Filing Flows › Innovative Industrial Properties (IIPR) › Q1 2025
Innovative Industrial Properties (IIPR) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Innovative Industrial Properties (IIPR) reported revenue of $71.7M for the first quarter 2025 (Q1 2025), -5% from a year earlier and -7% from the quarter before. Operating margin was 47.4%, net earnings $31.1M (43.3% of revenue).
Innovative Industrial Properties, Q1 2025: revenue $71.7M (-5% year over year), operating margin 47.4%, net earnings $31.1M, operating cash flow $54.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $71.7M | -7% | -5% |
| Operating profit | $34.0M | -19% | -19% |
| Net earnings | $31.1M | -22% | -21% |
| Operating cash flow | $54.2M | -6% | -24% |
What changed
Revenue was $71.7M in Q1 2025, down 5% year over year and down 7% from the previous quarter.
Operating profit was $34.0M, a 47.4% margin (down 8.4 points year over year). Total costs grew 13% against a revenue fall of 5%. The fastest-growing cost line was Other operating costs (+23%). Net earnings were $31.1M, down 21% year over year. The effective tax rate was 0.0%.
Operating cash flow was $54.2M (down 24% year over year), 175% of net earnings. Non-cash charges added back $18.4M of depreciation and amortization and $2.1M of share-based compensation.
Questions
What was Innovative Industrial Properties' revenue in the first quarter 2025?
Innovative Industrial Properties (IIPR) reported revenue of $71.7M for the first quarter 2025 (Q1 2025), -5% from a year earlier and -7% from the quarter before.
Was Innovative Industrial Properties profitable in the first quarter 2025?
Operating profit was $34.0M (47.4% of revenue) and net earnings $31.1M.