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Edge20 Feb 2026
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Innovative Industrial Properties
Innovative Industrial Properties (IIPR) investor relations material
Innovative Industrial Properties Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Diversified REIT with $2.5B invested capital, operating across cannabis and life sciences in 19 U.S. states with 111 properties and over 35 tenants.
2025 marked by disciplined execution, strong balance sheet, and strategic repositioning for long-term growth.
Achieved total revenues of $266.0 million and net income attributable to common stockholders of $114.4 million, or $3.93 per diluted share for 2025.
Returned over $1.1 billion to shareholders through dividends since inception, with $7.60 per share declared for 2025.
Strategic $270 million investment in life sciences via IQHQ, enhancing sector diversification and expected to be accretive to AFFO per share.
Financial highlights
Total revenues for 2025 were $266 million; AFFO reached $205.4 million, or $7.24 per diluted share.
Q4 2025 revenues were $66.7 million; AFFO was $53.3 million ($1.88/share), with net income of $30.7 million.
AFFO per share (annualized Q4 2025): $7.52; dividends per share (annualized Q4 2025): $7.60.
Exited 2025 with liquidity exceeding $105 million, including cash and credit facilities.
Gross debt: $393.7 million; preferred equity: $50.5 million; debt to total gross assets: 14%.
Outlook and guidance
Raised over $40 million of preferred stock in early 2026 at a yield just over 9.5%.
Committed to funding up to an additional $120 million in preferred equity to IQHQ through 2027.
U.S. legal cannabis market projected to grow at 7% CAGR from 2024–2029, reaching $44 billion by 2029.
Life sciences R&D expenditures have grown 7% annually from 2014–2024; sector expected to continue strong growth.
Expect continued strong leasing activity and resolution of non-performing assets to drive earnings upside in future quarters.
How will IQHQ funding impact capital allocation
Progress on resolving tenant defaults
Strategy to reverse rental revenue decline
Quantify impact of AWH and 4FRONT defaults
Life science investment's impact on revenue mix
Strategy for May 2026 senior notes maturity
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Next Innovative Industrial Properties earnings date
Q1 20267 May, 2026
Innovative Industrial Properties
Next Innovative Industrial Properties earnings date
Q1 20267 May, 2026
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Frequently asked questions
Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. is based in New York City.
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