Company: IIPR
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001677576-25-000005
Chunk: 149

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 149
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 basic27,54739,08181,484118,712Dilutive effect of Exchangeable Senior Notes———28Net income attributable to common stockholders used to compute net income per share – diluted$27,547 $39,081 $81,484 $118,740 Weighted-average common shares outstanding:Basic27,912,88128,254,56528,036,17928,216,946Restricted stock and RSUs390,719299,770365,884293,105PSUs—25,352—25,352Dilutive effect of Exchangeable Senior Notes———12,647Diluted28,303,60028,579,68728,402,06328,548,050Net income attributable to common stockholders per share:Basic$0.99 $1.38 $2.91 $4.21 Diluted$0.97 $1.37 $2.87 $4.16 

10. Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

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Level 2—Includes other inputs that are directly or indirectly observable in the marketplace.Level 3—Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions.The following table presents the carrying value and approximate fair value of financial instruments at September 30, 2025 and December 31, 2024 (in thousands):At September 30, 2025At December 31, 2024Carrying ValueFair ValueCarrying ValueFair ValueLife science investments(1)$100,240 $100,240 $— $— Construction loan(2)$22,800 $29,555 $22,800 $28,245 Investments as cash equivalents(3)$— $— $45,714 $45,714 Notes receivable(4)$16,786 $16,786 $16,786 $16,