INNOVATIVE INDUSTRIAL PROPERTIES INC

Listed Company

IIPRCIK 0001677576NYSELarge AcceleratedReal EstateFY ends Dec 31

Period

FY 2025

Revenue

$265.95M

Net Income

$118.25M

Total Assets

$2.37B

Equity

$1.85B

Shares Out

28.14M

Op. Cash Flow

$198.19M

Business

INNOVATIVE INDUSTRIAL PROPERTIES INC is an internally-managed real estate investment trust that acquires, owns and manages specialized industrial properties used for regulated cannabis operations. It offers acquisition and disposition services, sale-leaseback transactions, long-term triple-net leases, property management, development and redevelopment funding, and expansion capital for state-licensed cannabis operators. The company operates through a UPREIT/operating partnership structure and engages in acquisitions, leasing, financing and asset management activities. It conducts business across the United States, acquiring properties in multiple states and leasing them to state-licensed operators through direct lease arrangements.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental (including tenant reimbursements)	265	307	307	274	205
Other	469,000	2	2	2	—
Total revenues	266	309	310	276	205
Property expenses	30	28	25	11	4
General and administrative expense	34	37	43	39	23
Depreciation and amortization expense	74	71	67	61	42
Impairment loss on real estate	4	0	0	—	—
Total expenses	142	137	135	110	69
Gain (loss) on sale of real estate	−326,000	−3	0	4	—
Income from operations	124	168	175	170	135
Interest and other income	14	11	8	3	397,000
Interest expense	−20	−18	−17	−18	—
Gain (loss) on exchange of Exchangeable Senior Notes	0	0	22,000	−125,000	−4
Net income	118	162	166	154	114
Preferred stock dividends	−4	−2	−1	−1	−1
Net income attributable to common stockholders	114	160	164	153	113
Basic (in dollars per share)	3.98	5.58	5.82	5.57	4.69
Diluted (in dollars per share)	3.93	5.52	5.77	5.52	4.55
Basic (in shares)	28	28	28	27	24
Diluted (in shares)	28	29	28	28	26

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	146	147	143	140	122
Buildings and improvements	2,270	2,231	2,108	2,011	979
Construction in progress	41	62	118	54	—
Total real estate, at cost	2,457	2,440	2,369	2,205	1,722
Less accumulated depreciation	−343	−271	−203	−138	−82
Net real estate held for investment	2,113	2,169	2,166	2,066	1,640
Life science investments	153	0	—	—	—
Construction loan receivable	23	23	22	18	13
Cash and cash equivalents	48	146	140	87	81
Investments	0	5	22	201	325
Right of use office lease asset	509,000	946,000	1	2	1
In-place lease intangible assets, net	6	7	8	—	—
Other assets, net	27	27	30	30	10
Total assets	2,371	2,378	2,391	2,415	2,085
Notes due 2026, net	291	298	296	295	294
Revolving credit facilities	103	0	—	—	—
Building improvements and construction funding payable	3	10	10	29	46
Accounts payable and accrued expenses	11	11	11	11	8
Dividends payable	55	55	52	51	39
Rent received in advance and tenant security deposits	50	57	59	59	53
Other liabilities	11	11	5	2	1
Total liabilities	523	442	438	453	473
Commitments and contingencies (Notes 6, 7 and 12)	—	—	—	—	—
Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, liquidation preference of $25.00 per share, 2,019,525 and 1,002,673 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	48	24	14	14	14
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,022,975 and 28,331,833 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	28,000	28,000	28,000	28,000	26,000
Additional paid-in capital	2,113	2,124	2,096	2,065	1,673
Dividends in excess of earnings	−313	−212	−157	−117	−75
Total stockholders equity	1,848	1,936	1,953	1,962	1,612
Total liabilities and stockholders equity	2,371	2,378	2,391	2,415	2,085

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	118	162	166	154	114
Other non-cash adjustments	−275,000	103,000	111,000	185,000	95,000
Paid-in-kind dividends and interest income on life science investments	−826,000	0	0	—	—
Stock-based compensation	10	17	20	18	9
Amortization of discounts on investments	0	−506,000	−3	−2	−340,000
Amortization of debt discount and issuance costs	2	2	1	1	3
Other assets, net	−1	126,000	352,000	−4	−4
Accounts payable, accrued expenses and other liabilities	−854,000	6	4	3	3
Rent received in advance and tenant security deposits	−7	−2	642,000	6	19
Net cash provided by (used in) operating activities	198	258	256	234	189
Investments in real estate	−8	−19	−35	−150	−288
Investments in life science financial instruments	−150	0	0	—	—
Proceeds from sale of real estate assets	2	9	0	24	—
Funding of draws for improvements and construction	−23	−63	−150	−374	−375
Funding of construction loan and other investments	0	−800,000	−4	−22	−16
Purchases of short-term investments	−5	−45	−112	−389	−570
Maturities of short-term investments	10	63	294	515	864
Net cash provided by (used in) investing activities	−174	−56	−7	−396	−384
Issuance of common stock, net of issuance costs	0	12	10	352	—
Repurchase of common stock	−20	0	0	—	—
Issuance of preferred stock, net of issuance costs	24	10	0	—	—
Draws on revolving credit facilities	155	0	0	—	—
Repayments on revolving credit facilities	−53	0	0	—	—
Principal payment on debt	−9	−4	0	—	—
Payment of deferred financing costs	0	−567,000	−561,000	—	−7
Dividends paid to common stockholders	−216	−212	−203	−184	−131
Dividends paid to preferred stockholders	−3	−2	−1	−1	−1
Taxes paid related to net share settlement of equity awards	−864,000	−750,000	−568,000	−2	−3
Net cash provided by (used in) financing activities	−123	−198	−196	164	156
Net increase (decrease) in cash, cash equivalents and restricted cash	−99	5	53	2	−40
Cash paid during the year for interest, net of interest capitalized	17	16	16	17	14
Accrual for current-period additions to real estate	2	10	8	29	46
Deposits applied for acquisitions	0	0	250,000	25,000	200,000
Accrual for common and preferred stock dividends declared	55	55	52	51	39
Reclassification from other assets to real estate held for investment	0	3	0	—	—
Exchange of Exchangeable Senior Notes for common stock	0	0	2	27	109

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