Innovative Industrial Properties Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Innovative Industrial Properties Inc reported revenue of $266.0M (-13.8% year on year) and net income of $118.2M (-26.9% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Rental (including tenant reimbursements) | $265.5M | $306.9M | $307.3M | $274.4M |
| Other | $469.0K | $1.6M | $2.2M | $2.0M |
| Total revenues | $266.0M | $308.5M | $309.5M | $276.4M |
| Property expenses | $30.2M | $28.5M | $24.9M | $10.5M |
| General and administrative expense | $33.7M | $37.4M | $42.8M | $38.5M |
| Depreciation and amortization expense | $74.1M | $70.8M | $67.2M | $61.3M |
| Impairment loss on real estate | $3.5M | — | — | — |
| Total expenses | $141.5M | $136.7M | $134.9M | $110.3M |
| Gain (loss) on sale of real estate | ($326.0K) | ($3.4M) | — | $3.6M |
| Income from operations | $124.1M | $168.3M | $174.6M | $169.6M |
| Interest and other income | $14.3M | — | $8.4M | $3.2M |
| Interest expense | ($20.2M) | ($17.7M) | ($17.5M) | ($18.3M) |
| Gain (loss) on exchange of Exchangeable Senior Notes | $0 | — | $22.0K | — |
| Net income | $118.2M | $161.7M | $165.6M | $154.4M |
| Preferred stock dividends | ($3.8M) | ($1.8M) | ($1.4M) | ($1.4M) |
| Net income attributable to common stockholders | $114.4M | $159.9M | $164.2M | $153.0M |
| Basic (in dollars per share) | $3.98 | $5.58 | $5.82 | $5.57 |
| Diluted (in dollars per share) | $3.93 | $5.52 | $5.77 | $5.52 |
| Basic (in shares) | 28.0M | 28.2M | 28.0M | 27.3M |
| Diluted (in shares) | 28.4M | 28.5M | 28.3M | 27.7M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Rental (including tenant reimbursements) | $62.9M | $68.9M | $64.3M | $62.9M |
| Other | $425.0K | $76.0K | $393.0K | $25.0K |
| Total revenues | $63.3M | $69.0M | $64.7M | $62.9M |
| Property expenses | $7.2M | $7.6M | $8.0M | $6.9M |
| General and administrative expense | $7.7M | $10.3M | $8.7M | $8.6M |
| Depreciation and amortization expense | $18.8M | $18.6M | $18.6M | $18.5M |
| Impairment loss on real estate | $0 | $0 | $0 | $0 |
| Total expenses | $33.7M | $36.5M | $35.3M | $34.0M |
| Gain (loss) on sale of real estate, net | $11.8M | $422.0K | $0 | $0 |
| Income from operations | $41.4M | $32.9M | $29.4M | $28.9M |
| Interest and other income | $10.8M | $6.3M | $4.4M | — |
| Interest expense | ($8.3M) | ($6.4M) | ($4.5M) | ($4.4M) |
| Net income | $43.9M | $32.8M | $29.3M | $26.0M |
| Preferred stock dividends | ($3.2M) | ($2.7M) | ($1.0M) | ($878.0K) |
| Net income attributable to common stockholders | $40.7M | $30.2M | $28.3M | $25.1M |
| Basic (in dollars per share) | $1.39 | $1.04 | $0.99 | $0.87 |
| Diluted (in dollars per share) | $1.36 | $1.02 | $0.97 | $0.86 |
| Basic (in shares) | 28.4M | 28.0M | 27.9M | 27.9M |
| Diluted (in shares) | 30.0M | 28.5M | 28.3M | 28.3M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Land | $146.3M | $146.8M | $142.5M | $140.0M |
| Buildings and improvements | $2.3B | $2.2B | $2.1B | $1.3B |
| Construction in progress | $40.6M | $62.4M | $117.8M | $54.1M |
| Total real estate, at cost | $2.5B | $2.4B | $2.4B | $2.2B |
| Less accumulated depreciation | ($343.1M) | ($271.2M) | ($202.7M) | ($138.4M) |
| Net real estate held for investment | $2.1B | $2.2B | $2.2B | $2.1B |
| Life science investments | $152.7M | — | — | — |
| Construction loan receivable | $22.8M | $22.8M | $22.0M | $18.0M |
| Cash and cash equivalents | $47.6M | $146.2M | $140.2M | $87.1M |
