Innovative Industrial Properties, Inc. (IIPR)

IIPR Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Rental Revenue	275.57	306.94	307.35	274.38	204.55	116.9
Other Revenue	0.47	1.58	2.16	1.98	-	-
Total Revenue	276.04	308.52	309.51	276.36	204.55	116.9
Revenue Growth (YoY	-11.22%	-0.32%	11.99%	35.10%	74.98%	161.71%
Property Expenses	29.8	28.47	24.89	10.52	4.44	4.95
Selling, General & Administrative	33.87	36.66	40.35	35.51	22.96	14.18
Depreciation & Amortization	73.77	70.81	67.19	61.3	41.78	28.03
Total Operating Expenses	137.44	135.94	132.44	107.33	69.18	47.16
Operating Income	138.6	172.58	177.07	169.03	135.37	69.74
Interest Expense	-18.01	-17.67	-17.47	-18.3	-18.09	-7.43
Interest & Investment Income	10.15	10.99	8.45	3.2	0.4	3.42
EBT Excluding Unusual Items	130.75	165.9	168.05	153.92	117.68	65.73
Gain (Loss) on Sale of Assets	-	-3.45	-	3.6	-	-
Total Legal Settlements	-0.79	-0.79	-2.48	-3.01	-	-
Other Unusual Items	-	-	0.02	-0.13	-3.69	-
Pretax Income	126.43	161.66	165.59	154.39	113.99	65.73
Net Income	126.43	161.66	165.59	154.39	113.99	65.73
Preferred Dividends & Other Adjustments	6.06	4.06	2.83	2.19	1.91	1.86
Net Income to Common	120.38	157.6	162.75	152.2	112.08	63.87
Net Income Growth	-22.56%	-2.37%	7.26%	35.44%	73.42%	180.00%
Basic Shares Outstanding	28	28	28	27	24	19
Diluted Shares Outstanding	28	29	28	28	26	20
Shares Change (YoY)	-0.21%	0.97%	2.14%	5.34%	34.28%	83.05%
EPS (Basic)	4.29	5.58	5.82	5.57	4.69	3.28
EPS (Diluted)	4.24	5.52	5.77	5.52	4.55	3.27
EPS Growth	-24.47%	-4.21%	4.45%	21.24%	39.27%	61.08%
Dividend Per Share	7.600	7.520	7.220	7.100	5.720	4.470
Dividend Growth	2.15%	4.15%	1.69%	24.13%	27.96%	57.95%
Operating Margin	50.21%	55.94%	57.21%	61.16%	66.18%	59.66%
Profit Margin	43.61%	51.08%	52.59%	55.07%	54.79%	54.64%
EBITDA	212.37	243.39	244.26	230.33	177.15	97.76
EBITDA Margin	76.93%	78.89%	78.92%	83.34%	86.61%	83.63%
D&A For Ebitda	73.77	70.81	67.19	61.3	41.78	28.03
EBIT	138.6	172.58	177.07	169.03	135.37	69.74
EBIT Margin	50.21%	55.94%	57.21%	61.16%	66.18%	59.66%
Funds From Operations (FFO)	200.49	230.21	231.43	210.74	154.41	-
FFO Per Share	7.05	8.07	8.20	7.64	6.17	-
Adjusted Funds From Operations (AFFO)	-	256.12	256.28	233.09	167.44	-
AFFO Per Share	7.58	8.98	9.08	8.45	6.66	-
FFO Payout Ratio	108.11%	92.07%	87.59%	87.29%	84.81%	-
Revenue as Reported	276.04	308.52	309.51	276.36	204.55	116.9

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

SEC Filings: 10-K · 10-Q