On this page of Benford's Law Stocks.com we present our study of INNOVATIVE INDUSTRIAL PROPERTIES INC — ticker symbol IIPR. SEC filings have been screened by our Benford's Law software, for quarterly 10Q and annual 10K filings from 2/25/2021 to 11/4/2025 for INNOVATIVE INDUSTRIAL PROPERTIES INC under CIK number 0001677576. For filings made in XBRL (eXtensible Business Reporting Language) format, our algorithm extracts all "tagged" numbers presented by the company; for any non-XBRL filings our algorithm uses its own interal set of rules to extract what it believes to be numbers as found throughout the filings. The format found for each filing is presented below together with the results for IIPR, with the percentage of found numbers beginning with each digit (1's, 2's, 3's, 4's, 5's, 6's, 7's, 8's, and 9's) charted against the "normal" range observed throughout our coverage universe, as well as the "normal" range for INNOVATIVE INDUSTRIAL PROPERTIES INC based on the past IIPR filings our system processed in the past.
Benford Chart for IIPR 10Q Filed 11/4/2025
28.1
25.5
7.0
7.5
11.8
3.7
6.0
6.6
3.8
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
XBRL? ✓  [ original filing, IIPR stockholder letter ]
Total numbers found: 702
Recent share count: 28,022,699 (2's column)

■ = Typical range across full coverage universe
# of Numbers Found in Filing
Benford's Law Stocks Indicator
702
Normal-to-low count compared to other filers, above the bottom quartile. At this number count, it would take about 7 numbers to move any given column by a full percentage point.
Benford's Law Stocks Score for IIPR = 37
37

Starting from a possible score of 100, we made the following score deductions:
 • We deducted points upon observing the 2's percentage was above the typical coverage universe range.
 • We deducted point upon observing the 2's percentage was above the company's typical historical range.
 • We deducted points upon observing the 3's percentage was below the typical coverage universe range.
 • We deducted points upon observing the 3's percentage was below the company's typical historical range.
 • The 4's percentage was higher than the 3's percentage, increasing the penalty multiplier.
 • We deducted point (includes the impact of penalty multiplier) upon observing the 4's percentage was below the typical coverage universe range.
 • The 5's percentage was higher than the 4's percentage, increasing the penalty multiplier.
 • This is the 2nd column with percentage higher than the prior column, resulting in a penalty deduction.
 • We deducted points (includes the impact of penalty multiplier) upon observing the 5's percentage was above the typical coverage universe range.
 • We deducted points (includes the impact of penalty multiplier) upon observing the 5's percentage was above the company's typical historical range.
 • We deducted points upon observing the 6's percentage was below the typical coverage universe range.
 • We deducted point upon observing the 6's percentage was below the company's typical historical range.
 • The 7's percentage was higher than the 6's percentage, increasing the penalty multiplier.
 • This is the 3rd column with percentage higher than the prior column, resulting in a penalty deduction.
 • We deducted points (includes the impact of penalty multiplier) upon observing the 7's percentage was above the company's typical historical range.
 • The 8's percentage was higher than the 7's percentage, increasing the penalty multiplier.
 • This is the 4th column with percentage higher than the prior column, resulting in a penalty deduction.
 • We deducted points (includes the impact of penalty multiplier) upon observing the 8's percentage was above the typical coverage universe range.
 • We deducted points (includes the impact of penalty multiplier) upon observing the 8's percentage was above the company's typical historical range.
IIPR's Score Vs. Typical Stock
Benford's Law Stocks Indicator
IIPR
Low score compared to other filers, falling in the bottom quartile.
Other Stocks Ranking Near IIPR
LPTX
IMNN
AEHR
MCVT
 PAYD
BXSL
SPCE
MCRB
Check our work! We provide our INNOVATIVE INDUSTRIAL PROPERTIES INC Benford's Law analysis for informational purposes only, and our software should be expected to make mistakes and contain errors (nothing you see on this website should be relied upon for any decision-making without first repeating the analysis yourself independently), and so below we present to you all of the numbers our system detected, for the IIPR filing above. This way, you can open the filing on your own and compare what you see below against what you yourself find. This can also be helpful for exploring any columns in particular that caught your eye.

