Innovative Industrial Properties, Inc. 9.00% Series A Cumulative Redeemable Preferred Stock Financial Ratios — IIPR-PA

Profitability (USD)

	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2016	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	-14.53	-0.66	3.64	5.64	6.3	7.25	8.63	8.45	8.3	6.16
Return on Assets (%)	- -	-13.79	-0.1	3.86	4.57	5.23	5.92	6.86	6.89	6.78	4.98
Return on Capital (%)	- -	- -	- -	4.14	6.12	6.16	7.24	8.16	8.04	7.93	6.12
Return on Invested Capital (%)	- -	- -	- -	3.16	5.26	5.95	7.52	7.9	7.73	7.66	5.72
Gross Margin (%)	- -	72.9	98.16	96.99	97.06	95.76	97.83	96.19	91.96	90.77	88.65
EBITDA Margin (%)	- -	-204.98	12.54	53.88	75.08	83.63	86.6	82.25	78.12	78.63	75.97
Operating Margin (%)	- -	-213.4	-1.71	36.1	55.82	59.66	66.18	60.07	56.41	55.68	48.12
Incremental Operating Margin (%)	- -	- -	- -	65.11	65.59	62.03	74.88	42.68	25.86	282.41	102.95
Pretax Margin (%)	- -	-1,368.22	-1.12	47.24	52.56	56.23	55.73	55.86	53.5	52.4	44.46
Profit Margin (%)	- -	-1,368.22	-1.12	47.24	52.56	56.23	55.73	55.86	53.5	52.4	44.46
Net Income to Common Margin (%)	- -	-1,368.22	-6.15	38.09	49.53	55.07	55.07	55.38	53.06	51.81	43.03
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	-184.05	117.65	102.08	117.22	116.26	120.2	123.43	132.45	188.49
Sustainable Growth Rate (%)	- -	-14.53	-1.87	-0.64	-0.12	-1.08	-1.18	-1.74	-1.98	-2.69	-5.46

Credit (USD)

Credit Ratios API ChatGPT

	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2016	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	- -	136	137	326	301	301	298	393
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	102
LT Debt	- -	- -	- -	- -	136	137	326	301	301	298	291
Total Debt/EBITDA	- -	- -	- -	- -	4.05	1.4	1.84	1.33	1.24	1.23	1.95
Net Debt/EBITDA	- -	50.16	-14.61	-1.64	1.56	0.11	1.38	0.94	0.66	0.62	1.71
Total Debt/EBIT	- -	- -	- -	- -	5.45	1.96	2.41	1.82	1.72	1.73	3.07
Net Debt/EBIT	- -	48.18	106.89	-2.44	2.1	0.15	1.81	1.29	0.92	0.88	2.7
EBITDA to Interest Expense	- -	- -	- -	- -	6.07	15.08	10.81	13.41	15.02	14.92	10.79
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	6.07	15.08	10.81	13.41	15.02	14.92	10.79
EBIT to Interest Expense	- -	- -	- -	- -	4.51	10.76	8.26	9.79	10.85	10.57	6.83
Interest Expense	- -	- -	- -	- -	6	6	16	17	16	16	19
Common Equity/Total Assets	0.14	95.44	74.4	88.92	71.6	85.46	76.64	80.66	81.09	80.42	75.93
Long-Term Debt/Equity (%)	- -	- -	- -	- -	24.79	8.96	20.23	15.37	15.41	15.39	15.73
Long-Term Debt/Capital (%)	- -	- -	- -	- -	19.87	8.23	16.83	13.32	13.35	13.33	12.97
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	18.21	7.73	15.64	12.49	12.58	12.53	12.26
Total Debt/Equity (%)	- -	- -	- -	- -	24.79	8.96	20.23	15.37	15.41	15.39	21.27
Total Debt/Capital (%)	- -	- -	- -	- -	19.87	8.23	16.83	13.32	13.35	13.33	17.54
Total Debt/Total Assets (%)	- -	- -	- -	- -	18.21	7.73	15.64	12.49	12.58	12.53	16.58
Net Debt to Equity	-100	-54.61	-15.99	-4.94	9.56	0.7	15.2	10.93	8.22	7.83	18.7
Net Debt/Capital (%)	- -	-120.29	-19.03	-5.19	8.71	0.7	13.2	9.85	7.6	7.26	15.75
EBITDA	- -	-1	1	8	34	98	177	227	242	243	202
EBITDA-CapEx	- -	-31	1	8	34	98	177	227	242	243	202
Operating Income (Loss)	- -	-1	- -	5	25	70	135	166	175	172	128

