Innovative Industrial Properties(US:IIPR)2025-05-07 21:23Financial Performance - Total revenues for Q1 2025 were $71.7 million, a decrease of 5% from $75.5 million in Q1 2024[8] - Net income attributable to common stockholders was $30.3 million, or $1.03 per share, down 24% from $39.1 million, or $1.36 per share in Q1 2024[5][20] - Normalized FFO for Q1 2025 was $1.84 per share, a decrease of 7% from $1.98 per share in Q1 2024[3] - AFFO for Q1 2025 was $55.3 million, or $1.94 per share, down 12% from $2.21 per share in Q1 2024[5][3] - Net income attributable to common stockholders decreased to $30.296 million for the three months ended March 31, 2025, down from $39.090 million in the same period of 2024, representing a decline of approximately 22.5%[23] - FFO attributable to common stockholders (diluted) was $52.214 million for Q1 2025, compared to $56.268 million in Q1 2024, reflecting a decrease of about 7.4%[23] - AFFO attributable to common stockholders (diluted) decreased to $55.332 million in Q1 2025 from $62.999 million in Q1 2024, a decline of approximately 12%[23] - FFO per common share (diluted) was $1.83 for Q1 2025, down from $1.98 in Q1 2024, indicating a decrease of about 7.6%[23] - Normalized FFO per common share (diluted) also decreased to $1.84 in Q1 2025 from $1.98 in Q1 2024, a decline of approximately 7.1%[23] Debt and Liquidity - The company reported a debt to total gross assets ratio of 11% with total gross assets of $2.6 billion[6] - Total liquidity as of March 31, 2025, was $220.8 million, consisting of cash, cash equivalents, and availability under the revolving credit facility[6] Property and Leasing Activities - The company executed a long-term lease for a 22,000 square foot property in Maryland for $7.8 million[6] - In April 2025, the company leased 205,000 square feet to Berry Green at its property in Warren, Michigan[6] - The total property portfolio comprises 110 properties across 19 states, with 9.0 million RSF, including 666,000 RSF under development[13] Shareholder Returns - The company declared a quarterly dividend of $1.90 per common share, representing an annualized dividend of $7.60 per common share[11] Expenses and Impairments - The company reported a litigation-related expense of $406,000 in Q1 2025, compared to $146,000 in Q1 2024, indicating an increase of approximately 178.1%[23] - Real estate depreciation and amortization increased to $18.391 million in Q1 2025 from $17.150 million in Q1 2024, representing an increase of about 7.2%[23] - The company recognized an impairment loss on real estate of $3.527 million in Q1 2025, which was not present in Q1 2024[23] - Interest income on seller-financed note decreased to $153,000 in Q1 2025 from $403,000 in Q1 2024, a decline of approximately 62%[23] Share Count - Weighted average common shares outstanding (diluted) increased to 28,588,022 in Q1 2025 from 28,461,986 in Q1 2024, reflecting an increase of about 0.4%[23]