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Innovative Industrial Properties (IIPR)
NYSE:IIPR
Earnings Data
Report Date
May 13, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.07Last Year’s EPS
1.03Same Quarter Last Year
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a mix of constructive operational and financial progress—improving AFFO, meaningful leasing and re-tenanting momentum, strong liquidity management and strategic life-science diversification—while notable legacy issues remain around troubled tenants, ongoing litigation/receiverships, one-time rent recoveries and near-term refinancing/legal uncertainties. Management emphasized execution progress and multiple tangible leasing wins that suggest earnings upside as receiverships conclude, but several risks (legal outcomes, refinancing, re-leasing rate variability and remaining IQHQ funding) persist.Company Guidance
Full-Year Financial Results and Cash Flow
Full-year total revenues of $266 million and AFFO of $205 million; generated approximately $200 million of cash flows from operations in 2025; returned $1.1 billion to shareholders since inception.
Quarterly Improvement in AFFO
Q4 2025 AFFO of $53.3 million ($1.88 per share), a 10% improvement versus Q3 2025 AFFO of $1.71 per share; Q4 total revenues of $66.7 million.
Leasing and Re-tenanting Momentum
Executed new leases at 4 properties totaling ~339,000 sq ft in 2025 and progressed on leases/LOIs representing over 900,000 sq ft related to previously nonperforming assets (Forefront, Gold Flora, PharmaCann). Specific wins include 70k and 204k sq ft leases in Palm Springs/Desert Hot Springs and a tentative agreement for a 114k sq ft Washington property.
Capital Deployment and Strategic Investment
Committed ~$275 million in new investments in 2025, including a strategic investment in IQHQ; have funded $150 million of a $270 million commitment to IQHQ (≈55.6% funded) with $120 million remaining to be funded over time.
Improved Liquidity and Access to Capital
Exited the quarter with total liquidity exceeding $105–$107 million (cash + available revolvers); added a $100 million revolving credit facility secured by IQHQ at a 6.1% rate; raised over $145 million of attractively priced debt and preferred equity since October 2025.
Preferred Equity Issuances and Investor Demand
Issued approximately $5 million on ATM in Q4 2025 and raised over $40 million of preferred stock early in Q1 2026 at a yield of just over 9.5%; Series A preferred outstanding grown to $95 million of par value.
Balance Sheet Strength
Portfolio >$2.5 billion gross assets and over $2 billion of unencumbered real estate; conservative capital structure with debt service coverage >10x and net debt to adjusted EBITDA of 1.4x.
Portfolio Dispositions and Capital Recycling
Closed on 3 dispositions in 2025 (California, Colorado, Michigan) and sold a dispensary in Phoenix in early 2026 to opportunistically prune noncore assets and redeploy capital.
Legal Recovery Win
Obtained a $7 million judgment for unpaid rent and damages from former tenant Temescal Wellness (Massachusetts property).
Positive Life-Science Market Signals
Strategic life-science exposure supported by industry stabilization: construction pipeline down from >37M sq ft (2023 peak) to ~6M sq ft (an ≈83.8% decline), Boston annual new demand of 2.1M sq ft (≈72% increase vs 2024), and first Q4 vacancy decline in the San Francisco Peninsula in >2 years.
IIPR Earnings History
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 |
|---|---|---|---|
Feb 23, 2026 | $46.16 | $51.10 | +10.70% |
Nov 03, 2025 | $49.49 | $49.76 | +0.55% |
Aug 06, 2025 | $49.84 | $44.51 | -10.69% |
May 07, 2025 | $49.81 | $51.95 | +4.29% |
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 May 13, 2026, After Close (Confirmed).
What is Innovative Industrial Properties (IIPR) earnings time?
Innovative Industrial Properties (IIPR) earnings time is at May 13, 2026, 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 2026 (Q1) is 1.07.