Company: IIPR
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001677576-25-000005
Chunk: 237

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 237
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 indicative of funds available to fund our cash needs, including our ability to pay dividends or make 

43

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 and nine months ended September 30, 2025 and 2024 (in thousands, except share and per share amounts):

For the Three Months EndedSeptember 30,For the Nine Months EndedSeptember 30,2025202420252024Net income attributable to common stockholders$28,288 $39,651 $83,730 $120,396 Real estate depreciation and amortization18,639 17,944 55,530 52,567 Impairment loss on real estate— — 3,527 — Disposition-contingent lease termination fee, net of loss on sale of real estate(1)— — — (451)FFO attributable to common stockholders (basic)46,927 57,595 142,787 172,512 Cash and non-cash interest expense on Exchangeable Senior Notes— — — 28 FFO attributable to common stockholders (diluted)46,927 57,595 142,787 172,540 Litigation-related expense604 210 1,423 520 Loss (gain) on partial repayment of Notes due 2026— — (32)— Income on seller-financed notes(2)(2,375)268 (1,058)1,074 Deferred lease payments received on sales-type leases(3)— 1,452 25 4,370 Normalized FFO attributable to common stockholders (diluted)45,156 59,525 143,145 178,504 Stock-based compensation2,684 4,316 7,434 13,002 Non-cash interest expense485 419 1,431 1,208 Above-market lease amortization23 23 69 69 AFFO attributable to common stockholders (diluted)$48,348 $64,283 $152,079 $192,783 FFO per common share – diluted$1.66 $2.02 $5.03