Listed

Innovative Industrial Properties Inc

IIPRNYSECIK 1677576Real estateFiscal year ends Dec 31

Latest reported revenue, Q2 FY2026$63.3mRevenue, Q2 FY2026, three months to 2026-06-30$63.3m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Report this figureThree months to Jun 30, 2026, from the 10-Q filed Aug 4, 2026.

Latest quarter: Q2 FY2026

Three months to Jun 30, 2026, against the same quarter a year earlier.

  • Revenue$63.3mRevenue, Q2 FY2026, three months to 2026-06-30$63.3m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Report this figure+0.7% on a year earlier
  • Gross marginnot reported (Gross profit not reported)No year-earlier figure to compare
  • Operating margin65.5%Operating margin, Q2 FY2026, three months to 2026-06-30. operating income / revenueOperating income: $41.4m. XBRL concept us-gaap:OperatingIncomeLoss. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Revenue: $63.3m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Report this figure+19.5 pts on a year earlier
  • Net margin69.3%Net margin, Q2 FY2026, three months to 2026-06-30. net income / revenueNet income: $43.9m. XBRL concept us-gaap:NetIncomeLoss. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Revenue: $63.3m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Report this figure+27.9 pts on a year earlier
  • Diluted EPS$1.36Diluted EPS, Q2 FY2026, three months to 2026-06-30$1.36 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Report this figure+58.1% on a year earlier
  • Free cash flownot reported (Capital expenditure not reported)No year-earlier figure to compare

