The earnings call highlighted strategic investments and financial strength, particularly with the investment in IQHQ and new credit facilities. However, the company continues to face challenges with tenant defaults and legal proceedings, as well as uncertainties in both the cannabis and life science markets.

Company Guidance

During the Q3 2025 earnings call for Innovative Industrial Properties, Inc., the company provided significant guidance on its strategic investments and financial performance. The company completed a $105 million initial investment into IQHQ, involving a $100 million revolving credit facility and $5 million in preferred stock, with an additional $165 million commitment expected by Q2 2027. This investment is anticipated to enhance diversification and deliver accretive returns. The company also secured a new $100 million secured revolving credit facility, reflecting strong lender confidence. The cannabis portfolio faced challenges, with receivership proceedings ongoing for 4Front Ventures and Gold Flora, and legal disputes with PharmaCann, although positive legal outcomes were noted. In terms of financial performance, the company reported Q3 revenues of $64.7 million, a 3% increase from the prior quarter, with adjusted funds from operations at $48.3 million or $1.71 per share. The balance sheet was described as robust, with $2.7 billion in gross assets and a debt service coverage ratio exceeding 11x. Additionally, the company issued preferred stock and plans to refinance bonds maturing next year, maintaining a focus on strategic growth and conservative financial management.

Investment in IQHQ

Completed initial $105 million investment into IQHQ, a life science real estate platform, expected to provide significant earnings accretion and diversify the portfolio beyond cannabis.

New Secured Revolving Credit Facility

Closed a new $100 million secured revolving credit facility to support the investment into IQHQ, reflecting confidence in the company's platform and balance sheet.

Significant Legal Victory

U.S. Court of Appeals for the Third Circuit affirmed the dismissal of a federal securities class action against IIP, allowing the company to focus on strategy execution.

Revenue Increase

Total revenues for the third quarter were $64.7 million, a 3% increase compared to the prior quarter.

Strong Balance Sheet

Maintained a low leverage capital structure with a low debt to gross assets ratio of 13% and a robust debt service coverage ratio exceeding 11x.

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

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IIPR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 25, 2026	2025 (Q4)	1.05 / -	1.36	―	―	―
Nov 03, 2025	2025 (Q3)	0.90 / 0.97	1.37	-29.20% (-0.40)
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)	―

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
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	+4.30%
Feb 19, 2025	$66.49	$65.98	-0.77%

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 Feb 25, 2026, After Close (Confirmed).

What is Innovative Industrial Properties (IIPR) earnings time?

Innovative Industrial Properties (IIPR) earnings time is at Feb 25, 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 2025 (Q4) is 1.05.

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