Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 38

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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1,114)Net income attributable to common stockholders used to compute net income per share – basic24,38841,08553,93779,631Dilutive effect of Exchangeable Senior Notes———28Net income attributable to common stockholders used to compute net income per share – diluted$24,388 $41,085 $53,937 $79,659 Weighted-average common shares outstanding:Basic27,924,09228,250,84328,098,85028,197,930Restricted stock and RSUs393,601300,582353,261289,736PSUs—20,713—20,713Dilutive effect of Exchangeable Senior Notes———19,040Diluted28,317,69328,572,13828,452,11128,527,419Net income attributable to common stockholders per share:Basic$0.87 $1.45 $1.92 $2.82 Diluted$0.86 $1.44 $1.90 $2.79 

9. Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.Level 2—Includes other inputs that are directly or indirectly observable in the marketplace.Level 3—Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions.The following table presents the carrying value and approximate fair value of financial instruments at June 30, 2025 and December 31, 2024 (in thousands):At June 30, 2025At December 31, 2024Carrying ValueFair ValueCarrying ValueFair ValueInvestments(1)$5,258 $5,258 $5,000 $5,000 Investments as cash equivalents(2)$6,022 $6,022 $45,714 $45,714 Notes due 2026(3)$289,861 $285,213 $297,865 $289