1's 2's 3's
We found 197 numbers that start with the digit 1. Here they are:
146,469
146,772
105,240
146,245
10,230
15,244
10,561
11,338
1,807,682
1,002,673
1,863,341
1,936,060
198,855
1,554
199,298
18,639
17,944
107,022
101,987
126,337
13,469
13,136
121,636
1,017
1,240
120,396
1.38
1.37
1,561,654
1,880,406
1,017
1,017
161
161
1,807,682
1,863,341
1,002,673
1,936,060
19,111
19,111
162,022
162,022
161
1,807,682
1,863,341
14,009
182,319
1,947,200
1,002,673
196,921
1,946,537
14,009
156,854
1,952,972
121,636
121,636
123,224
11,757
11,757
1,240
1,240
160,463
160,463
13,002
13,002
1,002,673
196,921
1,946,537
121,636
17
13,002
1,431
1,214
10,271
1,726
148,282
13,026
105,235
1,750
132,576
11,757
19,111
162,499
157,699
1,014
125,280
142,780
109,574
146,245
141,699
147,128
16.8
18.2
17.7
1.4
1
112
19
13
12
11
17
11
11
17
11
100.0
123,224
11.8
100.0
1,807,682
19.1
1.90
1.90
1.90
1,017
107
107
1,054
1,054
1.3
14.8
16.2
16.1
1.4
1.8
170
15.0
1,000
100
10.0
1.25
1,560
1.5
100.0
13.5
12.0
1.5
1,195
100,240
105,240
1
1
12,089
12,375
1,094
1,054
127
138
13,045
12,913
100
100
1.2
100.0
135.0
12,647
121,636
1,017
1,240
1,684
118,712
118,740
12,647
1.38
1.37
100,240
100,240
16,786
16,786
16,786
16,786
14.4
16.25
100
1,000,000
108.95
102.04
11,883
165.13
106,810
113.05
109,915
109,591
114.68
104.63
104.17
100.10
110.88
104.19
102,641
1.7
132
165.0
170.0
100.0
135.0
We found 179 numbers that start with the digit 2. Here they are:
28,022,975
2,252,137
2,230,807
2,456,319
2,439,972
271,190
2,131,464
2,168,782
22,800
22,800
29,283
26,889
2,337,914
2,378,047
290,229
297,865
25.00
23,632
28,022,975
28,331,833
28
28
2,110,486
2,124,113
289,916
211,713
2,337,914
2,378,047
230,219
231,773
22,197
20,867
25,768
28,553
29,414
2,685
29,305
2,676
28,288
2.91
2.87
27,912,881
28,254,565
28,036,179
28,216,946
28,303,600
28,579,687
28,402,063
28,548,050
28,017,520
28
2,107,963
264,428
29,305
29,305
246,028
2,684
2,684
28,022,975
28
2,110,486
289,916
23,632
28,331,833
28
2,124,113
211,713
20,108
20,108
2,676
2,676
28,022,975
28
2,110,486
289,916
28,331,833
28
2,115,482
23,632
28,331,833
28
2,119,798
28,140,891
28
2,095,789
28,408
23,632
28,331,833
28
2,119,798
2,836
2,800
2,753
200,640
20,976
20,108
261
2,223
2.0
23.0
22.8
23.0
28.9
21
21
28,022,975
28,408
20.1
25.00
246,028
22,000
22,000
2,594
2
211
2,990
279
23,000
2.8
2.6
2.5
27.5
2.7
2.0
2
28,408
24
28
291,215
2,135
290,229
297,865
291.2
2.1
2
2
2.0
2.0
29,305
2,676
2,246
27,547
28
27,547
27,912,881
28,254,565
28,036,179
28,216,946
299,770
293,105
25,352
25,352
28,303,600
28,579,687
28,402,063
28,548,050
2.91
2.87
22,800
29,555
22,800
28,245
290,229
288,507
297,865
289,077
24.4
20.6
21,392
276
2.4
222,502
286,439
2,796
289,235
2,901
280,555
28
2
We found 49 numbers that start with the digit 3. Here they are:
324,855
36,671
393
3,527
35,271
34,569
3,449
39,651
36,843
324
371,538
39,310
3,527
3,449
36,671
3,541
3,152
3.5
36
3
3
3
3
3.75
371,538
3,180
348
3.9
3.9
3.4
304,130
314,736
321,128
328,429
3,406,603
3.0
3,805
300.0
368
357
300,000
341,215
341,215
39,081
39,081
390,719
365,884
3,186
30.0
4's 5's 6's
We found 53 numbers that start with the digit 4. Here they are:
4,298
474,573
441,987
42,743
474
443
41,957
4,416
4,525
4,427
40,215
4.21
4.16
42,743
42,743
40,215
40,215
402,673
4,316
4,316
402,673
45,642
45,110
42,247
4,436
4
4
4.1
4.2
4
4
4
4
4.3
4
4
4,748,925
4.3
4.3
4,004
4,125
43
4,329
4,355
4
40,215
4.21
4.16
45,714
45,714
45
45,000
45.0
We found 83 numbers that start with the digit 5. Here they are:
57,713
5,258
5,000
50,000
54,793
54,817
51,196
57,176
50,000,000
50,000,000
55,530
52,567
564
5,900
5,900
53,776
53,776
5,779
56,901
5,779
564
564
54,253
54,253
55,530
52,567
504
5,980
5,258
5,000
52,431
50,000
5,429
54,793
54,817
54.7
51.9
5.5
5.0
5
5.5
5
50,000,000
500.0
50,000,000
5.9
54,463
5625
53,783
5625
53,776
5625
5
5,000
5.0
5.0
5.0
5
5.50
5.50
516
50.0
50.0
50.0
564
570
5,258
5,258
5,000
5,000
50,000
50,000
5.0
57.23
54.55
5.7
57.23
5,779
5.0
543
52.5
50,000
50.0
We found 26 numbers that start with the digit 6. Here they are:
62,393
621
6,577
64,292
64,685
600,000
600,000
6.6
6
6
6
6
6,577
6
6,577
69,000
6.0
6.5
6.8
6.03
6.0
6.10
62,817
6,291
600
692
7's 8's 9's
We found 42 numbers that start with the digit 7. Here they are:
7,385
76,052
76,526
7,951
7,295
7,599
792
792
72
7,434
7,434
750
750
79
7,434
7,857
750
7,806
7.25
7
7
7
781
7,750
7,857
7,750
7,857
7.2
7,385
706
775
73,899
72,000
741
77,268
73.18
73,179
73.18
7.0
70,795
720
7.8
We found 46 numbers that start with the digit 8. Here they are:
8,813
8,681
8,435
86,406
83,730
86,406
86,406
805,009
89
86,406
8,697
864
8,019
8,574
8
8
8
8
8
8
8
8
8
8
8
8
8
805,009
878
8
844
844
844
844
8.5
8.7
8.8
87.5
86,406
81,484
81,484
83.04
80.70
83.61
80.61
80.0
We found 27 numbers that start with the digit 9. Here they are:
946
9.00
9,330
92,276
99
97
9,623
9,623
9,623
9,623
9,100
9,623
9
9
9
9.00
9,757
9,979
9.1
9.0
9.6
986
9.0
99
97
9,242
97.39
While the above IIPR 10Q Filed 11/4/2025 is interesting in isolation, we have found that it is also useful to take a look at older INNOVATIVE INDUSTRIAL PROPERTIES INC filings processed by our Benford's Law Stocks algorithm, to see how the company's filings "typically look" on a Benford's Law analysis. Below we repeat the 10Q Filed 11/4/2025 but instead of the chart comparing against the typical company across our coverage universe, below we show the same chart compared against the typical IIPR 10Q and 10K filings that we have processed historically. This is followed by similar charts for each of those historical filings.

