IIPR FINANCIAL STATEMENTS

Innovative Industrial Properties Inc — balance sheet, income statement and cash flow trends

IIPRInnovative Industrial Properties Inc

🇺🇸 USA · NYSE · Real Estate · REIT - Industrial

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue263.2 M $-13.6%

Gross Profit158.6 M $-42.5%

Operating Income123 M $-23.3%

EBITDA216.4 M $-10.5%

Net Income120 M $-21.7%

Peer Comparison· REIT - Industrial

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
IIPR	-13.6%	60.3%	82.2%	45.6%
BWP	7.2%	87.5%	156.6%	160.1%
RYGYO	-7.1%	91.9%	93.0%	470.3%
CIP	0.7%	77.5%	73.9%	59.1%
ASK	—	73.3%	120.7%	116.8%
NSR	1.3%	82.9%	58.6%	59.2%
Industry median	4.0%	61.8%	82.2%	45.6%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
IIPR	-13.6%	60.3%	82.2%	45.6%
LXP	-3.8%	-17.1%	101.7%	27.0%
NSA	-1.6%	33.9%	63.2%	10.5%
COLD	-1.1%	3.6%	14.6%	-4.3%
TRNO	20.2%	63.9%	118.8%	86.5%
STAG	10.0%	61.8%	80.6%	28.3%
Industry median	4.0%	61.8%	82.2%	45.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity1.9 B $79%
Current Liabilities366.2 M $15%
Long-term Liabilities133.2 M $6%

Key Figures

YoY change

Total Assets2.4 B $+1.8%

Total Liabilities499.4 M $+16.0%

Total Equity1.9 B $-1.4%

Cash & ST Investments89.1 M $-30.4%

Total Debt366 M $+26.4%

Net Debt276.9 M $+71.4%

Peer Comparison· REIT - Industrial

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
IIPR	0.24	19.3%	1.28	79.1%
BWP	0.46	32.4%	2.87	73.8%
RYGYO	1.23	8.8%	0.75	83.9%
CIP	0.08	57.7%	8.04	62.1%
ASK	1.48	52.8%	3.87	63.4%
NSR	0.26	66.0%	10.81	59.9%
Industry median	0.39	63.2%	4.63	58.2%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
IIPR	0.24	19.3%	1.28	79.1%
LXP	1.98	63.2%	3.19	57.3%
NSA	0.10	376.8%	7.19	18.1%
COLD	0.35	161.5%	11.85	34.9%
TRNO	1.76	24.6%	1.66	77.4%
STAG	0.79	90.1%	4.63	49.9%
Industry median	0.39	63.2%	4.63	58.2%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow200 M $-17.1%

Capital Expenditures70.6 M $-23.1%

Free Cash Flow197 M $-12.0%

Dividends Paid-219.6 M $-201.4%

Peer Comparison· REIT - Industrial

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
IIPR	76.0%	74.9%	26.8%	166.7%
BWP	61.2%	61.2%	0.0%	38.2%
RYGYO	126.5%	33.3%	2.0%	26.9%
CIP	36.1%	36.1%	0.0%	61.1%
ASK	33.7%	31.4%	2.3%	28.8%
NSR	38.3%	30.6%	7.7%	64.7%
Industry median	55.3%	50.6%	7.0%	117.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
IIPR	76.0%	74.9%	26.8%	166.7%
LXP	54.2%	46.9%	7.3%	200.6%
NSA	45.4%	39.6%	5.8%	433.1%
COLD	14.2%	-1.8%	19.4%	-330.6%
TRNO	55.5%	41.4%	14.1%	64.2%
STAG	55.3%	49.9%	7.4%	195.5%
Industry median	55.3%	50.6%	7.0%	117.3%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.