Company: IIPR
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001677576-25-000005
Chunk: 98

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 98
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 as amended (the “Code”), the relevant sections of our charter provide that, subject to certain exceptions, no person or entity may own, or be deemed to own, by virtue of the applicable constructive ownership provisions of the Code, more than 9.8% (in value or number of shares, whichever is more restrictive) of the aggregate of our outstanding shares of stock or Series A Preferred Stock or more than 9.8% (in value or number of shares, whichever is more restrictive) of our outstanding common stock or any class or series of our outstanding preferred stock.

Results of Operations

Investments in Real Estate

See Note 6 “Investment in Real Estate” in the notes to the consolidated financial statements for information regarding our investments in real estate activity and property portfolio activity during the nine months ended September 30, 2025.

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Comparison of the Three and Nine Months Ended September 30, 2025 and 2024

The following table sets forth the results of our operations (in thousands):

For the Three Months EndedSeptember 30,For the Nine Months EndedSeptember 30,2025202420252024Revenues:Rental (including tenant reimbursements)$64,292 $76,052 $198,855 $230,219 Other393 474 443 1,554 Total revenues64,685 76,526 199,298 — 231,773 Expenses:Property expenses7,951 7,295 22,197 20,867 General and administrative expense8,681 9,330 25,768 28,553 Depreciation and amortization expense18,639 17,944 55,530 52,567 Impairment loss on real estate— — 3,527 — Total expenses35,271 34,569 107,022 101,987 Gain (loss) on sale of real estate— — — (3,449)Income from operations29,414 41,957 92,276 126,337 Interest and other income4,416 2,685 7,599 8,435 Interest expense(4,525)(4,427)(13,469)(13,136)Net income29,305 40,215 86,406 121,636 Preferred stock dividends(1,017)(564)(2,676)(1,240)Net income attributable to common stock