Innovative Industrial Properties (IIPR) Operating Margin (2017 - 2026)
Innovative Industrial Properties' Operating Margin came in at 65.46% for Q2 2026, up 19.51 percentage points from 45.95% a year earlier and up 17.77 percentage points from the prior quarter.
Innovative Industrial Properties (IIPR) Operating Margin (2017 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Innovative Industrial Properties reported Operating Margin of 51.44%, up 0.44 percentage points year-over-year; for FY2025, it came in at 46.67%, down 7.90 percentage points from FY2024.
- Operating Margin has declined in each of the last four years, with a five-year change of -12.99 percentage points (FY2020 to FY2025).
- Going back by year, Operating Margin was 54.57% in FY2024 (-1.84 pp), 56.41% in FY2023 (-4.97 pp), 61.38% in FY2022 (-4.80 pp) and 66.18% in FY2021 (+6.52 pp).
- The Q2 2026 figure represents the highest quarterly Operating Margin since Q3 2021.
- Year-over-year, Operating Margin increased in two of the last eight quarters, with an average year-over-year change of -1.78 percentage points.
- The fastest year-over-year change in Operating Margin over five years came in Q2 2026 (a gain of 19.51 percentage points), and the weakest in Q3 2025 (a drop of 9.35 percentage points).
- Business Quant data shows IIPR's Operating Margin at 47.70% (Q1 2026), 47.78% (Q4 2025) and 45.47% (Q3 2025) in the three quarters before Q2 2026.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Welltower | 157.27 Bn | 138.76 Bn | 1.39 Bn | -51.62% |
| 2 | Prologis | 119.02 Bn | 119.02 Bn | - | 51.59% |
| 3 | Simon Property | 64.22 Bn | 64.22 Bn | - | 43.38% |
| 4 | Realty Income | 49.78 Bn | 49.78 Bn | - | - |
| 5 | Public Storage | 49.58 Bn | 48.57 Bn | - | 37.85% |
| 6 | Ventas | 39.19 Bn | 37.87 Bn | - | - |
| 7 | Extra Space Storage | 27.79 Bn | 27.79 Bn | 642.43 Mn | 44.86% |
| 8 | Vici Properties | 24.68 Bn | 22.79 Bn | 1.05 Bn | 69.48% |
| 9 | Vivmark Residential | 22.20 Bn | 22.20 Bn | - | - |
| 10 | Innovative Industrial Properties | 1.46 Bn | 1.46 Bn | - | 65.46% |
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 65.46% |
| Mar 31, 2026 | 47.70% |
| Dec 31, 2025 | 47.78% |
| Sep 30, 2025 | 45.47% |
| Jun 30, 2025 | 45.95% |
| Mar 31, 2025 | 47.36% |
| Dec 31, 2024 | 54.74% |
| Sep 30, 2024 | 54.83% |
| Jun 30, 2024 | 53.07% |
| Mar 31, 2024 | 55.71% |
| Dec 31, 2023 | 55.53% |
| Sep 30, 2023 | 56.34% |
| Jun 30, 2023 | 56.80% |
| Mar 31, 2023 | 57.00% |
| Dec 31, 2022 | 62.79% |
| Sep 30, 2022 | 58.34% |
| Jun 30, 2022 | 62.61% |
| Mar 31, 2022 | 61.82% |
| Dec 31, 2021 | 65.25% |
| Sep 30, 2021 | 67.39% |
Innovative Industrial Properties Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=IIPR&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "IIPR", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=IIPR&period=max&api_key=YOUR_API_KEY");
const data = await res.json();