IIPRINNOVATIVE INDUSTRIAL PROPERTIES INC

Real Estate

Revenue: $266M; 14% YoY
Operating margin: 46.7%; 14% YoY
EBITDA: $198M; 17% YoY
Market cap: $1.4B
Employees: —
Net debt / EBITDA: 1.0×; $189M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
168% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
119% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$205M	$276M	$310M	$309M	$266M	14%
Operating income	$135M	$170M	$175M	$168M	$124M	26%
Net income	$114M	$154M	$166M	$162M	$118M	27%
Operating cash flow	$189M	$234M	$256M	$258M	$198M	23%
Stock-based comp	$9M	$18M	$20M	$17M	$10M	41%
Buybacks	—	—	$0	$0	$20M
Dividends	$131M	$184M	$203M	$212M	$216M	2.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 6
Open-market sells, 12 mo: $34K · 1
Net: $1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	$4M	38	138
FY2024	$5M	$3M	47	134
FY2023	$5M	$4M	66	123
FY2022	$11M	−$1M	60	108
FY2021	$7M	$5M	147	143