| Investments | $0 | $5.0M | $21.9M | $200.9M |
| Right of use office lease asset | $509.0K | $946.0K | $1.4M | $1.7M |
| In-place lease intangible assets, net | $6.4M | $7.4M | $8.2M | $9.1M |
| Other assets, net | $27.5M | $26.9M | $30.0M | $30.2M |
| Total assets | $2.4B | $2.4B | $2.4B | $2.4B |
| Notes due 2026, net | $290.6M | $297.9M | $296.4M | $295.1M |
| Revolving credit facilities | $102.5M | — | — | — |
| Building improvements and construction funding payable | $3.0M | $10.2M | $9.6M | $29.4M |
| Accounts payable and accrued expenses | $10.9M | $10.6M | $11.4M | $10.6M |
| Dividends payable | $54.9M | $54.8M | $51.8M | $50.8M |
| Rent received in advance and tenant security deposits | $50.3M | $57.2M | $59.4M | $58.7M |
| Other liabilities | $10.7M | $11.3M | $5.1M | $1.9M |
| Total liabilities | $522.9M | $442.0M | $438.1M | $452.9M |
| 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 | $47780000.00 | $23632000.00 | $14009000.00 | $14009000.00 |
| 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 | $28000.00 | $28000.00 | $28000.00 | $28000.00 |
| Additional paid-in capital | $2.1B | $2.1B | $2.1B | $2.1B |
| Dividends in excess of earnings | ($313.0M) | ($211.7M) | ($156.9M) | ($117.4M) |
| Total stockholders’ equity | $1.8B | $1.9B | $2.0B | $2.0B |
| Total liabilities and stockholders’ equity | $2.4B | $2.4B | $2.4B | $2.4B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Land | $141.3M | $145.1M | $146.5M | $146.5M |
| Buildings and improvements | $2.2B | $2.3B | $2.3B | $2.2B |
| Construction in progress | $34.8M | $40.3M | $57.7M | $57.5M |
| Total real estate, at cost | $2.4B | $2.5B | $2.5B | $2.5B |
| Less accumulated depreciation | ($369.4M) | ($361.1M) | ($324.9M) | ($306.6M) |
| Net real estate held for investment | $2.0B | $2.1B | $2.1B | $2.1B |
| Life science investments | $275.9M | $154.0M | $105.2M | — |
| Loans receivable | $71.8M | — | — | — |
| Cash and cash equivalents | $204.7M | $89.1M | $36.7M | $99.7M |
| Restricted cash | $2.9M | — | — | — |
| In-place lease intangible assets, net | $5.5M | $6.2M | $6.6M | $7.0M |
| Other assets, net | $24.3M | $28.2M | $29.3M | $22.9M |
| Total assets | $2.6B | $2.4B | $2.3B | $2.3B |
| Notes due 2026, net | $0 | $291.0M | $290.2M | $289.9M |
| Exchangeable notes, net | $391.2M | — | — | — |
| Term loans, net | $125.4M | — | — | — |
| Revolving credit facilities | $92.5M | $75.0M | $50.0M | — |
| Building improvements and construction funding payable | $789.0K | $851.0K | $4.3M | $5.6M |
| Accounts payable and accrued expenses | $8.4M | $14.7M | $15.2M | $10.2M |
| Dividends payable | $56.3M | $57.1M | $54.8M | $54.7M |
| Rent received in advance and tenant security deposits | $44.7M | $50.1M | $51.2M | $51.6M |
| Other liabilities | $10.8M | $10.7M | $8.8M | $12.7M |
| Total liabilities | $730.0M | $499.4M | $474.6M | $424.6M |
| 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, 5,666,082 and 2,019,525 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | $128995000.00 | $108081000.00 | $42743000.00 | $36843000.00 |
| Common stock, par value $0.001 per share, 50,000,000 shares authorized: 27,571,349 and 28,022,975 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | $28000.00 | $28000.00 | $28000.00 | $28000.00 |
| Additional paid-in capital | $2.1B | $2.1B | $2.1B | $2.1B |
| Dividends in excess of earnings | ($349.7M) | ($337.3M) | ($289.9M) | ($264.4M) |
