Company: IIPR
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001677576-25-000005
Chunk: 44

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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— — — Issuance of preferred stock, net of issuance costs402,6739,623 —— — — 9,623 Issuance of common stock, net of issuance costs—— 123,224— 11,757 — 11,757 Preferred  stock dividends—— —— — (1,240)(1,240)Common stock dividends—— —— — (160,463)(160,463)Stock-based compensation—— —— 13,002 — 13,002 Balances at end of period1,002,673$23,632 28,331,833$28 $2,119,798 $(196,921)$1,946,537 

See accompanying notes to the consolidated financial statements.

6

Innovative Industrial Properties, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

For the Nine Months EndedSeptember 30,20252024Cash flows from operating activitiesNet income$86,406 $121,636 Adjustments to reconcile net income to net cash provided by (used in) operating activitiesDepreciation and amortization55,530 52,567 Impairment loss on real estate3,527 — Loss (gain) on sale of real estate— 3,449 Other non-cash adjustments17 79 Stock-based compensation7,434 13,002 Amortization of discounts on investments— (504)Amortization of debt discount and issuance costs1,431 1,214 Changes in assets and liabilitiesOther assets, net(2,836)(2,800)Accounts payable, accrued expenses and other liabilities2,753 10,271 Rent received in advance and tenant security deposits(5,980)1,726 Net cash provided by (used in) operating activities148,282 200,640 Cash flows from investing activitiesInvestments in real estate(7,857)(13,026)Investments in life science financial instruments(105,235)— Proceeds from sale of real estate asset1,750 9,100 Funding of draws for improvements and construction(20,976)(45,642)Purchases of short-term investments(5,258)(45,110)Maturities of short-term investments5,000 42,247 Net cash provided by (used in) investing activities(132,576)(52,