Innovative Industrial Properties, Inc. (IIPR) Balance Sheet
IIPR balance sheet, 2025
December 31, 2025 · U.S. dollars$2.37B assets = $522.9M liabilities + $1.85B equity
Both columns are drawn to the same scale: what IIPR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
IIPR financial health
Descriptive bands, not a rating. Fiscal 2025.
IIPR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $63.3M2016 | $2.37B2025 | +49.6%/yr | |
| Total liabilities | $2.9M2016 | $522.9M2025 | +78.2%/yr | |
| Shareholders’ equity | $60.4M2016 | $1.85B2025 | +46.2%/yr | |
| Cash & short-term investments | $33.0M2016 | $47.6M2025 | +4.2%/yr | |
| Total debt | $60.76B2016 | $393.7M2025 | −42.9%/yr | |
| Net cash (debt) | −$60.72B2016 | −$346.1M2025 | +$60.4B | |
| Working capital | $30.7M2016 | −$271.7M2025 | −$302.3M | |
| Book value per share | $36.272018 | $65.122025 | +8.7%/yr | |
| Current ratio | 12.742016 | 0.152025 | −12.59 | |
| Debt / equity | 1,005.232016 | 0.212025 | −1005.02 | |
| Shares outstanding | 7.3M2018 | 28.4M2025 | +21.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IIPR assets
IIPR liabilities and equity
IIPR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
IIPR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $47.6M | $146.2M | $140.2M | $87.1M | $81.1M | $126.0M | $82.2M | $13.1M | $11.8M | $33.0M |
| Cash & equivalents | $47.6M | $146.2M | $140.2M | $87.1M | $81.1M | $126.0M | $82.2M | $13.1M | $11.8M | $33.0M |
| Short-term investments | — | — | $21.9M | $200.9M | $324.9M | $619.3M | $119.6M | $120.4M | $0 | $0 |
| Receivables | $16.8M | $22.8M | $22.0M | $18.0M | $12.9M | $0 | $0 | $0 | $0 | $58.0M |
| Inventory | $0 | $0 | $0 | $0 | $416.6M | $0 | $0 | $0 | $0 | $5.97B |
| Other current assets | $0 | $0 | $1.4M | $1.4M | $0 | $0 | $35.1M | $0 | $0 | $0 |
| Total current assets | $47.6M | $169.0M | $163.7M | $106.6M | $99.3M | $126.0M | $117.3M | $13.1M | $11.8M | $33.3M |
| Property, plant & equipment (net) | $509,000 | $946,000 | $1.4M | $1.7M | $1.1M | $980,000 | $1.2M | $147.4M | $67.8M | $30.0M |
| Goodwill & intangible assets | $6.4M | $7.4M | $8.2M | $9.1M | $9.1M | $0 | $0 | $0 | $0 | $18.8M |
| Long-term investments | $47.4M | $5.0M | $21.9M | $200.9M | $12.9M | $619.3M | $119.6M | $120.4M | $0 | $0 |
| Other non-current assets | $2.27B | $2.20B | $2.20B | $2.10B | $1.96B | $1.02B | $507.7M | $614,000 | $482,000 | $0 |
| Total assets | $2.37B | $2.38B | $2.39B | $2.41B | $2.08B | $1.77B | $745.9M | $281.5M | $80.0M | $63.3M |
| Liabilities | ||||||||||
| Accounts payable | $13.8M | $20.8M | $21.0M | $40.0M | $54.0M | $41.1M | $28.4M | $4.4M | $1.1M | $70,000 |
| Short-term debt | $319.3M | $0 | $4.4M | $301.5M | $326.1M | $136.7M | $134.7M | — | — | $6.85B |
| Deferred revenue | $50.3M | $57.2M | $59.4M | $58.7M | $52.8M | $34.2M | $20.6M | $9.0M | $4.2M | $2.5M |
| Total current liabilities | $319.3M | $132.8M | $132.2M | $149.5M | $145.6M | $105.4M | $62.0M | $17.2M | $6.4M | $2.6M |
| Long-term debt | $393.1M | $297.9M | $300.9M | $301.5M | $326.1M | $136.7M | $134.7M | $0 | $0 | $0 |
| Lease obligations | — | — | — | — | — | $1.1M | $1.2M | — | — | — |
| Other long-term liabilities | $0 | $11.3M | $5.1M | $1.9M | $1.2M | $1.1M | $1.2M | $13.4M | $41,000 | $276,000 |
| Total liabilities | $522.9M | $442.0M | $438.1M | $452.9M | $472.9M | $243.1M | $197.8M | $17.2M | $6.5M | $2.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $28,000 | $28,000 | $28,000 | $28,000 | $26,000 | $24,000 | $13,000 | $10,000 | $4,000 | $3,000 |