10Q Filed 11/4/2025
28.1
25.5
7.0
7.5
11.8
3.7
6.0
6.6
3.8
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 37
XBRL? ✓  [ original filing ]
Total numbers found: 702

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10K Filed 2/21/2025
32.3
22.6
11.0
6.6
8.6
5.4
4.9
4.2
4.4
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 90
XBRL? ✓  [ original filing ]
Total numbers found: 1,584

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10Q Filed 5/9/2024
28.8
23.4
11.9
9.4
10.3
4.7
5.2
3.7
2.6
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 83
XBRL? ✓  [ original filing ]
Total numbers found: 427

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10Q Filed 8/3/2023
24.5
23.0
10.0
10.2
8.8
6.4
6.2
7.0
3.9
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 78
XBRL? ✓  [ original filing ]
Total numbers found: 660

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10Q Filed 11/9/2022
30.8
20.7
12.6
8.0
7.7
6.9
4.6
5.2
3.6
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 99
XBRL? ✓  [ original filing ]
Total numbers found: 715

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10K Filed 2/24/2022
33.1
19.2
14.5
6.5
7.4
5.3
5.2
4.3
4.5
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 89
XBRL? ✓  [ original filing ]
Total numbers found: 1,177

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10Q Filed 5/6/2021
31.7
22.3
12.9
6.1
8.6
5.3
4.8
4.6
3.6
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 97
XBRL? ✓  [ original filing ]
Total numbers found: 394

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10Q Filed 8/7/2025
24.9
24.9
9.8
7.1
10.3
5.5
6.0
8.2
3.2
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 48
XBRL? ✓  [ original filing ]
Total numbers found: 631

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10Q Filed 11/7/2024
32.0
23.9
8.0
10.4
10.1
3.2
4.9
4.4
3.2
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 81
XBRL? ✓  [ original filing ]
Total numbers found: 654

