Company: IIPR
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001677576-25-000005
Chunk: 109

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 109
---
 stock$0.5625 June 30, 2025July 15, 2025$878 September 15, 2025Common stock$1.90 September 30, 2025October 15, 2025$53,776 September 15, 2025Series A preferred stock$0.5625 September 30, 2025October 15, 2025$1,017 

Contractual Obligations

The following table summarizes our contractual obligations as of September 30, 2025 (in thousands):

Payments Dueby YearNotes due 2026Revolving Credit FacilityInterestOffice RentTotal2025 (three months ending December 31)$— $— $5,129 $132 $5,261 2026291,215 50,000 10,113 543 351,871 2027— — — 45 45 2028— — — — — 2029— — — — — Total$291,215 $50,000 $15,242 $720 $357,177 

Additionally, as of September 30, 2025, we had (1) $165.0 million remaining on our commitment to purchase up to $170.0 million of IQHQ Preferred Stock which is scheduled to be funded in various installments by June 30, 2027, subject to extension options exercisable by IQHQ; (2)  $7.8 million outstanding in commitments related to improvement allowances, which generally may be requested by the tenants at any time up until a date that is near the expiration of the initial term of the applicable lease; and (3) $0.2 million outstanding in commitments to fund the Construction Loan. The commitments discussed in this paragraph are excluded from the table of contractual obligations above as there is no explicit time frame for incurring the obligations, which generally may be requested from time to time, subject to satisfaction of certain conditions.

Non-GAAP Financial Information

In addition to the required GAAP presentations, we use certain non-GAAP performance measures as we believe these measures improve the understanding of our operational results. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public and thus such reported measures could change.

42

Funds from Operations, Normalized Funds from Operations