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2016	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	12.64	1.83	7.77	1.33	1.2	0.56	0.58	1.06	1.1	0.21
Current Ratio	1	12.74	1.83	0.76	1.89	1.2	0.68	0.71	1.24	1.27	0.75
Quick Ratio	- -	12.64	1.83	7.77	1.33	1.2	0.65	0.7	1.23	1.27	0.75
CFO/Avg Current Liab	- -	1.13	1.11	1.33	1.14	1.32	1.5	1.59	1.81	1.95	1.12
Common Equity/Total Assets	0.14	95.44	74.4	88.92	71.6	85.46	76.64	80.66	81.09	80.42	75.93
Long-Term Debt/Equity (%)	- -	- -	- -	- -	24.79	8.96	20.23	15.37	15.41	15.39	15.73
Long-Term Debt/Capital (%)	- -	- -	- -	- -	19.87	8.23	16.83	13.32	13.35	13.33	12.97
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	18.21	7.73	15.64	12.49	12.58	12.53	12.26
Total Debt/Equity (%)	- -	- -	- -	- -	24.79	8.96	20.23	15.37	15.41	15.39	21.27
Total Debt/Capital (%)	- -	- -	- -	- -	19.87	8.23	16.83	13.32	13.35	13.33	17.54
Total Debt/Total Assets (%)	- -	- -	- -	- -	18.21	7.73	15.64	12.49	12.58	12.53	16.58
CFO/Total Liabilities	- -	58.62	77.4	91.38	22.71	45.58	39.91	51.69	58.33	58.47	37.91
CFO/CapEx	- -	0.06	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	-0.74	0.45	9.14	9.61	1.36	2.26	1.3	1.33	1.3	1.21	0.86

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2016	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	2.49	0.2	0.16	0.08	0.14	0.09	0.22	0.82	1.36	1.74
Accounts Payable Turnover Days	- -	146.84	1,781.69	2,248.65	4,550.15	2,562.3	3,907.67	1,630.41	447.13	267.85	209.4
Cash Conversion Cycle	- -	-146.84	-1,781.69	-2,248.65	-4,550.15	-2,562.3	-3,907.67	-1,630.41	-447.13	-267.85	-209.4
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2016	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	98	274	376	848	835	811	736	698	678
- Cash & Cash Equivalents	- -	33	12	13	82	126	81	87	140	146	48
+ Preferred Equity and Hybrid Capital	- -	- -	14	14	14	14	14	14	14	24	48
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	136	137	326	301	301	298	393
Enterprise Value	- -	-33	100	154	444	873	1,094	1,040	911	873	1,071
Total Capital	- -	60	74	264	684	1,662	1,938	2,263	2,254	2,234	2,241
Total Debt/Capital (%)	- -	- -	- -	- -	19.87	8.23	16.83	13.32	13.35	13.33	17.54
Total Debt / EV	- -	- -	- -	- -	0.31	0.16	0.3	0.29	0.33	0.34	0.37
EV/Sales	- -	- -	15.59	10.43	9.93	7.46	5.35	3.76	2.94	2.83	4.03
EV/EBITDA	- -	- -	124.31	19.36	13.23	8.93	6.18	4.57	3.77	3.6	5.3
EV/EBIT	- -	- -	- -	28.89	17.79	12.51	8.09	6.26	5.22	5.08	8.37
EV/Cash Flow to Firm	- -	- -	19.95	9.83	8.79	7.44	5.34	4.14	3.35	3.18	4.94
EV/Free Cash Flow to Firm	- -	- -	19.95	9.83	8.79	7.44	5.34	4.14	3.35	3.18	4.94
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	-33	2	1	68	25	259	228	175	175	393
EV per Share	- -	- -	28.58	15.78	35.1	36.45	42.73	37.16	32.36	30.82	38.21
TTM Sales	- -	- -	6	15	45	117	205	276	310	309	266
TTM EBITDA	- -	-1	1	8	34	98	177	227	242	243	202
TTM Operating Income	- -	-1	- -	5	25	70	135	166	175	172	128
TTM Cash Flow to Firm	- -	2	5	16	50	117	205	251	272	275	217
TTM Free Cash Flow to Firm	- -	32	5	16	50	117	205	251	272	275	217

