Fri, Feb 21, 10:09 PM (64 days ago)
**Summary of Innovative Industrial Properties, Inc. (IIPR) 10-K for the Year Ended December 31, 2024** Innovative Industrial Properties, Inc. (IIPR) reported total revenues of $308.5 million, slightly down from $309.5 million in 2023. Net income attributable to common stockholders decreased by 3% to $159.9 million, with diluted earnings per share at $5.52. The company continues to focus on acquiring and managing specialized industrial properties leased to state-licensed cannabis operators, owning 109 properties across 19 states with a total investment of $2.4 billion. Operating expenses rose to $136.7 million, primarily due to increased property expenses and depreciation. The company faced challenges from market dynamics, including tenant defaults, particularly from PharmaCann and others, impacting revenue recognition. IIPR's financial condition remains stable, with no outstanding amounts under its $87.5 million Revolving Credit Facility. The future outlook includes continued expansion in states with regulated cannabis programs, despite risks from federal regulations and market competition. The company emphasizes maintaining financial flexibility and managing risks associated with tenant concentration and regulatory changes.