# Innovative Industrial Properties, Inc. (IIPR) · Edgar & Edgarette company card

> Innovative Industrial Properties (IIPR) saw revenue fall 13.8% in FY2025 to $266 million, operating margin 46.7% against a 21.1% median for real estate, equity 77.9% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1677576 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/IIPR) · [JSON](https://www.pops4.com/boards/company/IIPR.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $266M |
| Revenue growth, 1 year | -13.8% |
| Revenue growth per year | 6.8% |
| Operating margin | 46.7% (prior year 54.6%) |
| Net margin | 44.5% |
| Operating cash flow | $198M |
| Capital spending | — |
| Free cash flow | — |
| Cash | $48M |
| Long-term debt | $394M |
| Total assets | $2.4B |
| Total equity | $1.8B |
| Equity ÷ assets | 77.9% |
| Return on equity | 6.4% |
| Dividend per share | $0.55 |
| Dividend years rising | 0 |

## Readings, computed from those figures

- Piotroski F: 4 of 9 (4 of 6 tested)
- Health Harbor boat: Sound ship · one warning sign · slow and jumpy: growing slower than its size class, with revenue that swings more
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $266.0M (FY2025), total debt $393.7M. Experience: revenue down 13.8% on the year, up 6.8% a year over 4 years; operating margin 46.7%, down from 54.6%. Soundness: equity 77.9% of assets, return on equity 6.4%, payout 182.9% of profit. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $188.1M and $310.1M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $165.8M to $353.7M. A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, real estate): operating margin 46.7% against a 21.1% median; growth -13.8% against 6.1%.

Range logged 2026-09-28, receipt fbe98ed2afcf686e, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 2, latest 2026-06-09 ([filing](https://www.sec.gov/Archives/edgar/data/1677576/000110465926071876/0001104659-26-071876-index.htm))

## Recent filings

- 10-Q · filed 2026-11-03 · [filing](https://www.sec.gov/Archives/edgar/data/1677576/000167757626000006/0001677576-26-000006-index.htm)
- 8-K · filed 2026-11-02 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1677576/000167757626000005/0001677576-26-000005-index.htm)
- 8-K · filed 2026-10-27 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1677576/000110465926119155/0001104659-26-119155-index.htm)
- 8-K · filed 2026-10-14 · 1.01 Entry into a Material Definitive Agreement; 3.03 Material Modifications to Rights of Security Holders; 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1677576/000110465926115864/0001104659-26-115864-index.htm)
- 8-K · filed 2026-10-01 · 1.01 Entry into a Material Definitive Agreement; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1677576/000110465926112568/0001104659-26-112568-index.htm)
- 8-K · filed 2026-09-25 · 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1677576/000110465926110970/0001104659-26-110970-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001677576.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1677576

## Cite

POPS4, Edgar & Edgarette: Innovative Industrial Properties, Inc. (IIPR) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/IIPR. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.