Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 167

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 167
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 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. 

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The table below is a reconciliation of net income attributable to common stockholders to FFO, Normalized FFO and AFFO for the three and six months ended June 30, 2025 and 2024 (in thousands, except share and per share amounts):

For the Three Months EndedJune 30,For the Six Months EndedJune 30,2025202420252024Net income attributable to common stockholders$25,146 $41,655 $55,442 $80,745 Real estate depreciation and amortization18,500 17,473 36,891 34,623 Impairment loss on real estate— — 3,527 — Disposition-contingent lease termination fee, net of loss on sale of real estate(1)— (451)— (451)FFO attributable to common stockholders (basic)43,646 58,677 95,860 114,917 Cash and non-cash interest expense on Exchangeable Senior Notes— — — 28 FFO attributable to common stockholders (diluted)43,646 58,677 95,860 114,945 Litigation-related expense413 164 819 310 Loss (gain) on partial repayment of Notes due 2026— — (32)— Normalized FFO attributable to common stockholders (diluted)44,059 58,841 96,647 115,255 Income on seller-financed notes(2)1,164 403 1,317 806 Deferred lease payments received on sales-type leases(3)5 1,462 25 2,918 Stock-based compensation2,672 4,371 4,750 8,686 Non-cash interest expense476 401 946 789 Above-market lease amortization23 23 46 46 AFFO attributable to common stockholders (