IIPR on NYSE
INNOVATIVE INDUSTRIAL PROPERTIES INC
Real estate company, listed on NYSE (IIPR). Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
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- TickerIIPR on NYSE1
- IndustryReal Estate1
- HeadquartersPark City, Utah1
- Business address1389 Center Drive, Suite 200, Park City, Ut 840982
- Filer categoryLarge accelerated filer2
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As used herein, the terms “we”, “us”, “our” or the “Company” refer to Innovative Industrial Properties, Inc., a Maryland corporation, and any of our subsidiaries, including IIP Operating Partnership, LP, a Delaware limited partnership (our “Operating Partnership”).3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
46.7%Operating margin4
44.5%Net margin4
-13.8%Revenue growth, 20254
6.4%Return on equity4
0.21×Debt to equity4
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs56¢$147.7M
- Profit44¢$118.2M
Out of $266.0M in revenue.4
Where each dollar of operating cash went, fiscal 2025
- Dividends paid91¢$216.3M
- Share buybacks9¢$20.1M
Out of $198.2M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.4
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Rental (including tenant reimbursements) | $265.5M | $306.9M | $307.3M |
| Other | $469.0K | $1.6M | $2.2M |
| Total revenues | $266.0M | $308.5M | $309.5M |
| Property expenses | $30.2M | $28.5M | $24.9M |
| General and administrative expense | $33.7M | $37.4M | $42.8M |
| Depreciation and amortization expense | $74.1M | $70.8M | $67.2M |
| Impairment loss on real estate | $3.5M | $0 | $0 |
| Total expenses | $141.5M | $136.7M | $134.9M |
| Gain (loss) on sale of real estate | -$326.0K | -$3.4M | $0 |
| Income from operations | $124.1M | $168.3M | $174.6M |
| Interest and other income | $14.3M | $11.0M | $8.4M |
| Interest expense | -$20.2M | -$17.7M | -$17.5M |
| Gain (loss) on exchange of Exchangeable Senior Notes | $0 | $0 | $22.0K |
| Net income | $118.2M | $161.7M | $165.6M |
| Preferred stock dividends | -$3.8M | -$1.8M | -$1.4M |
| Net income attributable to common stockholders | $114.4M | $159.9M | $164.2M |
| Basic (in dollars per share) | $3.98 | $5.58 | $5.82 |
| Diluted (in dollars per share) | $3.93 | $5.52 | $5.77 |
| Basic (in shares) | 28.0M shares | 28.2M shares | 28.0M shares |
| Diluted (in shares) | 28.4M shares | 28.5M shares | 28.3M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Land | $146.3M | $146.8M | ||
| Buildings and improvements | $2.3B | $2.2B | ||
| Construction in progress | $40.6M | $62.4M | ||
| Total real estate, at cost | $2.5B | $2.4B | ||
| Less accumulated depreciation | -$343.1M | -$271.2M | ||
| Net real estate held for investment | $2.1B | $2.2B | ||
| Life science investments | $152.7M | $0 | ||
| Construction loan receivable | $22.8M | $22.8M | ||
| Cash and cash equivalents | $47.6M | $146.2M | ||
| Investments | $0 | $5.0M | ||
| Right of use office lease asset | $509.0K | $946.0K | ||
| In-place lease intangible assets, net | $6.4M | $7.4M | ||
| Other assets, net | $27.5M | $26.9M | ||
| Total assets | $2.4B | $2.4B | ||
| Notes due 2026, net | $290.6M | $297.9M | ||
| Revolving credit facilities | $102.5M | $0 | ||
| Building improvements and construction funding payable | $3.0M | $10.2M | ||
| Accounts payable and accrued expenses | $10.9M | $10.6M | ||
| Dividends payable | $54.9M | $54.8M | ||
| Rent received in advance and tenant security deposits | $50.3M | $57.2M | ||
| Other liabilities | $10.7M | $11.3M | ||
| Total liabilities | $522.9M | $442.0M | ||
| Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, liquidation preference of $25.00 per share, 2,019,525 and 1,002,673 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $47.8M | $23.6M | ||
| Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,022,975 and 28,331,833 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $28.0K | $28.0K | ||
