IIPR Q2 2025 revenue $62.9M, net income $25.1M ($0.86 EPS), down 21% and 40% YoY

INNOVATIVE INDUSTRIAL PROPERTIES INC

2025-Q2 EPS reported $1.90 revenue$134,613,000

Total revenues of $62.9M vs $79.8M in Q2 2024, down 21%.
Net income attributable to common stockholders $25.1M ($0.86 diluted EPS) vs $41.7M ($1.44) YoY, down 40%.
AFFO per share of $1.71 vs $2.29 YoY, down 25%; Normalized FFO $1.56 vs $2.06.
Repurchased $20M of common stock during Q2; maintained liquidity >$190M.
Paid quarterly dividend of $1.90 per share, unchanged; AFFO payout ratio 111%.

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