Innovative Industrial Properties Reports Third Quarter 2025 Results

• Announced $270 Million Commitment Into IQHQ, A Premier Life Science Real Estate Platform
• Closed on a New $100 Million Secured Revolving Credit Facility

SAN DIEGO–(BUSINESS WIRE)–Innovative Industrial Properties, Inc. (NYSE: IIPR) (“IIP” or the “Company”) announced today results for the third quarter ended September 30, 2025.

Executive Chairman Remarks

“We are pleased to have made our first investment outside of the cannabis industry during the third quarter with our $270 million financial investment into IQHQ, marking IIP’s return to growth and providing meaningful diversification and accretion for IIP’s shareholders,” said Alan Gold, Executive Chairman of IIP. “In addition, the successful closing of our new $100 million credit facility reinforces our belief that our investment in the life science sector enhances both our access to, and cost of, capital. With a strong, low-leveraged balance sheet, this credit facility strengthens our financial flexibility and positions us to capitalize on the long-term growth of the life science industry.”

Third Quarter 2025 and Fourth Quarter to Date Highlights

Financial Results and Dividend

• Total revenues of $64.7 million and net income attributable to common stockholders of $28.3 million, or $0.97 per share (all per share amounts in this press release are reported on a diluted basis unless otherwise noted).
• Adjusted funds from operations (“AFFO”) and normalized funds from operations (“Normalized FFO”) of $48.3 million and $45.2 million, respectively.
• Paid a quarterly dividend of $1.90 per common share on October 15, 2025 to stockholders of record as of September 30, 2025. Since its inception, IIP has paid over $1.0 billion in common stock dividends to its stockholders.

Original press release

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