INNOVATIVE INDUSTRIAL PROPERTIES INC
IIPRNYSE
$64.47
↓ -0.3%Jul 17 close · end-of-day
Price
1Y↑ +37.7%
End-of-day closes; the latest point is the live 15-min-delayed price · split & dividend adjusted · chart by TradingView
Key statistics
Market Cap
$1.8B
Enterprise Value
$1.7B
P/E
16.4
P/S
7.0
P/B
1.0
EV/EBITDA
8.8
PEG
—
FCF Yield
—
Dividend Yield
11.8%
Revenue (TTM)
$263.2M
Net Income (TTM)
$120.0M
Free Cash Flow (TTM)
—
Gross Margin
—
Operating Margin
46.8%
Net Margin
45.6%
ROE
6.3%
ROIC
5.4%
Debt / Equity
—
Net Cash
$89.1M
Return 1Y
+42.2%
Company profile
Innovative Industrial Properties, Inc. elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017. Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced state-licensed operators.
- CEO
- Paul E. Smithers
- Sector
- Finance, Insurance, And Real Estate
- Industry
- Real Estate
- Employees
- 20
- Headquarters
- Utah
Management & directors
- Smith David JonCFO AND TREASURER
- Smithers Paul E.PRESIDENT, CEO AND DIRECTOR
- Bui AndyVP, CHIEF ACCOUNTING OFFICER
- Gold Alan DEXECUTIVE CHAIRMAN
Roles derived from SEC Form 4 filings.
Earnings
IIPR Q1 2026 Earnings
Period ends 2026-03-31
MetricActualYoY
Revenue$69.0M↓ -3.8%
Diluted EPS$1.02↓ -1.0%
Actuals from SEC filings; YoY vs the year-ago quarter. Analyst estimates & surprise require a data feed (coming soon).
Financial statements
| Line item | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $116.9M | $204.6M | $276.4M | $309.5M | $308.5M | $266.0M |
| Gross profit | — | — | — | — | — | — |
| Operating income | $69.7M | $135.4M | $169.6M | $174.6M | $168.3M | $124.1M |
| Net income | $65.7M | $114.0M | $154.4M | $165.6M | $161.7M | $118.2M |
| Diluted EPS | $3.27 | $4.55 | $5.52 | $5.77 | $5.52 | $3.93 |
| Operating cash flow | $110.8M | $188.7M | $234.1M | $255.5M | $258.4M | $198.2M |
| Free cash flow | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — |
| Operating margin | 59.7% | 66.2% | 61.4% | 56.4% | 54.6% | 46.7% |
| Net margin | 56.2% | 55.7% | 55.9% | 53.5% | 52.4% | 44.5% |
| Line item | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $79.8M | $76.5M | $76.7M | $71.7M | $62.9M | $64.7M | $66.7M | $69.0M |
| Gross profit | — | — | — | — | — | — | — | — |
| Operating income | $42.3M | $42.0M | $42.0M | $34.0M | $28.9M | $29.4M | $31.8M | $32.9M |
| Net income | $42.0M | $40.2M | $40.0M | $31.1M | $26.0M | $29.3M | $31.8M | $32.8M |
| Diluted EPS | $1.44 | $1.37 | $1.35 | $1.03 | $0.86 | $0.97 | $1.07 | $1.02 |
| Operating cash flow | $64.2M | $64.9M | $57.8M | $54.2M | $48.4M | $45.6M | $49.9M | $56.0M |
| Free cash flow | — | — | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — | — | — |
| Operating margin | 53.1% | 54.8% | 54.7% | 47.4% | 45.9% | 45.5% | 47.8% | 47.7% |
| Net margin | 52.6% | 52.6% | 52.2% | 43.3% | 41.4% | 45.3% | 47.8% | 47.6% |
Company news
Jun 18, 2026
Jun 15, 2026
Analyst estimates
Coming soonConsensus revenue & EPS estimates and price targets will appear here once a forward-estimates data feed is connected.
Insider transactions
BoughtSoldMonthly insider $ volume · trailing 12 months
| Date | Insider | Type | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 2026-06-19 | Smith David Jon· CFO AND TREASURER | Award | 9,219 | — | — | filing |
| 2026-06-19 | Smithers Paul E.· PRESIDENT, CEO AND DIRECTOR | Award | 22,299 | — | — | filing |
| 2026-06-09 | Ives Bruce Alan | Award | 2,652 | — | — | filing |
| 2026-01-20 | Smithers Paul E.· PRESIDENT, CEO AND DIRECTOR | Award | 47,643 | — | — | filing |
| 2026-01-20 | Smith David Jon· CFO AND TREASURER | Award | 20,061 | — | — | filing |
| 2026-01-20 | Bui Andy· VP, CHIEF ACCOUNTING OFFICER | Award | 6,522 | — | — | filing |
| 2026-01-02 | Smithers Paul E.· PRESIDENT, CEO AND DIRECTOR | Tax withholding | 5,169 | $49.47 | $255,710.43 | filing |
| 2026-01-02 | Smithers Paul E.· PRESIDENT, CEO AND DIRECTOR | Option exercise | 10,653 | $0.00 | $0.00 | filing |
| 2026-01-02 | Shoemaker Scott | Option exercise | 911 | $0.00 | $0.00 | filing |
| 2026-01-01 | Smithers Paul E.· PRESIDENT, CEO AND DIRECTOR | Tax withholding | 10,983 | $47.36 | $520,154.88 | filing |
| 2026-01-01 | Smith David Jon· CFO AND TREASURER | Tax withholding | 1,634 | $47.36 | $77,386.24 | filing |
| 2026-01-01 | Bui Andy· VP, CHIEF ACCOUNTING OFFICER | Tax withholding | 1,204 | $47.36 | $57,021.44 | filing |
| 2026-01-01 | Smith David Jon· CFO AND TREASURER | Option exercise | 4,555 | $0.00 | $0.00 | filing |
| 2025-11-24 | Gold Alan D· EXECUTIVE CHAIRMAN | Buy | 2,600 | $49.09 | $127,634.00 | filing |
| 2025-11-20 | Gold Alan D· EXECUTIVE CHAIRMAN | Buy | 1,000 | $45.70 | $45,695.00 | filing |
| 2025-11-20 | Smith David Jon· CFO AND TREASURER | Buy | 600 | $45.90 | $27,540.00 | filing |
| 2025-11-19 | Gold Alan D· EXECUTIVE CHAIRMAN | Buy | 1,000 | $46.26 | $46,260.00 | filing |
Latest 17 transactions.
Fundamentals & filings from SEC EDGAR. Prices adjusted for splits & dividends. Not investment advice.