Multiples (USD)

Valuation Multiples API ChatGPT

	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2016	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	28.89	17.79	12.51	8.09	6.26	5.22	5.08	8.37
Enterprise Value	- -	-33	100	154	444	873	1,094	1,040	911	873	1,071
Low Price	- -	- -	24.64	26.5	27.4	23	29.4	25	25.08	24.5	22
EV/Sales	- -	- -	15.59	10.43	9.93	7.46	5.35	3.76	2.94	2.83	4.03
EV/EBITDA	- -	- -	124.31	19.36	13.23	8.93	6.18	4.57	3.77	3.6	5.3
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	1.64	1.09	0.7	0.56	0.52	0.42	0.38	0.36	0.38
Price/Book Value Average	- -	- -	1.53	1.09	0.71	0.47	0.55	0.4	0.38	0.4	0.38
Price/Book Value High	- -	- -	1.69	1.15	0.81	0.63	0.61	0.48	0.44	0.43	0.4
Price/Book Value Low	- -	- -	1.45	1.04	0.65	0.36	0.47	0.36	0.36	0.36	0.34
Price/Tangible Book Value	- -	- -	1.64	1.09	0.7	0.56	0.53	0.42	0.38	0.37	0.38
Price/Tangible Book Value Average	- -	- -	1.53	1.09	0.71	0.47	0.55	0.4	0.38	0.4	0.39
Price/Tangible Book Value High	- -	- -	1.69	1.15	0.81	0.63	0.61	0.48	0.44	0.44	0.41
Price/Tangible Book Value Low	- -	- -	1.45	1.04	0.65	0.36	0.47	0.36	0.37	0.36	0.34
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	- -	- -	14.52	18.43	9.99	6.29	5.57	3.65	2.94	3.03	4.08
EV/Sales High	- -	- -	16.06	19.57	11.14	8.4	6.01	4.22	3.29	3.26	4.22
EV/Sales Low	- -	- -	13.79	17.58	9.27	4.92	4.95	3.36	2.84	2.82	3.8
EV/EBITDA Average	- -	50.16	115.83	34.21	13.31	7.52	6.43	4.44	3.76	3.86	5.38
EV/EBITDA High	- -	50.16	128.05	36.32	14.84	10.05	6.94	5.13	4.21	4.15	5.55
EV/EBITDA Low	- -	50.16	109.96	32.64	12.34	5.88	5.71	4.08	3.64	3.58	5
EV/EBIT Average	- -	48.18	-847.68	51.06	17.9	10.54	8.42	6.08	5.21	5.45	8.49
EV/EBIT High	- -	48.18	-937.13	54.2	19.96	14.08	9.08	7.02	5.84	5.86	8.77
EV/EBIT Low	- -	48.18	-804.72	48.71	16.6	8.25	7.48	5.59	5.04	5.06	7.89
Last Price	- -	- -	27.94	28	29.75	35.42	32.62	29	26.15	24.63	24.18
High Price	- -	- -	28.8	29.5	34.04	40	37.86	33.49	30	29.34	26
Enterprise Value Average	- -	-33	93	273	446	735	1,140	1,009	909	936	1,086
Enterprise Value High	- -	-33	103	289	498	982	1,229	1,165	1,019	1,007	1,122
Enterprise Value Low	- -	-33	89	260	414	575	1,012	928	880	869	1,010

Shares Outstanding	10	3	4	10	13	24	26	28	28	28	28
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	9.66	3.36	13.66	6.51	5.26	3.17	3.11	4.98	5.16	1.7
Book Value per Share	- -	17.69	17.01	25.6	42.26	63.12	62.38	69.63	68.9	67.5	64.24
Tangible Book Value per Share	- -	17.69	17.01	25.6	42.26	63.12	62.02	69.31	68.61	67.24	64.01

Innovative Industrial Properties, Inc. 9.00% Series A Cumulative Redeemable Preferred Stock

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)