IIPR vs TRNO
Innovative Industrial Properties Inc. and Terreno Realty Corp., side by side — 9 fiscal years reported in USD, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | IIPR | TRNO |
|---|---|---|
| Revenue | $266.0M | $476.4M |
| Net income | $118.2M | $403.0M |
| Gross margin | 98.6% | 65.1% |
| Net margin | 44.5% | 84.6% |
| Return on equity | 6.2% | 10.3% |
| Diluted EPS | $3.93 | $3.91 |
| Dividend / share | — | $2.02 |
| Payout ratio | 182.9% | 50.6% |
| Free cash flow | — | — |
| Equity | $1.8B | $4.1B |
| Net debt / equity | 0.19× | 0.22× |
| Current ratio | — | — |
| Revenue CAGR 5y | 17.9% | 20.6% |
| Profit CAGR 5y | 12.5% | 38.2% |
TRNO bills 1.8× the revenue of IIPR, and keeps more of each dollar of revenue as profit (84.6% against 44.5%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
Revenue by year
9 years side by side
| Fiscal year | IIPR | TRNO |
|---|---|---|
| FY2025 | $266.0M | $476.4M |
| FY2024 | $308.5M | $382.6M |
| FY2023 | $309.5M | $323.6M |
| FY2022 | $276.4M | $276.2M |
| FY2021 | $204.6M | $221.9M |
| FY2020 | $116.9M | $186.9M |
| FY2019 | $44.7M | $171.0M |
| FY2018 | $14.8M | $151.7M |
| FY2017 | $6.4M | $132.5M |
Net income by year
Bottom line
| Fiscal year | IIPR | TRNO |
|---|---|---|
| FY2025 | $118.2M | $403.0M |
| FY2024 | $161.7M | $184.5M |
| FY2023 | $165.6M | $151.5M |
| FY2022 | $154.4M | $198.0M |
| FY2021 | $114.0M | $87.3M |
| FY2020 | $65.7M | $79.8M |
| FY2019 | $23.5M | $55.5M |
| FY2018 | $7.0M | $63.3M |
| FY2017 | $-72,000 | $53.1M |
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