Innovative Industrial Properties, Inc. IIPR
Innovative Industrial Properties, Inc. is an independently managed, Maryland-based corporation primarily focused on acquiring, owning, and overseeing unique real estate assets. These properties are subsequently leased to experienced, state-licensed operators who utilize them for their regulated medical cannabis facilities. For tax purposes, the company adopted the structure of a Real Estate Investment Trust (REIT) starting from the end of 2017.
Business overview written from the company's own Form 10-K (Item 1), filed 2026-02-24 — refreshed whenever it files a new one. The figures above are current; see its SEC filings. ✓ From the 10-K
Plain-English: the Snapshot is the quick read — what it pays you (yield, dividend), how its cash flow looks (FFO/AFFO, Price/OCF) and how much debt it carries. Switch to Expert in the header to hide these explanations.
Snapshot
Reported FFO / AFFO / leverage are from the Q1 2026 earnings release (filed 2026-05-04) — 8-K, EX-99.1 ✓ Verified to filing.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
$10,000 invested
Illustrative income only, at today's price and latest declared dividend — it excludes price changes, dividend cuts and taxes. Not a forecast.
Model IIPR yourself — any amount, shares, per-payment & a multi-year DRIP projection →
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $265.95M | $114.44M | $74.07M | $208.70M | $198.19M |
| 2024 | $308.52M | $161.66M | $70.81M | $248.72M | $258.45M |
| 2023 | $309.51M | $165.59M | $67.19M | $248.88M | $255.54M |
| 2022 | $276.36M | $154.39M | $61.30M | $232.64M | $234.13M |
| 2021 | $204.55M | $113.99M | $41.78M | $172.15M | $188.75M |
| 2020 | $116.90M | $65.73M | $28.02M | $100.24M | $110.81M |
Dividends
Recent regular dividends per share (special distributions excluded), oldest → newest.
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-09-30 | 2026-09-30 | 2026-10-15 | 2026-09-15 | $1.90 | Quarterly |
| 2026-06-30 | 2026-06-30 | 2026-07-15 | 2026-06-15 | $1.90 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-04-15 | 2026-03-13 | $1.90 | Quarterly |
| 2025-12-31 | 2025-12-31 | 2026-01-15 | 2025-12-15 | $1.90 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-15 | 2025-09-15 | $1.90 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-15 | 2025-06-13 | $1.90 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-15 | 2025-03-14 | $1.90 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-15 | 2024-12-13 | $1.90 | Quarterly |
| 2024-09-30 | 2024-09-30 | 2024-10-15 | 2024-09-13 | $1.90 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-07-15 | 2024-06-14 | $1.90 | Quarterly |
| 2024-03-27 | 2024-03-28 | 2024-04-15 | 2024-03-15 | $1.82 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-12 | 2023-12-15 | $1.82 | Quarterly |
| 2023-09-28 | 2023-09-29 | 2023-10-13 | 2023-09-15 | $1.80 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-14 | 2023-06-15 | $1.80 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-14 | 2023-03-15 | $1.80 | Quarterly |
| 2022-12-29 | 2022-12-30 | 2023-01-13 | 2022-12-15 | $1.80 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-10-14 | 2022-09-15 | $1.80 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-15 | 2022-06-15 | $1.75 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-04-14 | 2022-03-14 | $1.75 | Quarterly |
| 2021-12-30 | 2021-12-31 | 2022-01-14 | 2021-12-15 | $1.50 | Quarterly |
| 2021-09-29 | 2021-09-30 | 2021-10-15 | 2021-09-15 | $1.50 | Quarterly |
| 2021-06-29 | 2021-06-30 | 2021-07-15 | 2021-06-15 | $1.40 | Quarterly |
| 2021-03-30 | 2021-03-31 | 2021-04-15 | 2021-03-15 | $1.32 | Quarterly |
| 2020-12-30 | 2020-12-31 | 2021-01-15 | 2020-12-14 | $1.24 | Quarterly |
Coverage (payout of operating cash flow): 108.82%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Recent news — IIPR
Why Innovative Industrial Properties (IIPR) Dipped More Than Broader Market Today
Innovative Industrial Properties Announces Third Quarter 2026 Earnings Release Date and Conference Call
Marijuana Stocks And The Cannabis Industry: What Investors Should Watch
Innovative Industrial Properties Prices Public Offering of 9.25% Series B Cumulative Redeemable Preferred Stock
Innovative Industrial Properties Prices Public Offering of 9.25% Series B Cumulative Redeemable Preferred Stock
Innovative Industrial Properties Announces Launch of Series B Preferred Stock Offering
Innovative Industrial Properties: When New Highs Mean Newer Lows
Innovative Industrial Properties (NYSE:IIPR) vs. Americold Realty Trust (NYSE:COLD) Financial Review
Headlines via Financial Modeling Prep; links open the original publisher in a new tab. Not an endorsement or investment advice.
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Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.