NYSE$IIPR
Innovative Industrial Properties Inc. A · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
Innovative Industrial Properties reported Q4 2025 results after raising $146M of debt and preferred equity.
IIPR reported Q4 and FY2025 results highlighting $146M raised in attractively priced debt and preferred equity since October 2025 to support its cannabis sale-leaseback portfolio. Detailed revenue, AFFO, and dividend metrics are in the full earnings supplement.
- Raised $146M debt/preferred since Oct 2025.
- Portfolio focused on sale-leaseback to licensed operators.
- Capital markets access improved in Q4.
- See supplement for AFFO and dividend coverage.
Headline financials
Revenue & EPS history
IIPR · Revenue · Quarterly
$66.7M
Forward guidance
Outlook tied to tenant health, lease escalators, and cost of capital for new investments.
Tailwinds
- Diversified state-licensed tenant base.
- Structured capital raises lower funding cost.
- Triple-net lease model with rent escalations.
Headwinds
- Regulatory risk in cannabis banking and licensing.
- Tenant credit quality sensitivity.
- Higher rates on new financings.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
+2.0%
Avg return
Earnings day
+2.4%
Avg return
5 days after
+4.8%
Avg return
30 days after
68%
25 / 37 earnings
Positive
+26.8%
Q3 2020
Best reaction
-16.8%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +14.6% | +8.9% | +10.8% | |
| Q4 2025 | +7.7% | +14.7% | +12.8% | |
| Q3 2025 | +0.4% | +4.0% | +2.8% | |
| Q1 2025 | +4.4% | +3.9% | +3.7% | |
| Q4 2024 | -0.8% | +0.5% | -13.4% | |
| Q3 2024 | -16.8% | -18.6% | -19.4% | |
| Q2 2024 | -2.6% | -1.7% | +3.3% | |
| Q1 2024 | -4.2% | -3.8% | -2.3% | |
| Q4 2023 | +5.1% | +8.3% | +15.0% | |
| Q3 2023 | +8.1% | +10.5% | +16.8% | |
| Q2 2023 | +0.0% | +4.2% | +12.8% | |
| Q1 2023 | +3.0% | +0.1% | +2.7% | |
| Q4 2022 | +7.6% | +5.8% | -9.7% | |
| Q3 2022 | +3.1% | -1.2% | +6.5% | |
| Q2 2022 | +1.7% | -3.2% | -6.7% | |
| Q1 2022 | -2.8% | -9.8% | -7.6% | |
| Q4 2021 | +1.2% | +4.1% | +9.4% | |
| Q3 2021 | +0.5% | +5.9% | -5.2% | |
| Q2 2021 | +1.6% | +6.7% | +18.0% | |
| Q1 2021 | +3.1% | +0.2% | +3.6% | |
| Q4 2020 | -9.5% | -5.9% | -15.2% | |
| Q3 2020 | +26.8% | +18.0% | +24.4% | |
| Q2 2020 | +4.9% | +10.3% | +11.1% | |
| Q1 2020 | -1.3% | -4.7% | +21.3% | |
| Q4 2019 | -1.6% | +1.5% | -16.3% | |
| Q3 2019 | +3.5% | +5.8% | -5.2% | |
| Q2 2019 | +0.5% | -3.7% | -19.5% | |
| Q1 2019 | +0.1% | +0.6% | +19.8% | |
| Q4 2018 | +2.9% | +14.1% | +12.1% | |
| Q3 2018 | +9.1% | +7.0% | +20.2% | |
| Q2 2018 | +11.0% | +4.6% | +27.9% | |
| Q1 2018 | -5.9% | -4.9% | +10.6% | |
| Q4 2017 | +2.6% | +11.9% | +28.6% | |
| Q3 2017 | +0.2% | +0.5% | +1.6% | |
| Q2 2017 | -1.4% | -0.6% | -3.6% | |
| Q1 2017 | -0.5% | -1.6% | -2.2% | |
| Q4 2016 | -2.9% | -2.4% | +8.5% | |
| Q3 2016 | — | — | — | |
| Q1 2016 | — | — | — |
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