| Total stockholders’ equity | $1.9B | $1.9B | $1.9B | $1.9B |
| Total liabilities and stockholders’ equity | $2.6B | $2.4B | $2.3B | $2.3B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $118.2M | $161.7M | $165.6M | $154.4M |
| Depreciation and amortization | $74.1M | $70.8M | $67.2M | $61.3M |
| Impairment loss on real estate | $3.5M | — | — | — |
| Loss (gain) on exchange of Exchangeable Senior Notes | $0 | — | ($22.0K) | — |
| Loss (gain) on sale of real estate | $326.0K | $3.4M | — | ($3.6M) |
| Other non-cash adjustments | ($275.0K) | $103.0K | $111.0K | $185.0K |
| Paid-in-kind dividends and interest income on life science investments | ($826.0K) | — | — | — |
| Stock-based compensation | $10.1M | $17.3M | $19.6M | $17.5M |
| Amortization of discounts on investments | $0 | ($506.0K) | ($3.2M) | — |
| Amortization of debt discount and issuance costs | $2.0M | $1.7M | $1.4M | $1.3M |
| Other assets, net | ($1.3M) | $126.0K | $352.0K | ($3.5M) |
| Accounts payable, accrued expenses and other liabilities | ($854.0K) | $6.0M | $3.9M | $2.7M |
| Rent received in advance and tenant security deposits | ($6.9M) | ($2.2M) | $642.0K | $5.9M |
| Net cash provided by (used in) operating activities | $198.2M | $258.4M | $255.5M | $234.1M |
| Investments in real estate | ($7.9M) | ($18.7M) | ($34.9M) | ($150.1M) |
| Investments in life science financial instruments | ($150.3M) | — | — | — |
| Proceeds from sale of real estate assets | $2.2M | $9.1M | — | $23.5M |
| Funding of draws for improvements and construction | ($23.4M) | ($63.1M) | ($150.1M) | ($373.9M) |
| Funding of construction loan and other investments | $0 | ($800.0K) | ($4.0M) | ($21.7M) |
| Purchases of short-term investments | ($5.3M) | ($45.1M) | ($111.9M) | ($388.8M) |
| Maturities of short-term investments | $10.3M | $62.6M | $294.1M | $515.0M |
| Net cash provided by (used in) investing activities | ($174.3M) | ($56.0M) | ($6.8M) | ($396.2M) |
| Issuance of common stock, net of issuance costs | $0 | $11.8M | $9.6M | $352.0M |
| Repurchase of common stock | ($20.1M) | — | — | — |
| Issuance of preferred stock, net of issuance costs | $24.1M | $9.6M | — | — |
| Draws on revolving credit facilities | $155.0M | — | — | — |
| Repayments on revolving credit facilities | ($52.5M) | — | — | — |
| Principal payment on debt | ($8.7M) | — | — | — |
| Payment of deferred financing costs | $0 | ($567.0K) | ($561.0K) | — |
| Dividends paid to common stockholders | ($216.3M) | ($212.0M) | ($202.7M) | ($183.9M) |
| Dividends paid to preferred stockholders | ($3.2M) | ($1.6M) | ($1.4M) | ($1.4M) |
| Taxes paid related to net share settlement of equity awards | ($864.0K) | ($750.0K) | ($568.0K) | ($2.4M) |
| Net cash provided by (used in) financing activities | ($122.5M) | ($197.9M) | ($195.6M) | $164.2M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | ($98.6M) | $4.5M | $53.1M | $2.2M |
| Cash, cash equivalents and restricted cash, beginning of year | $146.2M | $141.7M | $88.6M | $86.4M |
| Cash, cash equivalents and restricted cash, end of year | $47.6M | $146.2M | $141.7M | $88.6M |
| Cash paid during the year for interest, net of interest capitalized | $17.4M | $16.1M | $16.1M | $17.2M |
| Accrual for current-period additions to real estate | $2.2M | $9.7M | $8.4M | — |
| Deposits applied for acquisitions | $0 | — | $250.0K | $25.0K |
| Accrual for common and preferred stock dividends declared | $54.9M | $54.8M | $51.8M | $50.8M |
