IIPR Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	118.25	161.66	165.59	154.39	113.99
Depreciation & Amortization	74.07	70.81	67.19	61.3	41.78
Other Amortization	2	1.67	1.37	1.35	2.85
Gain (Loss) on Sale of Assets	0.33	3.45	-	-3.6	-
Gain (Loss) on Sale of Investments	-	-0.51	-3.2	-2.25	-0.34
Asset Writedown	3.53	-	-	-	-
Stock-Based Compensation	10.13	17.32	19.58	17.51	8.62
Change in Accounts Payable	-0.85	6	3.92	2.72	3.1
Change in Other Net Operating Assets	-1.29	0.13	0.35	-3.51	-3.69
Other Operating Activities	-1.1	0.1	0.09	0.31	3.78
Operating Cash Flow	198.19	258.45	255.54	234.13	188.75
Operating Cash Flow Growth	-23.32%	1.14%	9.15%	24.04%	70.33%
Acquisition of Real Estate Assets	-31.29	-81.75	-184.99	-523.97	-662.13
Sale of Real Estate Assets	2.24	9.1	-	23.5	-
Net Sale / Acq. of Real Estate Assets	-29.05	-72.65	-184.99	-500.47	-662.13
Investment in Marketable & Equity Securities	-145.25	17.45	182.19	126.2	294.73
Other Investing Activities	-	-	-	-0.25	-0.63
Investing Cash Flow	-174.3	-56	-6.79	-396.2	-384.09
Long-Term Debt Issued	155	-	-	-	300
Long-Term Debt Repaid	-61.2	-4.44	-	-	-
Net Debt Issued (Repaid)	93.8	-4.44	-	-	300
Issuance of Common Stock	-	11.76	9.56	351.96	-
Repurchase of Common Stock	-20.97	-0.75	-0.57	-2.44	-3.38
Preferred Stock Issued	24.15	9.62	-	-	-
Common Dividends Paid	-216.28	-211.95	-202.71	-183.94	-130.95
Preferred Dividends Paid	-3.24	-1.58	-1.35	-1.35	-1.35
Total Dividends Paid	-219.52	-213.53	-204.06	-185.3	-132.31
Other Financing Activities	-	-0.57	-0.56	-	-8.55
Net Cash Flow	-98.65	4.55	53.13	2.15	-39.59
Cash Interest Paid	17.41	16.05	16.13	17.25	14.38
Levered Free Cash Flow	155.22	192.61	185.8	167.92	120.17
Unlevered Free Cash Flow	165.84	201.98	195.34	178.01	128.62
Change in Working Capital	-9.01	3.95	4.92	5.12	18.07

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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