Innovative Industrial Properties Inc income statement

In fiscal 2025, Innovative Industrial Properties Inc reported revenue of $266m, down 13.8% on the year before, operating income of $124m (a 46.7% margin) and net income of $118m, or $3.93 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Innovative Industrial Properties Inc: income statement, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Revenue	6	15	45	117	205	276	310	309	266	264
General and administrative	5	6	10	14	23	39	43	37	34	35
Operating income	−0	5	25	70	135	170	175	168	124	136
Interest expense	0	0	6	7	18	18	17	18	20	26
Net income	−0	7	23	66	114	154	166	162	118	138
Diluted EPS	−$0.13	$0.75	$2.03	$3.27	$4.55	$5.52	$5.77	$5.52	$3.93	$4.79
Diluted shares (average)	3m	7m	11m	20m	26m	28m	28m	29m	28m	29m
EBITDA	1	8	34	98	177	231	242	239	198	210

US$ millions unless shown otherwise. Fiscal quarters.

Innovative Industrial Properties Inc: income 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
Revenue	77	77	72	63	65	67	69	63
General and administrative	9	9	8	9	9	8	10	8
Operating income	42	42	34	29	29	32	33	41
Interest expense	4	5	5	4	5	7	6	8
Net income	40	40	31	26	29	32	33	44
Diluted EPS	$1.37	$1.36	$1.03	$0.86	$0.97	$1.06	$1.02	$1.36
EBITDA	60	60	52	47	48	50	51	60

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

Compare with peers

Head to head: EPR vs IIPR FPI vs IIPR IIPR vs OUT

More: Other Specialized REITs stocks compared, Real Estate sector, rankings of US companies

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.