---
title: "Innovative Industrial Properties Inc. Reports Q2 2025 Revenue Drop of 21% to $62.9M, Net Income at $25.1M, EPS at $0.86"
description: "Innovative Industrial Properties, Inc. (NYSE: IIPR) reported a 21% revenue drop in Q2 2025, totaling $62.9 million, down from $79.8 million in Q2 2024. The decline was mainly due to tenant defaults of"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/251900097.md"
published_at: "2025-08-06T20:35:57.000Z"
---

# Innovative Industrial Properties Inc. Reports Q2 2025 Revenue Drop of 21% to $62.9M, Net Income at $25.1M, EPS at $0.86

> Innovative Industrial Properties, Inc. (NYSE: IIPR) reported a 21% revenue drop in Q2 2025, totaling $62.9 million, down from $79.8 million in Q2 2024. The decline was mainly due to tenant defaults of $15.8 million and a $1.3 million decrease from vacated or sold properties. Net income was $25.1 million, or $0.86 per share. The company declared a dividend of $1.90 per share, with an annualized rate of $7.60. IIPR's portfolio includes 105 properties with 8.5 million rentable square feet.

Innovative Industrial Properties, Inc. (NYSE: IIPR), a real estate company focused on the regulated U.S. cannabis industry, reported its financial results for the second quarter ended June 30, 2025. The company generated total revenues of $62.9 million, marking a decrease of 21% compared to $79.8 million during the same period in 2024. This decline was primarily attributed to tenant defaults amounting to $15.8 million, involving properties leased to PharmaCann, Gold Flora, TILT, and 4Front, as well as a $1.3 million decrease related to vacated or sold properties. Net income attributable to common stockholders was reported at $25.1 million, translating to $0.86 per diluted share. In addition, the company recorded adjusted funds from operations (AFFO) of $48.4 million and normalized funds from operations (Normalized FFO) of $44.1 million. IIP announced a second quarter dividend of $1.90 per common share, equating to an annualized dividend of $7.60 per share, which was paid on July 15, 2025, to stockholders of record as of June 30, 2025. The company’s operating portfolio consists of 105 properties, representing 8.5 million rentable square feet (RSF), with a development/redevelopment portfolio expected to comprise 491,000 RSF upon completion. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. IIP - Innovative Industrial Properties Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 20250806075838) on August 06, 2025, and is solely responsible for the information contained therein. © Copyright 2025 - Public Technologies (PUBT)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
