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National Post
9 minutes ago
- National Post
VIQ Solutions to Report Second Quarter 2025 Financial Results on Wednesday, August 13, 2025
Article content MISSISSAUGA, Ontario — VIQ Solutions Inc. ('VIQ' or the 'Company') (TSX:VQS), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, will release its financial results for the three and six months ended June 30, 2025, after market close on Wednesday, August 13, 2025. VIQ management will host a conference call to discuss these results on Thursday, August 14 at 11:00 AM Eastern Time. Article content Investors may access a live webcast of the call on the Company's website at or by dialing 1-888-440-4052 (North America toll-free) or +1-646-960-0827 (international) to be connected to the call by an operator using conference ID number 4983233. Participants should dial in at least 10 minutes prior to the start of the call. Article content Article content A replay of the webcast will be available on the Company's website through the same link approximately one hour after the conference call concludes. Article content About VIQ Solutions Inc. Article content VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost. Article content Article content Article content Article content Contacts Article content Media Contact: Article content
Globe and Mail
9 minutes ago
- Globe and Mail
Innovative Industrial Properties Reports Second Quarter 2025 Results
Innovative Industrial Properties, Inc. (NYSE: IIPR) ("IIP" or the "Company"), the first and only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry, announced today results for the second quarter ended June 30, 2025. Second Quarter 2025 Highlights Financial Results and Dividend Generated total revenues of $62.9 million and net income attributable to common stockholders of $25.1 million, or $0.86 per share ( all per share amounts in this press release are reported on a diluted basis unless otherwise noted). Recorded adjusted funds from operations ("AFFO") and normalized funds from operations ("Normalized FFO") of $48.4 million and $44.1 million, respectively. Paid a quarterly dividend of $1.90 per common share on July 15, 2025 to stockholders of record as of June 30, 2025. Since its inception, IIP has paid $1.0 billion in common stock dividends to its stockholders. Three Months Ended June 30, (per share) 2025 2024 $ Change % Change Net income attributable to common stockholders $ 0.86 $ 1.44 $ (0.58 ) (40 )% Normalized FFO $ 1.56 $ 2.06 $ (0.50 ) (24 )% AFFO $ 1.71 $ 2.29 $ (0.58 ) (25 )% __________________________________________________________________ Definitions of the above-mentioned non-GAAP financial measures, together with reconciliations to net income (loss) in accordance with GAAP, appear at the end of this release. Portfolio Update - General In April, leased 205,000 square feet to Berry Green at IIP's property in Warren, Michigan. In April, sold a property in Michigan for $9.0 million (excluding transaction costs) and provided an interest only, secured loan for $8.5 million to the buyer of the property. The Company also received a $1.0 million loan origination fee in connection with the transaction. In June, sold a property in Palm Springs, California for $1.8 million in net proceeds. Portfolio Update - Lease Defaults In March 2025, the Company launched a strategic initiative aimed at improving long-term financial performance by replacing certain underperforming tenants with more financially stable, long-term operators. As part of this effort, it declared several tenants, including 4Front Ventures, Gold Flora, and TILT Holdings, in default for nonpayment of rent and is pursuing its legal rights, which may include evictions. Additionally, PharmaCann previously defaulted on its eleven leases with the Company across multiple states where the Company has commenced legal proceedings to regain possession of the properties they continue to occupy and re-leased one property located in Warren, Michigan to Berry Green. The Company is actively working to recover amounts due from these tenants and to re-lease vacated properties. Balance Sheet Highlights (at June 30, 2025) 11% debt to total gross assets, with $2.6 billion in total gross assets Total liquidity was $192.4 million as of June 30, 2025, consisting of cash and cash equivalents and short-term investments (each as reported in IIP's consolidated balance sheet as of June 30, 2025) and availability under IIP's revolving credit facility. Debt service coverage ratio of 15.0x (calculated in accordance with IIP's 5.50% Unsecured Senior Notes due 2026). Financing Activity Issued 173,834 shares of Series A Preferred Stock under IIP's 'at-the-market' equity offering program for $4.0 million in net proceeds. Repurchased 366,952 shares of common stock under the Company's share repurchase program for $19.8 million at a weighted average price of $53.98 per share under the Company's $100 million share repurchase program, which expires March 2026. As of June 30, 2025, the Company had $79.9 million in common stock repurchases remaining available under the share repurchase program. Property Portfolio Statistics (as of June 30, 2025) Total property portfolio comprises 108 properties across 19 states, with 9.0 million rentable square feet "RSF" (including 588,000 RSF under development / redevelopment), consisting of: Operating portfolio: 105 properties, representing 8.5 million RSF. Under development / redevelopment portfolio consists of three properties expected to comprise 491,000 