Innovative Industrial Properties Inc. (IIPR)
As-reported financials and SEC filings for Innovative Industrial Properties Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About Innovative Industrial Properties Inc.
Innovative Industrial Properties Inc is a real estate investment trust that acquires, owns, and manages specialized industrial and commercial properties in the United States. Its properties are primarily leased to state-licensed operators for regulated cannabis facilities, using sale-leaseback transactions and third-party purchases. The company also invests in the life science industry and has made preferred equity and credit facility investments in IQHQ, a life science real estate company.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Innovative Industrial Properties
- Revenue fell 13.8% to $266M in FY2025, after a 0.3% decline the year before.
- Operating margin is 46.7% in FY2025, -19.5 pp against 66.2% in FY2021.
- Most recent quarter Q2 FY2026: revenue $63M, up 0.7% from Q2 FY2025.
- Net income fell 26.9% to $118M in FY2025.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Innovative Industrial Properties’s fundamentals sit among the 227 Real Estate companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Innovative Industrial Properties’s long-term debt to equity of 0.21 ranks in the 7th percentile of the 129 Real Estate companies reporting it. Innovative Industrial Properties’s net margin of 44.5% ranks in the 91st percentile of the 212 Real Estate companies reporting it. Innovative Industrial Properties’s revenue growth of -13.8% ranks in the 10th percentile of the 222 Real Estate companies reporting it.
2 reported insider purchases (code P) totaling $1.0M in the last 90 days, against 1 sale totaling $34,436. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 5 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| Point72 Asset Managementquant | Q2 2026 | $21.8M | 351.5K | Reduced |
| D. E. Shawquant | Q2 2026 | $18.9M | 304.6K | Reduced |
| AQR Capital Managementquant | Q2 2026 | $3.5M | 57.0K | Added |
| Citadel Advisorsquant | Q2 2026 | $2.6M | 41.3K | Added |
| Two Sigma Investmentsquant | Q2 2026 | $1.4M | 22.9K | Added |
No longer held by: Millennium Management (as of Q2 2026)
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Recent insider activity
Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4. Multiple insiders have bought recently (a cluster buy).
| Trade date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
2026-10-08 filed 2026-10-13 | Alan D. GoldEXECUTIVE CHAIRMAN | Buy | 40.0K | $25.00 | $1.0M |
2026-09-15 filed 2026-09-17 | Scott ShoemakerDirector | Sell | 611 | $56.36 | $34K |
2026-08-31 filed 2026-09-01 | Bruce Alan IvesDirector | Buy | 528 | $56.70 | $30K |
Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-09-30 | 4.3M | +13.1% | 7.99 |
| 2026-09-15 | 3.8M | +1.8% | 13.90 |
| 2026-08-31 | 3.7M | +5.3% | 11.30 |
| 2026-08-14 | 3.5M | -5.2% | 10.97 |
| 2026-07-31 | 3.7M | -4.8% | 11.50 |
| 2026-07-15 | 3.9M | -3.4% | 13.22 |
| 2026-06-30 | 4.0M | +7.5% | 8.88 |
| 2026-06-15 | 3.7M | +22.7% | 6.71 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $266.0M | $308.5M | $309.5M | $276.4M | $204.6M |
| Gross profit | — | — | — | — | — |
| 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 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $47.6M | $146.2M | $140.2M | $87.1M | $81.1M |
| Current assets | — | — | — | — | — |
| Total assets | $2.37B | $2.38B | $2.39B | $2.41B | $2.08B |
| Current liabilities | — | — | — | — | — |
| Long-term debt | $393.7M | — | — | — | — |
| Total liabilities | $522.9M | $442.0M | $438.1M | $452.9M | $472.9M |
| Total equity | $1.85B | $1.94B | $1.95B | $1.96B | $1.61B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $198.2M | $258.4M | $255.5M | $234.1M | $188.7M |
| Capital expenditure | — | — | — | — | — |
| Free cash flow | — | — | — | — | — |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Quarterly trend
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $63.3M | 0.7% | $43.9M | $1.36 |
| Q1 FY2026 | $69.0M | -3.8% | $32.8M | $1.02 |
| Q4 FY2025 | -13.1% | |||
| Q3 FY2025 | $64.7M | -15.5% | $29.3M | $0.97 |
| Q2 FY2025 | $62.9M | -21.2% | $26.0M | $0.86 |
| Q1 FY2025 | $71.7M | -4.9% | $31.1M | $1.03 |
| Q4 FY2024 | -3.0% | |||
| Q3 FY2024 | $76.5M | -1.7% | $40.2M | $1.37 |
Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.
Company facts
Selected SEC filings
Largest Real Estate peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.