IIPR - NYSE

Innovative Industrial Properties, Inc.

IIPR·NYSE

$58.40

+2.0%

Real EstateREIT - Industrial

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$1.68B

EPS3.9800

P/E Ratio14.67

Earnings Date08/05/2026

198.19M

Operating Cash Flow

-23%

3Y-15.0%

5Y+79.0%

10Y+11606.0%

-174.30M

Investing Cash Flow

211%

3Y-56.0%

5Y-83.0%

10Y+480.0%

-122.54M

Financing Cash Flow

-38%

3Y-175.0%

5Y-113.0%

10Y-300.0%

Innovative Industrial Properties, Inc. Cash Conversion Engine

IIPR · NYSE

FCF Components

Net Income114.44M

Depreciation & Amortization74.07M

Stock-Based Compensation10.13M

Change in Working Capital-9.01M

Others8.56M

Capital Expenditures-23.43M

Free Cash Flow174.76M

Cash Flow Quality Analysis

FCF Conversion Rate

152.7%

Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.

CapEx Intensity

11.8%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

-32.4%

Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.

Working Capital Impact

-$9.01M

Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.

Cash Flow Quality Insight

Asset-light with strong cash conversion: Low capital requirements combined with efficient cash generation creates significant shareholder value through dividends, buybacks, or strategic investments.

Innovative Industrial Properties, Inc. Cash Flow Statement

IIPR • NYSE

Innovative Industrial Properties, Inc. Cash Flow Statement	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015
OPERATING ACTIVITIES
Net Income	114.4M	161.7M	165.6M	154.4M	114M	65.7M	23.5M	7M	-72K	-4.4M	5M
Depreciation & Amortization	74.1M	70.8M	67.2M	61.3M	41.8M	28M	8.6M	2.6M	915K	27K	0.0
Change in Deferred Taxes	0.0	0.0	0.0	0.0	0.0	-2.8M	-3.7M	0.0	0.0	0.0	0.0
Stock-Based Compensation	10.1M	17.3M	19.6M	17.5M	8.6M	3.3M	2.5M	1.5M	1.7M	58K	0.0
Other Non-Cash Items	8.6M	4.7M	-1.7M	216.6M	6.3M	2.2M	1.7M	-955K	2.6M	3.7M	-5M
Change in Working Capital	-9M	3.9M	4.9M	-215.7M	18.1M	14.3M	12.4M	5.6M	2.5M	2.3M	0.0
Cash from Operating Activities	198.2M	258.4M	255.5M	234.1M	188.7M	110.8M	44.9M	15.7M	5M	1.7M	0.0
INVESTING ACTIVITIES
Investments in Property, Plant, and Equipment	(0.0)	(0.0)	(0.0)	-373.9M	(0.0)	-529.8M	-343.9M	-22.3M	-5.9M	-30M	(0.0)
Acquisitions, Net	(0.0)	(0.0)	(0.0)	(373.9M)	(0.0)	-200K	-650K	(0.0)	(0.0)	(0.0)	(0.0)
Purchase of Investments	-5.3M	-45.1M	-150.8M	-538.9M	-569.8M	-1.1B	-255.7M	-185M	-32.7M	-30M	(0.0)
Sale/Maturity of Investments	10.3M	62.6M	294.1M	515M	864.5M	581M	260.3M	65.5M	0.0	0.0	0.0
Other Investing Items	-179.3M	-73.5M	-150.1M	-372.3M	-678.8M	-200K	-650K	-79.8M	-38.6M	-51.5M	0.0
Cash from Investing Activities	-174.3M	-56M	-6.8M	-396.2M	-384.1M	-1B	-340.6M	-199.3M	-38.6M	-30M	(0.0)
FINANCING ACTIVITIES
Net Issuance of Common Stock	4M	11.8M	9.6M	352M	0.0	1B	286.3M	193.2M	0.0	-1.7K	0.0
Net Issuance of Debt	93.8M	-4.4M	0.0	0.0	300M	0.0	138.5M	0.0	0.0	0.0	0.0
Cash Paid for Dividends	-219.5M	-213.5M	-204.1M	-185.3M	-132.3M	-76.8M	-23.9M	-8M	-1.1M	(0.0)	(0.0)
Share Repurchases	-20.1M	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	-298K	-1K	(0.0)
Other Financing Items	-864K	-1.3M	-1.1M	-2.4M	-11.9M	-2.2M	-939K	-390K	-574K	61.3M	0.0
Cash from Financing Activities	-122.5M	-197.9M	-195.6M	164.2M	155.8M	925M	400M	184.9M	12.4M	61.3M	0.0
CASH FLOW SUMMARY
Net Change in Cash	-98.6M	4.5M	53.1M	2.2M	-39.6M	8.7M	104.3M	1.3M	-21.2M	33M	0.0
Cash at Beginning of Period	146.2M	141.7M	88.6M	86.4M	126M	117.3M	13.1M	11.8M	33M	0.0	0.0
Cash at End of Period	47.6M	146.2M	141.7M	88.6M	86.4M	126M	117.3M	13.1M	11.8M	33M	0.0
Free Cash Flow	174.8M	258.4M	255.5M	-139.7M	188.7M	-419M	-299M	-6.6M	-896K	-28.3M	0.0

SEC Filings

IIPR - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
8-K 8-K 2026 N/A	May 22, 2026	May 22, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 20, 2026	May 19, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 19, 2026	May 18, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 06, 2026	May 05, 2026	2026	View Filing
10-Q 10-Q 2026 Q1 Q1	May 05, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 04, 2026	May 04, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 29, 2026	April 24, 2026	2026	View Filing
DEF 14A DEF 14A 2025 N/A	April 22, 2026	December 31, 2025	2025	View Filing
8-K 8-K 2026 N/A	April 10, 2026	April 06, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 16, 2026	March 09, 2026	2026	View Filing

Showing 1 to 10 of 208 filings

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