Innovative Industrial Properties, Inc. (NYSE: IIPR), a real estate company focused on the regulated U.S. cannabis industry, reported its financial results for the second quarter ended June 30, 2025. The company generated total revenues of $62.9 million, marking a decrease of 21% compared to $79.8 million during the same period in 2024. This decline was primarily attributed to tenant defaults amounting to $15.8 million, involving properties leased to PharmaCann, Gold Flora, TILT, and 4Front, as well as a $1.3 million decrease related to vacated or sold properties. Net income attributable to common stockholders was reported at $25.1 million, translating to $0.86 per diluted share. In addition, the company recorded adjusted funds from operations (AFFO) of $48.4 million and normalized funds from operations (Normalized FFO) of $44.1 million. IIP announced a second quarter dividend of $1.90 per common share, equating to an annualized dividend of $7.60 per share, which was paid on July 15, 2025, to stockholders of record as of June 30, 2025. The company's operating portfolio consists of 105 properties, representing 8.5 million rentable square feet $(RSF)$, with a development/redevelopment portfolio expected to comprise 491,000 RSF upon completion.