| Additional paid-in capital | $2.1B | $2.1B | ||
| Dividends in excess of earnings | -$313.0M | -$211.7M | ||
| Total stockholders equity | $1.8B | $1.9B | $2.0B | $2.0B |
| Total liabilities and stockholders equity | $2.4B | $2.4B | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 50.0M shares | 50.0M shares | ||
| Preferred stock, liquidation preference (in dollars per share) | $25 | $25 | ||
| Preferred stock, shares issued (in shares) | 2.0M shares | 1.0M shares | ||
| Preferred stock, shares outstanding (in shares) | 2.0M shares | 1.0M shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock shares authorized (in shares) | 50.0M shares | 50.0M shares | ||
| Common stock, shares issued (in shares) | 28.0M shares | 28.3M shares | ||
| Common stock, shares outstanding (in shares) | 28.0M shares | 28.3M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Land | $146.3M | $146.8M | ||
| Buildings and improvements | $2.3B | $2.2B | ||
| Construction in progress | $40.6M | $62.4M | ||
| Total real estate, at cost | $2.5B | $2.4B | ||
| Less accumulated depreciation | -$343.1M | -$271.2M | ||
| Net real estate held for investment | $2.1B | $2.2B | ||
| Life science investments | $152.7M | $0 | ||
| Construction loan receivable | $22.8M | $22.8M | ||
| Cash and cash equivalents | $47.6M | $146.2M | ||
| Investments | $0 | $5.0M | ||
| Right of use office lease asset | $509.0K | $946.0K | ||
| In-place lease intangible assets, net | $6.4M | $7.4M | ||
| Other assets, net | $27.5M | $26.9M | ||
| Total assets | $2.4B | $2.4B | ||
| Notes due 2026, net | $290.6M | $297.9M | ||
| Revolving credit facilities | $102.5M | $0 | ||
| Building improvements and construction funding payable | $3.0M | $10.2M | ||
| Accounts payable and accrued expenses | $10.9M | $10.6M | ||
| Dividends payable | $54.9M | $54.8M | ||
| Rent received in advance and tenant security deposits | $50.3M | $57.2M | ||
| Other liabilities | $10.7M | $11.3M | ||
| Total liabilities | $522.9M | $442.0M | ||
| Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, liquidation preference of $25.00 per share, 2,019,525 and 1,002,673 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $47.8M | $23.6M | ||
| Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,022,975 and 28,331,833 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $28.0K | $28.0K | ||
| Additional paid-in capital | $2.1B | $2.1B | ||
| Dividends in excess of earnings | -$313.0M | -$211.7M | ||
| Total stockholders equity | $1.8B | $1.9B | $2.0B | $2.0B |
| Total liabilities and stockholders equity | $2.4B | $2.4B | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 50.0M shares | 50.0M shares | ||
| Preferred stock, liquidation preference (in dollars per share) | $25 | $25 | ||
| Preferred stock, shares issued (in shares) | 2.0M shares | 1.0M shares | ||
| Preferred stock, shares outstanding (in shares) | 2.0M shares | 1.0M shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock shares authorized (in shares) | 50.0M shares | 50.0M shares | ||
| Common stock, shares issued (in shares) | 28.0M shares | 28.3M shares | ||
| Common stock, shares outstanding (in shares) | 28.0M shares | 28.3M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $118.2M | $161.7M | $165.6M |
| Depreciation and amortization | $74.1M | $70.8M | $67.2M |
| Impairment loss on real estate | $3.5M | $0 | $0 |
| Loss (gain) on exchange of Exchangeable Senior Notes | $0 | $0 | -$22.0K |
| Loss (gain) on sale of real estate | $326.0K | $3.4M | $0 |
| Other non-cash adjustments | -$275.0K | $103.0K | $111.0K |
| Paid-in-kind dividends and interest income on life science investments | -$826.0K | $0 | $0 |
| Stock-based compensation | $10.1M | $17.3M | $19.6M |
| Amortization of discounts on investments | $0 | -$506.0K | -$3.2M |
