Innovative Industrial Properties Reports Modest Revenue Growth Amid Tenant Defaults

Key Facts

1IIPR's second-quarter revenue grew 0.7% year-over-year to $63.32 million.

2Adjusted FFO stood at $1.83 per share with a dividend coverage ratio of 96.32%.

3Tenant Parallel's default impacts 5.1% of the company's base rent.

Innovative Industrial Properties reported second-quarter revenue growth of 0.7% year-over-year, reaching $63.32 million. Seeking Alpha reported that adjusted funds from operations (AFFO) stood at $1.83 per share, maintaining a dividend coverage ratio of 96.32%.

The company is managing operational headwinds as the default of tenant Parallel impacts 5.1% of its base rent. IIPR closed at $50.52 on October 2, 2026, having reached a day high of $52.4 and a low of $50.46 on the same date.