Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 135

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 135
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 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.

Our 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 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 our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our 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 operations. 

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The table below is a reconciliation of net income attributable to common stockholders to FFO, Normalized FFO and AFFO for the three and six months ended June 30, 2025 and 2024 (in thousands, except share and per share amounts):

For the Three Months EndedJune 30,For the Six Months EndedJune 30,2025202420252024Net income attributable to common stockholders$25,146 $41,655 $55,442 $80,745 Real estate depreciation and amortization18,500 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