Innovative Industrial Properties Inc (IIPR)
Innovative Industrial Properties Inc brought in $263.9M of revenue over the twelve months to September 30, 2026, down 4.4% from a year earlier. Net income was $140.4M, a net margin of 53.2%. At September 30, 2026 it held $142.4M in cash against $696M of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on November 3, 2026.
Key facts about Innovative Industrial Properties Inc
- Net worth
- Innovative Industrial Properties Inc has a market value (market cap) of $1.5B at the latest share price, and shareholders' equity of $1.8B on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $266M (-13.8% year on year), with net income of $118.2M. Over the 12 months to September 30, 2026: revenue $263.9M, net income $140.4M.
- Cash flow
- In fiscal 2025 operations brought in $198.2M of cash.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on November 3, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- Innovative Industrial Properties Inc's next report is expected around February 22, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
What Innovative Industrial Properties Inc does
Innovative Industrial Properties Inc is registered with the SEC under industry code SIC 6500 (Real Estate). Its shares trade on NYSE under the ticker IIPR.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $266M | $118.2M | $3.93 | n/a |
| 2024 | $308.5M | $161.7M | $5.52 | n/a |
| 2023 | $309.5M | $165.6M | $5.77 | n/a |
| 2022 | $276.4M | $154.4M | $5.52 | n/a |
| 2021 | $204.6M | $114M | $4.55 | n/a |
| 2020 | $116.9M | $65.7M | $3.27 | n/a |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where IIPR ranks in Finance
Dividends
It paid out $216.3M in cash dividends, 183% of its net income.
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2025 | n/a | $216.3M | 183% |
| 2024 | n/a | $212M | 131% |
| 2023 | n/a | $202.7M | 122% |
| 2022 | n/a | $183.9M | 119% |
| 2021 | n/a | $131M | 115% |
| 2020 | n/a | $75.5M | 115% |
Latest SEC filings
What Innovative Industrial Properties Inc has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 9, 2026Other event 8-K
- November 6, 2026
- November 3, 2026Quarterly report 10-Q · period to September 30, 2026Revenue was flat at $64.9M versus the same quarter last year; diluted EPS $0.99 versus $0.97.
- November 2, 2026
- October 27, 2026Passive stake changed SCHEDULE 13G/A
- October 27, 2026
- October 14, 2026
- October 1, 2026Material agreement8-KInnovative Industrial Properties entered into an agreement to provide up to $245.0 million in mezzanine loan financing for a life science campus in Cambridge, Massachusetts.
- September 25, 2026
- September 4, 2026Passive stake changed SCHEDULE 13G/A
Insider trades
What the people running Innovative Industrial Properties Inc did with its shares, from the Form 4 filings they must send the SEC within two business days.
Insiders bought $1M and sold $34.4K worth of shares in the last 90 days.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| October 8, 2026 | Gold Alan DEXECUTIVE CHAIRMAN, Director | Bought | 40,000 | $1M |
| September 15, 2026 | Shoemaker ScottDirector | Sold | 611 | $34.4K |
| August 31, 2026 | Ives Bruce AlanDirector | Bought | 528 | $29.9K |
| June 19, 2026 | Smithers Paul E.PRESIDENT, CEO AND DIRECTOR, Director | Received as pay | 22,299 | - |
| June 19, 2026 | Smith David JonCFO AND TREASURER | Received as pay | 9,219 | - |
| June 9, 2026 | Ives Bruce AlanDirector | Received as pay | 2,652 | - |
| January 20, 2026 | Smithers Paul E.PRESIDENT, CEO AND DIRECTOR, Director | Received as pay | 47,643 | - |
| January 20, 2026 | Smith David JonCFO AND TREASURER | Received as pay | 20,061 | - |
Who owns IIPR
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| BlackRock, Inc.13G, passive | 17.7% | October 27, 2026 |
| Vanguard Portfolio Management13G, passive | 10.38% | September 4, 2026 |
| Vanguard Capital Management13G, passive | 5.25% | April 30, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 327 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| BlackRock, Inc. | 4,997,521 | +215,932 |
| Vanguard Portfolio Management LLC | 2,818,950 | +89,961 |
| State Street Corp | 1,628,896 | +42,222 |
| Vanguard Capital Management LLC | 1,292,586 | +50,424 |
| Charles Schwab Investment Management Inc | 648,596 | +74,963 |
| Arrowstreet Capital, Limited Partnership | 564,305 | +24,705 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 524,194 | +8,083 |
| Invesco Ltd. | 497,461 | +1,384 |
| Northern Trust Corp | 395,997 | +15,710 |
| Dimensional Fund Advisors LP | 364,780 | -2,031 |
| Goldman Sachs Group Inc | 362,727 | -179,192 |
| Point72 Asset Management, L.P. | 351,544 | -113,363 |
| D. E. Shaw & Co., Inc. | 304,567 | -58,147 |
| Morgan Stanley | 262,195 | +54,921 |
| AlphaCore Capital LLC | 217,804 | +3,322 |
| Bank of New York Mellon Corp | 206,398 | +15,084 |
| Principal Financial Group Inc | 190,886 | +7,051 |
| Vanguard Fiduciary Trust Co | 190,106 | +8,962 |
| Legal & General Group Plc | 168,415 | -10,061 |
| Jpmorgan Chase & Co | 130,513 | -2,001 |
Insiders
7 insiders reported holding 332,752 shares in total, about $18.3M at the last price.
| Holder | Shares |
|---|---|
| Smithers Paul E.PRESIDENT, CEO AND DIRECTOR, Director | 172,876 |
| Kreitzer Gary ADirector | 63,109 |
| Gold Alan DEXECUTIVE CHAIRMAN, Director | 42,6002,600 held indirectly |
| Smith David JonCFO AND TREASURER | 32,801 |
| Bui AndyVP, CHIEF ACCOUNTING OFFICER | 16,186 |
| Ives Bruce AlanDirector | 3,180 |
| Shoemaker ScottDirector | 2,000 |
Questions about IIPR
What does Innovative Industrial Properties Inc do?
Innovative Industrial Properties Inc is a company in the Finance sector, listed on NYSE as IIPR. Its shares trade on NYSE under the ticker IIPR.
What is Innovative Industrial Properties Inc's net worth?
Innovative Industrial Properties Inc has a market value (market cap) of $1.5B at the latest share price, and shareholders' equity of $1.8B on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Innovative Industrial Properties Inc profitable?
Yes. Over the twelve months to September 30, 2026 it reported net income of $140.4M on revenue of $263.9M, a net margin of 53.2%.
How much revenue does Innovative Industrial Properties Inc make?
Over the twelve months to September 30, 2026 Innovative Industrial Properties Inc reported revenue of $263.9M. That is 4.4% less than a year earlier.
When did Innovative Industrial Properties Inc last report?
Its most recent periodic report is the quarterly report (10-Q) filed on November 3, 2026. It covers the period to September 30, 2026. Its newest filing of any kind is the other event from November 9, 2026.
When is Innovative Industrial Properties Inc's next earnings report?
Innovative Industrial Properties Inc's next report is expected around February 22, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
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Where the numbers come from
Financial figures are the values Innovative Industrial Properties Inc tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.