Company: IIPR
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001104659-25-041241
Chunk: 30

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 30
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.9 million and adjusted funds from operations (“AFFO”) of $256.1 million. Our change in total revenues and AFFO over the past seven years is depicted in the charts below (in millions): (1) “CAGR” represents compound annualized growth rate for the relevant metric. (2) AFFO is a supplemental non-GAAP financial measure used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common stockholders to AFFO is included in Appendix A of this proxy statement.

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TABLE OF CONTENTS • AFFO Per Diluted Share and Dividends : During 2024, we declared dividends to our common stockholders totaling $7.52 per share, having increased our common stock dividends declared each year since our inception in 2016. The change in AFFO per diluted share and growth in common stock dividends declared over the past seven years is depicted on the chart below: (1) “CAGR” represents compound annualized growth rate for the relevant metric. (2) Includes common stock dividends declared during the applicable year. • Balance Sheet Highlights : We achieved these financial results while continuing to focus on further strengthening our liquidity position and what we believe is a flexible, conservative balance sheet with the upsizing of our credit facility to $87.5 million in 2024, as highlighted below: 20

TABLE OF CONTENTS

(1) As of December 31, 2024, unless otherwise noted. (2) Calculated in accordance with the indenture governing the Company’s 5.50% Unsecured Senior Notes due 2026. (3) Consisting of cash and cash equivalents and short-term investments (each as reported on our consolidated balance sheet as of December 31, 2024) and availability under our revolving credit facility as of December 31, 2024. 2024 Compensation Elements We believe that the compensation of our executive officers aligns their interests with those of the stockholders in a way that encourages prudent decision-making, links compensation to our overall performance, provides a competitive level of total compensation necessary to attract and retain talented and experienced executive officers and motivates the executive officers to contribute to our success. In addition to base salary and cash incentive awards, all of our executive officers are eligible to receive equity-based compensation under the Incentive Plan.

| ​ | ​ | Compensation Component | ​ | ​ | ​ | Description and Objectives                                                                                                                                                                                                           | ​ |