Filing Flows › Innovative Industrial Properties (IIPR) › Q2 2025
Innovative Industrial Properties (IIPR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Innovative Industrial Properties (IIPR) reported revenue of $62.9M for the second quarter 2025 (Q2 2025), -21% from a year earlier and -12% from the quarter before. Operating margin was 45.9%, net earnings $26.0M (41.4% of revenue).
Innovative Industrial Properties, Q2 2025: revenue $62.9M (-21% year over year), operating margin 45.9%, net earnings $26.0M, operating cash flow $48.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $62.9M | -12% | -21% |
| Operating profit | $28.9M | -15% | -32% |
| Net earnings | $26.0M | -16% | -38% |
| Operating cash flow | $48.4M | -11% | -25% |
What changed
Revenue was $62.9M in Q2 2025, down 21% year over year and down 12% from the previous quarter.
Operating profit was $28.9M, a 45.9% margin (down 7.1 points year over year). Total costs fell 9% while revenue fell 21%. Net earnings were $26.0M, down 38% year over year. The effective tax rate was 0.0%.
Operating cash flow was $48.4M (down 25% year over year), 186% of net earnings. Non-cash charges added back $18.5M of depreciation and amortization and $2.7M of share-based compensation.
Questions
What was Innovative Industrial Properties' revenue in the second quarter 2025?
Innovative Industrial Properties (IIPR) reported revenue of $62.9M for the second quarter 2025 (Q2 2025), -21% from a year earlier and -12% from the quarter before.
Was Innovative Industrial Properties profitable in the second quarter 2025?
Operating profit was $28.9M (45.9% of revenue) and net earnings $26.0M.