Innovative Industrial Properties, Inc. (IIPR) Cash Flow Statement
Where IIPR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $198.2M −23.3% vs 2024
- Capital expenditures
- $23.4M 8.8% of revenue
- Free cash flow
- $174.8M 65.7% margin
- Returned to shareholders
- $239.6M 137% of free cash flow
- Change in cash
- −$98.6M cash at year-end $47.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
IIPR operating cash flow, capex and free cash flow
IIPR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.7M2016 | $198.2M2025 | +69.8%/yr | |
| Capital expenditures | $30.0M2016 | $23.4M2025 | −2.7%/yr | |
| Free cash flow | −$28.3M2016 | $174.8M2025 | — | |
| Free cash flow margin | −8,828.3%2016 | 65.7%2025 | +8,894.1 pts | |
| Operating cash flow / net income | 2.252018 | 1.732025 | −0.51 | |
| Stock-based compensation | $58,0002016 | $10.1M2025 | +77.5%/yr | |
| Dividends paid | $1.1M2016 | $219.5M2025 | +81.1%/yr | |
| Share buybacks (net) | $1,0002016 | $20.1M2025 | +200.7%/yr | |
| Capex / revenue | 9,355.8%2016 | 8.8%2025 | −9,347.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IIPR cash flow by activity
IIPR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
IIPR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $114.4M | $161.7M | $164.1M | $154.4M | $114.0M | $65.7M | $23.5M | $7.0M | −$72,000 | −$4.4M |
| Depreciation & amortization | $74.1M | $70.8M | $67.2M | $61.3M | $41.8M | $28.0M | $8.6M | $2.6M | $915,000 | $27,000 |
| Stock-based compensation | $10.1M | $17.3M | $19.6M | $17.5M | $8.6M | $3.3M | $2.5M | $1.5M | $1.7M | $58,000 |
| Change in working capital | −$9.0M | $3.9M | $4.9M | −$215.7M | $18.1M | $14.3M | $12.4M | $5.6M | $2.5M | $2.3M |
| Other non-cash items | $8.6M | $4.7M | −$256,000 | $216.6M | $6.3M | −$589,000 | −$2.1M | −$955,000 | $0 | $3.7M |
| Cash from operating activities | $198.2M | $258.4M | $255.5M | $234.1M | $188.7M | $110.8M | $44.9M | $15.7M | $5.0M | $1.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$23.4M | −$81.8M | −$150.1M | −$524.0M | −$662.1M | −$529.8M | −$343.9M | −$22.3M | −$5.9M | −$30.0M |
| Investments (net) | −$145.3M | −$56.0M | −$464,000 | −$396.2M | −$367.4M | −$1.03B | −$340.0M | −$199.3M | −$32.7M | −$30.0M |
| Acquisitions & other investing | −$5.6M | $81.8M | $143.8M | $524.0M | $645.4M | $529.6M | $343.3M | $22.3M | $0 | $30.0M |
| Cash from investing activities | −$174.3M | −$56.0M | −$6.8M | −$396.2M | −$384.1M | −$1.03B | −$340.6M | −$199.3M | −$38.6M | −$30.0M |
| Financing activities | ||||||||||
| Dividends paid | −$219.5M | −$213.5M | −$204.1M | −$183.9M | −$132.3M | −$76.8M | −$23.9M | −$8.0M | −$1.1M | −$1.1M |
| Share repurchases & issuance (net) | −$20.1M | $21.4M | −$568,000 | $352.0M | −$3.4M | $1.00B | $286.3M | −$390,000 | −$298,000 | −$1,000 |
| Net borrowing (repayment) | $93.8M | −$4.4M | $0 | $0 | $293.1M | $300.0M | $138.5M | $138.5M | $138.5M | $138.5M |
| Shares issued | $24.1M | $21.4M | $9.6M | $352.0M | $262.9M | $1.00B | $286.3M | $193.2M | $0 | $0 |
| Other financing | −$864,000 | −$22.7M | −$561,000 | −$355.8M | −$264.5M | −$1.31B | −$287.2M | −$138.5M | −$124.8M | −$76.2M |
| Cash from financing activities | −$122.5M | −$197.9M | −$195.6M | $164.2M | $155.8M | $925.0M | $400.0M | $184.9M | $12.4M | $61.3M |
| Summary | ||||||||||
| Net change in cash | −$98.6M | $4.5M | $53.1M | $2.2M | −$39.6M | $8.7M | $104.3M | $1.3M | −$21.2M | $33.0M |
| Cash at end of period | $47.6M | $146.2M | $141.7M | $88.6M | $86.4M | $126.0M | $117.3M | $13.1M | $11.8M | $33.0M |
| Free cash flow | $174.8M | $258.4M | $105.5M | $234.1M | $188.7M | −$419.0M | −$299.0M | −$6.6M | −$896,000 | −$28.3M |
| Free cash flow margin | 65.7% | 83.8% | 34.1% | 84.7% | 92.3% | −358.4% | −669.4% | −44.6% | −14.0% | −8,828.3% |
| Capex / revenue | 8.8% | 26.5% | 48.5% | 189.6% | 323.7% | 453.2% | 770.0% | 150.8% | 92.1% | 9,355.8% |
| Operating cash flow / net income | 1.73 | 1.60 | 1.56 | 1.52 | 1.66 | 1.69 | 1.91 | 2.25 | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $44.8M | $31.8M | $31.8M | $29.3M | $26.0M | $31.1M | $40.0M | $40.2M | $42.0M | $38.9M | $41.3M | $41.6M |
| Depreciation & amortization | $18.8M | $18.6M | $18.5M | $18.6M | $18.5M | $18.4M | $18.2M | $17.9M | $17.5M | $17.1M | $17.1M | $16.7M |
