Innovative Industrial Properties (IIPR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Innovative Industrial Properties published the results on November 2, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Innovative Industrial Properties reports EPS two ways: GAAP, under the accounting rules every US filer follows, and AFFO per diluted share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Innovative Industrial Properties (IIP) is a REIT. Revenue here is the "Total revenues" line of its income statement: rental income including tenant reimbursements, plus other revenue. Interest and dividend income from its life science investments is reported below revenue, in interest and other income. IIP's headline earnings measure is adjusted funds from operations (AFFO) per diluted share, shown in the adjusted row. IIP reports in thousands; figures here are in millions.
• IIP's FFO, Normalized FFO and AFFO per share exclude the dilutive effect of its Exchangeable Notes; for Q3 2026 that was 5,800,549 potential shares.

Source: Innovative Industrial Properties Q3 2026 results, November 2, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Innovative Industrial Properties splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Innovative Industrial Properties's Rental (including tenant reimbursements) revenue was $64.7 million in Q3 2026, up 1% from $64.3 million in Q3 2025, 100% of total revenue.
• Innovative Industrial Properties's Other revenue was $0.2 million in Q3 2026, down 55% from $0.4 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and diluted net income per share attributable to common stockholders, each as first reported in that quarter's release.

We do not hold a confirmed date for Innovative Industrial Properties's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 2, 2026

Innovative Industrial Properties (IIP) reported total revenues of $64.9 million in Q3 2026, against $64.7 million a year earlier, an increase of 0.4%. Rental revenue including tenant reimbursements was $64.7 million against $64.3 million, and other revenue was $177 thousand. IIP said the increase came from revenue on properties repossessed in the quarter through the application of security deposits, partly offset by lower rent after property sales and lease terminations since Q3 2025. It applied $3.8 million of security deposits on properties leased to The Cannabist and Parallel, against $0.8 million a year earlier. (Innovative Industrial Properties Q3 2026 release, Nov 2, 2026)

IIP's properties are primarily leased to state-licensed operators for regulated cannabis facilities, generally on triple-net leases that make the tenant responsible for structural repairs, maintenance, real estate taxes and insurance. At September 30, 2026 it owned 108 properties comprising 8.4 million square feet in 19 states, leased to 37 tenants. The 107 properties in its operating portfolio were 90.0% leased, with a weighted-average remaining lease term of 10.8 years. (Innovative Industrial Properties Form 10-K, 2025, Feb 24, 2026; Innovative Industrial Properties Form 10-Q, Q3 2026, Nov 3, 2026)

Rent is concentrated in a few cannabis operators. In Q3 2026 Ascend Wellness Holdings accounted for 13% of IIP's rental revenue, Curaleaf and Green Thumb 10% each, Trulieve 9% and Holistic 8%. IIP's largest property, in New York, was 5.8% of net real estate held for investment. (Innovative Industrial Properties Form 10-Q, Q3 2026, Nov 3, 2026)

Tenant defaults are the main swing factor. In Q3 2026 IIP terminated 16 leases covering 1.2 million square feet and signed 6 leases covering 604,000 square feet. Payments received and security deposits applied for five defaulted tenants (PharmaCann, 4Front, Parallel, The Cannabist and Battle Green) totaled $11.6 million, or $0.41 per share. IIP has now terminated all leases with PharmaCann, and the three properties still leased to 4Front were 7.1% of annualized contractual rent. (Innovative Industrial Properties Q3 2026 release, Nov 2, 2026)

IIP's life science investments add income below the revenue line. Interest and other income rose to $14.3 million from $4.4 million, including $10.4 million of interest and dividend income from its investments in IQHQ, where it had funded $300.0 million by September 30, 2026. In September it also committed a $245.0 million mezzanine loan for the Alewife Park campus in Cambridge, Massachusetts, funding about $111.0 million at closing, at an expected interest rate of about 15.8%. (Innovative Industrial Properties Q3 2026 release, Nov 2, 2026; Innovative Industrial Properties Form 10-Q, Q3 2026, Nov 3, 2026)

Innovative Industrial Properties' GAAP diluted EPS was $0.99 in Q3 2026, against $0.97 a year earlier, on net income attributable to common stockholders of $28.7 million against $28.3 million. AFFO per diluted share was $1.96, up from $1.71, and Normalized FFO per diluted share was $1.80, up from $1.60. (Innovative Industrial Properties Q3 2026 release, Nov 2, 2026)

IIP's FFO adds back $19.6 million of real estate depreciation and amortization and a $567 thousand impairment loss to net income. Normalized FFO then adds $784 thousand of litigation-related expense and smaller items, and AFFO adds $3.3 million of stock-based compensation and $1.5 million of non-cash interest expense. Financing costs grew: interest expense was $11.8 million against $4.5 million, and preferred stock dividends were $3.2 million against $1.0 million. (Innovative Industrial Properties Q3 2026 release, Nov 2, 2026)

IIP's share count is lower than a year ago. Diluted weighted-average shares were 27,961,629 against 28,303,600. IIP bought back no shares in Q3, but in the first nine months of 2026 it repurchased and retired 1,468,542 shares for $89.0 million. Its per-share FFO measures leave out the 5,800,549 potential shares tied to its Exchangeable Notes, on which cash interest was $6.0 million in the quarter. (Innovative Industrial Properties Q3 2026 release, Nov 2, 2026; Innovative Industrial Properties Form 10-Q, Q3 2026, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Innovative Industrial Properties does not publish an earnings or revenue outlook in its release. The Q3 2026 release describes pending events: tentative arrangements with new tenants for the three properties leased to 4Front, expected to take effect at the end of receivership proceedings by year end 2026 or early 2027; a new lease, after quarter end, for its 270,000 square foot property in Saxton, Pennsylvania, contingent on cannabis license transfer approvals; and the remaining $134.0 million of the Alewife mezzanine loan, expected to be funded through the fourth quarter of 2027. (Innovative Industrial Properties Q3 2026 release, Nov 2, 2026)

After quarter end IIP sold 2,167,500 shares of 9.25% Series B preferred stock for $54.2 million of gross proceeds and received full repayment of a $49.0 million seller-financed note from the May sale of its Perth, New York property. The board declared a Q3 2026 dividend of $1.90 per common share, an annualized $7.60. (Innovative Industrial Properties Q3 2026 release, Nov 2, 2026)

A consensus figure is the average of the models published by the analysts who cover Innovative Industrial Properties, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Innovative Industrial Properties's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning IIPR is on is IIPR a buy or a sell?, what analysts expect next is on the IIPR forecast, and what the company does is on the Innovative Industrial Properties (IIPR) stock page.

Every number on this page can be traced to a document Innovative Industrial Properties published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.