---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-074804"
form_type: "8-K"
ticker: "IIPR"
cik: "0001677576"
company_name: "INNOVATIVE INDUSTRIAL PROPERTIES INC"
filed_at: "2025-08-07T23:59:59+00:00"
generated_at: "2026-05-17T17:46:41.738685+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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%.

## SEC filing metadata
- accession: 0001104659-25-074804
- form_type: 8-K
- ticker: IIPR
- cik: 0001677576
- company_name: INNOVATIVE INDUSTRIAL PROPERTIES INC
- filed_at: 2025-08-07T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1677576/000110465925074804/0001104659-25-074804-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1677576/000110465925074804/tm2522798d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-074804
- JSON: https://secwatch.observer/filing/0001104659-25-074804.json
- Plain text: https://secwatch.observer/filing/0001104659-25-074804.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.