Innovative Industrial Properties (IIPR) FY2025 results: revenue $266 million, down 13.8% on the year
Innovative Industrial Properties Inc. (IIPR) reported revenue of $266 million for fiscal 2025, the year ended 31 December 2025, down 13.8% on the year before. Net income was $118 million, down 26.9%, and diluted earnings per share $3.93. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$266 million
-13.8% on the year
FY2018FY2025
Operating margin
46.7%
54.6% a year earlier
FY2018FY2025
Net income
$118 million
-26.9% on the year
FY2018FY2025
Diluted EPS
$3.93
-28.8% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Full-year revenue and earnings reported: Full-year total revenues were $266.0 million, and net income attributable to common stockholders was $114.4 million, or $3.93 per diluted share, against $5.52 in 2024.
Fourth-quarter revenue fell 13.1%: Fourth-quarter total revenues were $66.7 million, compared with $76.7 million a year earlier, a decrease of 13.1%.
IQHQ funded $150 million at year-end: $150.0 million of the $270.0 million IQHQ investment was funded at December 31, 2025: the $100.0 million revolving credit facility and $50.0 million of Series G preferred equity.
Defaulted-tenant payments in Q4 and Q1: Payments from defaulted tenants were $3.98 million ($0.14 per share) in Q4 2025, against $1.07 million in Q3 2025, and $2.95 million ($0.10 per share) in Q1 2026 to date.
Leases for 337,000 square feet executed: Leases covering 337,000 square feet were executed in Q4 2025 and in Q1 2026 to date.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
198
258
256
-23.3%
Cash from investing
-174
-56.0
-6.8
Cash from financing
-123
-198
-196
Depreciation and amortisation
74.1
70.8
67.2
+4.6%
Share-based compensation
10.1
17.3
19.6
-41.5%
Buybacks
20.1
0.0
0.0
Dividends paid
216
212
203
+2.0%
Diluted shares, weighted
28m
29m
28m
-0.5%
Shares outstanding at period end
28m
28m
28m
-1.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,848
1,936
1,953
-4.5%
Debt
394
298
301
+32.2%
Other liabilities
129
144
137
-10.4%
Total liabilities and equity
2,371
2,378
2,391
-0.3%
Intangible assets
6.4
7.4
8.2
-13.8%
Investments
0.0
5.0
21.9
Cash and equivalents
47.6
146
140
-67.5%
Other assets
2,317
2,219
2,221
+4.4%
Total assets
2,371
2,378
2,391
-0.3%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.