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IIPR · NYSE · REIT - Industrial

Innovative Industrial Properties (IIPR)

Triple-net REIT financing U.S. state-licensed cannabis operators where federal banks cannot lend.

$55.92

vs last close−0.82 (−1.45%)

In millions of USD, except per-share figures

In millions	Q3 FY23Sep 2023	Q4 FY23Dec 2023	Q1 FY24Mar 2024	Q2 FY24Jun 2024	Q3 FY24Sep 2024	Q4 FY24Dec 2024	Q1 FY25Mar 2025	Q2 FY25Jun 2025	Q3 FY25Sep 2025	Q4 FY25Dec 2025	Q1 FY26Mar 2026	Q2 FY26Jun 2026
Revenue	78	79	75	80	77	77	72	63	65	67	69	63
Cost of revenue	6	7	7	7	7	8	7	7	8	45	45	0
Gross profit	72	72	69	73	69	69	64	56	57	22	24	63
	28	28	27	31	27	27	30	27	27	−11	−8	19
	11	11	10	10	9	9	8	9	9	8	10	8
General & administrative	11	11	10	10	9	9	8	9	9	8	10	8
Other expenses	17	17	17	21	18	18	22	19	19	−19	−19	12
Operating income	44	44	42	42	42	42	34	29	29	32	32	44
	−2	−2	−3	0	−2	−2	−3	−3	0	0	0	0
Interest income	2	2	2	4	3	3	2	2	4	7	6	1
Interest expense	4	3	4	4	4	3	5	4	5	7	6	8
Other non-operating income	−2	0	−2	−4	−3	−1	−2	−2	−4	−6	−7	−8
Income before tax	42	42	39	42	40	40	31	26	29	32	33	44
Net income from continuing operations	42	42	39	42	40	40	31	26	29	32	33	44
Other adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Net income	42	42	39	42	40	40	31	26	29	32	33	44
EPS, basic	$1.46	$1.48	$1.37	$1.45	$1.38	$1.38	$1.05	$0.87	$1.01	$1.07	$1.04	$1.39
EPS, diluted	$1.45	$1.46	$1.36	$1.44	$1.37	$1.36	$1.03	$0.86	$0.97	$1.07	$1.02	$1.36
Weighted average shares, basic	28	28	28	28	28	28	28	28	28	28	28	28
Weighted average shares, diluted	28	28	28	29	29	29	29	28	28	28	28	30
EBITDA	63	62	61	64	63	61	54	49	52	57	58	71
Depreciation & amortization	17	17	17	17	18	18	18	19	19	19	19	19
EBIT	46	44	44	46	45	43	36	30	34	39	39	52