Innovative Industrial Properties, Inc.

IIPRNYSEReal Estate● Active

$59.59

+$1.03(+1.76%)

Market Cap$1.7B

P/E Ratio—

52W High$61.395

52W Low$44.58

Avg Volume308K

Open$59.00

Beta1.45

Free Cash Flow Financials Revenue

Innovative Industrial Properties, Inc. (IIPR) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

IIPR · free cash flow · updated Jun 8, 2026

Core FCF metrics

IIPR · FCF · TTM · margin & CAGR

Free cash flow was $174.8M for FY2025 (fiscal year ending 2025-12-31), down 32.4% year-over-year The FCF margin was 65.7%.

FY2025 Free Cash Flow$174.8M▼ -32.4% YoY

Trailing 12M (TTM)$197.0Mtrailing 4 quarters sum

FCF Margin65.7%$174.8M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

IIPR · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$198.2M(23M)$174.8M▼ 32.4%65.7%

FY2024$258.4M(0M)$258.4M▲ +1.1%83.8%

FY2023$255.5M(0M)$255.5M▲ +282.9%82.6%

FY2022$234.1M(374M)−$139.7M▼ 174.0%-50.6%

FY2021$188.7M(0M)$188.7M▲ +145.0%92.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

IIPR · P/FCF · FCF yield · FCF per share

Innovative Industrial Properties, Inc. (IIPR) trades at a FCF yield of 11.49% and a price-to-free-cash-flow ratio of 8.5x. FCF per share stands at $7.04, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

11.49%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$7.04

TTM FCF ÷ Shares Outstanding

Price / FCF

x8.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x10.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

IIPR · cash flow statement · operating / investing / financing

For FY2025, Innovative Industrial Properties, Inc. generated $198.2M in operating cash flow and spent 23M in capital expenditures, yielding $174.8M in free cash flow.

Operating Activities

+$198.2M

Cash from core business operations

2025-12-31

Investing Activities

−$174.3M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$122.5M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($198.2M) − |CapEx| (23M) = FCF ($174.8M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Real Estate)

IIPR vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Innovative Industrial Properties, Inc.YOU

IIPR

$174.8M-32.4%65.7%

American Tower Corporation

AMT

$3.78B+2.2%35.5%

76%

Simon Property Group, Inc.

Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Innovative Industrial Properties, Inc. (IIPR) reported free cash flow of $174.8M for FY2025 (fiscal year ending 2025-12-31), down 32.4% year-over-year. The FCF margin was 65.7%.

Based on available data, Innovative Industrial Properties, Inc. has maintained positive free cash flow for at least 4 fiscal year(s). FCF peaked at $258.4M in FY2024.

Innovative Industrial Properties, Inc.'s FCF yield is 11.49% and price-to-FCF ratio is 8.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

IIPR free cash flow · 8 questions

Innovative Industrial Properties, Inc. free cash flow was $174.8M for FY2025, down 32.4% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $197.0M.

IIPR free cash flowIIPR FCFIIPR FCF 2025IIPR free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Innovative Industrial Properties, Inc. · Innovative Industrial Properties, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026