Innovative Industrial Properties Declares $1.90 Quarterly Dividend
Innovative Industrial Properties (NYSE: IIPR), a specialized real estate investment trust, declared a fourth quarter dividend of $1.90 per common share. The cannabis property landlord continues its streak of annual dividend increases dating back to its 2016 founding.
Innovative Industrial Properties, Inc. (NYSE: IIPR), a real estate investment trust focused on cannabis cultivation and processing properties, declared a fourth quarter 2025 dividend of $1.90 per common share on December 15, 2025. The dividend was paid January 15, 2026 to stockholders of record as of December 31, 2025. Read more dividend announcements.
The quarterly payment represents an annualized dividend of $7.60 per common share. Total dividends declared for the full year 2025 totaled $7.60 per share, matching the prior year and maintaining the company's track record of annual increases since its inception in 2016. Since founding, the San Diego-based REIT has paid over $1.1 billion in common stock dividends to stockholders.
| Dividend Details | Information |
|---|---|
| Amount | $1.90 per share |
| Record Date | December 31, 2025 |
| Payment Date | January 15, 2026 |
| Frequency | Quarterly |
| Annualized Rate | $7.60 per share |
Fourth Quarter Financial Results
The company reported net income attributable to common stockholders of $30.7 million, or $1.06 per diluted share, for the fourth quarter ended December 31, 2025. Adjusted funds from operations totaled $53.3 million, or $1.88 per share.
Total revenues declined 13.1% to $66.7 million from $76.7 million in the year-ago quarter, primarily driven by an $8.5 million decrease in rental revenue due to tenant defaults. Interest and other income increased $4.1 million to $6.7 million, boosted by $5.0 million in interest and dividend income from the company's investment in life science real estate platform IQHQ.
Full Year Performance
For the full year 2025, Innovative Industrial Properties generated total revenues of $266.0 million and net income attributable to common stockholders of $114.4 million, or $3.93 per diluted share. Adjusted funds from operations reached $205.4 million, or $7.24 per share.
The company executed new leases covering 339,000 square feet during 2025, representing 4% of the portfolio's total rentable square feet. In the fourth quarter and early 2026, the REIT signed full-building leases for properties in North Palm Springs, California (70,000 square feet) and Holliston, Massachusetts (58,000 square feet).
Capital Markets Activity
Innovative Industrial Properties raised $146 million through debt and preferred equity issuances since October 2025. The company issued 1,016,852 shares of Series A Preferred Stock under its at-the-market program for net proceeds of $24.1 million during 2025.
In August 2025, the REIT announced a strategic investment of up to $270.0 million in IQHQ, Inc., a life science real estate platform. As of year end, the company had funded $150.0 million, consisting of a fully funded $100.0 million revolving credit facility and $50.0 million of preferred equity. IIP remains committed to funding up to an additional $120.0 million in multiple tranches through the second quarter of 2027.
The company also closed a new three-year, $100.0 million secured revolving credit facility with a federally regulated commercial bank at one-month SOFR plus 200 basis points. Outstanding borrowings under the life science credit facility stood at $75.0 million as of December 31, 2025.