Every 10-Q that Innovative Indus (IIPR) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow IIPR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full IIPR filings page.
Innovative Industrial Properties reported lower rental revenue but steady profitability while disclosing serious liquidity risks. For the quarter ended March 31, 2026, total revenues were $69.0 million, down from $71.7 million a year earlier, as some cannabis tenants defaulted or paid reduced rent. Net income rose modestly to $32.8 million, with net income attributable to common stockholders of $30.2 million, or $1.04 basic and $1.02 diluted EPS.
The company disclosed that the outstanding principal on its 5.50% Notes due 2026 was $291.2 million as of March 31, 2026, maturing in May 2026, and that current liquidity is not sufficient to repay this amount. Management is exploring refinancing and capital-raising options but concluded there is substantial doubt about the company’s ability to continue as a going concern within one year of the financial statement issuance.
IIPR continued to access capital markets, raising $9.3 million from common stock sales and $60.3 million from Series A preferred stock via its ATM program during the quarter, and paying $54.4 million of common dividends and $2.7 million of preferred dividends. Tenant credit stress remained elevated, with several operators in default and subject to litigation or settlement, and an SEC investigation was opened in February 2026 into matters similar to an existing securities class action.
Innovative Industrial Properties (IIPR) filed its Q3 2025 10‑Q, showing lower rental revenue and earnings while adding a new life science investment platform. Q3 total revenues were $64.7 million versus $76.5 million a year ago, with net income of $29.3 million versus $40.2 million. For the nine months, total revenues were $199.3 million and net income was $86.4 million.
IIPR funded a $100.0 million position in the IQHQ Credit Facility at a fixed 13.5% rate and purchased $5.0 million of IQHQ preferred stock with an attached warrant, recording $105.2 million of life science investments on the balance sheet. The company ended the quarter with $36.7 million in cash, drew $50.0 million on its revolver, and had $291.2 million principal outstanding on 5.50% Notes due 2026. Management states it currently does not have sufficient liquidity to satisfy this obligation at maturity and plans to refinance.
IIPR repurchased 371,538 common shares for $20.1 million year‑to‑date and sold 805,009 preferred shares for $19.1 million via its ATM. Common dividends of $1.90 per share were declared for each of the first three quarters. Shares outstanding were 28,022,975 as of November 4, 2025.
IIPR’s Q2-25 results show weakening fundamentals amid tenant stress. Rental revenue fell 21% YoY to $62.9 m as PharmaCann and other operators struggled, driving net income down 38% to $26.0 m and diluted EPS to $0.86 (vs $1.44).
Cash flow from operations remained positive at $102.7 m but slipped 24% YoY; cash on hand dropped to $99.7 m after funding $22.9 m of investments, repurchasing $20.1 m of common stock and paying $108.7 m in common dividends ($1.90/sh each quarter). Dividends now exceed cumulative earnings, pushing “dividends in excess of earnings” to –$264 m.
Balance-sheet leverage is modest (liabilities $425 m vs equity $1.88 b), yet the $291 m 5.5% notes maturing May 2026 loom large. Management admits current liquidity is insufficient and intends to refinance, assuming access to capital markets.
Tenant concentration remains high: top five operators generated 49% of rental revenue; PharmaCann defaulted in March, nullifying rent concessions, while two leases shifted to sales-type accounting with cash payments booked as deposits. An impairment of $3.5 m was recorded in Q1 and one California asset was sold for $1.8 m at book value.
The company issued 559 k Series A preferred shares via its ATM for $13.2 m and increased preferred outstanding to 1.56 m shares; early bond repayments of $8.8 m trimmed debt. Multiple securities-law class actions remain pending.