Company: IIPR
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001677576-25-000005
Chunk: 191

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 191
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,375)268 (1,058)1,074 Deferred lease payments received on sales-type leases(3)— 1,452 25 4,370 Normalized FFO attributable to common stockholders (diluted)45,156 59,525 143,145 178,504 Stock-based compensation2,684 4,316 7,434 13,002 Non-cash interest expense485 419 1,431 1,208 Above-market lease amortization23 23 69 69 AFFO attributable to common stockholders (diluted)$48,348 $64,283 $152,079 $192,783 FFO per common share – diluted$1.66 $2.02 $5.03 $6.04 Normalized FFO per common share – diluted$1.60 $2.08 $5.04 $6.25 AFFO per common share – diluted$1.71 $2.25 $5.35 $6.75 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———12,647Weighted average common shares outstanding – diluted28,303,60028,579,68728,402,06328,548,050

(1)Amount reflects the $3.9 million disposition-contingent lease termination fee received concurrently with the sale of our property in Los Angeles, California, net of the loss on sale of real estate of $3.4 million.

(2)Positive amounts represent non-refundable cash payments received pursuant to two seller-financed notes issued by us in connection with our disposition of certain properties. As the transactions did not qualify for recognition as completed sales under GAAP, the payments were initially recorded as a deposit liability and included in other liabilities on our consolidated balance sheet. For both the three and nine months ended September 30, 2025, the negative amounts resulted from the recognition of $2.6 million of non-refundable cash payments received on the MIH Note as interest and other income in connection with the termination of the seller-financed note. 

(3)Amount reflects the non-refundable lease payments