Innovative Industrial Properties (IIPR) Operating Expenses (2017 - 2026)

For the trailing twelve months through Jun 30, 2026, Operating Expenses at Innovative Industrial Properties was $139.98 million, down 0.8% year-over-year; for FY2025, it was $141.51 million, up 3.5% from FY2024.

• Annual Operating Expenses has increased for nine consecutive years, with a five-year compound annual growth rate of 24.6% (FY2020 to FY2025).
• In prior years, Innovative Industrial Properties' Operating Expenses was $136.72 million in FY2024 (+1.3%), $134.92 million in FY2023 (+22.3%), $110.34 million in FY2022 (+59.5%) and $69.18 million in FY2021 (+46.7%).
• The Q2 2026 figure stands as the lowest quarterly Operating Expenses since Q1 2024.
• On a year-over-year basis, Operating Expenses has declined in each of the last three quarters, with growth averaging 1.3% over the last eight quarters.
• The strongest year-over-year quarter for Operating Expenses in the past five years was Q3 2022, with growth of 68.1%; the weakest was Q1 2026, with a decline of 3.3%.
• According to Business Quant data, Operating Expenses for the three prior quarters was $36.51 million (Q1 2026), $34.49 million (Q4 2025) and $35.27 million (Q3 2025).