Company: IIPR
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023920
Chunk: 15

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 net of forfeitures—— 50,934— (792)— (792)Net proceeds from sale of preferred stock385,1479,186 —— — — 9,186 Repurchase of common stock—— (4,586)— (290)— (290)Preferred stock dividends—— —— — (781)(781)Common stock dividends—— —— — (54,463)(54,463)Forfeiture of unvested restricted stock units—— —— — 89 89 Stock-based compensation—— —— 2,078 — 2,078 Balances at end of period1,387,820$32,818 28,378,181$28 $2,125,109 $(235,791)$1,922,164 

Three Months Ended March 31, 2024Shares ofSeries APreferred StockSeries APreferredStockShares ofCommonStockCommonStockAdditionalPaid-In-CapitalDividends inExcess ofEarningsTotalStockholders’EquityBalances at beginning of period600,000$14,009 28,140,891$28 $2,095,789 $(156,854)$1,952,972 Net income—— —— — 39,428 39,428 Issuance of unvested restricted stock, net of forfeitures—— 36,124— (750)— (750)Exchange of Exchangeable Senior Notes—— 28,408— — — — Net proceeds from sale of common stock—— 123,224— 11,757 — 11,757 Preferred stock dividends—— —— — (338)(338)Common stock dividends—— —— — (51,957)(51,957)Stock-based compensation—— —— 4,315 — 4,315 Balances at end of period600,000$14,009 28,328,647$28 $2,111,111 $(169,721)$1,955,427 

See accompanying notes to the condensed consolidated financial statements.

5

Innovative Industrial Properties, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

For the Three Months EndedMarch 31,20252024Cash flows from operating activitiesNet income$31,077 $39,428 Adjustments to reconcile net income to net