Innovative Industrial Properties Inc cash flow statement

In fiscal 2025, Innovative Industrial Properties Inc's operations generated $198m of cash; it spent $0 on capital projects, leaving free cash flow of $198m. It returned $216m in dividends and $20.1m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Innovative Industrial Properties Inc: cash flow statement, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash from operations	5	16	45	111	189	234	256	258	198	196
Depreciation and amortisation	1	3	9	28	42	61	67	71	74	75
Stock-based pay	2	1	2	3	9	18	20	17	10	11
Capital spending	6	0	0	0	0	0	0	0	0	—
Free cash flow	−1	16	45	111	189	234	256	258	198	—
Free cash flow after stock pay	−3	14	42	107	180	217	236	241	188	—
Dividends paid	1	7	23	75	131	184	203	212	216	216
Share buybacks	0	—	—	—	—	—	0	0	20	89
Shares issued	0	193	286	1,004	—	352	10	12	0	44

US$ millions unless shown otherwise. Fiscal quarters.

Innovative Industrial Properties Inc: cash flow statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	65	58	54	48	46	50	56	45
Depreciation and amortisation	18	18	18	19	19	19	19	19
Stock-based pay	4	4	2	3	3	3	3	3
Capital spending	0	0	0	0	0	0	0	0
Free cash flow	65	58	54	48	46	50	56	45
Free cash flow after stock pay	61	53	52	46	43	47	53	42
Shares issued	0	0	0	0	0	0	9	35

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Innovative Industrial Properties Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Innovative Industrial Properties Inc.