INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) Form 8-K — Nov 2, 2026
Innovative Industrial Properties reported Q3 2026 results with total revenues of $64.9 million, net income attributable to common stockholders of $28.7 million ($0.99/diluted share), and AFFO of $1.96 per share, up 15% from $1.71 a year ago. The Board declared a $1.90 per share dividend. The quarter was marked by continued portfolio restructuring: occupancy fell to 90.0% as IIP terminated 16 leases (1.2M sq ft), completed the exit from all PharmaCann leases, and applied $3.8 million of tenant security deposits. Leasing momentum improved with six new leases signed and a post-quarter Saxton, PA lease contingent on cannabis license transfers.
Key figures
- Eps
- 0.99
- Revenue
- 64920000
- Guidance
- None provided
- Net Income
- 31895000
- Total Debt
- 711561000
- Revenue Yoy
- 0.4%
- Total Assets
- 2650715000
- Cash Position
- 142352000
- Affo per share
- $1.96
- Mezzanine rate
- ~15.8% with 14.0% floor, maturing February 2028
- Iqhq total funded
- $300.0 million
- Affo per share yoy
- $1.71
- Dividend per share
- $1.90
- Total gross assets
- $3.0 billion
- Normalized ffo per share
- $1.80
- Mezzanine loan commitment
- $245.0 million (Alewife Park / IQHQ)
- Net debt to adjusted ebitda
- 2.1x
- Security deposits applied q3
- $3.8 million
- Net debt to total gross assets
- 18.7%
- Preferred offering gross proceeds
- $54.2 million (9.25% Series B at $25.00/share)
- Percent leased operating portfolio
- 90.0%
AI analysis
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