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Stock Market Live July 1, 2026: S&P 500 (SPY) Lower as Investors Wait on the Fed and Fresh Economic Data
Innovative Industrial Properties

Innovative Industrial Properties (IIPR) Q4 2025 Earnings

Reported Feb 23, 2026 at 4:54 PM ET · SEC Source

Q4 25 EPS

$1.06

BEAT +1.27%

Est. $1.05

Q4 25 Revenue

$66.7M

BEAT +1.10%

Est. $65.9M

vs S&P Since Q4 25

+28.1%

BEATING MARKET

IIPR +36.8% vs S&P +8.8%

Full Year 2025 Results

FY 25 EPS

$3.93

FY 25 Revenue

$266.0M

Market Reaction

Did IIPR Beat Earnings? Q4 2025 Results

Innovative Industrial Properties edged past Wall Street's expectations in Q4 2025, delivering earnings per share of $1.06 against the $1.05 consensus estimate, a beat of 1.27%, even as persistent tenant defaults continued to weigh on the cannabis-foc… Read more Innovative Industrial Properties edged past Wall Street's expectations in Q4 2025, delivering earnings per share of $1.06 against the $1.05 consensus estimate, a beat of 1.27%, even as persistent tenant defaults continued to weigh on the cannabis-focused REIT's top line. Revenue came in at $66.66 million, ahead of the $65.93 million estimate by 1.10%, though the figure still represented a sharp 13.1% decline from the year-ago quarter, driven primarily by an $8.50 million drop in rental revenue tied to defaults from PharmaCann, TILT, and 4Front. The single most consequential offset was IIP's strategic pivot into life sciences, where its up-to-$270 million investment in IQHQ contributed $5.00 million in interest and dividend income during the quarter, helping cushion the cannabis revenue shortfall. Shares rose after the report, reflecting cautious optimism that the company's active re-leasing efforts, including a 204,000 square foot lease signed in Desert Hot Springs, and plans to fund up to an additional $120 million in IQHQ preferred equity through mid-2027, could support gradual portfolio stabilization.

Key Takeaways

  • • Revenue declined 13.1% YoY primarily due to tenant defaults by PharmaCann, TILT, and 4Front reducing rental revenue by $8.5 million and tenant reimbursements by $1.6 million
  • • Interest and other income increased $4.1 million to $6.7 million driven by $5.0 million of income from IQHQ investment
  • • No security deposits applied for rent in Q4 2025 compared to $5.7 million applied in Q4 2024
  • • New leasing activity of 337,000 square feet executed in Q4 2025 and Q1 2026 to date
24/7 Wall St

IIPR YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

IIPR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q4 25

“During 2025, we made significant progress executing on our strategy to diversify the Company's portfolio, strengthen our balance sheet, and actively resolve tenant-related matters. Our strategic investment in IQHQ and establishment of a new $100 million revolving credit facility reflect our disciplined approach to capital allocation, while our ongoing tenant resolutions and new leasing activity demonstrate the underlying value of, and demand for, our real estate portfolio.”

— Alan Gold, Q4 2025 Earnings Press Release

Back to IIPR Stock Page