For the twelve months ended Sep 30, 2026, Innovative Industrial Properties Inc. reported $263.89M of revenue and $140.40M of net income.
IIPR revenue was $64.92M in fiscal Q3 2026 (ended Sep 30, 2026), up 0.4% from a year earlier and up 2.5% from the prior quarter. For the full fiscal 2025 it was $265.95M, down 13.8% from fiscal 2024. Compound annual growth was +17.9% over 5 years. It rose in 6 of the last 8 fiscal years.
IIPR net income was $31.89M in fiscal Q3 2026 (ended Sep 30, 2026), up 8.8% from a year earlier and down 27.3% from the prior quarter. For the full fiscal 2025 it was $118.25M, down 26.9% from fiscal 2024. Compound annual growth was +12.5% over 5 years. It rose in 5 of the last 7 fiscal years.
IIPR diluted EPS was $0.99 in fiscal Q3 2026 (ended Sep 30, 2026), up 2.1% from a year earlier and down 27.2% from the prior quarter. For the full fiscal 2025 it was $3.93, down 28.8% from fiscal 2024. Compound annual growth was +3.7% over 5 years.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $265.95M | $308.52M | $309.51M | $276.36M | $204.55M | $116.90M | $44.67M | $14.79M | $6.42M |
| Selling, general and admin | $33.73M | $37.44M | $42.83M | $38.52M | $22.96M | $14.18M | $9.82M | $6.38M | $5.50M |
| Operating income | $124.12M | $168.34M | $174.59M | $169.62M | $135.37M | $69.74M | $24.93M | $5.34M | -$223.0K |
| Interest expense | $20.20M | $17.67M | $17.47M | $18.30M | $18.09M | $7.43M | $6.31M | $0 | $0 |
| Net income | $118.25M | $161.66M | $165.59M | $154.39M | $113.99M | $65.73M | $23.48M | $6.99M | -$72.0K |
| EPS, basic | $3.98 | $5.58 | $5.82 | $5.57 | $4.69 | $3.28 | $2.06 | $0.76 | -$0.13 |
| EPS, diluted | $3.93 | $5.52 | $5.77 | $5.52 | $4.55 | $3.27 | $2.03 | $0.75 | -$0.13 |
| Diluted shares | 28.4M | 28.5M | 28.3M | 27.7M | 26.3M | 19.6M | 10.7M | 7.3M | 3.4M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $47.60M | $146.25M | $141.70M | $88.57M | $86.42M | $126.01M | $117.32M | $13.05M | $11.76M |
| Short-term investments | $0 | $5.00M | $21.95M | $200.94M | $324.89M | $619.27M | $119.59M | $120.44M | $0 |
| Total assets | $2.37B | $2.38B | $2.39B | $2.41B | $2.08B | $1.77B | $745.86M | $281.47M | $80.03M |
| Total debt | $393.10M | - | - | - | - | - | $134.65M | - | - |
| Total liabilities | $522.85M | $441.99M | $438.12M | $452.94M | $472.90M | $243.11M | $197.85M | $17.17M | $6.48M |
| Shareholders' equity | $1.85B | $1.94B | $1.95B | $1.96B | $1.61B | $1.52B | $548.01M | $264.29M | $73.55M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $198.19M | $258.45M | $255.54M | $234.13M | $188.75M | $110.81M | $44.93M | $15.69M | $5.01M |
| Capital expenditures | - | - | - | - | - | - | - | - | $5.91M |
| Free cash flow | - | - | - | - | - | - | - | - | -$896.0K |