Last eight quarters

Full statements
Revenue$63.3mOperating margin 65.5%
Diluted EPS$1.36, Q2 FY2026
Innovative Industrial Properties Inc, key figures for the last eight quarters
Line itemUnitQ3 FY20242024-09-30Q4 FY20242024-12-31Q1 FY20252025-03-31Q2 FY20252025-06-30Q3 FY20252025-09-30Q4 FY20252025-12-31Q1 FY20262026-03-31Q2 FY20262026-06-30Shape over the periods
Revenue$m76.5Revenue, Q3 FY2024, three months to 2024-09-30$76.5m. XBRL concept us-gaap:Revenues. 10-Q filed 2025-11-04, accession 0001677576-25-000005.Report this figure76.7Revenue, Q4 FY2024, three months to 2024-12-31$76.7m. XBRL concept us-gaap:Revenues. 10-K filed 2026-02-24, accession 0001677576-26-000001. Derived: 12-month figure less the 9-month figure.Report this figure71.7Revenue, Q1 FY2025, three months to 2025-03-31$71.7m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-05-05, accession 0001677576-26-000002.Report this figure62.9Revenue, Q2 FY2025, three months to 2025-06-30$62.9m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Report this figure64.7Revenue, Q3 FY2025, three months to 2025-09-30$64.7m. XBRL concept us-gaap:Revenues. 10-Q filed 2025-11-04, accession 0001677576-25-000005.Report this figure66.7Revenue, Q4 FY2025, three months to 2025-12-31$66.7m. XBRL concept us-gaap:Revenues. 10-K filed 2026-02-24, accession 0001677576-26-000001. Derived: 12-month figure less the 9-month figure.Report this figure69.0Revenue, Q1 FY2026, three months to 2026-03-31$69.0m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-05-05, accession 0001677576-26-000002.Report this figure63.3Revenue, Q2 FY2026, three months to 2026-06-30$63.3m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Report this figure
Gross margin%not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)
Operating margin%54.8%Operating margin, Q3 FY2024, three months to 2024-09-30. operating income / revenueOperating income: $42.0m. XBRL concept us-gaap:OperatingIncomeLoss. 10-Q filed 2025-11-04, accession 0001677576-25-000005.Revenue: $76.5m. XBRL concept us-gaap:Revenues. 10-Q filed 2025-11-04, accession 0001677576-25-000005.Report this figure54.7%Operating margin, Q4 FY2024, three months to 2024-12-31. operating income / revenueOperating income: $42.0m. XBRL concept us-gaap:OperatingIncomeLoss. 10-K filed 2026-02-24, accession 0001677576-26-000001. Derived: 12-month figure less the 9-month figure.Revenue: $76.7m. XBRL concept us-gaap:Revenues. 10-K filed 2026-02-24, accession 0001677576-26-000001. Derived: 12-month figure less the 9-month figure.Report this figure47.4%Operating margin, Q1 FY2025, three months to 2025-03-31. operating income / revenueOperating income: $34.0m. XBRL concept us-gaap:OperatingIncomeLoss. 10-Q filed 2026-05-05, accession 0001677576-26-000002.Revenue: $71.7m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-05-05, accession 0001677576-26-000002.Report this figure45.9%Operating margin, Q2 FY2025, three months to 2025-06-30. operating income / revenueOperating income: $28.9m. XBRL concept us-gaap:OperatingIncomeLoss. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Revenue: $62.9m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Report this figure45.5%Operating margin, Q3 FY2025, three months to 2025-09-30. operating income / revenueOperating income: $29.4m. XBRL concept us-gaap:OperatingIncomeLoss. 10-Q filed 2025-11-04, accession 0001677576-25-000005.Revenue: $64.7m. XBRL concept us-gaap:Revenues. 10-Q filed 2025-11-04, accession 0001677576-25-000005.Report this figure47.8%Operating margin, Q4 FY2025, three months to 2025-12-31. operating income / revenueOperating income: $31.8m. XBRL concept us-gaap:OperatingIncomeLoss. 10-K filed 2026-02-24, accession 0001677576-26-000001. Derived: 12-month figure less the 9-month figure.Revenue: $66.7m. XBRL concept us-gaap:Revenues. 10-K filed 2026-02-24, accession 0001677576-26-000001. Derived: 12-month figure less the 9-month figure.Report this figure47.7%Operating margin, Q1 FY2026, three months to 2026-03-31. operating income / revenueOperating income: $32.9m. XBRL concept us-gaap:OperatingIncomeLoss. 10-Q filed 2026-05-05, accession 0001677576-26-000002.Revenue: $69.0m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-05-05, accession 0001677576-26-000002.Report this figure65.5%Operating margin, Q2 FY2026, three months to 2026-06-30. operating income / revenueOperating income: $41.4m. XBRL concept us-gaap:OperatingIncomeLoss. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Revenue: $63.3m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Report this figure
