Monitor the company's refinancing of $290.6M notes due May 2026 — successful completion of the $130M debt financings underway would reduce near-term risk. The leasing momentum and tenant resolutions (PharmaCann, Gold Flora) are positive for occupancy, but continued revenue decline and elevated payout ratio warrant caution. Watch for Q2 guidance on the conference call.
Price Chart
Executive Summary
IIPR reported Q1 2026 total revenue of $69.0M, beating consensus of $66.2M but declining 3.8% YoY due to tenant defaults. AFFO per share fell to $1.88 from $1.94 YoY, and net income was essentially flat. The company proactively raised $105.8M in equity and is arranging $130M in debt to address its May 2026 bond maturity. Leasing activity is strong at 389K sqft year-to-date, but revenue headwinds persist.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue $68.996M vs $71.722M YoY (-3.8%)
- AFFO $53.434M ($1.88/share) vs $55.332M ($1.94) YoY
- Net income attributable to common stockholders $30.155M ($1.02 diluted) vs $30.296M ($1.03)
- Revenue beat consensus estimate of $66.2M by 4.2%
- Raised $70.9M in preferred stock and $34.9M in common stock YTD through ATM programs
- $290.6M 5.50% unsecured notes due May 2026; $130M debt financings underway to address maturity
- Executed leases for 389K sqft YTD; % leased operating portfolio at 97.8%
- IQHQ investment funded at $150M; $95M additional commitment remaining
- AFFO payout ratio at 101%
Financial Impact
Revenue declined $2.7M YoY; AFFO decreased $1.9M; no material impairment or one-time charge in Q1
Risk Factors
- Tenant defaults and revenue concentration in cannabis sector
- Interest rate risk and refinancing of May 2026 bond maturity
- Regulatory uncertainty in cannabis (federal rescheduling hearing June 2026)
- High AFFO payout ratio (101%) limits dividend growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-055008 |
| Document: tm2613523d1_ex99-2.htm | 0001104659-26-055008 |
| Document: tm2613523d1_ex99-3.htm | 0001104659-26-055008 |
| Document: tm2613523d1_8k.htm | 0001104659-26-055008 |
| Document: 0001104659-26-055008-index-headers.html | 0001104659-26-055008 |
| Document: 0001104659-26-055008-index.html | 0001104659-26-055008 |
| Document: 0001104659-26-055008.txt | 0001104659-26-055008 |
| 8-K Data (Synthetic) | 0001104659-26-055008 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 21, 2026 10w ago | 8-K | $63.26 $55.12 | ▲ +12.87% | ▲ +15.43% | $51.00 (+19.38%) |
Jun 15, 2026 15w ago | 8-K | $59.60 $63.72 | ▲ +6.91% | ▲ +6.71% | $51.00 (−14.43%) |
Jun 11, 2026 16w ago | 8-K | $60.49 $64.44 | ▲ +6.53% | ▲ +4.75% | $51.00 (−15.69%) |
Jun 9, 2026 16w ago | 8-K | $23.90 $24.47 | ▲ +2.38% | ▼ −1.50% | $51.00 (+113.39%) |
May 22, 2026 19w ago | 424B5 | $23.88 $24.86 | ▼ −4.10% | ▼ −6.05% | $51.00 (−113.57%) |
May 20, 2026 19w ago | 8-K | $23.80 $24.45 | ▲ +2.73% | ▲ +1.99% | $51.00 (+114.29%) |
May 6, 2026 21w ago | 8-K | $24.00 $23.93 | ▼ −0.29% | ▼ −3.43% | $51.00 (+112.50%) |
May 4, 2026 21w ago | 8-K | $23.38 $24.10 | ▲ +3.08% | ▼ −1.87% | $51.00 (+118.14%) |
Apr 10, 2026 25w ago | 8-K | $21.20 $24.00 | ▲ +13.21% | ▲ +5.48% | $51.00 (+140.57%) |
Mar 4, 2026 30w ago | 8-K | $54.54 $49.39 | ▼ −9.44% | ▼ −5.03% | $51.00 (−6.49%) |
US Market Status
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