| Investing cash flow | -$174.30M | -$56.00M | -$6.79M | -$396.20M | -$384.09M | -$1.03B | -$340.63M | -$199.25M | -$38.65M |
| Financing cash flow | -$122.54M | -$197.90M | -$195.63M | $164.22M | $155.76M | $924.99M | $399.96M | $184.85M | $12.38M |
| Dividends paid | $216.28M | $211.95M | $202.71M | $183.94M | $130.95M | $75.46M | $22.58M | $6.64M | $1.05M |
| Share repurchases | $20.11M | $0 | $0 | - | - | - | - | - | $0 |
| Stock-based compensation | $10.13M | $17.32M | $19.58M | $17.51M | $8.62M | $3.33M | $2.50M | $1.47M | $1.72M |
| Depreciation and amortization | $74.07M | $70.81M | $67.19M | $61.30M | $41.78M | $28.02M | $8.60M | $2.63M | $915.0K |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -13.8% | -0.3% | 12.0% | 35.1% | 75.0% | 161.7% | 202.1% | 130.3% | - |
| Net income growth, YoY | -26.9% | -2.4% | 7.3% | 35.4% | 73.4% | 180.0% | 236.1% | - | - |
| EPS growth, YoY | -28.8% | -4.3% | 4.5% | 21.3% | 39.1% | - | - | - | - |
| Operating margin | 46.7% | 54.6% | 56.4% | 61.4% | 66.2% | 59.7% | 55.8% | 36.1% | -3.5% |
| Net margin | 44.5% | 52.4% | 53.5% | 55.9% | 55.7% | 56.2% | 52.6% | 47.2% | -1.1% |
| Free cash flow margin | - | - | - | - | - | - | - | - | -14.0% |
| Return on equity | 6.4% | 8.3% | 8.5% | 7.9% | 7.1% | 4.3% | 4.3% | 2.6% | -0.1% |
| Return on assets | 5.0% | 6.8% | 6.9% | 6.4% | 5.5% | 3.7% | 3.1% | 2.5% | -0.1% |
| Debt to equity | 0.21 | - | - | - | - | - | 0.25 | - | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $64.92M | $63.31M | $69.00M | $66.66M | $64.69M | $62.89M | $71.72M | $76.74M | $76.53M | $79.79M | $75.45M | $79.16M |
| Selling, general and admin | $8.46M | $7.72M | $10.35M | $7.97M | $8.68M | $8.63M | $8.46M | $8.89M | $9.33M | $9.66M | $9.56M | $10.91M |
| Operating income | $29.38M | $41.45M | $32.91M | $31.85M | $29.41M | $28.90M | $33.96M | $42.01M | $41.96M | $42.35M | $42.03M | $43.96M |
| Interest expense | $11.82M | $8.35M | $6.43M | $6.73M | $4.53M | $4.44M | $4.50M | $4.54M | $4.43M | $4.32M | $4.39M | $4.14M |
| Net income | $31.89M | $43.85M | $32.81M | $31.84M | $29.30M | $26.02M | $31.08M | $40.02M | $40.22M | $41.99M | $39.43M | $41.63M |
| EPS, basic | $1.01 | $1.39 | $1.04 | $1.07 | $0.99 | $0.87 | $1.05 | $1.38 | $1.38 | $1.45 | $1.37 | $1.46 |
| EPS, diluted | $0.99 | $1.36 | $1.02 | $1.07 | $0.97 | $0.86 | $1.03 | $1.35 | $1.37 | $1.44 | $1.36 | $1.45 |
| Diluted shares | 28.0M | 30.0M | 28.5M | - | 28.3M | 28.3M | 28.6M | - | 28.6M | 28.6M | 28.5M | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $142.35M | $204.73M | $89.12M | $47.60M | $36.67M | $99.67M | $128.01M | $146.25M | $147.13M | $120.83M | $153.50M | $141.70M |
| Short-term investments | - | - | - | $0 | $5.26M | $5.26M | $5.26M | $5.00M | $25.32M | $40.11M | $20.03M | $21.95M |