Net margin%52.6%Net margin, Q3 FY2024, three months to 2024-09-30. net income / revenueNet income: $40.2m. XBRL concept us-gaap:NetIncomeLoss. 10-Q filed 2025-11-04, accession 0001677576-25-000005.Revenue: $76.5m. XBRL concept us-gaap:Revenues. 10-Q filed 2025-11-04, accession 0001677576-25-000005.Report this figure52.2%Net margin, Q4 FY2024, three months to 2024-12-31. net income / revenueNet income: $40.0m. XBRL concept us-gaap:NetIncomeLoss. 10-K filed 2026-02-24, accession 0001677576-26-000001. Derived: 12-month figure less the 9-month figure.Revenue: $76.7m. XBRL concept us-gaap:Revenues. 10-K filed 2026-02-24, accession 0001677576-26-000001. Derived: 12-month figure less the 9-month figure.Report this figure43.3%Net margin, Q1 FY2025, three months to 2025-03-31. net income / revenueNet income: $31.1m. XBRL concept us-gaap:NetIncomeLoss. 10-Q filed 2026-05-05, accession 0001677576-26-000002.Revenue: $71.7m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-05-05, accession 0001677576-26-000002.Report this figure41.4%Net margin, Q2 FY2025, three months to 2025-06-30. net income / revenueNet income: $26.0m. XBRL concept us-gaap:NetIncomeLoss. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Revenue: $62.9m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Report this figure45.3%Net margin, Q3 FY2025, three months to 2025-09-30. net income / revenueNet income: $29.3m. XBRL concept us-gaap:NetIncomeLoss. 10-Q filed 2025-11-04, accession 0001677576-25-000005.Revenue: $64.7m. XBRL concept us-gaap:Revenues. 10-Q filed 2025-11-04, accession 0001677576-25-000005.Report this figure47.8%Net margin, Q4 FY2025, three months to 2025-12-31. net income / revenueNet income: $31.8m. XBRL concept us-gaap:NetIncomeLoss. 10-K filed 2026-02-24, accession 0001677576-26-000001. Derived: 12-month figure less the 9-month figure.Revenue: $66.7m. XBRL concept us-gaap:Revenues. 10-K filed 2026-02-24, accession 0001677576-26-000001. Derived: 12-month figure less the 9-month figure.Report this figure47.6%Net margin, Q1 FY2026, three months to 2026-03-31. net income / revenueNet income: $32.8m. XBRL concept us-gaap:NetIncomeLoss. 10-Q filed 2026-05-05, accession 0001677576-26-000002.Revenue: $69.0m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-05-05, accession 0001677576-26-000002.Report this figure69.3%Net margin, Q2 FY2026, three months to 2026-06-30. net income / revenueNet income: $43.9m. XBRL concept us-gaap:NetIncomeLoss. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Revenue: $63.3m. XBRL concept us-gaap:Revenues. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Report this figure
Diluted EPS$ per share1.37Diluted EPS, Q3 FY2024, three months to 2024-09-30$1.37 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-Q filed 2025-11-04, accession 0001677576-25-000005.Report this figurenot reported (Diluted EPS not reported)1.03Diluted EPS, Q1 FY2025, three months to 2025-03-31$1.03 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-Q filed 2026-05-05, accession 0001677576-26-000002.Report this figure0.86Diluted EPS, Q2 FY2025, three months to 2025-06-30$0.86 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Report this figure0.97Diluted EPS, Q3 FY2025, three months to 2025-09-30$0.97 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-Q filed 2025-11-04, accession 0001677576-25-000005.Report this figurenot reported (Diluted EPS not reported)1.02Diluted EPS, Q1 FY2026, three months to 2026-03-31$1.02 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-Q filed 2026-05-05, accession 0001677576-26-000002.Report this figure1.36Diluted EPS, Q2 FY2026, three months to 2026-06-30$1.36 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-Q filed 2026-08-04, accession 0001677576-26-000004.Report this figure
Free cash flow$mnot reported (Capital expenditure not reported)not reported (Capital expenditure not reported)not reported (Capital expenditure not reported)not reported (Capital expenditure not reported)not reported (Capital expenditure not reported)not reported (Capital expenditure not reported)not reported (Capital expenditure not reported)not reported (Capital expenditure not reported)

