Innovative Industrial Properties, Inc. has grown revenue −1.3% a year over three years and 18% a year over five, with earnings per share compounding at −11%. Revenue growth, 3-year annual rate: −1.3% (REIT - Industrial median +5.0%). Revenue growth, 5-year rate: +18%, growth has slowed since the five-year average. Earnings per share, 3-year rate: −11%, earnings lagged revenue: the growth is costing something. Years of annual history on file: 9, FY2017 to FY2025, as filed.

IIPRInnovative Industrial Properties, Inc.

Real Estate

$51.85+1.0% 1Y

$51.85

$41.2752 weeks$64.66

Is it growing?

Mixed

Neither accelerating nor breaking down: operating margin widening (+0.9 points), but revenue shrinking (−8% year on year).

1 good, 1 to watch, 1 neutral

Revenue trend−8% in a year

Trailing-twelve-month revenue vs a year earlier, from the company's own filings. Five-year pace: +10% a year.

Earnings trend−5% in a year

Trailing-twelve-month earnings per share against a year earlier. Growing faster than revenue, so margins or the share count are helping.

Margin direction+0.9 points operating

Trailing-twelve-month operating margin, 51.6% now against 50.7% a year earlier.

All from SEC EDGAR, as of Jun 30, 2026.

Where this answer is blind. These are trailing numbers from the filings, not forecasts: an acquisition or a one-off year can flatter them, so check the quarters.

Is IIPR growing?

Innovative Industrial Properties, Inc. has grown revenue −1.3% a year over three years and 18% a year over five, with earnings per share compounding at −11%.

−1.3%

Revenue growth, 3-year annual rate · REIT - Industrial median +5.0% · shrinking · compounded from fiscal-year columns as filed

Revenue growth, 5-year rate: +18%
Revenue growth, 5-year rate · −1.3% over three · growth has slowed since the five-year average
Earnings per share, 3-year rate: −11%
Earnings per share, 3-year rate · revenue −1.3% · earnings lagged revenue: the growth is costing something
Years of annual history on file: 9
Years of annual history on file · FY2017 to FY2025, as filed