Innovative Industrial Properties, Inc. (IIPR)

IIPR Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	119.98	118.25	161.66	165.59	154.39	113.99
Depreciation & Amortization	74.26	74.07	70.81	67.19	61.3	41.78
Stock-Based Compensation	10.64	10.13	17.32	19.58	17.51	8.62
Other Adjustments	0.44	4.75	4.72	-1.74	-4.19	6.3
Changes in Accounts Payable	1.55	-0.85	6	3.92	2.72	3.1
Changes in Unearned Revenue	-3.34	-6.87	-2.18	0.64	5.91	18.65
Changes in Other Operating Activities	-2.72	-1.29	0.13	0.35	-3.51	-3.69
Operating Cash Flow	199.98	198.19	258.45	255.54	234.13	188.75
Operating Cash Flow Growth	-17.06%	-23.32%	1.14%	9.15%	24.04%	70.33%
Capital Expenditures	-17.34	-31.29	-81.75	-184.99	-523.97	-662.13
Sale of Property, Plant & Equipment	4.85	2.24	9.1	-	23.5	-
Purchases of Investments	-45.02	-155.51	-45.11	-111.87	-388.8	-569.77
Proceeds from Sale of Investments	5.26	10.26	62.56	294.06	515	864.5
Other Investing Activities	-	-	-0.8	-3.98	-21.93	-16.69
Investing Cash Flow	-157.49	-174.3	-56	-6.79	-396.2	-384.09
Short-Term Debt Issued	110	155	-	-	-	-
Short-Term Debt Repaid	-32.5	-52.5	-	-	-	-
Net Short-Term Debt Issued (Repaid)	77.5	102.5	-	-	-	-
Long-Term Debt Issued	-	-	-	-	-	300
Long-Term Debt Repaid	-4.35	-8.7	-4.44	-	-	-
Net Long-Term Debt Issued (Repaid)	-4.35	-8.7	-4.44	-	-	300
Issuance of Common Stock	9.28	-	11.76	9.56	351.96	-
Repurchase of Common Stock	-19.82	-20.11	-	-	-	-
Net Common Stock Issued (Repurchased)	-10.54	-20.11	11.76	9.56	351.96	-
Issuance of Preferred Stock	75.26	24.15	9.62	-	-	-
Net Preferred Stock Issued (Repurchased)	75.26	24.15	9.62	-	-	-
Common Dividends Paid	-215.8	-216.28	-211.95	-202.71	-183.94	-130.95
Preferred Share Dividends Paid	-3.81	-3.24	-1.58	-1.35	-2.65	-1.35
Other Financing Activities	-1.5	-0.86	-1.32	-1.13	-2.44	-11.94
Financing Cash Flow	-81.39	-122.54	-197.9	-195.63	164.22	155.76
Net Cash Flow	-38.89	-98.65	4.55	53.13	2.15	-39.59
Free Cash Flow	182.64	166.9	176.7	70.55	-289.84	-473.38
Free Cash Flow Growth	9.43%	-5.54%	150.46%	-	-	-
FCF Margin	69.38%	62.76%	57.27%	22.79%	-104.88%	-231.42%
Free Cash Flow Per Share	6.44	5.88	6.19	2.50	-10.48	-18.03
Levered Free Cash Flow	239.85	242.01	148.42	51.35	-304.51	-189.65
Unlevered Free Cash Flow	175.47	157.89	161.35	61.71	-287.93	-466.91

Updated May 5, 2026. Data Source: Fiscal.ai. Real Estate template. Financial Sources.

SEC Filings: 10-K · 10-Q