Focus or hover a figure to see its XBRL concept, period and filing; each links to that filing. A figure marked d is derived: a quarter computed from year-to-date figures, such as the fourth quarter as the fiscal year less the nine months before it. A ratio reads not reported when any input is missing.

Last five fiscal years

Revenue$266.0mOperating margin 46.7%
Diluted EPS$3.93, FY2025
Innovative Industrial Properties Inc, key figures for the last five fiscal years
Line itemUnitFY20212021-12-31FY20222022-12-31FY20232023-12-31FY20242024-12-31FY20252025-12-31Shape over the periods
Revenue$m205Revenue, FY2021, twelve months to 2021-12-31$204.6m. XBRL concept us-gaap:Revenues. 10-K filed 2024-02-27, accession 0001558370-24-001866.Report this figure276Revenue, FY2022, twelve months to 2022-12-31$276.4m. XBRL concept us-gaap:Revenues. 10-K filed 2025-02-21, accession 0001558370-25-001322.Report this figure310Revenue, FY2023, twelve months to 2023-12-31$309.5m. XBRL concept us-gaap:Revenues. 10-K filed 2026-02-24, accession 0001677576-26-000001.Report this figure309Revenue, FY2024, twelve months to 2024-12-31$308.5m. XBRL concept us-gaap:Revenues. 10-K filed 2026-02-24, accession 0001677576-26-000001.Report this figure266Revenue, FY2025, twelve months to 2025-12-31$266.0m. XBRL concept us-gaap:Revenues. 10-K filed 2026-02-24, accession 0001677576-26-000001.Report this figure
Gross margin%not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)
Operating margin%66.2%Operating margin, FY2021, twelve months to 2021-12-31. operating income / revenueOperating income: $135.4m. XBRL concept us-gaap:OperatingIncomeLoss. 10-K filed 2024-02-27, accession 0001558370-24-001866.Revenue: $204.6m. XBRL concept us-gaap:Revenues. 10-K filed 2024-02-27, accession 0001558370-24-001866.Report this figure61.4%Operating margin, FY2022, twelve months to 2022-12-31. operating income / revenueOperating income: $169.6m. XBRL concept us-gaap:OperatingIncomeLoss. 10-K filed 2025-02-21, accession 0001558370-25-001322.Revenue: $276.4m. XBRL concept us-gaap:Revenues. 10-K filed 2025-02-21, accession 0001558370-25-001322.Report this figure56.4%Operating margin, FY2023, twelve months to 2023-12-31. operating income / revenueOperating income: $174.6m. XBRL concept us-gaap:OperatingIncomeLoss. 10-K filed 2026-02-24, accession 0001677576-26-000001.Revenue: $309.5m. XBRL concept us-gaap:Revenues. 10-K filed 2026-02-24, accession 0001677576-26-000001.Report this figure54.6%Operating margin, FY2024, twelve months to 2024-12-31. operating income / revenueOperating income: $168.3m. XBRL concept us-gaap:OperatingIncomeLoss. 10-K filed 2026-02-24, accession 0001677576-26-000001.Revenue: $308.5m. XBRL concept us-gaap:Revenues. 10-K filed 2026-02-24, accession 0001677576-26-000001.Report this figure46.7%Operating margin, FY2025, twelve months to 2025-12-31. operating income / revenueOperating income: $124.1m. XBRL concept us-gaap:OperatingIncomeLoss. 10-K filed 2026-02-24, accession 0001677576-26-000001.Revenue: $266.0m. XBRL concept us-gaap:Revenues. 10-K filed 2026-02-24, accession 0001677576-26-000001.Report this figure
Net margin%55.7%Net margin, FY2021, twelve months to 2021-12-31. net income / revenueNet income: $114.0m. XBRL concept us-gaap:NetIncomeLoss. 10-K filed 2024-02-27, accession 0001558370-24-001866.Revenue: $204.6m. XBRL concept us-gaap:Revenues. 10-K filed 2024-02-27, accession 0001558370-24-001866.Report this figure55.9%Net margin, FY2022, twelve months to 2022-12-31. net income / revenueNet income: $154.4m. XBRL concept us-gaap:NetIncomeLoss. 10-K filed 2025-02-21, accession 0001558370-25-001322.Revenue: $276.4m. XBRL concept us-gaap:Revenues. 10-K filed 2025-02-21, accession 0001558370-25-001322.Report this figure53.5%Net margin, FY2023, twelve months to 2023-12-31. net income / revenueNet income: $165.6m. XBRL concept us-gaap:NetIncomeLoss. 10-K filed 2026-02-24, accession 0001677576-26-000001.Revenue: $309.5m. XBRL concept us-gaap:Revenues. 10-K filed 2026-02-24, accession 0001677576-26-000001.Report this figure52.4%Net margin, FY2024, twelve months to 2024-12-31. net income / revenueNet income: $161.7m. XBRL concept us-gaap:NetIncomeLoss. 10-K filed 2026-02-24, accession 0001677576-26-000001.Revenue: $308.5m. XBRL concept us-gaap:Revenues. 10-K filed 2026-02-24, accession 0001677576-26-000001.Report this figure44.5%Net margin, FY2025, twelve months to 2025-12-31. net income / revenueNet income: $118.2m. XBRL concept us-gaap:NetIncomeLoss. 10-K filed 2026-02-24, accession 0001677576-26-000001.Revenue: $266.0m. XBRL concept us-gaap:Revenues. 10-K filed 2026-02-24, accession 0001677576-26-000001.Report this figure
Diluted EPS$ per share4.55Diluted EPS, FY2021, twelve months to 2021-12-31$4.55 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-K filed 2024-02-27, accession 0001558370-24-001866.Report this figure5.52Diluted EPS, FY2022, twelve months to 2022-12-31$5.52 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-K filed 2025-02-21, accession 0001558370-25-001322.Report this figure5.77Diluted EPS, FY2023, twelve months to 2023-12-31$5.77 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-K filed 2026-02-24, accession 0001677576-26-000001.Report this figure5.52Diluted EPS, FY2024, twelve months to 2024-12-31$5.52 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-K filed 2026-02-24, accession 0001677576-26-000001.Report this figure3.93Diluted EPS, FY2025, twelve months to 2025-12-31$3.93 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-K filed 2026-02-24, accession 0001677576-26-000001.Report this figure
Free cash flow$mnot reported (Capital expenditure not reported)not reported (Capital expenditure not reported)not reported (Capital expenditure not reported)not reported (Capital expenditure not reported)not reported (Capital expenditure not reported)

Focus or hover a figure to see its XBRL concept, period and filing; each links to that filing. A figure marked d is derived: a quarter computed from year-to-date figures, such as the fourth quarter as the fiscal year less the nine months before it. A ratio reads not reported when any input is missing.

