Filing Flows

Filing Flows › Companies › Innovative Industrial Properties › Cash flow

Innovative Industrial Properties cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$49.5M in Q3 2026 · $200M over twelve months

Operating cash flow$49.5M
Free cash flow+$49.5M
Cash / net income1.6×

Analysis

In Q3 2026, Innovative Industrial Properties generated $49.5M of operating cash flow. That is $3.9M more than in Q3 2025 ($45.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $200M; the largest uses were other investing ($307M), dividends ($215M), net borrowing (+) / repaid (−) ($181M); besides operations, cash came from other financing ($525M), shares issued ($130M); the cash balance rose by $109M.

Operating cash flow was $49.5M against net income of $31.9M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$19.6M, prepaid and other assets −$6.5M, stock-based pay +$3.3M.

Free cash flow

Innovative Industrial Properties: free cash flow by quarterInnovative Industrial Properties: free cash flow by quarter$57.8MQ4 2024$54.2MQ1 2025$48.4MQ2 2025$45.6MQ3 2025$49.9MQ4 2025$56.0MQ1 2026$44.9MQ2 2026$49.5MQ3 2026
Operating cash flow less capital spending.
Innovative Industrial Properties: operating cash flow against capital spendingInnovative Industrial Properties: operating cash flow against capital spendingOperating cash flowCapital spending$57.8M$0Q4 2024$54.2M$0Q1 2025$48.4M$0Q2 2025$45.6M$0Q3 2025$49.9M$0Q4 2025$56.0M$0Q1 2026$44.9M$0Q2 2026$49.5M$0Q3 2026
Latest (Q3 2026): Operating cash flow $49.5M, Capital spending $0.

Capital allocation, year by year

Innovative Industrial Properties: where the cash came from (up) and went (down), by fiscal yearInnovative Industrial Properties: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesBuybacksDividendsFY2021: Operating cash flow $189MFY2021: Net borrowing $300MFY2021: Dividends −$131M$489MFY2021FY2022: Operating cash flow $234MFY2022: Shares issued $352MFY2022: Asset sales $23.5MFY2022: Dividends −$184M$610MFY2022FY2023: Operating cash flow $256MFY2023: Shares issued $9.6MFY2023: Dividends −$203M$265MFY2023FY2024: Operating cash flow $258MFY2024: Net borrowing −$4.4MFY2024: Shares issued $21.4MFY2024: Asset sales $9.1MFY2024: Dividends −$212M$289MFY2024FY2025: Operating cash flow $198MFY2025: Net borrowing $93.8MFY2025: Shares issued $24.1MFY2025: Asset sales $2.2MFY2025: Buybacks −$20.1MFY2025: Dividends −$216M$318MFY2025
Over these 5 years operating cash flow totalled $1.1B; the largest uses were dividends ($946M) and buybacks ($20.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$142M
Debt$696M
Net debt$554M
Due within a year$319M

Innovative Industrial Properties funds itself: free cash flow was $200M over the last twelve months, and $142M of cash and investments stands against $696M of debt ($319M due within a year, 0.4× covered by cash).

Innovative Industrial Properties: debt maturities by year (FY2025)Innovative Industrial Properties: debt maturities by year (FY2025)$319MYear 1$75.0MYear 3
Principal due in each year as disclosed in the annual report, against $142M of cash and investments now.

Where the cash came from and went

Innovative Industrial Properties: sources (+) and uses (−) of cash, Q3 2026Innovative Industrial Properties: sources (+) and uses (−) of cash, Q3 2026Other investing−$141MNet borrowing (+) / repaid (−)$88.0MCash drawn (+) / kept (−)$62.4MDividends−$53.1MOperating cash flow$49.5MOther financing−$5.7MTaxes on employees’ shares−$9K
Innovative Industrial Properties: sources (+) and uses (−) of cash, TTM to Q3 2026Innovative Industrial Properties: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$525MOther investing−$307MDividends−$215MOperating cash flow$200MNet borrowing (+) / repaid (−)−$181MShares issued$130MCash drawn (+) / kept (−)−$109MBuybacks−$89.0MAsset & business sales$45.7MTaxes on employees’ shares−$1.3M

From profit to cash

Innovative Industrial Properties: net income to operating cash flow, Q3 2026Innovative Industrial Properties: net income to operating cash flow, Q3 2026Net income$31.9MDepreciation & amortization$19.6MStock-based pay$3.3MOther non-cash−$1.7MPrepaid and other assets−$6.5MOperating cash flow$49.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$49.5M—−$53.1M$88.0M—$62.4M$49.5M
Q2 2026$44.9M−$89.0M−$54.4M−$294M$55.7M−$119M$44.9M
Q1 2026$56.0M—−$53.8M−$27.5M$69.6M−$41.5M$56.0M
Q4 2025$49.9M—−$53.8M$52.5M$5.0M−$10.9M$49.9M
Q3 2025$45.6M—−$53.8M$50.0M$5.9M$63.0M$45.6M
Q2 2025$48.4M−$19.8M−$54.5M—$4.0M$28.3M$48.4M
Q1 2025$54.2M−$290K−$54.3M−$8.7M$9.2M$18.2M$54.2M
Q4 2024$57.8M—−$54.3M——$883K$57.8M

Innovative Industrial Properties: income statement and cash flow

Innovative Industrial Properties, Q3 2026: revenue $64.9M (+0.4% year over year), operating margin 45.3%. The chart follows the revenue to costs, profit and cash.

Innovative Industrial Properties: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.