cash flow reconciliationreview2019-12-31
Operating, investing and financing flows differ from the reported change in cash by 208532000, beyond tolerance 3999620.00.
Revenue
$265.96M
Fiscal year ended 2025-12-31Operating income
$124.12M
Fiscal year ended 2025-12-31Free cash flow
Unavailable
Fiscal year ended 2025-12-31INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) reported revenue of $265.96M and net income of $118.25M for the fiscal year ended 2025-12-31. This page shows 9 annual periods of income statement, balance sheet and cash flow figures normalized from INNOVATIVE INDUSTRIAL PROPERTIES INC’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Real Estate.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $265.96M | $308.52M | $309.51M | $276.36M | $204.55M | $116.90M | $44.67M | $14.79M | $6.42M |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | $124.12M | $168.34M | $174.59M | $169.62M | $135.37M | $69.74M | $24.94M | $5.34M | -$223.00K |
| Net income | $118.25M | $161.66M | $165.59M | $154.39M | $113.99M | $65.73M | $23.48M | $6.98M | -$72.00K |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 28.38M | shares 28.53M | shares 28.26M | shares 27.66M | shares 26.26M | shares 19.56M | shares 10.68M | shares 7.29M | shares 3.38M |
| Pretax income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Income tax expense | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Diluted EPS | $3.93 | $5.52 | $5.77 | $5.52 | $4.55 | $3.27 | $2.03 | $0.75 | $-0.13 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | $33.74M | $37.44M | $42.83M | $38.52M | $22.96M | $14.18M | $9.82M | $6.38M | $5.50M |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $47.60M | $146.24M | $140.25M | $87.12M | $81.10M | $126.01M | $82.24M | $13.05M | $11.76M |
| Total assets | $2.37B | $2.38B | $2.39B | $2.41B | $2.08B | $1.77B | $745.86M | $281.47M | $80.03M |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $522.85M | $441.99M | $438.12M | $452.94M | $472.90M | $243.11M | $197.85M | $17.17M | $6.48M |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $1.85B | $1.94B | $1.95B | $1.96B | $1.61B | $1.52B | $548.01M | $264.29M | $73.55M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt | $393.72M | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $134.65M | Unavailable | Unavailable |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $198.19M | $258.45M | $255.54M | $234.13M | $188.75M | $110.81M | $44.93M | $15.69M | $5.02M |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | -$174.30M | -$56.00M | -$6.79M | -$396.20M | -$384.09M | -$1.03B | -$340.63M | -$199.26M | -$38.64M |
| Financing cash flow | -$122.54M | -$197.90M | -$195.63M | $164.22M | $155.76M | $924.99M | $399.96M | $184.85M | $12.38M |
| Net change in cash | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | -$104.27M | -$1.29M | $21.24M |
| Stock-based compensation | $10.13M | $17.32M | $19.58M | $17.51M | $8.62M | $3.33M | $2.50M | $1.46M | $1.72M |
| Common dividends paid | $216.28M | $211.95M | $202.71M | $183.94M | $130.95M | $75.46M | $22.58M | $6.64M | $1.05M |
| Common share repurchases | $20.11M | $0 | $0 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $0 |
| Depreciation & amortization | $74.07M | $70.81M | $67.19M | $61.30M | $41.78M | $28.02M | $8.60M | $2.63M | $915.00K |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | 46.7% | 54.6% | 56.4% | 61.4% | 66.2% | 59.7% | 55.8% | 36.1% | -3.5% |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | 3.8% | 5.6% | 6.3% | 6.3% | 4.2% | 2.8% | 5.6% | 9.9% | 26.8% |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | -13.8% | -0.3% | 12.0% | 35.1% | 75.0% | 161.7% | 202.1% | 130.3% | Unavailable |
| Net margin | 44.5% | 52.4% | 53.5% | 55.9% | 55.7% | 56.2% | 52.6% | 47.2% | -1.1% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open IIPR in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-04View SEC filing
10-Q · Filed 2026-05-05View SEC filing
10-K · Filed 2026-02-24View SEC filing
10-Q · Filed 2025-11-04View SEC filing
10-Q · Filed 2025-08-07View SEC filing
10-Q · Filed 2025-05-08View SEC filing
Reconciliation checks needing review
3 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.
cash flow reconciliationreview2018-12-31
Operating, investing and financing flows differ from the reported change in cash by 2584000, beyond tolerance 1992550.00.
cash flow reconciliationreview2017-12-31
Operating, investing and financing flows differ from the reported change in cash by 42490000, beyond tolerance 1000000.