IIPRINNOVATIVE INDUSTRIAL PROPERTIES INC
Real Estate
- Revenue
- $266M
- 14% YoY
- Operating margin
- 46.7%
- 14% YoY
- EBITDA
- $198M
- 17% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 1.0×
- $189M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear168% of net incomeCash flow under 80% of net income
- Dilutive SBCClear4% of revenueOver 10% of revenue
- Payouts exceed cash flowFired119% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $205M | $276M | $310M | $309M | $266M | 14% |
| Operating income | $135M | $170M | $175M | $168M | $124M | 26% |
| Net income | $114M | $154M | $166M | $162M | $118M | 27% |
| Operating cash flow | $189M | $234M | $256M | $258M | $198M | 23% |
| Stock-based comp | $9M | $18M | $20M | $17M | $10M | 41% |
| Buybacks | — | — | $0 | $0 | $20M | |
| Dividends | $131M | $184M | $203M | $212M | $216M | 2.0% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $1M · 1
- Open-market sells, 12 mo
- $34K · 1
- Net
- $966K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $5M | $4M | 38 | 138 |
| FY2024 | $5M | $3M | 47 | 134 |
| FY2023 | $5M | $4M | 66 | 123 |
| FY2022 | $11M | −$1M | 60 | 108 |
| FY2021 | $7M | $5M | 147 | 143 |