# Innovative Industrial Properties Inc: overview

IIPR · NYSE · CIK 1677576 · [Real estate](/sectors/real-estate.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/iipr.md) · [Financials](/companies/iipr/financials.md) · [Filings](/companies/iipr/filings.md) · [Insiders](/companies/iipr/insiders.md)

Latest reported revenue: [$63.3m](/filings/0001677576-26-000004.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 4, 2026 (XBRL us-gaap:Revenues, accession 0001677576-26-000004).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [76.5](/filings/0001677576-25-000005.md) | [76.7 d](/filings/0001677576-26-000001.md) | [71.7](/filings/0001677576-26-000002.md) | [62.9](/filings/0001677576-26-000004.md) | [64.7](/filings/0001677576-25-000005.md) | [66.7 d](/filings/0001677576-26-000001.md) | [69.0](/filings/0001677576-26-000002.md) | [63.3](/filings/0001677576-26-000004.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [54.8%](/filings/0001677576-25-000005.md) | [54.7% d](/filings/0001677576-26-000001.md) | [47.4%](/filings/0001677576-26-000002.md) | [45.9%](/filings/0001677576-26-000004.md) | [45.5%](/filings/0001677576-25-000005.md) | [47.8% d](/filings/0001677576-26-000001.md) | [47.7%](/filings/0001677576-26-000002.md) | [65.5%](/filings/0001677576-26-000004.md) |
| Net margin | % | [52.6%](/filings/0001677576-25-000005.md) | [52.2% d](/filings/0001677576-26-000001.md) | [43.3%](/filings/0001677576-26-000002.md) | [41.4%](/filings/0001677576-26-000004.md) | [45.3%](/filings/0001677576-25-000005.md) | [47.8% d](/filings/0001677576-26-000001.md) | [47.6%](/filings/0001677576-26-000002.md) | [69.3%](/filings/0001677576-26-000004.md) |
| Diluted EPS | $ per share | [1.37](/filings/0001677576-25-000005.md) | not reported | [1.03](/filings/0001677576-26-000002.md) | [0.86](/filings/0001677576-26-000004.md) | [0.97](/filings/0001677576-25-000005.md) | not reported | [1.02](/filings/0001677576-26-000002.md) | [1.36](/filings/0001677576-26-000004.md) |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [205](/filings/0001558370-24-001866.md) | [276](/filings/0001558370-25-001322.md) | [310](/filings/0001677576-26-000001.md) | [309](/filings/0001677576-26-000001.md) | [266](/filings/0001677576-26-000001.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [66.2%](/filings/0001558370-24-001866.md) | [61.4%](/filings/0001558370-25-001322.md) | [56.4%](/filings/0001677576-26-000001.md) | [54.6%](/filings/0001677576-26-000001.md) | [46.7%](/filings/0001677576-26-000001.md) |
| Net margin | % | [55.7%](/filings/0001558370-24-001866.md) | [55.9%](/filings/0001558370-25-001322.md) | [53.5%](/filings/0001677576-26-000001.md) | [52.4%](/filings/0001677576-26-000001.md) | [44.5%](/filings/0001677576-26-000001.md) |
| Diluted EPS | $ per share | [4.55](/filings/0001558370-24-001866.md) | [5.52](/filings/0001558370-25-001322.md) | [5.77](/filings/0001677576-26-000001.md) | [5.52](/filings/0001677576-26-000001.md) | [3.93](/filings/0001677576-26-000001.md) |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/iipr/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $309.7m | 4,997,521 |  | Added +215,932 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $174.7m | 2,818,950 |  | Added +89,961 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $104.0m | 1,628,896 |  | Added +42,222 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $80.1m | 1,292,586 |  | Added +50,424 |
| [CHARLES SCHWAB INVESTMENT MANAGEMENT INC](/funds/884546.md) | 2026-06-30 | $40.2m | 648,596 |  | Added +74,963 |
| [ARROWSTREET CAPITAL, LIMITED PARTNERSHIP](/funds/1164508.md) | 2026-06-30 | $35.0m | 564,305 |  | Added +24,705 |
| [MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.](/funds/1705339.md) | 2026-06-30 | $32.5m | 524,194 |  | Added +8,083 |
| [Parallax Volatility Advisers, L.P.](/funds/1521001.md) | 2026-06-30 | $31.0m | 500,000 | Put | Unchanged |
| [Invesco Ltd.](/funds/914208.md) | 2026-06-30 | $30.8m | 497,461 |  | Added +1,384 |
| [NORTHERN TRUST CORP](/funds/73124.md) | 2026-06-30 | $24.5m | 395,997 |  | Added +15,710 |

## Recent filings

[All 585 filings](/companies/iipr/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-27 | 16:05 ET | [8-K](/filings/0001104659-26-119155.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 9.01 Financial statements and exhibits | 0001104659-26-119155 |
| 2026-10-14 | 16:46 ET | [8-K](/filings/0001104659-26-115864.md) | 1.01 Entry into a material agreement; 3.03 Change to security holders’ rights; 5.03 Amendment to articles or bylaws; 9.01 Financial statements and exhibits | 0001104659-26-115864 |
| 2026-10-01 | 07:00 ET | [8-K](/filings/0001104659-26-112568.md) | 1.01 Entry into a material agreement; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001104659-26-112568 |
| 2026-09-25 | 16:10 ET | [8-K](/filings/0001104659-26-110970.md) | 5.03 Amendment to articles or bylaws; 9.01 Financial statements and exhibits | 0001104659-26-110970 |
| 2026-09-01 | 17:35 ET | [8-K](/filings/0001104659-26-103974.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-103974 |
| 2026-08-04 | 16:34 ET | [10-Q](/filings/0001677576-26-000004.md) | Quarterly report, period 2026-06-30 | 0001677576-26-000004 |
| 2026-08-03 | 16:13 ET | [8-K](/filings/0001677576-26-000003.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001677576-26-000003 |
| 2026-07-21 | 08:30 ET | [8-K](/filings/0001104659-26-085238.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-085238 |
| 2026-06-15 | 17:26 ET | [8-K](/filings/0001104659-26-074144.md) | 1.01 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 exhibits | 0001104659-26-074144 |
| 2026-06-11 | 17:17 ET | [8-K](/filings/0001104659-26-073013.md) | 7.01 Regulation FD disclosure; 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-073013 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001677576-26-000001.md), filed Feb 24, 2026.

## 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](/leagues/2026q3/targets/1e0974e1-bad0-4e2b-94f6-efb267f80549)

## About the filer

- CIK: 1677576
- Tickers: IIPR, IIPR-PA, IIPR-PB
- Exchange: NYSE
- SIC code: 6500 Real Estate
- State of incorporation: 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. No prices; not investment advice.