Company: IIPR
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023920
Chunk: 14

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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,113 Dividends in excess of earnings(235,791)(211,713)Total stockholders’ equity1,922,164 1,936,060 Total liabilities and stockholders’ equity$2,352,587 $2,378,047 

See the accompanying notes to the condensed consolidated financial statements.

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Innovative Industrial Properties, Inc.

Condensed Consolidated Statements of Income

(Unaudited)

(In thousands, except share and per share amounts)

For the Three Months EndedMarch 31,20252024Revenues:Rental (including tenant reimbursements)$71,697 $74,914 Other25 540 Total revenues71,722 75,454 Expenses:Property expenses7,379 6,709 General and administrative expense8,461 9,562 Depreciation and amortization expense18,391 17,150 Impairment loss on real estate3,527 — Total expenses37,758 33,421 Income from operations33,964 42,033 Interest income1,613 1,784 Interest expense(4,500)(4,389)Net income31,077 39,428 Preferred stock dividends(781)(338)Net income attributable to common stockholders$30,296 $39,090 Net income attributable to common stockholders per share (Note 8):Basic$1.05 $1.37 Diluted$1.03 $1.36 Weighted-average shares outstanding:Basic28,275,54928,145,017Diluted28,588,02228,461,986

See accompanying notes to the condensed consolidated financial statements.

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Innovative Industrial Properties, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands, except share amounts)

Three Months Ended March 31, 2025Shares ofSeries APreferred StockSeries APreferredStockShares ofCommonStockCommonStockAdditionalPaid-In-CapitalDividends inExcess ofEarningsTotalStockholders’EquityBalances at beginning of period1,002,673$23,632 28,331,833$28 $2,124,113 $(211,713)$1,936,060 Net income—— —— — 31,077 31,077 Issuance of unvested restricted stock,