IIPRPA.PFD (Innovative Industrial Properties) Operating Income: $122.97 Mil (TTM As of Mar. 2026)


IIPRPA.PFD Innovative Industrial Properties Inc IIPRPA.PFD
77 GF Score
Price $24.65
! 12 Warning Signs
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What is Innovative Industrial Properties Operating Income?

Innovative Industrial Properties IIPRPA.PFD -0.72% 77 Operating Income is $122.97 Mil as of Mar. 2026. GuruFocus rates IIPRPA.PFD with a GF Score™ of 77/100. The stock has 12 warning signs investors should review.

Innovative Industrial Properties's Operating Income for the three months ended in Mar. 2026 was $32.49 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $122.97 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Innovative Industrial Properties's Operating Income for the three months ended in Mar. 2026 was $32.49 Mil. Innovative Industrial Properties's Revenue for the three months ended in Mar. 2026 was $69.00 Mil. Therefore, Innovative Industrial Properties's Operating Margin % for the quarter that ended in Mar. 2026 was 47.09%.

Warning Sign:

Innovative Industrial Properties Inc operating margin has been in a 5-year decline. The average rate of decline per year is -4.6%.

Innovative Industrial Properties's 5-Year average Growth Rate for Operating Margin % was -4.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Innovative Industrial Properties's annualized ROC % for the quarter that ended in Mar. 2026 was 5.57%. Innovative Industrial Properties's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 61,673.87%.

Innovative Industrial Properties  (NYSE:IIPRpA.PFD) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Innovative Industrial Properties's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=129.948 * ( 1 - 0% )/( (2356.775 + 2310.317)/ 2 )
=129.948/2333.546
=5.57 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2370.858 - 68.747 - ( 47.597 - max(0, 221.554 - 166.89+47.597))
=2356.775

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2393.98 - 72.653 - ( 89.117 - max(0, 197.713 - 208.723+89.117))
=2310.317

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Innovative Industrial Properties's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=156.96/( ( (0.509 + max(-119.054, 0)) + (0 + max(-122.713, 0)) )/ 2 )
=156.96/( ( 0.509 + 0 )/ 2 )
=156.96/0.2545
=61,673.87 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 0 + -2.8421709430404E-14) - (68.747 + 50.307 + -2.8421709430404E-14)
=-119.054

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 0 + 0) - (72.653 + 50.06 + -2.8421709430404E-14)
=-122.713

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Innovative Industrial Properties's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=32.487/68.996
=47.09 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Innovative Industrial Properties Operating Income Related Terms

Innovative Industrial Properties Operating Income Historical Data

* Premium members only.

The historical data trend for Innovative Industrial Properties's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Innovative Industrial Properties Operating Income Chart

Innovative Industrial Properties Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 135.37 166.02 174.59 171.79 127.98

Innovative Industrial Properties Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 37.49 28.90 29.41 32.17 32.49
IIPRPA.PFD
77GF Score
Innovative Industrial Properties Inc IIPRPA.PFD
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Innovative Industrial Properties Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $122.97 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $122.97 Mil mean?
Innovative Industrial Properties (IIPRPA.PFD) has a Operating Income of $122.97 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Innovative Industrial Properties and its competitors.
Is Innovative Industrial Properties' Operating Income too high?
Innovative Industrial Properties' current Operating Income is $122.97 Mil. Overall, Innovative Industrial Properties has a GF Score™ of 77/100, reflecting its overall financial health beyond just this single metric.
How does Innovative Industrial Properties' Operating Income compare to SMA and ILPT?
Innovative Industrial Properties' Operating Income of $122.97 Mil can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a REITs company?
A good Operating Income depends on the REITs industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Innovative Industrial Properties and its competitors. Innovative Industrial Properties's current Operating Income is $122.97 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Innovative Industrial Properties stock overvalued right now?
Innovative Industrial Properties (IIPRPA.PFD) has a current Operating Income of $122.97 Mil. The current Operating Income is $122.97 Mil. Innovative Industrial Properties' overall GF Score™ is 77/100 with 12 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Innovative Industrial Properties (IIPRPA.PFD), the current Operating Income is $122.97 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Innovative Industrial Properties Business Description

Industry Real EstateREITs
Other Exchanges IIPR:USA0JBD:UK1IK:Germany
Address 1389 Center Drive, Suite 200, Park City, UT, USA, 84098
Innovative Industrial Properties Inc is a real estate investment trust focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Its properties are prominently leased to state-licensed operators for their regulated cannabis facilities. The company conducts its business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which properties are owned by its Operating Partnership, directly or through subsidiaries. Its segments are: Cannabis Portfolio and Life Science Portfolio, with the majority of revenue coming from the Cannabis Portfolio segment, which involves acquiring, developing, and leasing real estate to regulated cannabis operators on long-term triple-net leases.
77GF Score

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Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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