Innovative Industrial Properties I (IIPR) financials
Innovative Industrial Properties I revenue and earnings by year
Innovative Industrial Properties I's revenue was $266 million in the fiscal year to December 31, 2025, down 13.8% from the year before. Net income was $118 million, 44.5% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 61.2% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 266 | 309 | 310 | 276 | 205 | 117 | 45 | 15 | 6 | 4 |
| Revenue growth | -13.8% | -0.3% | 12.0% | 35.1% | 75.0% | 161.7% | 202.1% | 130.3% | 77.2% | — |
| Operating income | 128 | 172 | 175 | 166 | 135 | 70 | 25 | 5 | -0 | -13 |
| Operating margin | 48.1% | 55.7% | 56.4% | 60.1% | 66.2% | 59.7% | 55.8% | 36.1% | -3.5% | -348.0% |
| Net income | 118 | 162 | 166 | 154 | 114 | 66 | 23 | 7 | -0 | -13 |
| Net margin | 44.5% | 52.4% | 53.5% | 55.9% | 55.7% | 56.2% | 52.6% | 47.2% | -1.1% | -365.4% |
| Diluted EPS | $3.93 | $5.52 | $5.77 | $5.52 | $4.55 | $3.22 | $1.96 | $0.71 | -$0.13 | — |
| Free cash flow | 169 | 186 | 71 | -266 | -473 | -419 | -300 | -64 | -34 | -29 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open IIPR in Markets.
See also: IIPR valuation and P/E history · IIPR returns
No forecast, no recommendation. This page describes Innovative Industrial Properties I from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.