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10K Filed 2/27/2024
33.2
20.6
12.1
7.2
8.3
5.3
4.1
4.6
4.5
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 90
XBRL? ✓  [ original filing ]
Total numbers found: 1,594

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10Q Filed 5/9/2023
28.7
20.9
13.2
10.4
10.0
6.5
3.3
3.9
3.3
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 96
XBRL? ✓  [ original filing ]
Total numbers found: 492

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10Q Filed 8/4/2022
24.8
21.8
12.6
10.3
8.1
7.9
4.5
5.1
4.8
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 94
XBRL? ✓  [ original filing ]
Total numbers found: 706

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10Q Filed 11/4/2021
32.4
18.0
14.1
6.6
8.5
6.5
3.8
6.3
3.6
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 86
XBRL? ✓  [ original filing ]
Total numbers found: 632

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10K Filed 2/25/2021
35.1
19.5
12.2
6.0
6.6
7.5
5.4
3.6
4.2
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 70
XBRL? ✓  [ original filing ]
Total numbers found: 1,275

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10Q Filed 5/8/2025
23.7
25.3
11.8
5.9
10.9
3.5
9.8
5.0
4.1
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 40
XBRL? ✓  [ original filing ]
Total numbers found: 459

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10Q Filed 8/6/2024
25.9
23.8
11.1
9.2
9.0
4.8
5.6
7.2
3.2
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 77
XBRL? ✓  [ original filing ]
Total numbers found: 621

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10Q Filed 11/2/2023
33.9
21.5
10.0
9.8
8.5
4.5
4.8
4.3
2.8
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 96
XBRL? ✓  [ original filing ]
Total numbers found: 673

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10K Filed 2/28/2023
32.7
19.8
12.6
7.7
7.7
5.4
4.6
4.8
4.7
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 100
XBRL? ✓  [ original filing ]
Total numbers found: 1,588

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10Q Filed 5/5/2022
24.7
23.1
15.7
8.2
8.3
5.6
4.0
5.2
5.4
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 69
XBRL? ✓  [ original filing ]
Total numbers found: 503

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
10Q Filed 8/5/2021
33.6
18.9
11.5
7.6
8.8
8.1
3.2
3.5
4.9
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 72
XBRL? ✓  [ original filing ]
Total numbers found: 593

■ = Typical IIPR range from 2/25/2021 to 11/4/2025
KOPN 10Q Filed 11/12/2025:
98
SCNX 10Q Filed 11/12/2025:
80
MRAI 10Q Filed 11/12/2025:
79
MBAVU 10Q Filed 11/12/2025:
66
TOFB 10Q Filed 11/12/2025:
47
BACCU 10Q Filed 11/12/2025:
0
DAIO 10Q Filed 11/12/2025:
68
BTCW 10Q Filed 11/12/2025:
75
SGN 10Q Filed 11/12/2025:
97
TXMD 10Q Filed 11/12/2025:
54
HIT 10Q Filed 11/12/2025:
69
EGHAU 10Q Filed 11/12/2025:
17
SYRA 10Q Filed 11/12/2025:
57
PAVM 10Q Filed 11/12/2025:
88
BAFN 10Q Filed 11/12/2025:
97
ATEX 10Q Filed 11/12/2025:
66
AIRC 10Q Filed 11/12/2025:
86
SLND 10Q Filed 11/12/2025:
85
HTFL 10Q Filed 11/12/2025:
91
TAVIU 10Q Filed 11/12/2025:
62
ASIC 10Q Filed 11/12/2025:
90
DLPN 10Q Filed 11/12/2025:
65
AERG 10Q Filed 11/12/2025:
78
LB 10Q Filed 11/12/2025:
81
KSCP 10Q Filed 11/12/2025:
86
NMPAU 10Q Filed 11/12/2025:
68
AMIX 10Q Filed 11/12/2025:
82
SIEB 10Q Filed 11/12/2025:
95
BYND 10Q Filed 11/12/2025:
85
LCTC 10Q Filed 11/12/2025:
44
BACQU 10Q Filed 11/12/2025:
22
WENNU 10Q Filed 11/12/2025:
0
ICMB 10Q Filed 11/12/2025:
78
AIRT 10Q Filed 11/12/2025:
100
CXAI 10Q Filed 11/12/2025:
89
FLY 10Q Filed 11/12/2025:
81
AEMD 10Q Filed 11/12/2025:
68
KLC 10Q Filed 11/12/2025:
63
AIRG 10Q Filed 11/12/2025:
86
CCRN 10Q Filed 11/12/2025:
80
 

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