | $1.9B | $2.0B | $2.0B | $1.6B |
| Cash and investments | $47.6M | $151.2M | $162.2M | $288.1M | $406.0M |
| Total debt | $394.3M | $1.0M | $1.5M | $1.9M | $1.1M |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 10-Q | Quarterly report | Nov 3, 2026 | Sep 30, 2026 |
| 8-K |
Current report
Results of operations, Regulation FD disclosure
|
Nov 2, 2026 | Nov 2, 2026 |
| 8-K |
Current report
Material agreement, New debt
|
Oct 27, 2026 | Oct 21, 2026 |
| 8-K |
Current report
Material agreement, Change to shareholder rights, Bylaw or fiscal year change
|
Oct 14, 2026 | Oct 8, 2026 |
| 8-K |
Current report
Material agreement, Regulation FD disclosure
|
Oct 1, 2026 | Sep 28, 2026 |
| 8-K |
Current report
Bylaw or fiscal year change
|
Sep 25, 2026 | Sep 25, 2026 |
All 592 Innovative Industrial Properties, Inc. SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.