IIPR Innovative Industrial Properties margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 74

Gross margin

88.4%

Operating margin

46.9%

EBITDA margin

90.4%

Net margin

52.3%

Based on the latest figures, Innovative Industrial Properties reports a gross margin of 88.4%, an operating margin of 46.9%, an EBITDA margin of 90.4%, and a net margin of 52.3%. EBITDA margin headed the available margin improvements with a 11.1 percentage-point increase, while operating margin dropped by 5.3 percentage points.

IIPR margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Innovative Industrial Properties recorded average margins of 90.16% gross, 52.65% operating, 81.25% EBITDA, and 50.04% net. At Innovative Industrial Properties, EBITDA and net margins are above their three-year averages, while gross and operating margins are below their three-year averages.

IIPR margin expansion

Year-over-year margin changes in percentage points

EBITDA margin expanded by 11.1 percentage points and net margin by 4.6 percentage points, but gross margin contracted by 1.5 percentage points and operating margin by 5.3 percentage points.

Gross margin expansion

-1.5pp

Operating margin expansion

-5.3pp

EBITDA margin expansion

11.1pp

Net margin expansion

4.6pp

IIPR Gross margin

Innovative Industrial Properties recorded an average gross margin of 90.16% across the last 3 years. The current gross margin stands at 88.4%, 1.8 percentage points below its three-year average. Gross margin was highest at 92% in Dec 2023 and lowest at 88.4% in Jun 2026.

IIPR Operating margin

Over the last 3 years, the average operating margin for Innovative Industrial Properties was 52.65%. The latest operating margin for Innovative Industrial Properties is 46.9%, 5.8 percentage points below its three-year average. Innovative Industrial Properties's operating margin ranged from a low of 46.7% in Mar 2026 to a high of 56.4% in Dec 2023.

IIPR EBITDA margin

In the last 3 years, Innovative Industrial Properties had an average EBITDA margin of 81.25%. Currently, Innovative Industrial Properties's current EBITDA margin is 90.4%, which is 9.2 percentage points above its three-year average. Looking back over the last 3 years, Innovative Industrial Properties's EBITDA margin reached 90.4% at its highest point in Jun 2026 and 79% at its lowest in Sep 2025.

IIPR Net margin

Innovative Industrial Properties recorded an average net margin of 50.04% across the last 3 years. Compared with its three-year average, Innovative Industrial Properties's current net margin is 52.3% and is 2.3 percentage points above its three-year average. Innovative Industrial Properties's net margin ranged from a low of 44.5% in Dec 2025 to a high of 53.5% in Dec 2023.

IIPR margin group comparison

Margins compared with peer-group, industry and sector averages

Innovative Industrial Properties's gross margin of 88.4% is above the Real Estate sector and the industry average. Compared to its Real Estate sector average of 62.7%, Innovative Industrial Properties's gross margin is 41% higher.

Frequently asked questions

What is Innovative Industrial Properties's gross margin?

For the period ending Jun 30, 2026, IIPR recorded a gross margin of 88.4%.

What is Innovative Industrial Properties's operating margin?

For the period ending Jun 30, 2026, IIPR recorded an operating margin of 46.9%.

What is Innovative Industrial Properties's EBITDA margin?

As of Jun 30, 2026, IIPR has an EBITDA margin of 90.4%.

What is Innovative Industrial Properties's net margin?

As of Jun 30, 2026, IIPR has a net margin of 52.3%.

What are the average margins of IIPR?

Innovative Industrial Properties's average margins over the last 3 years were 90.2% gross, 52.7% operating, 81.3% EBITDA, and 50.0% net.

What are the highest historical margins of IIPR?

Across the 5-year period, IIPR posted its highest margins at 97.8% gross in Dec 2021, 66.2% operating in Dec 2021, 90.4% EBITDA in Jun 2026, and 55.9% net in Dec 2022.

What are the lowest historical margins of IIPR?

Over this 5-year history, Innovative Industrial Properties's margins fell as low as 88.4% gross in Jun 2026, 46.7% operating in Mar 2026, 79% EBITDA in Sep 2025, and 44.5% net in Dec 2025.