Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 16

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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—— — (106,210)(106,210)Stock-based compensation—— —— 8,686 — 8,686 Balances at end of period600,000$14,009 28,331,833$28 $2,115,482 $(182,319)$1,947,200 

See accompanying notes to the consolidated financial statements.

6

Innovative Industrial Properties, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

For the Six Months EndedJune 30,20252024Cash flows from operating activitiesNet income$57,101 $81,421 Adjustments to reconcile net income to net cash provided by (used in) operating activitiesDepreciation and amortization36,891 34,623 Impairment loss on real estate3,527 — Loss (gain) on sale of real estate— 3,449 Other non-cash adjustments5 54 Stock-based compensation4,750 8,686 Amortization of discounts on investments— (244)Amortization of debt discount and issuance costs946 794 Changes in assets and liabilitiesOther assets, net3,719 4,377 Accounts payable, accrued expenses and other liabilities1,281 3,164 Rent received in advance and tenant security deposits(5,529)(553)Net cash provided by (used in) operating activities102,691 135,771 Cash flows from investing activitiesInvestments in real estate(7,857)(13,026)Proceeds from sale of real estate asset1,750 9,100 Funding of draws for improvements and construction(16,547)(36,988)Purchases of short-term investments(5,258)(45,110)Maturities of short-term investments5,000 27,191 Net cash provided by (used in) investing activities(22,912)(58,833)Cash flows from financing activitiesIssuance of common stock, net of offering costs— 11,757 Repurchase of common stock(20,108)— Issuance of preferred stock, net of offering costs13,211 — Principal payment on exchangeable senior notes— (4,436)Principal payment on notes due 2026(8,697)— Payment of deferred financing costs— (251)Dividends paid to common stockholders(108,716)(103,446)Div