| Retained earnings (deficit) | −$313.0M | −$211.7M | −$156.9M | −$117.4M | −$75.2M | −$48.1M | −$19.9M | −$10.3M | −$4.5M | −$4.4M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | −$28,000 | −$117.4M | −$75.2M | −$48.1M | −$19.9M | −$10.3M | $0 | −$27,000 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.85B | $1.94B | $1.95B | $1.96B | $1.61B | $1.52B | $548.0M | $264.3M | $73.5M | $60.4M |
| Key figures | ||||||||||
| Total debt | $393.7M | $297.9M | $300.9M | $301.5M | $326.1M | $137.8M | $135.9M | $614,000 | $482,000 | $60.76B |
| Net cash (debt) | −$346.1M | −$151.6M | −$160.6M | −$214.4M | −$245.0M | −$11.7M | −$53.6M | $12.4M | $11.3M | −$60.72B |
| Working capital | −$271.7M | $36.3M | $31.5M | −$43.0M | −$46.3M | $20.6M | $55.3M | −$4.1M | $5.3M | $30.7M |
| Tangible book value | $1.84B | $1.93B | $1.94B | $1.95B | $1.60B | $1.52B | $548.0M | $264.3M | $73.5M | $41.6M |
| Book value per share | $65.12 | $67.86 | $69.12 | $70.92 | $61.37 | $77.97 | $51.29 | $36.27 | — | — |
| Shares outstanding | 28.4M | 28.5M | 28.3M | 27.7M | 26.3M | 19.6M | 10.7M | 7.3M | — | — |
| Current ratio | 0.15 | 1.27 | 1.24 | 0.71 | 0.68 | 1.20 | 1.89 | 0.76 | 1.83 | 12.74 |
| Quick ratio | 0.20 | 1.27 | 1.23 | 0.70 | 0.65 | 1.20 | 1.33 | 0.76 | 1.83 | 34.82 |
| Debt / equity | 0.21 | 0.15 | 0.15 | 0.15 | 0.20 | 0.09 | 0.25 | 0.00 | 0.01 | 1,005.23 |
| Equity / assets | 77.9% | 81.4% | 81.7% | 81.2% | 77.3% | 86.3% | 73.5% | 93.9% | 91.9% | 95.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $204.7M | $89.1M | $47.6M | $36.7M | $99.7M | $128.0M | $146.2M | $147.1M | $120.8M | $153.5M | $140.2M | $117.0M |
| Cash & equivalents | $204.7M | $89.1M | $47.6M | $36.7M | $99.7M | $128.0M | $146.2M | $147.1M | $120.8M | $153.5M | $140.2M | $117.0M |
| Short-term investments | — | — | — | $5.3M | $5.3M | — | — | — | $40.1M | $20.0M | $21.9M | $41.9M |
| Receivables | $71.8M | $16.8M | $16.8M | $123.0M | $22.8M | $22.8M | $22.8M | $22.0M | $22.0M | $22.0M | $22.0M | $21.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $120.8M | $153.5M | $0 | $161.8M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.4M | $0 |
| Total current assets | $276.5M | $89.1M | $47.6M | $159.7M | $122.5M | $150.8M | $169.0M | $169.1M | $142.8M | $175.5M | $163.7M | $140.0M |
| Property, plant & equipment (net) | $2.00B | $0 | $509,000 | $621,000 | $731,000 | $839,000 | $946,000 | $1.1M | $1.2M | $1.3M | $1.4M | $1.5M |
| Goodwill & intangible assets | $5.5M | $6.2M | $6.4M | $6.6M | $7.0M | $7.2M | $7.4M | $7.6M | $7.8M | $8.0M | $8.2M | $8.5M |
| Long-term investments | $159.7M | $47.4M | $47.4M | $9.1M | $5.3M | $5.3M | $5.0M | $25.3M | $40.1M | $20.0M | $21.9M | $41.9M |
| Other non-current assets | $143.4M | $2.25B | $2.27B | $2.16B | $2.17B | $2.19B | $2.20B | $2.19B | $2.19B | $2.19B | $2.20B | $2.20B |
| Total assets | $2.58B | $2.39B | $2.37B | $2.34B | $2.31B | $2.35B | $2.38B | $2.40B | $2.38B | $2.40B | $2.39B | $2.39B |
| Liabilities | ||||||||||||
| Accounts payable | $8.4M | $15.6M | $13.8M | $19.5M | $15.8M | $21.4M | $20.8M | $24.2M | $16.3M | $22.6M | $21.0M | $26.4M |
| Short-term debt | $92.5M | $366.2M | $319.3M | $50.0M | $0 | $0 | $0 | $0 | −$2.4M | $384,000 | $511,000 | $124,000 |
| Deferred revenue | $44.7M | $50.1M | $50.3M | $51.2M | $51.6M | $53.4M | $57.2M | $61.1M | $58.8M | $60.2M | $59.4M | $59.1M |
| Total current liabilities | $203.0M | $366.2M | $319.3M | $175.5M | $122.1M | $130.1M | $132.8M | $140.1M | $129.7M | $135.1M | $132.2M | $136.6M |
| Long-term debt | $516.5M | $291.0M | $393.1M | $340.2M | $289.9M | $289.5M | $297.9M | $297.5M | $297.1M | $296.8M | $300.9M | $300.5M |
| Other long-term liabilities | $10.8M | $0 | $0 | $0 | $12.7M | $10.8M | $11.3M | $11.2M | $10.2M | $12.2M | $5.1M | $3.7M |
