Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 59

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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 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 six months ended June 30, 2025.

31

Comparison of the Three and Six Months Ended June 30, 2025 and 2024

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

For the Three Months EndedJune 30,For the Six Months EndedJune 30,2025202420252024Revenues:Rental (including tenant reimbursements)$62,866 $79,253 $134,563 $154,167 Other$25 540 $50 1,080 Total revenues62,891 79,793 134,613 — 155,247 Expenses:Property expenses6,867 6,863 14,246 13,572 General and administrative expense8,626 9,661 17,087 19,223 Depreciation and amortization expense18,500 17,473 36,891 34,623 Impairment loss on real estate— — 3,527 — Total expenses33,993 33,997 71,751 67,418 Gain (loss) on sale of real estate— (3,449)— (3,449)Income from operations28,898 42,347 62,862 84,380 Interest income1,570 3,966 3,183 5,750 Interest expense(4,444)(4,320)(8,944)(8,709)Net income26,024 41,993 57,101 81,421 Preferred stock dividends(878)(338)(1,659)(676)Net income attributable to common stockholders$25,146 $41,655 $55,442 $80,745 

Revenues

Rental Revenues.