IIP posts Q3 earnings decline; invests $270M into life science platform IQHQ

INNOVATIVE INDUSTRIAL PROPERTIES INC

2025-Q3 EPS reported $2.87 revenue$199,298,000

Total revenues $64.7M; net income $28.3M ($0.97 diluted EPS) vs $1.37 a year ago.
AFFO $48.3M ($1.71/sh), Normalized FFO $45.2M ($1.60/sh), down from $2.25 and $2.08 YoY.
First outside-cannabis investment: $270M commitment into IQHQ, a life science real estate platform.
Closed new $100M secured revolving credit facility to strengthen financial flexibility.
Paid quarterly dividend of $1.90 per common share on Oct 15, 2025.

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