| Total liabilities | $730.0M | $499.4M | $522.9M | $474.6M | $424.6M | $430.4M | $442.0M | $448.8M | $437.0M | $444.1M | $438.1M | $440.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 |
| Retained earnings (deficit) | −$349.7M | −$337.3M | −$313.0M | −$289.9M | −$264.4M | −$235.8M | −$211.7M | −$196.9M | −$182.3M | −$169.7M | −$156.9M | −$146.7M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | −$182.3M | −$27,999 | −$28,000 | $146.7M |
| Total shareholders' equity | $1.85B | $1.89B | $1.85B | $1.86B | $1.88B | $1.92B | $1.94B | $1.95B | $1.95B | $1.96B | $1.95B | $1.95B |
| Key figures | ||||||||||||
| Total debt | $609.0M | $366.0M | $393.7M | $340.2M | $289.9M | $289.5M | $297.9M | $297.5M | $297.1M | $296.8M | $300.9M | $300.5M |
| Net cash (debt) | −$404.3M | −$276.9M | −$346.1M | −$303.6M | −$190.2M | −$161.5M | −$151.6M | −$150.4M | −$176.3M | −$143.3M | −$160.6M | −$183.5M |
| Working capital | $73.6M | −$277.1M | −$271.7M | −$15.8M | $328,000 | $20.7M | $36.3M | $29.1M | $13.2M | $40.4M | $31.5M | $3.5M |
| Tangible book value | $1.85B | $1.89B | $1.84B | $1.86B | $1.87B | $1.91B | $1.93B | $1.94B | $1.94B | $1.95B | $1.94B | $1.94B |
| Book value per share | $61.74 | $66.55 | $65.29 | $65.83 | $66.40 | $67.24 | $67.80 | $68.11 | $68.15 | $68.70 | $69.06 | $68.94 |
| Shares outstanding | 30.0M | 28.5M | 28.3M | 28.3M | 28.3M | 28.6M | 28.6M | 28.6M | 28.6M | 28.5M | 28.3M | 28.3M |
| Current ratio | 1.36 | 0.24 | 0.15 | 0.91 | 1.00 | 1.16 | 1.27 | 1.21 | 1.10 | 1.30 | 1.24 | 1.03 |
| Quick ratio | 1.36 | 0.29 | 0.20 | 0.91 | 1.00 | 1.16 | 1.27 | 1.21 | 1.10 | 1.30 | 1.23 | 1.01 |
| Debt / equity | 0.33 | 0.19 | 0.21 | 0.18 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| Equity / assets | 71.7% | 79.1% | 77.9% | 79.7% | 81.6% | 81.7% | 81.4% | 81.3% | 81.7% | 81.5% | 81.7% | 81.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
IIPR financial position
At the end of fiscal 2025 (December 31, 2025), Innovative Industrial had total assets of $2.4 billion (down 0.3% from a year earlier), total liabilities of $522.9 million and shareholders' equity of $1.8 billion. It held $47.6 million in cash and short-term investments against $393.7 million of debt, net debt of $346.1 million. Its current ratio was 0.15. In the latest quarter (ended June 30, 2026) total assets were $2.6 billion and equity $1.9 billion.
Related: IIPR income statement, IIPR cash flow statement, IIPR key metrics. See the IIPR stock overview for the latest quote and news.
IIPR balance sheet FAQ
What are Innovative Industrial's total assets?
Innovative Industrial reported total assets of $2.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.4 billion a year earlier.
How much debt does Innovative Industrial have?
Innovative Industrial had $393.7 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.21.
How much cash does Innovative Industrial have?
Innovative Industrial held $47.6 million in cash and short-term investments at the end of fiscal 2025; with $393.7 million of debt that is net debt of $346.1 million.
What is Innovative Industrial's book value?
Innovative Industrial's shareholders' equity (book value) was $1.8 billion at the end of fiscal 2025, or $65.12 per share.
What is Innovative Industrial's current ratio?
Innovative Industrial had current assets of $47.6 million and current liabilities of $319.3 million, a current ratio of 0.15 (current liabilities exceed current assets).
How much goodwill does Innovative Industrial have?
Innovative Industrial carried $6.4 million of goodwill and intangible assets, 0.3% of total assets, at the end of fiscal 2025.