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IIPR

Innovative Industrial Properties, Inc.

IIPR

Innovative Industrial Properties, Inc. • NYSE
$49.45 ▼ -0.12% (-0.06)
Market Cap $1.39 B
52w High $111.11
52w Low $44.58
Dividend Yield 7.60%
P/E 11.69
Volume 122.75K
Outstanding Shares 28.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $64.685M ▲ $27.32M ▲ $29.305M ▲ 45.304% ▲ $1.01 ▲ $52.469M ▲
Q2-2025 $62.891M ▼ $27.126M ▼ $26.024M ▼ 41.38% ▼ $0.87 ▼ $48.968M ▼
Q1-2025 $71.722M ▼ $30.379M ▲ $31.077M ▼ 43.33% ▼ $1.05 ▼ $53.968M ▼
Q4-2024 $76.744M ▲ $27.131M ▼ $40.025M ▼ 52.154% ▼ $1.38 $61.38M ▼
Q3-2024 $76.526M $27.274M $40.215M 52.551% $1.38 $62.586M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $36.671M ▼ $2.338B ▲ $474.573M ▲ $1.863B ▼
Q2-2025 $99.666M ▼ $2.305B ▼ $424.649M ▼ $1.88B ▼
Q1-2025 $128.01M ▼ $2.353B ▼ $430.423M ▼ $1.922B ▼
Q4-2024 $146.245M ▼ $2.378B ▼ $441.987M ▼ $1.936B ▼
Q3-2024 $147.128M $2.395B $448.794M $1.947B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $29.305M ▲ $45.591M ▼ $-109.664M ▼ $1.078M ▲ $-62.995M ▼ $45.591M ▼
Q2-2025 $26.024M ▼ $48.449M ▼ $-5.756M ▲ $-71.037M ▼ $-28.344M ▼ $48.449M ▼
Q1-2025 $31.077M ▼ $54.242M ▼ $-17.156M ▼ $-55.321M ▲ $-18.235M ▼ $54.242M ▲
Q4-2024 $39.455M ▼ $58.067M ▼ $-3.565M ▼ $-55.385M ▼ $-883K ▼ $40.625M ▼
Q3-2024 $40.215M $64.869M $6.402M $-44.978M $26.293M $64.869M

Five-Year Company Overview

Income Statement

Income Statement IIPR’s income statement shows a business that is solidly profitable with high margins but now in a slower-growth phase. Revenue and operating profit have leveled off recently after a strong run-up in earlier years. Profitability remains healthy, but earnings per share have stopped climbing and have dipped slightly, suggesting the easy growth period may be behind them for now. Overall, this looks like a mature, steady earner rather than one still in rapid expansion mode, at least based on the last couple of years.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative for a specialized REIT. Assets and equity have grown meaningfully compared with a few years ago but have been fairly stable more recently, pointing to a pause in aggressive expansion. Debt is moderate relative to equity, indicating the company has not over-levered itself to grow. Cash on hand is not large but appears consistently maintained, which is typical for a REIT that relies on stable rent streams and external financing when needed.

Cash Flow

Cash Flow Cash flow from operations is healthy and tracks the earnings picture: it grew nicely in earlier years and has stabilized more recently. The big shift is in investment spending. A few years ago, the company was pouring significant cash into new properties, resulting in negative free cash flow. In the last two years, capital spending has dropped sharply, and free cash flow has turned clearly positive. That suggests management has moved from a heavy growth and acquisition phase toward a period of consolidation, cash generation, and greater financial flexibility.

Competitive Edge

Competitive Edge IIPR occupies a distinctive niche as a landlord and capital provider to state-licensed cannabis operators, using long-term, triple-net leases and sale-leaseback structures. Its early entry into this space, specialized regulatory know-how, and deep relationships with multi-state operators give it a meaningful edge over generalist industrial REITs. This first-mover advantage and branding as the go-to cannabis REIT create a moat that is not trivial to replicate. At the same time, the company is exposed to sector-specific risks: tenant credit quality, regulatory changes, and the evolving competitive landscape if cannabis becomes federally legal and financing options broaden. Recent moves to diversify into life science properties are an attempt to broaden that competitive base beyond a single industry.

Innovation and R&D

Innovation and R&D While IIPR does not innovate in the classic research-and-development sense, its core strength is financial and real estate innovation. It has tailored sale-leaseback structures and long-term leases specifically for cannabis operators who struggle to get traditional bank financing, effectively turning real estate into a funding tool for them. The company also finances tenant improvements for highly specialized cultivation and processing facilities, enabling more advanced and compliant operations at its properties. More recently, IIPR has begun to extend this specialized-real-estate playbook into life sciences, leveraging management’s prior experience and signaling a willingness to innovate in adjacent, high-growth property types rather than stay confined to a single niche.

Summary

Overall, IIPR looks like a specialized REIT that has transitioned from rapid expansion to a more mature, steady phase. The business is profitable with high margins, a reasonably conservative balance sheet, and stronger free cash flow now that heavy investment has slowed. Its niche focus and early entry into cannabis-related industrial properties have created a clear competitive position, but they also tie its fortunes to a complex and still-evolving regulatory environment and a relatively narrow tenant base. The emerging push into life sciences introduces a new growth avenue and additional diversification, but also execution risk. The key story going forward is whether the company can balance stable cash generation from its existing cannabis portfolio with thoughtful, disciplined growth and diversification into other specialized real estate segments.

NEWS

November 3, 2025 · 5:00 PM UTC

Innovative Industrial Properties Reports Third Quarter 2025 Results

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October 21, 2025 · 6:00 AM UTC

Innovative Industrial Properties Announces Third Quarter 2025 Earnings Release Date and Conference Call

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October 6, 2025 · 8:49 AM UTC

Innovative Industrial Properties Announces New $100 Million Revolving Credit Facility to Support Strategic Growth

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October 1, 2025 · 6:23 PM UTC

Innovative Industrial Properties Announces Closing of Initial Investment Into IQHQ

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September 15, 2025 · 6:55 AM UTC

Innovative Industrial Properties Declares Third Quarter 2025 Dividends

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