IIPR financial statements
The full income statement, balance sheet, and cash-flow statement for Innovative Industrial Properties Inc. (IIPR), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 266M-13.8% | 309M-0.3% | 310M+12.0% | 276M+35.1% | 205M+75.0% | ||
| Lease income | 265M-13.5% | 307M-0.1% | 307M+12.0% | 274M+34.1% | 205M+75.0% | |
| 142M+3.5% | 137M+1.3% | 135M+22.3% | 110M+59.5% | 69.2M+46.7% | ||
| Selling, general & administrative | 33.7M-9.9% | 37.4M-12.6% | 42.8M+11.2% | 38.5M+67.8% | 23.0M+61.9% | |
| General & administrative | 33.7M-9.9% | 37.4M-12.6% | 42.8M+11.2% | 38.5M+67.8% | 23.0M+61.9% | |
| Amortization of intangibles | — | — | — | — | 33.0K | |
| Operating income | 124M-26.3% | 168M-3.6% | 175M+2.9% | 170M+25.3% | 135M+94.1% | |
| Interest expense | 20.2M+14.3% | 17.7M+1.2% | 17.5M-4.6% | 18.3M+1.2% | 18.1M+143.4% | |
| Interest & investment income | — | 11.0M+30.1% | 8.45M+164.4% | 3.19M | — | |
| 118M-26.9% | 162M-2.4% | 166M+7.3% | 154M+35.4% | 114M+73.4% | ||
| Preferred dividends | 3.81M+111.3% | 1.80M+33.4% | 1.35M+0.0% | 1.35M+0.0% | 1.35M+0.0% | |
| Net income to common | 114M-28.4% | 160M-2.7% | 164M+7.3% | 153M+35.9% | 113M+75.0% | |
| $3.93-28.8% | $5.52-4.3% | $5.77+4.5% | $5.52+21.3% | $4.55+39.1% | ||
| EPS (basic) | $3.98-28.7% | $5.58-4.1% | $5.82+4.5% | $5.57+18.8% | $4.69+43.0% | |
| Weighted-avg shares (basic) | 28.0M-0.8% | 28.2M+0.9% | 28.0M+2.3% | 27.3M+14.4% | 23.9M+22.9% | |
| Weighted-avg shares (diluted) | 28.4M-0.5% | 28.5M+1.0% | 28.3M+2.1% | 27.7M+5.3% | 26.3M+34.3% | |
| Dividends per share | $7.69+2.7% | $7.48+4.1% | $7.19+9.4% | $6.57+28.5% | $5.11+62.0% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash & equivalents | 47.6M-67.5% | 146M+4.3% | 140M+61.0% | 87.1M+7.4% | 81.1M-35.6% | |
| Short-term investments | 0.00-100.0% | 5.00M-77.2% | 21.9M-89.1% | 201M-38.2% | 325M-47.5% | |
| 2.37B-0.3% | 2.38B-0.5% | 2.39B-1.0% | 2.41B+15.8% | 2.08B+17.9% | ||
| Operating lease right-of-use | 509K-46.2% | 946K-30.2% | 1.35M-22.1% | 1.74M+62.8% | 1.07M+9.0% | |
| Intangible assets | 6.37M-13.8% | 7.38M-10.4% | 8.24M | — | — | |
| 523M+18.3% | 442M+0.9% | 438M-3.3% | 453M-4.2% | 473M+94.5% | ||
| Long-term debt | 394M | — | — | — | — | |
| Operating lease liability (total) | 570K-45.6% | 1.05M-29.3% | 1.48M-21.0% | 1.88M+64.3% | 1.14M+8.0% | |
| 1.85B-4.5% | 1.94B-0.9% | 1.95B-0.5% | 1.96B+21.7% | 1.61B+5.7% | ||
| Preferred stock | 47.8M+102.2% | 23.6M+68.7% | 14.0M+0.0% | 14.0M+0.0% | 14.0M+0.0% | |
| Common stock | 28.0K+0.0% | 28.0K+0.0% | 28.0K+0.0% | 28.0K+7.7% | 26.0K+8.3% | |
| Additional paid-in capital | 2.11B-0.5% | 2.12B+1.4% | 2.10B+1.5% | 2.07B+23.5% | 1.67B+7.3% | |
| Total liabilities & equity | 2.37B-0.3% | 2.38B-0.5% | 2.39B-1.0% | 2.41B+15.8% | 2.08B+17.9% | |
| Common shares issued | 28.0M-1.1% | 28.3M+0.7% | 28.1M+0.6% | 28.0M+9.2% | 25.6M+7.0% | |
| Common shares outstanding | 28.0M-1.1% | 28.3M+0.7% | 28.1M+0.6% | 28.0M+9.2% | 25.6M+7.0% | |
| Shares outstanding (cover) | 28.1M-0.7% | 28.3M+0.4% | 28.2M+0.7% | 28.0M+9.3% | 25.6M+7.1% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 198M-23.3% | 258M+1.1% | 256M+9.1% | 234M+24.0% | 189M+70.3% | ||
| Depreciation & amortization | 74.1M+4.6% | 70.8M+5.4% | 67.2M+9.6% | 61.3M+46.7% | 41.8M+49.1% | |
| Intangible amortization | — | — | — | — | 33.0K | |
| Share-based compensation | 10.1M-41.5% | 17.3M-11.6% | 19.6M+11.8% | 17.5M+103.2% | 8.62M+158.7% | |
| -174M-211.3% | -56.0M-724.9% | -6.79M+98.3% | -396M-3.2% | -384M+62.6% | ||
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| -123M+38.1% | -198M-1.2% | -196M-219.1% | 164M+5.4% | 156M-83.2% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 8.70M+96.1% | 4.44M | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00-100.0% | 11.8M+22.9% | 9.56M-97.3% | 352M | 0.00-100.0% | |
| Common stock repurchased | 20.1M | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 216M+2.0% | 212M+4.6% | 203M+10.2% | 184M+40.5% | 131M+73.5% | |
| Interest paid | 17.4M+8.5% | 16.1M-0.5% | 16.1M-6.5% | 17.2M+19.9% | 14.4M+166.8% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 1.33B-29.4% | 1.89B-33.2% | 2.83B-0.3% | 2.84B-57.9% | 6.74B+53.8% | |
| P/E | 11.3×-3.5% | 11.7×-31.6% | 17.1×-14.7% | 20.0×-66.1% | 59.1×-11.3% | |
| P/S | 5.0×-18.1% | 6.1×-34.9% | 9.4×-12.2% | 10.7×-67.5% | 32.9×-12.1% | |
| P/B | 0.7×-26.1% | 1.0×-32.8% | 1.5×+0.6% | 1.4×-65.5% | 4.2×+45.5% | |
| Earnings yield | 8.9%+3.6% | 8.6%+46.3% | 5.9%+17.3% | 5.0%+195.0% | 1.7%+12.8% | |
| Dividend yield | 16.2%+44.6% | 11.2%+57.5% | 7.1%+10.0% | 6.5%+233.4% | 1.9%+12.9% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: IIPR’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all IIPR filings on SEC EDGAR → Not investment advice.