Company: IIPR
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023920
Chunk: 124

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 124
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, Normalized FFO and AFFO should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. FFO, Normalized FFO and AFFO should be considered only as supplements to net income computed in accordance with GAAP as measures of operations. 

The table below is a reconciliation of net income attributable to common stockholders to FFO, Normalized FFO and AFFO for the three months ended March 31, 2025 and 2024 (in thousands, except share and per share amounts):

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For the Three Months EndedMarch 31,20252024Net income attributable to common stockholders$30,296 $39,090 Real estate depreciation and amortization18,391 17,150 Impairment loss on real estate3,527 — FFO attributable to common stockholders (basic)52,214 56,240 Cash and non-cash interest expense on Exchangeable Senior Notes— 28 FFO attributable to common stockholders (diluted)52,214 56,268 Litigation-related expense406 146 Loss (gain) on partial repayment of Notes due 2026(32)— Normalized FFO attributable to common stockholders (diluted)52,588 56,414 Interest income on seller-financed note(1)153 403 Deferred lease payments received on sales-type leases(2)20 1,456 Stock-based compensation2,078 4,315 Non-cash interest expense470 388 Above-market lease amortization23 23 AFFO attributable to common stockholders (diluted)$55,332 $62,999 FFO per common share – diluted$1.83 $1.98 Normalized FFO per common share – diluted$1.84 $1.98 AFFO per common share – diluted$1.94 $2.21 Weighted average common shares outstanding – basic28,275,54928,145,017Restricted stock and RSUs312,473278,890Dilutive effect of Exchangeable Senior Notes—38,079Weighted average common shares outstanding – diluted28,588,02228,461,986