| Amortization of debt discount and issuance costs | $2.0M | $1.7M | $1.4M |
| Other assets, net | -$1.3M | $126.0K | $352.0K |
| Accounts payable, accrued expenses and other liabilities | -$854.0K | $6.0M | $3.9M |
| Rent received in advance and tenant security deposits | -$6.9M | -$2.2M | $642.0K |
| Net cash provided by (used in) operating activities | $198.2M | $258.4M | $255.5M |
| Investments in real estate | -$7.9M | -$18.7M | -$34.9M |
| Investments in life science financial instruments | -$150.3M | $0 | $0 |
| Proceeds from sale of real estate assets | $2.2M | $9.1M | $0 |
| Funding of draws for improvements and construction | -$23.4M | -$63.1M | -$150.1M |
| Funding of construction loan and other investments | $0 | -$800.0K | -$4.0M |
| Purchases of short-term investments | -$5.3M | -$45.1M | -$111.9M |
| Maturities of short-term investments | $10.3M | $62.6M | $294.1M |
| Net cash provided by (used in) investing activities | -$174.3M | -$56.0M | -$6.8M |
| Issuance of common stock, net of issuance costs | $0 | $11.8M | $9.6M |
| Repurchase of common stock | -$20.1M | $0 | $0 |
| Issuance of preferred stock, net of issuance costs | $24.1M | $9.6M | $0 |
| Draws on revolving credit facilities | $155.0M | $0 | $0 |
| Repayments on revolving credit facilities | -$52.5M | $0 | $0 |
| Principal payment on debt | -$8.7M | -$4.4M | $0 |
| Payment of deferred financing costs | $0 | -$567.0K | -$561.0K |
| Dividends paid to common stockholders | -$216.3M | -$212.0M | -$202.7M |
| Dividends paid to preferred stockholders | -$3.2M | -$1.6M | -$1.4M |
| Taxes paid related to net share settlement of equity awards | -$864.0K | -$750.0K | -$568.0K |
| Net cash provided by (used in) financing activities | -$122.5M | -$197.9M | -$195.6M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | -$98.6M | $4.5M | $53.1M |
| Cash paid during the year for interest, net of interest capitalized | $17.4M | $16.1M | $16.1M |
| Accrual for current-period additions to real estate | $2.2M | $9.7M | $8.4M |
| Deposits applied for acquisitions | $0 | $0 | $250.0K |
| Accrual for common and preferred stock dividends declared | $54.9M | $54.8M | $51.8M |
| Reclassification from other assets to real estate held for investment | $0 | $3.2M | $0 |
| Exchange of Exchangeable Senior Notes for common stock | $0 | $0 | $2.0M |
No quarter-by-quarter statement was filed.
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Leadership
Who has led INNOVATIVE INDUSTRIAL PROPERTIES INC, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chair
President
Chief financial officer
20202025
- Chief executive officerPaul E. Smithers Nov 30, 2016 to now12
- ChairAlan D. Gold Nov 30, 2016 to now13
- PresidentPaul E. Smithers Nov 30, 2016 to now12
- Chief financial officerCatherine Hastings Jan 2, 2018 to Jan 20, 202314
- Chief financial officerRobert M. Sistek Nov 30, 2016 to Jun 1, 201715
Board members and other officers (11)
- VP, Chief Accounting OfficerAndy Bui Jan 6, 2021 to now16
- CAO and TreasurerCatherine Hastings Jan 3, 2017 to Jan 20, 201717
- VP, Gen. Counsel and SecretaryBrian J. Wolfe Nov 30, 2016 to Jan 3, 202518
- CAO and TreasurerGreg Fahey Nov 30, 2016 to Nov 30, 201619
- Board memberBruce Alan Ives Jun 11, 2026 to now20
- Board memberDavid Gerard Boyle Jun 11, 2025 to now21
- Board memberMary A. Curran Dec 31, 2019 to May 15, 202422
- Board memberDavid Stecher Nov 30, 2016 to Mar 5, 202523
- Board memberGary A. Kreitzer Nov 30, 2016 to now24
- Board memberPaul E. Smithers Nov 30, 2016 to now12
- Board memberScott Shoemaker Nov 30, 2016 to now25
Timeline
- Nov 30, 2016New chief executive Paul E. Smithers becomes CEO12
Filings
237 filings to the SEC since October 2021: 6 annual reports, 17 quarterly reports, 76 major events, 85 insider forms, 17 large holders, 36 other. The latest 20:
- Oct 14, 20268-A12B EDGAR
- Oct 14, 20268-K EDGAR
