Innovative Industrial Properties, Inc. is classed by the SEC under Real Estate (industry code 6500), based in Park City, UT. In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of $266 million and a profit of $114 million (its filed statements).
Property businessReal EstatePark City, UTfilings since 20169 of 9 filed
Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a property business: prior from its industry code (SEC 6500, Real Estate); the filing read can change it. All three tenses have at least two readings, so the archetype blend applies as printed.
The grade, in three tenses
Headline 5.7 out of ten, 9 of 9 metrics filed: past 7.0 out of ten, present 6.6 out of ten, future 3.2 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.
The nine metrics
Surviving crises (past): 7.5 out of ten. No warning events in its filings since 2017. 75th percentile among 32 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
Track record (past): 6.4 out of ten. +59.3% a year over 9 filed years; profitable in 8 of 9. 64th percentile among 29 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
Shareholder treatment (past): 6.8 out of ten. Share count grew 0.9% a year. 91% of cash flow returned. Insiders: 1 sales, 5 purchases. 68th percentile among 22 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
Financial health (present): 7.8 out of ten. ROE 6%: 6¢ of profit per shareholder dollar. Leverage 22%: owes 22¢ per asset dollar. 78th percentile among 31 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
Industry position (present): 5.5 out of ten. top 45% of 30 in its family; net margin 44.5%. 55th percentile among 30 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
Leadership (present): 5.9 out of ten. top 41% of 19 in its family for leadership; chief executive since 2016. 59th percentile among 19 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
Room to expand (future): 6.8 out of ten. top 33% of 29 in its family for room to expand. 67th percentile among 29 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
Growth drivers (future): 0.9 out of ten. bottom 9% of 29 in its family for growth drivers. 9th percentile among 29 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
Expectations vs reality (future): 3.2 out of ten. bottom 32% of 29 in its family for expectations against reality. 32nd percentile among 29 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
The filing record
Newest annual report: Form 10-K filed 2026-02-24 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-04 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-03 (on EDGAR). Newest filing: Form 424B5, 2026-10-09. Filings on record since 2016. Read from EDGAR 2026-10-12.
Who runs it
Smithers, Paul E. (PRESIDENT, CEO AND DIRECTOR); Gold, Alan D (EXECUTIVE CHAIRMAN); Smith, David Jon (CFO AND TREASURER); Bui, Andy (VP, CHIEF ACCOUNTING OFFICER); Shoemaker, Scott (director); Ives, Bruce Alan (director); Boyle, David Gerard (director); Kreitzer, Gary A (director). 8 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.
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