Innovative Industrial Properties, Inc. Financial Ratios — IIPR

Profitability (USD)

	2015 Y	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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 (%)	- -	- -	- -	- -	105.03	43.39	62.11	70.95	74	102.01	132.84	115.23
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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2015 Y	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
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	- -	-53.13	-6.93	-5.57	-3.64	-2.67	-2.72	-3.61	-4.86	-6.56	-8.9	-13.2
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	24.79	8.96	20.23	15.37	15.41	15.39	15.73
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	104.56	133.22	123.1	152.16	190.35	271.25	227.17
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 (%)	- -	- -	- -	- -	- -	104.56	133.22	123.1	152.16	190.35	271.25	307.3
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 (%)	- -	0.25	88.26	532.28	140.35	109.9	-45.67	133.29	193.1	901.71	-416.16	430.13
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)

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	2015 Y	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
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	- -	-53.13	-6.93	-5.57	-3.64	-2.67	-2.72	-3.61	-4.86	-6.56	-8.9	-13.2
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	24.79	8.96	20.23	15.37	15.41	15.39	15.73
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	104.56	133.22	123.1	152.16	190.35	271.25	227.17
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 (%)	- -	- -	- -	- -	- -	104.56	133.22	123.1	152.16	190.35	271.25	307.3
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	4.09	10.18	11.37	2.65	8.96	8.21	3.92	4.16	2.82	1.6

Working Capital (USD)

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	2015 Y	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
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)

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	2015 Y	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	18	109	324	800	3,561	6,284	2,771	2,821	1,881	1,326
- 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	- -	- -	-15	111	205	868	3,585	6,543	3,000	2,995	2,056	1,720
Total Capital	- -	- -	-4	10	4	130	103	265	198	158	110	128
Total Debt/Capital (%)	- -	- -	- -	- -	- -	104.56	133.22	123.1	152.16	190.35	271.25	307.3
Total Debt / EV	- -	- -	- -	- -	- -	0.16	0.04	0.05	0.1	0.1	0.14	0.23
EV/Sales	- -	- -	- -	17.34	13.83	19.43	30.67	31.99	10.85	9.68	6.66	6.47
EV/EBITDA	- -	- -	- -	138.27	25.68	25.88	36.67	36.94	13.2	12.39	8.48	8.51
EV/EBIT	- -	- -	- -	- -	38.32	34.8	51.41	48.34	18.07	17.16	11.97	13.44
EV/Cash Flow to Firm	- -	- -	- -	22.19	13.03	17.2	30.57	31.9	11.95	11.03	7.49	7.93
EV/Free Cash Flow to Firm	- -	- -	- -	22.19	13.03	17.2	30.57	31.9	11.95	11.03	7.49	7.93
Diluted Market Cap	- -	- -	18	109	331	811	3,582	6,904	2,804	2,849	1,901	1,344
Diluted Enterprise Value	- -	- -	-15	111	332	878	3,606	7,163	3,032	3,023	2,077	1,737
EV per Share	- -	- -	- -	32.98	28.65	82.28	184.4	273.75	109.7	107.06	72.85	61.4
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)

