Short answer
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) filed its Q3 2025 10-Q quarterly report on Nov 4, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $65M (down 15.5% year over year) with net income of $29M.
Q3 2025 key financials · XBRL
- Revenue
- $65M
- −15.5% YoY · +2.9% QoQ
- Net income
- $29M
- −27.1% YoY · +12.6% QoQ
- Operating margin
- 45.5%
- EPS (diluted)
- $0.97
- −29.2% YoY · +11.5% QoQ
Source: XBRL data from the INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) Q3 2025 10-Q on SEC EDGAR. USD.
INNOVATIVE INDUSTRIAL PROPERTIES INC Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Risk Factors
- New investment credit risk: $100M IQHQ Credit Facility loan exposes to borrower financial deterioration and collateral value decline in Fenway Center project
- Regulatory risk update: IQHQ Preferred Stock dividends may be cut by up to 3% if funding obligations under Securities Purchase Agreement are unmet
- Legal/tax risk: Warrants from IQHQ investment trigger taxable income allocation without cash distributions, possibly requiring increased shareholder distributions or tax payments
- Operational/market risk: Life science property demand risks from tenant concentration, regulatory changes, and capital-intensive improvements affecting tenant replacement and leasing costs
- Financial risk: Rising interest rates increase variable debt costs, reducing cash available for distributions and potentially forcing asset sales under unfavorable conditions
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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