Innovative Industrial Properties Reports Third Quarter 2026 Results
Innovative Industrial Properties reported Q3 2026 revenue of $64.9 million, up just 0.4% year-over-year, with net income to common of $0.99 per diluted share. AFFO rose to $1.96 per share, up 15% from $1.71 a year ago, and the Board declared a $1.90 per-share dividend, its 7% sequential AFFO lift aided by IQHQ-related interest income. The quarter included a $245 million mezzanine loan commitment to IQHQ at ~15.8% and continued tenant distress: $11.6 million of payments and security deposits from defaulted tenants, all PharmaCann leases terminated, and 16 leases (1.2M sq ft) ended during the quarter.
Key figures
- Eps
- 0.99
- Revenue
- 64920000
- Revenue Yoy
- 0.4%
- Affo
- 54777000
- Liquidity
- 142400000
- Affo per share
- 1.96
- Affo per share yoy
- 15%
- Dividend per share
- 1.9
- Total gross assets
- 3000000000
- Mezzanine loan rate
- ~15.8% (14.0% floor)
- Net debt to gross assets
- 18.7%
- Normalized ffo per share
- 1.8
- Mezzanine loan commitment
- 245000000
- Net debt to adjusted ebitda
- 2.1x
- Preferred offering proceeds
- $54.2M
- Security deposits applied q3
- $11.6M
AI analysis
The rest of the AI analysis, red flags and sentiment are part of Signal8 Pro.
AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.