RSF at completion and is as follows: 236,000 square feet located at 63795 19th Avenue in Palm Springs, California (pre-leased) 192,000 square feet located at Inland Center Drive in San Bernardino, California 12-acre development site located at Leah Avenue in San Marcos, Texas Financial Results For the three months ended June 30, 2025, IIP generated total revenues of $62.9 million, compared to $79.8 million for the same period in 2024, a decrease of 21%. The decrease was primarily driven by tenant defaults totaling $15.8 million related to properties leased to PharmaCann, Gold Flora, TILT and 4Front. In addition, there was a decrease of $1.3 million related to properties vacated or sold, a $3.9 million decrease from a one-time disposition-contingent lease termination fee that was collected during the three months ended June 30, 2024 in connection with the sale of our property in California, and a $0.6 million decrease in tenant reimbursement revenue primarily due to tenant defaults. These decreases were partially offset by a $1.6 million increase from the two properties acquired in 2024 and one property acquired in 2025, a $1.5 million increase from new leases on five existing properties, and a $1.6 million increase from annual contractual rent escalations. For the three months ended June 30, 2025, IIP applied $18,000 of security deposits for payment of rent on one property leased to Emerald Growth, which was sold during the second quarter. For the three months ended June 30, 2024, IIP applied $0.6 million of security deposits for payment of rent on properties leased to two tenants. Dividend On June 13, 2025, the Board of Directors declared a second quarter 2025 dividend of $1.90 per common share, representing an annualized dividend of $7.60 per common share. The dividend was paid on July 15, 2025 to stockholders of record as of June 30, 2025. Supplemental Information Supplemental financial information is available in the Investor Relations section of IIP's website at Teleconference and Webcast Innovative Industrial Properties, Inc. will conduct a conference call and webcast at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time) on Thursday, August 7, 2025 to discuss IIP's financial results and operations for the second quarter ended June 30, 2025. The call will be open to all interested investors through a live audio webcast at the Investor Relations section of IIP's website at or live by calling 1-877-328-5514 (domestic) or 1-412-902-6764 (international) and asking to be joined to the Innovative Industrial Properties, Inc. conference call. The complete webcast will be archived for 90 days on IIP's website. A telephone playback of the conference call will also be available from 12:00 p.m. Pacific Time on Thursday, August 7, 2025 until 12:00 p.m. Pacific Time on Thursday, August 14, 2025, by calling 1-877-344-7529 (domestic), 855-669-9658 (Canada) or 1-412-317-0088 (international) and using access code 9556330. About Innovative Industrial Properties Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Additional information is available at This press release contains statements that IIP believes to be 'forward-looking statements' within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts are forward-looking statements. When used in this press release, words such as IIP 'expects,' 'intends,' 'plans,' 'estimates,' 'anticipates,' 'believes' or 'should' or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2024, as updated by the Company's subsequent reports filed with the Securities and Exchange Commission. Accordingly, there is no assurance that the Company's expectations will be realized. IIP disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by federal securities laws. June 30, December 31, Assets 2025 2024 Real estate, at cost: Land $ 146,469 $ 146,772 Buildings and improvements 2,249,408 2,230,807 Construction in progress 57,487 62,393 Total real estate, at cost 2,453,364 2,439,972 Less accumulated depreciation (306,594 ) (271,190 ) Net real estate held for investment 2,146,770 2,168,782 Construction loan receivable 22,800 22,800 Cash and cash equivalents 99,666 146,245 Investments 5,258 5,000 Right of use office lease asset 731 946 In-place lease intangible assets, net 6,955 7,385 Other assets, net 22,875 26,889 Total assets $ 2,305,055 $ 2,378,047 Liabilities and stockholders' equity Liabilities: Notes due 2026, net $ 289,861 $ 297,865 Building improvements and construction funding payable 5,647 10,230 Accounts payable and accrued expenses 10,183 10,561 Dividends payable 54,661 54,817 Rent received in advance and tenant security deposits 51,647 57,176 Other liabilities 12,650 11,338 Total liabilities 424,649 441,987 Commitments and contingencies Stockholders' equity: Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, liquidation preference of $25.00 per share, 1,561,654 and 1,002,673 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 36,843 23,632 Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,017,520 and 28,331,833 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 28 28 Additional paid-in capital 2,107,963 2,124,113 Dividends in excess of earnings (264,428 ) (211,713 ) Total stockholders' equity 1,880,406 1,936,060 Total liabilities and stockholders' equity $ 2,305,055 $ 2,378,047 INNOVATIVE INDUSTRIAL PROPERTIES, INC. For the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) (In thousands, except share and per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Revenues: Rental (including tenant reimbursements) $ 62,866 $ 79,253 $ 134,563 $ 154,167 Other 25 540 50 1,080 Total revenues 62,891 79,793 134,613 155,247 Expenses: Property expenses 6,867 6,863 14,246 13,572 General and administrative expense 8,626 9,661 17,087 19,223 Depreciation and amortization expense 18,500 17,473 36,891 34,623 Impairment loss on real estate — — 3,527 — Total expenses 33,993 33,997 71,751 67,418 Gain (loss) on sale of real estate — (3,449 ) — (3,449 ) Income from operations 28,898 42,347 62,862 84,380 Interest income 1,570 3,966 3,183 5,750 Interest expense (4,444 ) (4,320 ) (8,944 ) (8,709 ) Net income 26,024 41,993 57,101 81,421 Preferred stock dividends (878 ) (338 ) (1,659 ) (676 ) Net income attributable to common stockholders $ 25,146 $ 41,655 $ 55,442 $ 80,745 Net income attributable to common stockholders per share Basic $ 0.87 $ 1.45 $ 1.92 $ 2.82 Diluted $ 0.86 $ 1.44 $ 1.90 $ 2.79 Weighted-average shares outstanding: Basic 27,924,092 28,250,843 28,098,850 28,197,930 INNOVATIVE INDUSTRIAL PROPERTIES, INC. FFO, NORMALIZED FFO AND AFFO For the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) (In thousands, except share and per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Net income attributable to common stockholders $ 25,146 $ 41,655 $ 55,442 $ 80,745 Real estate depreciation and amortization 18,500 17,473 36,891 34,623 Impairment loss on real estate — — 3,527 — Disposition-contingent lease termination fee, net of loss on sale of real estate (1) — (451 ) — (451 ) FFO attributable to common stockholders (basic) 43,646 58,677 95,860 114,917 Cash and non-cash interest expense on Exchangeable Senior Notes — — — 28 FFO attributable to common stockholders (diluted) 43,646 58,677 95,860 114,945 Litigation-related expense 413 164 819 310 Loss (gain) on partial repayment of Notes due 2026 — — (32 ) — Normalized FFO attributable to common stockholders (diluted) 44,059 58,841 96,647 115,255 Income on seller-financed notes (2) 1,164 403 1,317 806 Deferred lease payments received on sales-type leases (3) 5 1,462 25 2,918 Stock-based compensation 2,672 4,371 4,750 8,686 Non-cash interest expense 476 401 946 789 Above-market lease amortization 23 23 46 46 AFFO attributable to common stockholders (diluted) $ 48,399 $ 65,501 $ 103,731 $ 128,500 FFO per common share – diluted $ 1.54 $ 2.06 $ 3.37 $ 4.03 Normalized FFO per common share – diluted $ 1.56 $ 2.06 $ 3.40 $ 4.04 AFFO per common share – diluted $ 1.71 $ 2.29 $ 3.65 $ 4.50 Weighted average common shares outstanding – basic 27,924,092 28,250,843 28,098,850 28,197,930 Restricted stock and RSUs 393,601 300,582 353,261 289,736 PSUs — 20,713 — 20,713 Dilutive effect of Exchangeable Senior Notes — — — 19,040 Weighted average common shares outstanding – diluted 28,317,693 28,572,138 28,452,111 28,527,419 __________________________________________________________________ (1) Amount reflects the $3.9 million disposition-contingent lease termination fee received concurrently with the sale of IIP's property in Los Angeles, California, net of the loss on sale of the property of $3.4 million. (2) Amount reflects the non-refundable cash payments received on the two seller-financed notes issued to IIP by the buyers in connection with IIP's disposition of certain properties which are recognized as a deposit liability and is included in other liabilities in IIP's consolidated balance sheet as of June 30, 2025, as the transactions did not qualify for recognition as completed sales. (3) Amount reflects the non-refundable lease payments received on two sales-type leases which are recognized as a deposit liability starting on January 1, 2024, and is included in other liabilities in IIP's consolidated balance sheet as of June 30, 2025, as the transactions did not qualify for recognition as completed sales. Prior to the lease modifications on January 1, 2024, which extended the initial lease terms, the leases were classified as operating leases and the lease payments received were recognized as rental revenue and therefore, included in net income attributable to common stockholders. FFO and FFO per share are operating performance measures adopted by the National Association of Real Estate Investment Trusts, Inc. (NAREIT). NAREIT defines FFO as the most commonly accepted and reported measure of a REIT's operating performance equal to net income, computed in accordance with accounting principles generally accepted in the United States (GAAP), excluding gains (or losses) from sales of property, depreciation, amortization and impairment related to real estate properties, and after adjustments for unconsolidated partnerships and joint ventures. IIP also excludes from FFO any disposition-contingent lease termination fee received in connection with a property sale. Management believes that net income, as defined by GAAP, is the most appropriate earnings measurement. However, management believes FFO and FFO per share to be supplemental measures of a REIT's performance because they provide an understanding of the operating performance of IIP's properties without giving effect to certain significant non-cash items, primarily depreciation expense. Historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. However, real estate values instead have historically risen or fallen with market conditions. IIP believes that by excluding the effect of depreciation, FFO and FFO per share can facilitate comparisons of operating performance between periods. IIP reports FFO and FFO per share because these measures are observed by management to also be the predominant measures