The earnings call reflects a mixed sentiment with significant strategic moves and financial stability being overshadowed by revenue declines and tenant challenges. The investment in IQHQ represents a positive diversification step, but ongoing issues in the cannabis sector pose substantial hurdles.

Company Guidance -

Q3 2025

During the Innovative Industrial Properties Second Quarter 2025 Earnings Conference Call, the company provided guidance highlighting a strategic investment in IQHQ, marking its first expansion outside the cannabis industry. This $270 million investment is expected to be highly accretive to AFFO, with a blended yield exceeding 14%. The investment includes a $100 million commitment to IQHQ's revolving credit facility and up to $170 million in IQHQ preferred stock. The company aims to fund these investments through cash on hand, its revolving credit facility, and future financing activities. Additionally, IIP continues to evaluate opportunities within the cannabis sector, despite ongoing challenges, and is actively working on optimizing its real estate portfolio and enhancing tenant credit profiles. The company's financial position remains strong, with total revenues of $62.9 million for the second quarter, and a low debt-to-gross-assets ratio of 11%, providing ample flexibility for future growth initiatives.

Strategic Investment in Life Sciences

Innovative Industrial Properties (IIP) announced its first expansion outside of the cannabis industry with a $270 million strategic investment in IQHQ, a leading private life science REIT, expected to be highly accretive to AFFO with a blended yield exceeding 14%.

Financial Position and Liquidity

The company maintains a strong balance sheet with $2.6 billion in gross assets, a debt to gross assets ratio of 11%, and liquidity exceeding $190 million, providing financial flexibility for future growth.

Robust Capital Structure

IIP's capital structure remains low leverage with $291 million in fixed-rate debt and a debt service coverage ratio exceeding 15x.

New Leases and Dispositions

Closed on a $7.8 million acquisition in Maryland and executed two new leases totaling 211,000 square feet in Michigan and California.

Innovative Industrial Properties (IIPR) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

IIPR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	0.93 / -	1.37	―	―	―
Aug 06, 2025	2025 (Q2)	0.91 / 0.86	1.44	-40.28% (-0.58)
May 07, 2025	2025 (Q1)	1.15 / 1.03	1.36	-24.26% (-0.33)	―
Feb 19, 2025	2024 (Q4)	1.36 / 1.36	1.45	-6.21% (-0.09)	―
Nov 06, 2024	2024 (Q3)	1.45 / 1.37	1.45	-5.52% (-0.08)	―
Aug 05, 2024	2024 (Q2)	1.46 / 1.44	1.44	0.00% (0.00)	―
May 08, 2024	2024 (Q1)	1.43 / 1.36	1.43	-4.90% (-0.07)	―
Feb 26, 2024	2023 (Q4)	1.41 / 1.45	1.46	-0.68% (-0.01)	―
Nov 01, 2023	2023 (Q3)	1.42 / 1.45	1.32	9.85% (+0.13)	―
Aug 02, 2023	2023 (Q2)	1.34 / 1.44	1.42	1.41% (+0.02)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

IIPR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 06, 2025	$51.62	$46.10	-10.69%
May 07, 2025	$51.59	$53.81	+4.30%
Feb 19, 2025	$68.87	$68.35	-0.76%
Nov 06, 2024	$112.11	$100.32	-10.52%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Innovative Industrial Properties (IIPR) report earnings?

Innovative Industrial Properties (IIPR) is schdueled to report earning on Oct 29, 2025, After Close (Confirmed).

What is Innovative Industrial Properties (IIPR) earnings time?

Innovative Industrial Properties (IIPR) earnings time is at Oct 29, 2025, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is IIPR EPS forecast?

IIPR EPS forecast for the fiscal quarter 2025 (Q3) is 0.93.

Become an Expert with TipRanks Premium

What am I Missing?

Make informed decisions based on Top Analysts' activity

Know what industry insiders are buying

Get actionable alerts from top Wall Street Analysts

Find out before anyone else which stock is going to shoot up

Get powerful stock screeners & detailed portfolio analysis

Subscribe Now See Plans & Pricing