| Total assets | $2.65B | $2.58B | $2.39B | $2.37B | $2.34B | $2.31B | $2.35B | $2.38B | $2.40B | $2.38B | $2.40B | $2.39B |
| Total debt | $695.96M | - | - | $393.10M | - | - | - | - | - | - | - | - |
| Total liabilities | $820.23M | $730.04M | $499.44M | $522.85M | $474.57M | $424.65M | $430.42M | $441.99M | $448.79M | $436.98M | $444.09M | $438.12M |
| Shareholders' equity | $1.83B | $1.85B | $1.89B | $1.85B | $1.86B | $1.88B | $1.92B | $1.94B | $1.95B | $1.95B | $1.96B | $1.95B |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $49.45M | $44.92M | $56.03M | $49.91M | $45.59M | $48.45M | $54.24M | $57.81M | $64.87M | $64.20M | $71.57M | $66.08M |
| Investing cash flow | -$140.97M | -$78.06M | -$341.0K | -$41.73M | -$109.66M | -$5.76M | -$17.16M | -$3.56M | $6.40M | -$44.44M | -$14.39M | -$789.0K |
| Financing cash flow | $29.14M | $151.66M | -$14.17M | $2.74M | $1.08M | -$71.04M | -$55.32M | -$55.12M | -$44.98M | -$52.43M | -$45.37M | -$42.08M |
| Dividends paid | $53.13M | $54.45M | $53.78M | $53.78M | $53.78M | $54.46M | $54.25M | $54.25M | $54.25M | $51.96M | $51.49M | $50.74M |
| Share repurchases | $0 | $88.97M | $0 | $0 | $0 | $19.82M | $290.0K | $0 | $0 | $0 | $0 | - |
| Stock-based compensation | $3.31M | $2.83M | $2.58M | $2.70M | $2.68M | $2.67M | $2.08M | $4.32M | $4.32M | $4.37M | $4.32M | $4.93M |
| Depreciation and amortization | $19.57M | $18.80M | $18.58M | $18.54M | $18.64M | $18.50M | $18.39M | $18.24M | $17.94M | $17.47M | $17.15M | $17.10M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 0.4% | 0.7% | -3.8% | -13.1% | -15.5% | -21.2% | -4.9% | -3.0% | -1.7% | 4.4% | -0.8% | 12.3% |
| Net income growth, YoY | 8.8% | 68.5% | 5.6% | -20.4% | -27.1% | -38.0% | -21.2% | -3.9% | -3.3% | 1.8% | -4.0% | 0.3% |
| EPS growth, YoY | 2.1% | 58.1% | -1.0% | -20.7% | -29.2% | -40.3% | -24.3% | -6.9% | -5.5% | 0.0% | -4.9% | -0.7% |
| Operating margin | 45.3% | 65.5% | 47.7% | 47.8% | 45.5% | 45.9% | 47.4% | 54.7% | 54.8% | 53.1% | 55.7% | 55.5% |
| Net margin | 49.1% | 69.3% | 47.6% | 47.8% | 45.3% | 41.4% | 43.3% | 52.2% | 52.6% | 52.6% | 52.3% | 52.6% |
| Debt to equity | 0.38 | - | - | 0.21 | - | - | - | - | - | - | - | - |
Source: XBRL data Innovative Industrial Properties Inc. files with the SEC, latest filing dated Nov 3, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| IIPR | $263.89M | -4.4% | $140.40M | 53.2% | $1.53B |
| CBRE | $45.01B | +14.8% | $1.38B | 3.1% | $39.82B |
| BEKE | CN¥94.58B | +1.2% | CN¥2.99B | 3.2% | $20.78B |
| JLL | $28.20B | +11.4% | $1.10B | 3.9% | $17.36B |
| INVH | $2.90B | +7.2% | $682.40M | 23.5% | $15.67B |
| CSGP | $3.67B | +20.2% | $179.00M | 4.9% | $12.57B |
| COMP | $12.61B | +89.8% | $133.50M | 1.1% | $8.17B |
| TRNO | $518.86M | +17.2% | $353.32M | 68.1% | $7.43B |
| FSV | $5.50B | +5.4% | $145.05M | 2.6% | $6.58B |