used by the REIT industry and industry analysts to evaluate REITs and because FFO per share is consistently reported, discussed, and compared by research analysts in their notes and publications about REITs. For these reasons, management has deemed it appropriate to disclose and discuss FFO and FFO per share. IIP computes Normalized FFO by adjusting FFO to exclude certain GAAP income and expense amounts that management believes are infrequent and unusual in nature and/or not related to IIP's core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the equity REIT industry, and management believes that presentation of Normalized FFO and Normalized FFO per share provides investors with a metric to assist in their evaluation of IIP's operating performance across multiple periods and in comparison to the operating performance of other companies, because it removes the effect of unusual items that are not expected to impact IIP's operating performance on an ongoing basis. Normalized FFO is used by management in evaluating the performance of its core business operations. Items included in calculating FFO that may be excluded in calculating Normalized FFO include certain transaction-related gains, losses, income or expense or other non-core amounts as they occur. Management believes that AFFO and AFFO per share are also appropriate supplemental measures of a REIT's operating performance. IIP calculates AFFO by adjusting Normalized FFO for certain cash and non-cash items. For the six months ended June 30, 2024, FFO (diluted), Normalized FFO and AFFO, and FFO, Normalized FFO and AFFO per diluted share include the dilutive impact of the assumed full exchange of the Exchangeable Senior Notes for shares of common stock as of the Exchangeable Senior Notes were exchanged at the beginning of the respective reporting period. The Exchangeable Senior Notes matured in February 2024. For the three and six months ended June 30, 2024, the performance share units ('PSUs') granted to certain employees were included in dilutive securities to the extent the performance thresholds for vesting of the PSUs were met as measured as of June 30, 2024. The PSUs expired on December 31, 2024. IIP's computation of FFO, Normalized FFO and AFFO may differ from the methodology for calculating FFO, Normalized FFO and AFFO utilized by other equity REITs and, accordingly, may not be comparable to such REITs. Further, FFO, Normalized FFO and AFFO do not represent cash flow available for management's discretionary use. FFO, Normalized FFO and AFFO should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of IIP's financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of IIP's liquidity, nor is it indicative of funds available to fund IIP's cash needs, including IIP's ability to pay dividends or make distributions. FFO, Normalized FFO and AFFO should be considered only as supplements to net income computed in accordance with GAAP as measures of IIP's operations.
National Post
9 minutes ago
- National Post
Pan American Silver Appoints Pablo Marcet to its Board of Directors
Article content VANCOUVER, British Columbia — Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (' Pan American ') Pan American is pleased to announce the appointment of Mr. Pablo Marcet to its Board of Directors effective immediately. Article content Mr. Marcet is a distinguished mining professional with over 35 years of international experience in the exploration, development, and operation of mineral assets across the Americas and in Africa. He has held senior leadership roles spanning geology, environmental stewardship, mine operations, stakeholder engagement, government relations, mergers and acquisitions, and enterprise risk management. Article content 'I am delighted to welcome Mr. Marcet to Pan American's Board,' said Gillian Winckler, Chair of the Pan American Board. 'His extensive leadership and operational experience, much of it gained in Latin America, will be a valuable addition to our Board. Pablo's appointment aligns with our ongoing Board renewal strategy and reflects our commitment to strong governance and operational excellence as we pursue disciplined growth.' Article content Mr. Marcet currently serves as Executive Director of Piche Resources, an Australian exploration and development company, and as founder and President of Geo Logic, a mining consultancy firm. He previously held senior leadership roles at Orosur Mining, Waymar Resources, Northern Orion Resources, and at BHP for 15 years, all of which were focused in Latin America. He has previously served as a director on the Boards of several other publicly listed companies, including Barrick Mining Corporation and Arcadium Lithium PLC. Article content Mr. Marcet holds an MBA from the University of Phoenix, a Master's degree in Economic Geology from Harvard University and a Bachelor of Science degree in Geology from the University of the Pacific in California. Article content 'As an Argentine national having spent much of my career in Latin America, I am especially proud to join Pan American, whose deep regional roots, operational footprint and commitment to responsible mining are well aligned with my professional background and values,' said Mr. Marcet. 'I look forward to working with the Board to further the company's strong performance and long-term value creation.' Article content About Pan American Article content Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol 'PAAS'. Article content Article content Article content Article content Contacts
