Innovative Industrial Properties, Inc. IIPR
Innovative Industrial Properties, Inc. is an independently managed, Maryland-based corporation primarily focused on acquiring, owning, and overseeing unique real estate assets. These properties are subsequently leased to experienced, state-licensed operators who utilize them for their regulated medical cannabis facilities. For tax purposes, the company adopted the structure of a Real Estate Investment Trust (REIT) starting from the end of 2017.
Snapshot
Reported FFO / AFFO / leverage are from the Q1 2026 earnings release (filed 2026-05-04) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $265.95M | $114.44M | $74.07M | $208.70M | $198.19M |
| 2024 | $308.52M | $161.66M | $70.81M | $248.72M | $258.45M |
| 2023 | $309.51M | $165.59M | $67.19M | $248.88M | $255.54M |
| 2022 | $276.36M | $154.39M | $61.30M | $232.64M | $234.13M |
| 2021 | $204.55M | $113.99M | $41.78M | $172.15M | $188.75M |
| 2020 | $116.90M | $65.73M | $28.02M | $100.24M | $110.81M |
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-30 | 2026-06-30 | 2026-07-15 | 2026-06-15 | $1.90 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-04-15 | 2026-03-13 | $1.90 | Quarterly |
| 2025-12-31 | 2025-12-31 | 2026-01-15 | 2025-12-15 | $1.90 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-15 | 2025-09-15 | $1.90 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-15 | 2025-06-13 | $1.90 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-15 | 2025-03-14 | $1.90 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-15 | 2024-12-13 | $1.90 | Quarterly |
| 2024-09-30 | 2024-09-30 | 2024-10-15 | 2024-09-13 | $1.90 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-07-15 | 2024-06-14 | $1.90 | Quarterly |
| 2024-03-27 | 2024-03-28 | 2024-04-15 | 2024-03-15 | $1.82 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-12 | 2023-12-15 | $1.82 | Quarterly |
| 2023-09-28 | 2023-09-29 | 2023-10-13 | 2023-09-15 | $1.80 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-14 | 2023-06-15 | $1.80 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-14 | 2023-03-15 | $1.80 | Quarterly |
| 2022-12-29 | 2022-12-30 | 2023-01-13 | 2022-12-15 | $1.80 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-10-14 | 2022-09-15 | $1.80 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-15 | 2022-06-15 | $1.75 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-04-14 | 2022-03-14 | $1.75 | Quarterly |
| 2021-12-30 | 2021-12-31 | 2022-01-14 | 2021-12-15 | $1.50 | Quarterly |
| 2021-09-29 | 2021-09-30 | 2021-10-15 | 2021-09-15 | $1.50 | Quarterly |
| 2021-06-29 | 2021-06-30 | 2021-07-15 | 2021-06-15 | $1.40 | Quarterly |
| 2021-03-30 | 2021-03-31 | 2021-04-15 | 2021-03-15 | $1.32 | Quarterly |
| 2020-12-30 | 2020-12-31 | 2021-01-15 | 2020-12-14 | $1.24 | Quarterly |
| 2020-09-29 | 2020-09-30 | 2020-10-15 | 2020-09-15 | $1.17 | Quarterly |
Coverage (payout of operating cash flow): 108.82%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.