| Reclassification from other assets to real estate held for investment | $0 | $3.2M | — | — |
| Exchange of Exchangeable Senior Notes for common stock | $0 | — | $2.0M | $26.7M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $76.7M | $32.8M | $86.4M | $57.1M |
| Depreciation and amortization | $37.4M | $18.6M | $55.5M | $36.9M |
| Impairment loss on real estate | $0 | $0 | $3.5M | $3.5M |
| Loss (gain) on sale of real estate, net | ($12.3M) | ($422.0K) | $0 | $0 |
| Paid-in-kind dividends and interest income on life science investments | ($2.5M) | ($1.0M) | — | — |
| Stock-based compensation | $5.4M | $2.6M | $7.4M | $4.8M |
| Amortization of debt discount and issuance costs | $1.8M | $576.0K | $1.4M | $946.0K |
| Other non-cash adjustments | ($1.8M) | ($300.0K) | $17.0K | $5.0K |
| Other assets, net | $2.9M | ($527.0K) | ($2.8M) | $3.7M |
| Accounts payable, accrued expenses and other liabilities | ($947.0K) | $4.0M | $2.8M | $1.3M |
| Rent received in advance and tenant security deposits | ($5.6M) | ($247.0K) | ($6.0M) | ($5.5M) |
| Net cash provided by (used in) operating activities | $100.9M | $56.0M | $148.3M | $102.7M |
| Investments in real estate | $0 | $0 | ($7.9M) | ($7.9M) |
| Investments in life science financial instruments | ($120.0M) | — | ($105.2M) | — |
| Proceeds from sale of real estate assets | $45.2M | $2.6M | $1.8M | $1.8M |
| Funding of draws for improvements and construction | ($3.6M) | ($2.9M) | ($21.0M) | ($16.5M) |
| Purchases of short-term investments | $0 | $0 | ($5.3M) | ($5.3M) |
| Maturities of short-term investments | $0 | $0 | $5.0M | $5.0M |
| Net cash provided by (used in) investing activities | ($78.4M) | ($341.0K) | ($132.6M) | ($22.9M) |
| Issuance of common stock, net of issuance costs | $44.0M | $9.3M | $0 | $0 |
| Repurchase of common stock | ($89.0M) | $0 | ($20.1M) | ($20.1M) |
| Issuance of preferred stock, net of issuance costs | $81.2M | $60.3M | $19.1M | $13.2M |
| Proceeds from issuance of exchangeable notes | $402.5M | — | — | — |
| Proceeds from term loans | $148.7M | — | — | — |
| Principal payments on debt and term loans | ($311.3M) | $0 | ($8.7M) | — |
| Draws on revolving credit facilities | $125.0M | $5.0M | $50.0M | — |
| Repayments on revolving credit facilities | ($135.0M) | ($32.5M) | — | — |
| Payment of deferred financing costs | ($15.3M) | — | $0 | $0 |
| Dividends paid to common stockholders | ($108.2M) | ($53.8M) | ($162.5M) | ($108.7M) |
| Dividends paid to preferred stockholders | ($3.8M) | ($1.1M) | ($2.2M) | ($1.3M) |
| Taxes paid related to net share settlement of equity awards | ($1.3M) | ($1.3M) | ($864.0K) | ($703.0K) |
| Net cash provided by (used in) financing activities | $137.5M | ($14.2M) | ($125.3M) | ($126.4M) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $160.0M | $41.5M | ($109.6M) | ($46.6M) |
| Cash and cash equivalents, beginning of period | $47.6M | $47.6M | $146.2M | $146.2M |
| Cash, cash equivalents and restricted cash, end of period | $207.6M | — | — | — |
| Cash paid during the period for interest, net of interest capitalized | $13.1M | $2.0M | $8.0M | $8.1M |
| Accrual for current-period additions to real estate | $140.0K | $96.0K | $3.5M | $4.4M |
| Accrual for common and preferred stock dividends declared | $56.3M | $57.1M | $54.8M | $54.7M |
Innovative Industrial Properties Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.