Insider purchases and sales

All insider transactions

The last 20 open-market transactions reported on Form 4 (codes P and S). The reported price is the price per share the insider stated on the form: filing data, not a market price.

No open-market purchases or sales by insiders are in coverage from Nov 2024 to Oct 2026.

No open-market purchases or sales by insiders are in coverage for this company.

Funds that report holding it

All funds

From each manager's latest Form 13F, largest reported value first. Reported value is as filed at the quarter end: filing data, not a price. A put or call is an option position, not shares held.

Funds that report holding Innovative Industrial Properties Inc
FundQuarter endedReported valueSharesPut or callChange on the quarter before
BlackRock, Inc.2026-06-30$309.7m4,997,521Added+215,932
VANGUARD PORTFOLIO MANAGEMENT LLC2026-06-30$174.7m2,818,950Added+89,961
STATE STREET CORP2026-06-30$104.0m1,628,896Added+42,222
VANGUARD CAPITAL MANAGEMENT LLC2026-06-30$80.1m1,292,586Added+50,424
CHARLES SCHWAB INVESTMENT MANAGEMENT INC2026-06-30$40.2m648,596Added+74,963
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP2026-06-30$35.0m564,305Added+24,705
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.2026-06-30$32.5m524,194Added+8,083
Parallax Volatility Advisers, L.P.2026-06-30$31.0m500,000PutUnchanged
Invesco Ltd.2026-06-30$30.8m497,461Added+1,384
NORTHERN TRUST CORP2026-06-30$24.5m395,997Added+15,710

Recent filings

All 585 filings

Reports and events: 10-K, 10-Q, 8-K, proxy statements and ownership schedules.

Innovative Industrial Properties Inc, recent filings
FiledFormWhat it isAccession number
2026-10-2716:05 ET8-K1.01 Entry into a material agreement; 2.03 New direct financial obligation; 9.01 Financial statements and exhibits0001104659-26-119155
2026-10-1416:46 ET8-K1.01 Entry into a material agreement; 3.03 Change to security holders’ rights; 5.03 Amendment to articles or bylaws; 9.01 Financial statements and exhibits0001104659-26-115864
2026-10-0107:00 ET8-K1.01 Entry into a material agreement; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits0001104659-26-112568
2026-09-2516:10 ET8-K5.03 Amendment to articles or bylaws; 9.01 Financial statements and exhibits0001104659-26-110970
2026-09-0117:35 ET8-K8.01 Other events; 9.01 Financial statements and exhibits0001104659-26-103974
2026-08-0416:34 ET10-QQuarterly reportPeriod 2026-06-300001677576-26-000004
2026-08-0316:13 ET8-K2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits0001677576-26-000003
2026-07-2108:30 ET8-K8.01 Other events; 9.01 Financial statements and exhibits0001104659-26-085238
2026-06-1517:26 ET8-K1.01 Entry into a material agreement; 2.03 New direct financial obligation; 3.02 Unregistered sale of equity; 8.01 Other events; 9.01 Financial statements and exhibits0001104659-26-074144
2026-06-1117:17 ET8-K7.01 Regulation FD disclosure; 8.01 Other events; 9.01 Financial statements and exhibits0001104659-26-073013

Latest annual report

Form 10-K for the fiscal year ended Dec 31, 2025Filed Feb 24, 2026. Its page lists the documents and the extracted sections, such as Business and Risk factors.

Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by [object Promise].Forecast this quarter

About the filer

CIK
1677576
Tickers
IIPR, IIPR-PA, IIPR-PB
Exchange
NYSE
SIC code
6500 Real Estate
Sector
Real estate
Fiscal year ends
Dec 31
Incorporated in
not reported
Filer category
Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 27, 2026, 17:27 ET. Listed shows no prices and gives no investment advice.