Q1 26 EPS
$1.02
MISS 4.97%
Est. $1.07
Q1 26 Revenue
$69.0M
BEAT +4.16%
Est. $66.2M
vs S&P Since Q1 26
-0.7%
TRAILING MARKET
IIPR +6.1% vs S&P +6.8%
Market Reaction
Did IIPR Beat Earnings? Q1 2026 Results
Innovative Industrial Properties delivered a mixed first quarter for 2026, posting revenue that cleared Wall Street's bar while earnings fell short. The cannabis-focused REIT reported $69.00 million in revenue, topping the $66.24 million consensus by… Read more Innovative Industrial Properties delivered a mixed first quarter for 2026, posting revenue that cleared Wall Street's bar while earnings fell short. The cannabis-focused REIT reported $69.00 million in revenue, topping the $66.24 million consensus by 4.16%, though the figure still marked a 3.8% decline from a year earlier as tenant defaults, totaling roughly $6.90 million in lost revenue, weighed on results. Diluted EPS came in at $1.02, missing the $1.07 consensus by 4.97%, while AFFO slipped to $1.88 per share from $1.94 a year ago. The company showed leasing momentum, executing nearly 400,000 square feet of deals year-to-date with tenants including Curaleaf and Grown Rogue, and maintained a 97.8% leased portfolio. Management is actively resolving legacy defaults and has reached tentative arrangements for four 4Front Ventures properties totaling approximately 488,000 square feet, expected to go into effect by year-end 2026. With $291.21 million in unsecured notes maturing in May 2026, IIP is pursuing nearly $130.00 million in additional debt financings to address that obligation while sustaining its $1.90 quarterly dividend.
Key Takeaways
- • Annual contractual rent escalations on existing leases
- • Rental revenue from property acquired in February 2025
- • New leases executed on existing properties (389,000 sq ft year-to-date)
- • IQHQ life science investment generating $5.5 million in interest and dividend income
- • Security deposit applications of $1.2 million from Battle Green and The Cannabist Company
- • 97.8% operating portfolio leased rate
IIPR YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
IIPR Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are encouraged by the pace of leasing activity year-to-date, including nearly 400,000 square feet of executed leases, which underscores the ongoing demand for our properties. At the same time, we have taken deliberate steps to fortify our balance sheet through equity and debt capital raising activity, and have additional secured and unsecured debt financings underway totaling nearly $130 million, to be used to address our upcoming bond maturity and position us for growth.”
— Alan Gold, Q1 2026 Earnings Press Release
IIPR Earnings Trends
IIPR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
IIPR EPS Trend
Earnings per share: estimate vs actual
IIPR Revenue Trend
Quarterly revenue: estimate vs actual
IIPR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $1.03 | $1.36 | +32.68% | $63.3M | -6.87% |
| Q1 26 MISS | $1.07 | $1.02 | -4.97% | $69.0M | +4.16% |
| Q4 25 BEAT FY | $1.05 | $1.06 | +1.27% | $66.7M | +1.10% |
| FY Full Year | — | $3.93 | — | $266.0M | — |
| Q3 25 BEAT | $0.90 | $0.97 | +7.38% | $64.7M | +1.51% |
| Q2 25 MISS | $0.91 | $0.86 | -5.84% | $62.9M | -1.50% |