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Innovative Industrial Properties (IIPR) investor relations material
Innovative Industrial Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Completed a $270M investment in IQHQ, marking the first major move outside cannabis and providing diversification and growth opportunities; remaining $165M commitment to be funded through Q2 2027.
Closed a new $100M secured revolving credit facility to support the IQHQ investment and enhance financial flexibility.
Portfolio comprised 112 properties in 19 states, with 109 in the operating portfolio at 95.8% leased as of September 30, 2025.
Strategic initiative to replace underperforming tenants led to several lease defaults, property repossessions, and ongoing legal actions.
Management team has deep experience in real estate, especially in regulated and life science sectors.
Financial highlights
Q3 2025 total revenues were $64.7M, down 15% year-over-year, mainly due to tenant defaults.
AFFO per diluted share for Q3 2025 was $1.71, down from $2.25 in Q3 2024; AFFO totaled $48.3M.
Net income for Q3 2025 was $28.3M, down from $39.7M in Q3 2024.
Cash and cash equivalents at quarter-end were $36.7M, with $79.4M in total liquidity.
Paid a quarterly dividend of $1.90 per share, annualized at $7.60 per share.
Outlook and guidance
IQHQ investment expected to earn a weighted average interest rate above 14% per annum, with future tranches subject to IQHQ milestones.
Management anticipates continued headwinds from tenant financial distress, regulatory uncertainty, and capital market volatility.
Plans to refinance $291.2M in Notes due 2026, with confidence in securing sufficient liquidity.
Revenue from re-leased and recovered assets anticipated to ramp up in Q4 and beyond, timing dependent on legal resolutions.
Management expects continued growth in AFFO per share and robust dividend distributions.
IQHQ occupancy target: How will it be achieved?
Timeline for recovering ABR from defaulted assets?
How does diversification impact bond refinancing cost?
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Next Innovative Industrial Properties earnings date
Q4 202520 Feb, 2026
Next Innovative Industrial Properties earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. is based in New York City.
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