IIPR Q1 revenue $71.7M, net income $1.03/share vs $1.36; multiple tenant defaults

INNOVATIVE INDUSTRIAL PROPERTIES INC

2025-Q1 EPS reported $1.03 revenue$71,722,000

Total revenues $71.7M, down 5% YoY; net income $30.3M ($1.03 diluted) vs $1.36 in Q1 2024.
AFFO $55.3M ($1.94/share) vs $2.21; dividend maintained at $1.90/qtr, annualized $7.60.
Declared lease defaults by PharmaCann ($2.7M), plus 4Front, Gold Flora, TILT ($13.1M owed); $16.1M loan default.
YTD: acquired 22k sq ft Maryland property ($7.8M); leased 205k sq ft in Warren, MI to Berry Green; sold MI property ($9M).
Repurchased 371,538 common shares for $20.1M; issued 406k Series A preferred shares for $9.7M net; bought back $8.8M notes.

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