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Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and life science real estate. Innovative Industrial Properties, Inc. was incorporated on June 15th 2016 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $266M | $211M | $118M | $198M | 6.6% | -13.8% | -26.9% |
| 2024 | $309M | $249M | $162M | $258M | 8.5% | -0.3% | -2.4% |
| 2023 | $310M | $249M | $166M | $256M | 8.5% | 12.0% | 7.3% |
| 2022 | $276M | $233M | $154M | $234M | 7.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 276.36 | 309.51 | 308.52 | 265.96 |
| Cost Of Revenue | - | 10.52 | 24.89 | 28.47 | 30.18 |
| Gross Profit | - | 265.84 | 284.61 | 280.04 | 235.78 |
| Operating Expense | - | 99.82 | 110.03 | 108.25 | 107.80 |
| Operating Income | - | 166.02 | 174.59 | 171.79 | 127.98 |
| EBITDA | - | 232.64 | 248.88 | 248.72 | 211.04 |
| EBIT | - | 171.34 | 181.68 | 177.91 | 136.98 |
| Pretax Income | - | 154.39 | 165.59 | 161.65 | 118.25 |
| Net Income | - | 154.39 | 165.59 | 161.66 | 118.25 |
| Net Income Common Stockholders | - | 152.20 | 162.75 | 157.60 | 111.45 |
| Total Expenses | - | 110.34 | 134.92 | 136.72 | 137.98 |
| Interest Expense | - | 16.95 | 16.10 | 16.26 | 18.73 |
| Interest Income | - | 3.20 | 8.45 | 10.99 | 14.32 |
| Selling General And Administration | - | 38.52 | 42.83 | 37.44 | 33.74 |
| Normalized EBITDA | - | 229.04 | 248.88 | 252.17 | 214.90 |
| Normalized Income | - | 151.54 | 165.59 | 164.39 | 121.29 |
| Market Cap | 1,597.54 | 1,597.54 | 1,597.54 | 1,597.54 | 1,597.54 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Innovative Industrial Properties, Inc.this co. | IIPR | $1.7B | 13.51↓ discount | 0.89 | 6.6% | 9.21 |
| Century Communities, Inc. | CCS | $1.8B | 11.66 | 0.66 | 5.7% | 12.96 |
| LTC Properties, Inc. | LTC | $1.8B | 16.05 | 1.76 | 11.0% | 13.80 |
| Apollo Commercial Real Estate Finance, Inc. | ARI | $1.7B | 12.18 | 0.83 | 6.8% | - |
| Empire State Realty Trust, Inc. |
| 2021 | - | - | - | - | - | - | - |
| ESRT |
| $1.7B |
| 22.48 |
| 0.90 |
| 2.6% |
| 12.71 |
| Sila Realty Trust, Inc. | SILA | $1.7B | 50.72 | 1.25 | 2.5% | 15.47 |
| Ellington Financial Inc. | EFC | $1.6B | 11.15 | 1.09 | 9.8% | - |
| American Assets Trust, Inc. | AAT | $1.6B | 17.99 | 1.12 | 6.2% | 10.31 |
| Xenia Hotels & Resorts, Inc. | XHR | $1.6B | 23.51 | 1.31 | 5.6% | 9.71 |
| Peer Median | - | 17.02 | 1.10 | 5.9% | 12.83 | |