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Innovative Industrial Properties (IIPR) investor relations material
Innovative Industrial Properties Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Announced a $270M investment in IQHQ, a private life science REIT, marking the first expansion outside cannabis to diversify the portfolio and drive accretive growth.
Operates as a NYSE-listed cannabis REIT with a $2.5B diversified portfolio across 19 states and 36 tenants, focusing on long-term, triple-net leases for cannabis facilities.
Q2 2025 total revenues were $62.9M, with net income of $26.0M and AFFO of $48.4M, reflecting a 21% year-over-year revenue decline due to tenant defaults and property sales.
Remain committed to cannabis real estate, but industry faces macroeconomic and regulatory challenges; continue to optimize occupancy and pursue legal remedies for tenant defaults.
Management team has deep REIT and regulated industry experience, led by founders with a track record in life science real estate.
Financial highlights
Q2 2025 total revenues were $62.9M, down 21% year-over-year, mainly due to tenant defaults and property dispositions.
AFFO per diluted share for Q2 2025 was $1.71, down from $2.29 in Q2 2024; net income per diluted share was $0.86, down 40% year-over-year.
Balance sheet includes $2.3B–$2.6B in mostly unencumbered gross assets, $291M in fixed-rate debt, and liquidity exceeding $190M.
Repurchased 366,952–367,000 shares at an average price of $53.98, totaling $19.8M, funded with cash and preferred stock.
Dividend annualized at $7.60 per share, with a history of annual increases and $1.0B in cumulative dividends paid since inception.
Outlook and guidance
Management confident robust financial position and strong liquidity will support ongoing growth and value creation.
Pipeline remains strong for both cannabis and life science investments, with a right of first offer on over 5M sq ft of IQHQ assets.
U.S. legal cannabis sales projected to grow at a 7% CAGR, reaching $44B by 2029, supporting continued portfolio and revenue growth.
Company expects to fund new investments and commitments with cash on hand, revolver, and future financings.
Ongoing industry challenges and tenant defaults are expected to continue impacting financial results.
Why did revenues decrease by 21%?
Explain the strategic initiative on tenant defaults.
What is the remaining amount for share repurchases?
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Next Innovative Industrial Properties earnings date
Q3 20256 Nov, 2025
Next Innovative Industrial Properties earnings date
Q3 20256 Nov, 2025
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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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