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	2015 Y	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	0.55	21.75	21.07	18.04	32.32	36.58	11.97	11.15	7.36	6.78
EV/EBIT	- -	- -	- -	- -	38.32	34.8	51.41	48.34	18.07	17.16	11.97	13.44
Enterprise Value	- -	- -	-15	111	205	868	3,585	6,543	3,000	2,995	2,056	1,720
Low Price	- -	- -	14.5	15.45	23.63	44.4	40.21	160.91	87.47	63.36	64.8	44.58
EV/Sales	- -	- -	- -	17.34	13.83	19.43	30.67	31.99	10.85	9.68	6.66	6.47
EV/EBITDA	- -	- -	- -	138.27	25.68	25.88	36.67	36.94	13.2	12.39	8.48	8.51
Price/Earnings	- -	- -	- -	- -	57.52	36.17	55.31	55.79	18.11	17.17	11.77	11.59
Price/Earnings Average	- -	- -	-3.83	-155.67	46.35	40.88	32.35	45.56	24.14	13.66	19.21	14.04
Price/Earnings High	- -	- -	-4.5	-277.88	70.5	66.51	60.21	61.12	47.4	19.68	24.43	18.53
Price/Earnings Low	- -	- -	-3.18	-132.02	29.95	21.17	12.14	34.15	15.63	10.79	11.44	10.91
Price/Book Value	- -	- -	-3.99	-24.45	-31.59	-40.14	-74.03	-83.58	-23.61	-17.99	-8.89	-4.24
Price/Book Value Average	- -	- -	-3.83	-13.79	-25.45	-45.38	-43.3	-68.25	-31.48	-14.3	-14.51	-5.13
Price/Book Value High	- -	- -	-4.5	-24.61	-38.72	-73.83	-80.59	-91.56	-61.81	-20.61	-18.45	-6.77
Price/Book Value Low	- -	- -	-3.18	-11.69	-16.45	-23.49	-16.26	-51.15	-20.38	-11.3	-8.64	-3.99
Price/Tangible Book Value	- -	- -	0.29	1.83	1.29	1.5	2.36	3.96	1.43	1.46	0.99	0.74
Price/Tangible Book Value Average	- -	- -	0.28	1.03	1.04	1.69	1.38	3.23	1.91	1.16	1.61	0.9
Price/Tangible Book Value High	- -	- -	0.33	1.84	1.59	2.76	2.57	4.33	3.74	1.67	2.05	1.18
Price/Tangible Book Value Low	- -	- -	0.23	0.88	0.67	0.88	0.52	2.42	1.23	0.92	0.96	0.7
Price/Sales	- -	- -	54.56	16.99	21.91	17.91	30.46	30.72	10.03	9.11	6.1	4.99
Price/Sales Average	- -	- -	52.34	9.58	17.66	20.25	17.82	25.09	13.37	7.25	9.96	6.04
Price/Sales High	- -	- -	61.55	17.1	26.86	32.94	33.16	33.66	26.25	10.45	12.66	7.97
Price/Sales Low	- -	- -	43.49	8.12	11.41	10.48	6.69	18.8	8.65	5.73	5.93	4.69
Price/Cash Flow	- -	- -	10.34	21.75	20.65	17.81	32.13	33.3	11.84	11.04	7.28	6.69
Price/Cash Flow Average	- -	- -	9.92	12.26	16.64	20.13	18.79	27.19	15.78	8.78	11.88	8.11
Price/Cash Flow High	- -	- -	11.67	21.89	25.31	32.75	34.98	36.48	30.98	12.65	15.11	10.7
Price/Cash Flow Low	- -	- -	8.25	10.4	10.75	10.42	7.06	20.38	10.22	6.94	7.08	6.3
Price/Free Cash Flow Average	- -	- -	0.53	12.26	16.98	20.39	18.9	29.87	15.96	8.86	12.01	8.22
Price/Free Cash Flow High	- -	- -	0.62	21.89	25.83	33.18	35.18	40.07	31.34	12.78	15.27	10.84
Price/Free Cash Flow Low	- -	- -	0.44	10.4	10.97	10.56	7.1	22.39	10.33	7.01	7.15	6.38
EV/Sales Average	- -	- -	- -	9.93	17.72	21.76	18.03	26.36	14.19	7.81	10.52	7.52
EV/Sales High	- -	- -	- -	17.45	26.92	34.46	33.37	34.92	27.08	11.01	13.23	9.45
EV/Sales Low	- -	- -	- -	8.47	11.47	12	6.9	20.07	9.48	6.29	6.5	6.17
EV/EBITDA Average	- -	- -	24.62	79.18	32.89	28.99	21.56	30.43	17.26	10	13.38	9.9
EV/EBITDA High	- -	- -	20.13	139.15	49.97	45.9	39.9	40.33	32.92	14.09	16.82	12.44
EV/EBITDA Low	- -	- -	28.94	67.58	21.29	15.98	8.25	23.17	11.53	8.05	8.26	8.13
EV/EBIT Average	- -	- -	23.65	-579.45	49.09	38.98	30.22	39.82	23.63	13.85	18.9	15.63
EV/EBIT High	- -	- -	19.34	-1,018.32	74.58	61.72	55.94	52.77	45.07	19.52	23.75	19.64
EV/EBIT Low	- -	- -	27.8	-494.54	31.78	21.49	11.57	30.33	15.78	11.15	11.67	12.83
Last Price	- -	- -	18.19	32.31	45.39	75.87	183.13	262.91	101.35	100.82	66.64	47.36
High Price	- -	- -	20.52	32.52	55.63	139.53	199.35	288.02	265.28	115.55	138.35	75.71
Enterprise Value Average	- -	- -	-16	64	262	972	2,107	5,391	3,923	2,418	3,247	2,000
Enterprise Value High	- -	- -	-13	112	398	1,539	3,901	7,144	7,482	3,407	4,080	2,514
Enterprise Value Low	- -	- -	-19	54	170	536	807	4,105	2,620	1,947	2,004	1,642

	2015 Y	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	- -	10	3	4	10	13	24	26	28	28	28	28
Diluted Weighted Avg Shares	2	- -	1	3	7	11	20	26	28	28	29	28
Basic Weighted Avg Shares	2	- -	1	3	7	11	19	24	27	28	28	28
Revenue per Share	- -	- -	0.33	1.9	2.07	4.24	6.01	8.56	10.11	11.06	10.93	9.5
EBITDA per Share	- -	- -	-0.68	0.24	1.12	3.18	5.03	7.41	8.31	8.64	8.59	7.21
Operating Income per Share	- -	- -	-0.71	-0.03	0.75	2.36	3.59	5.66	6.07	6.24	6.09	4.57
Basic EPS, GAAP	- -	- -	-4.56	-0.12	0.79	2.1	3.31	4.71	5.6	5.87	5.66	4.09
Basic EPS from Cont Ops	- -	- -	-4.56	-0.02	0.98	2.23	3.38	4.77	5.65	5.92	5.73	4.22
Diluted EPS, GAAP	- -	- -	-4.56	-0.12	0.77	2.07	3.29	4.29	5.53	5.81	5.6	4.03
Diluted EPS from Cont Ops	- -	- -	-4.56	-0.02	0.96	2.2	3.36	4.34	5.58	5.86	5.67	4.17
Dividend per Share	- -	- -	- -	0.31	1.12	2.27	3.95	5.54	6.78	7.29	7.56	7.84
Cash Flow per Share	- -	- -	1.76	1.49	2.2	4.26	5.7	7.9	8.56	9.13	9.16	7.08
Free Cash Flow per Basic Share	- -	- -	-29.43	1.49	2.2	4.26	5.7	7.9	8.56	9.13	9.16	7.08
Cash & Equivalents per Share	- -	- -	34.28	3.48	18.7	7.8	6.48	3.39	3.19	5.01	5.18	1.7
Book Value per Share	- -	- -	-4.56	-1.32	-1.44	-1.89	-2.47	-3.15	-4.29	-5.61	-7.5	-11.18
Tangible Book Value per Share	- -	- -	62.78	17.64	35.06	50.64	77.71	66.46	70.9	69.01	67.49	64.05

Innovative Industrial Properties, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)