| Stock-based compensation | $2.8M | $2.6M | $2.7M | $2.7M | $2.7M | $2.1M | $4.3M | $4.3M | $4.4M | $4.3M | $4.9M | $4.9M |
| Change in working capital | −$6.8M | $3.2M | −$2.9M | −$5.5M | $761,000 | −$1.3M | −$5.3M | $2.2M | −$3.4M | $10.4M | $2.3M | −$225,000 |
| Other non-cash items | −$14.7M | −$165,000 | −$224,000 | $497,000 | $492,000 | $4.0M | $477,000 | $185,000 | $3.8M | $678,000 | $450,000 | $101,000 |
| Cash from operating activities | $44.9M | $56.0M | $49.9M | $45.6M | $48.4M | $54.2M | $57.8M | $64.9M | $64.2M | $71.5M | $66.1M | $63.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.9M | −$2.9M | −$31.3M | −$28.8M | −$7.5M | −$16.9M | −$17.4M | −$37.0M | −$20.5M | −$16.5M | −$20.6M | −$18.0M |
| Investments (net) | −$120.0M | $0 | −$39.8M | −$109.7M | −$5.8M | −$17.2M | −$3.6M | $6.4M | −$44.4M | −$14.4M | −$789,000 | $31.1M |
| Acquisitions & other investing | $44.9M | $2.6M | $29.3M | $28.8M | $7.5M | $16.9M | $17.4M | $37.0M | $20.5M | $16.5M | $20.6M | −$19.1M |
| Cash from investing activities | −$78.1M | −$341,000 | −$41.7M | −$109.7M | −$5.8M | −$17.2M | −$3.6M | $6.4M | −$44.4M | −$14.4M | −$789,000 | −$6.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$57.1M | −$54.9M | −$54.8M | −$54.7M | −$55.2M | −$54.8M | −$54.8M | −$54.6M | −$52.3M | −$51.8M | −$51.1M | −$51.1M |
| Share repurchases & issuance (net) | −$89.0M | $0 | $4.0M | −$997,000 | −$19.8M | −$290,000 | −$750,000 | $750,000 | $0 | −$750,000 | $568,000 | $0 |
| Net borrowing (repayment) | $257.4M | −$27.5M | $52.5M | $50.0M | $0 | −$8.7M | $0 | $0 | — | — | — | — |
| Shares issued | $55.7M | $69.6M | $5.0M | $5.9M | $4.0M | $9.2M | $0 | $9.6M | $0 | $11.8M | $9.6M | $0 |
| Other financing | −$15.3M | −$1.3M | −$4.0M | $836,000 | $0 | −$703,000 | $444,000 | −$760,000 | −$139,000 | −$4.4M | −$1.1M | $0 |
| Cash from financing activities | $151.7M | −$14.2M | $2.7M | $1.1M | −$71.0M | −$55.3M | −$55.1M | −$45.0M | −$52.4M | −$45.3M | −$42.1M | −$51.1M |
| Summary | ||||||||||||
| Net change in cash | $118.5M | $41.5M | $10.9M | −$63.0M | −$28.3M | −$18.2M | −$883,000 | $26.3M | −$32.7M | $11.8M | $23.2M | $24.4M |
| Cash at end of period | $207.6M | $89.1M | $47.6M | $36.7M | $99.7M | $128.0M | $146.2M | $147.1M | $120.8M | $153.5M | $141.7M | $118.5M |
| Free cash flow | $47.9M | $53.1M | $49.9M | $45.6M | $48.4M | $54.2M | $40.6M | $64.9M | $64.2M | $54.9M | $45.5M | $45.0M |
| Free cash flow margin | 75.6% | 76.9% | 74.9% | 70.5% | 77.0% | 75.6% | 52.9% | 84.8% | 80.5% | 72.8% | 57.5% | 57.9% |
| Capex / revenue | 4.7% | 4.3% | 46.9% | 44.6% | 11.9% | 23.6% | 22.7% | 48.3% | 25.7% | 21.9% | 26.0% | 23.2% |
| Operating cash flow / net income | 1.00 | 1.76 | 1.57 | 1.56 | 1.86 | 1.75 | 1.44 | 1.61 | 1.53 | 1.84 | 1.60 | 1.52 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
IIPR cash generation
In fiscal 2025 (ended December 31, 2025), Innovative Industrial generated $198.2 million of cash from operations (down 23.3%) and spent $23.4 million on capital expenditures, leaving free cash flow of $174.8 million, 65.7% of revenue. It returned $239.6 million to shareholders through dividends ($219.5 million) and net share buybacks ($20.1 million). Cash and equivalents fell by $98.6 million over the year.
Related: IIPR income statement, IIPR balance sheet, IIPR dividend history. See the IIPR stock overview for the latest quote and news.
IIPR cash flow FAQ
What is Innovative Industrial's free cash flow?
Innovative Industrial's free cash flow was $174.8 million in fiscal 2025: $198.2 million of operating cash flow minus $23.4 million of capital expenditures It was $258.4 million a year earlier..
How much cash does Innovative Industrial generate from operations?
Innovative Industrial generated $198.2 million of cash from operating activities in fiscal 2025, 1.73 times its net income of $114.4 million.
How much does Innovative Industrial spend on capital expenditures?
Innovative Industrial spent $23.4 million on capital expenditures in fiscal 2025, 8.8% of revenue, compared with $81.8 million the year before.
How much stock does Innovative Industrial buy back?
Innovative Industrial spent $20.1 million on net share repurchases in fiscal 2025.
How much does Innovative Industrial pay in dividends?
Innovative Industrial paid $219.5 million in dividends in fiscal 2025, 125.6% of free cash flow.