INNOVATIVE INDUSTRIAL PROPERTIES INC
IIPR, IIPR-PAOther · Large accelerated filer · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $266.0M | $308.5M | $309.5M | $276.4M | $204.6M | $116.9M |
| Operating income | $124.1M | $168.3M | $174.6M | $169.6M | $135.4M | $69.7M |
| Net income | $118.2M | $161.7M | $165.6M | $154.4M | $114.0M | $65.7M |
| Total assets | $2.37B | $2.38B | $2.39B | $2.41B | $2.08B | $1.77B |
| Total liabilities | $522.9M | $442.0M | $438.1M | $452.9M | $472.9M | $243.1M |
| Equity | $1.85B | $1.94B | $1.95B | $1.96B | $1.61B | $1.52B |
| EPS (diluted) | $3.93 | $5.52 | $5.77 | $5.52 | $4.55 | $3.27 |
| Shares out. | 28.3M | 28.2M | 28.0M | 25.6M | 23.9M | 17.0M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- 46.7%
- Net margin
- 44.5%
- Return on equity
- 6.4%
- Return on assets
- 5.0%
- Return on capital (ROCE)
- —
- Liabilities / assets
- 22.1%
- Debt / equity
- 0.28×
- Book value / share
- $65.23
- Revenue growth (YoY)
- −13.8%
- Net income growth (YoY)
- −26.9%
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Accruals / assets
- −3.4%clean
- Piotroski F-Score
- 3/8weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 1 warning● 4 good- Revenue declined year-over-year
- Operating margin is positive
- Conservative leverage (liabilities < 50% of assets)
- Positive operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Shoemaker ScottDirector | Jan 2, 2026 | Option exercise | 911 | $0.00 |
| Smithers Paul E.Officer — PRESIDENT, CEO AND DIRECTOR | Jan 20, 2026 | Grant | 47,643 | — |
| Smith David JonOfficer — CFO AND TREASURER | Jan 20, 2026 | Grant | 20,061 | — |
| Bui AndyOfficer — VP, CHIEF ACCOUNTING OFFICER | Jan 20, 2026 | Grant | 6,522 | — |
| Smithers Paul E.Officer — PRESIDENT, CEO AND DIRECTOR | Jan 2, 2026 | Option exercise | 10,653 | $0.00 |
| Smithers Paul E.Officer — PRESIDENT, CEO AND DIRECTOR | Jan 1, 2026 | Tax withholding | 10,983 | $47.36 |
| Bui AndyOfficer — VP, CHIEF ACCOUNTING OFFICER | Jan 1, 2026 | Tax withholding | 1,204 | $47.36 |
| Smith David JonOfficer — CFO AND TREASURER | Jan 1, 2026 | Option exercise | 4,555 | $0.00 |
| Kreitzer Gary ADirector | Apr 16, 2020 | Grant | 386.692 | $69.82 |
| Gold Alan DOfficer — EXECUTIVE CHAIRMAN | Nov 24, 2025 | Buy | 2,600 | $49.09 |
| Gold Alan DOfficer — EXECUTIVE CHAIRMAN | Nov 19, 2025 | Buy | 1,000 | $46.26 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Material events
SEC Form 8-K · most recent- Entered a material agreement · New financial obligationMay 22, 2026
- Entered a material agreement · New financial obligation · Regulation FD disclosureMay 20, 2026
- Entered a material agreement · New financial obligationMay 19, 2026
- Entered a material agreement · New financial obligation · Regulation FD disclosureMay 6, 2026
- Results of operations · Regulation FD disclosureMay 4, 2026
- Entered a material agreement · New financial obligationApr 29, 2026
- Director / officer changeApr 10, 2026
- Regulation FD disclosure · Other material eventMar 16, 2026
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗- 424B5May 22, 2026
- 8-KFORM 8-KMay 22, 2026
- 8-KFORM 8-KMay 20, 2026
- 8-KFORM 8-KMay 19, 2026
- 8-KFORM 8-KMay 6, 2026
- 10-QMay 5, 2026
- 8-KFORM 8-KMay 4, 2026
- SCHEDULE 13GApr 30, 2026
- 8-KFORM 8-KApr 29, 2026
- SCHEDULE 13GApr 29, 2026
- DEF 14AApr 22, 2026
- ARSApr 22, 2026
- 8-KFORM 8-KApr 10, 2026
- SCHEDULE 13G/AMar 27, 2026
- 8-KFORM 8-KMar 16, 2026
Event-driven situations (1)
Spot an error in this record? Report it. Every correction is verified against the source filing before we change anything.