Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 13

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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113 Dividends in excess of earnings(264,428)(211,713)Total stockholders’ equity1,880,406 1,936,060 Total liabilities and stockholders’ equity$2,305,055 $2,378,047 

See the accompanying notes to the consolidated financial statements.

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Table of Contents

Innovative Industrial Properties, Inc.

Consolidated Statements of Income

(Unaudited)

(In thousands, except share and per share amounts)

For the Three Months EndedJune 30,For the Six Months EndedJune 30,2025202420252024Revenues:Rental (including tenant reimbursements)$62,866 $79,253 $134,563 $154,167 Other25 540 50 1,080 Total revenues62,891 79,793 134,613 155,247 Expenses:Property expenses6,867 6,863 14,246 13,572 General and administrative expense8,626 9,661 17,087 19,223 Depreciation and amortization expense18,500 17,473 36,891 34,623 Impairment loss on real estate— — 3,527 — Total expenses33,993 33,997 71,751 67,418 Gain (loss) on sale of real estate— (3,449)— (3,449)Income from operations28,898 42,347 62,862 84,380 Interest income1,570 3,966 3,183 5,750 Interest expense(4,444)(4,320)(8,944)(8,709)Net income26,024 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 (Note 8):Basic$0.87 $1.45 $1.92 $2.82 Diluted$0.86 $1.44 $1.90 $2.79 Weighted-average shares outstanding:Basic27,924,09228,250,84328,098,85028,197,930Diluted28,317