INNOVATIVE INDUSTRIAL PROPERTIES INC

For the period ended Sep 30, 2025. Filed Nov 4, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 4, 2025

IIPR$55.06-0.9%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Income

(In thousands, except share and per share amounts)

	For the Three Months EndedSeptember 30,		For the Nine Months EndedSeptember 30,
	2025	2024	2025	2024
Revenues:
Rental (including tenant reimbursements)	$64,292	$76,052	$198,855	$230,219
Other	393	474	443	1,554
Total revenues	64,685	76,526	199,298	231,773
Expenses:
Property expenses	7,951	7,295	22,197	20,867
General and administrative expense	8,681	9,330	25,768	28,553
Depreciation and amortization expense	18,639	17,944	55,530	52,567
Impairment loss on real estate	—	—	3,527	—
Total expenses	35,271	34,569	107,022	101,987
Gain (loss) on sale of real estate	—	—	—	(3,449)
Income from operations	29,414	41,957	92,276	126,337
Interest and other income	4,416	2,685	7,599	8,435
Interest expense	(4,525)	(4,427)	(13,469)	(13,136)
Net income	29,305	40,215	86,406	121,636
Preferred stock dividends	(1,017)	(564)	(2,676)	(1,240)
Net income attributable to common stockholders	$28,288	$39,651	$83,730	$120,396
Net income attributable to common stockholders per share (Note 9):
Basic	$0.99	$1.38	$2.91	$4.21
Diluted	$0.97	$1.37	$2.87	$4.16
Weighted-average shares outstanding:
Basic	27,912,881	28,254,565	28,036,179	28,216,946
Diluted	28,303,600	28,579,687	28,402,063	28,548,050

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.