IIPR FY2025 net income down 28%; AFFO $7.24/sh; dividend raised to $7.60

INNOVATIVE INDUSTRIAL PROPERTIES INC

2025-FY EPS reported $3.93 revenue$265,955,000

FY2025 total revenues $266.0M, net income $114.4M ($3.93/diluted share) vs $159.9M ($5.52) in FY2024.
AFFO $205.4M ($7.24/share), down from $256.1M ($8.98/share) in FY2024.
Declared common dividends totaling $7.60/share, marking annual increase since 2016.
Raised $146M in debt and preferred equity since Oct 2025; executed leases for 337,000 sq ft in Q4'25/Q1'26.
Strategic investment in IQHQ life science platform up to $270M ($50M funded) and closed $100M secured revolver.

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