Innovative Industrial Properties, Inc. (IIPR) Stock Analysis
Real Estate · REIT - Industrial · NYSE
Innovative Industrial Properties, Inc. (IIPR) posted $265.95M in revenue for fiscal 2025 (down 13.8% year over year), at a 43.0% net margin, and has compounded revenue about 17.9%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Innovative Industrial Properties, Inc.
Innovative Industrial Properties, Inc. has grown revenue from $6.42M to $265.95M over the last 9 fiscal years, compounding about 17.9% a year. The most recent year was down 13.8%, so growth has cooled from its longer-run pace.
Net margin sits at 43%, down 8.8 points year over year. It carries about $393.71M of total debt.
The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Innovative Industrial Properties, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Innovative Industrial Properties, Inc. revenue & earnings — last 9 fiscal years
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.42M | $14.79M | $44.67M | $116.90M | $204.55M | $276.36M | $309.51M | $308.52M | $265.95M |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | $-72,000 | $6.99M | $23.48M | $65.73M | $113.99M | $153.03M | $164.24M | $159.86M | $114.44M |
| Net margin | -1.1% | 47.2% | 52.6% | 56.2% | 55.7% | 55.4% | 53.1% | 51.8% | 43.0% |
Source: Innovative Industrial Properties, Inc. SEC filings (10-K).
Innovative Industrial Properties, Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 9.4% over 4 years (25.6M → 28M) — existing holders' stakes are being diluted.
- Net margin shrinkingNet margin fell from 55.4% to 43.0% over ~3 years — profitability is compressing.
Explore 9 years of Innovative Industrial Properties, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Innovative Industrial Properties, Inc. financial history by metric
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About Innovative Industrial Properties, Inc.
Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and life science real estate. Innovative Industrial Properties, Inc. was incorporated on June 15th 2016 in Maryland and is based in San Diego, United States.
Innovative Industrial Properties, Inc. — frequently asked questions
What is Innovative Industrial Properties, Inc.'s revenue?
Innovative Industrial Properties, Inc. (IIPR) reported revenue of $265.95M for fiscal year 2025, down 13.8% from the prior year, according to its SEC filings.
Is Innovative Industrial Properties, Inc. profitable?
Yes. IIPR earned net income of $114.44M in fiscal 2025, a net margin of 43.0%.
What is IIPR's P/E ratio?
Innovative Industrial Properties, Inc. trades at a price-to-earnings ratio of about 15.0 based on the latest data in our nightly-refreshed cache.
How fast is Innovative Industrial Properties, Inc. growing?
IIPR's revenue grew at roughly 17.9% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Innovative Industrial Properties, Inc. have?
As of fiscal year 2025, IIPR carried roughly $393.71M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Innovative Industrial Properties, Inc.'s market cap?
Innovative Industrial Properties, Inc. (IIPR) has a market capitalization of about $1.70B, based on the latest data in our nightly-refreshed cache.
When does Innovative Industrial Properties, Inc.'s fiscal year end?
IIPR's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from Innovative Industrial Properties, Inc.'s official SEC filings (10-K and 10-Q), covering 9 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.