Earnings ·
Reports Q3 AFFO of $1.96 per share and completes $54.2M Series B preferred stock offering
IIPBPInnovative Industrial Properties Inc
Innovative Industrial Properties reported third-quarter 2026 results with total revenues of $64.9 million and net income attributable to common stockholders of $28.7 million, or $0.99 per diluted share. Adjusted funds from operations (AFFO) reached $54.8 million, or $1.96 per share, up 7% sequentially. The company also announced the completion of an underwritten public offering of 2,167,500 shares of its 9.25% Series B Cumulative Redeemable Preferred Stock at $25.00 per share, generating $54.2 million in gross proceeds. Additionally, IIP declared a quarterly common stock dividend of $1.90 per share and entered into a $245 million mezzanine loan commitment for the Alewife Park life science campus. Innovative Industrial Properties is a real estate investment trust focused on acquiring, owning, and managing specialized industrial properties and financial investments in the life science industry.