- Oct 13, 20264 EDGAR
- Oct 9, 2026424B5 EDGAR
- Oct 9, 2026FWP EDGAR
- Oct 7, 2026424B5 EDGAR
- Oct 1, 20268-K EDGAR
- Sep 25, 20268-K EDGAR
- Sep 17, 20264 EDGAR
- Sep 4, 2026SCHEDULE 13G/A EDGAR
- Sep 1, 20264 EDGAR
- Sep 1, 20268-K EDGAR
- Sep 1, 2026424B5 EDGAR
- Aug 4, 202610-Q EDGAR
- Aug 3, 20268-K EDGAR
- Jul 21, 20268-K EDGAR
- Jun 23, 20264 EDGAR
- Jun 23, 20264 EDGAR
- Jun 23, 20264 EDGAR
- Jun 15, 20268-K EDGAR
The 237 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
20 open-market trades by officers, directors and large owners since October 2021: 7 buys and 13 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Shoemaker ScottDirector | Sale | 611 | $56.36 | $34.4K | Form 4 |
| Aug 31, 2026 | Ives Bruce AlanDirector | Buy | 528 | $56.70 | $29.9K | Form 4 |
| Nov 24, 2025 | Gold Alan DEXECUTIVE CHAIRMAN | Buy | 2,600 | $49.09 | $127.6K | Form 4 |
| Nov 20, 2025 | Smith David JonCFO AND TREASURER | Buy | 600 | $45.90 | $27.5K | Form 4 |
| Nov 20, 2025 | Gold Alan DEXECUTIVE CHAIRMAN | Buy | 1,000 | $45.70 | $45.7K | Form 4 |
| Nov 19, 2025 | Gold Alan DEXECUTIVE CHAIRMAN | Buy | 1,000 | $46.26 | $46.3K | Form 4 |
| Mar 3, 2025 | Stecher DavidDirector | Sale | 7,599 | $70.55 | $536.1K | Form 4 |
| Nov 15, 2023 | Stecher DavidDirector | Sale | 2,500 | $80.76 | $201.9K | Form 4 |
| Aug 12, 2022 | Gold Alan DEXECUTIVE CHAIRMAN | Buy | 1,000 | $97.79 | $97.8K | Form 4 |
| Aug 10, 2022 | Gold Alan DEXECUTIVE CHAIRMAN | Buy | 1,000 | $94.22 | $94.2K | Form 4 |
| Mar 15, 2022 | Kreitzer Gary ADirector | Sale | 2,196 | $30.13 | $66.2K | Form 4 |
| Mar 14, 2022 | Kreitzer Gary ADirector | Sale | 1,104 | $31.05 | $34.3K | Form 4 |
| Mar 11, 2022 | Kreitzer Gary ADirector | Sale | 500 | $32.02 | $16.0K | Form 4 |
| Mar 10, 2022 | Kreitzer Gary ADirector | Sale | 2,200 | $31.52 | $69.3K | Form 4 |
| Nov 17, 2021 | Gold Alan DEXECUTIVE CHAIRMAN | Sale | 2,987 | $33.95 | $101.4K | Form 4 |
| Nov 16, 2021 | Gold Alan DEXECUTIVE CHAIRMAN | Sale | 92 | $34.19 | $3.1K | Form 4 |
| Nov 15, 2021 | Gold Alan DEXECUTIVE CHAIRMAN | Sale | 694 | $34.43 | $23.9K | Form 4 |
| Nov 12, 2021 | Gold Alan DEXECUTIVE CHAIRMAN | Sale | 804 | $34.63 | $27.8K | Form 4 |
| Nov 11, 2021 | Gold Alan DEXECUTIVE CHAIRMAN | Sale | 750 | $35.16 | $26.4K | Form 4 |
| Nov 10, 2021 | Gold Alan DEXECUTIVE CHAIRMAN | Sale | 673 | $35.10 | $23.6K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- VANGUARD PORTFOLIO MANAGEMENT LLCSCHEDULE 13G/A, 2 filings Apr 29, 2026 to Sep 4, 202626
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 30, 202627
- VANGUARD GROUP INCSCHEDULE 13G/A, 4 filings Feb 10, 2022 to Mar 27, 202628
- Zimmer Partners, LPSC 13G/A, 2 filings Feb 9, 2023 to Feb 13, 202429
- State Street CorporationSC 13G/A, 3 filings Feb 11, 2022 to Jan 30, 202430
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
5 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Jul 12, 2023 | Daniel S. GoldmanDemocratic, House | Sale | $1,001 - $15,000 | +103.4% | Report |
| Apr 10, 2023 | Daniel S. GoldmanDemocratic, House | Partial sale | $1,001 - $15,000 | +114.7% | Report |
| Oct 12, 2022 | Christopher L. Jacobs, House | Buy | $1,001 - $15,000 | −159.3% | Report |
| Jul 18, 2022 | Christopher L. Jacobs, House | Sale | $1,001 - $15,000 | +144.1% | Report |
| Jun 21, 2022 | Christopher L. Jacobs, House | Buy | $15,001 - $50,000 | −156.8% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 13SEC EDGARAlan D. Gold, Chair
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- 19SEC EDGARGreg Fahey, CAO and Treasurer
- 20SEC EDGARBruce Alan Ives, Board member
- 21SEC EDGARDavid Gerard Boyle, Board member
- 22SEC EDGARMary A. Curran, Board member
- 23SEC EDGARDavid Stecher, Board member
- 24SEC EDGARGary A. Kreitzer, Board member
- 25SEC EDGARScott Shoemaker, Board member
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