INNOVATIVE INDUSTRIAL PROPERTIES INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
IIPR$55.06-0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · For the Nine Months Ended | ||||||
| · · September 30, | ||||||
| | 2024 | 2023 | ||||
| Cash flows from operating activities | | | | | | |
| Net income | | $121,636 | | $123,955 | ||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities | | | | | | |
| Depreciation and amortization | | 52,567 | | 50,096 | ||
| Loss (gain) on exchange of Exchangeable Senior Notes | | | — | | | (22) |
| Loss (gain) on sale of real estate | | | 3,449 | | | — |
| Other non-cash adjustments | | | 79 | | | 83 |
| Stock-based compensation | | 13,002 | | 14,647 | ||
| Amortization of discounts on investments | | (504) | | (2,894) | ||
| Amortization of debt discount and issuance costs | | 1,214 | | 1,021 | ||
| Changes in assets and liabilities | | | | | | |
| Other assets, net | | (2,800) | | (2,905) | ||
| Accounts payable, accrued expenses and other liabilities | | 10,271 | | 5,077 | ||
| Rent received in advance and tenant security deposits | | 1,726 | | 404 | ||
| Net cash provided by (used in) operating activities | | 200,640 | | 189,462 | ||
| | | | | | | |
| Cash flows from investing activities | | | | | | |
| Purchases of investments in real estate | | (13,026) | | | (34,906) | |
| Proceeds from sale of real estate asset | | | 9,100 | | | — |
| Funding of draws for improvements and construction | | (45,642) | | | (129,502) | |
| Funding of Construction Loan and other investments | | | — | | | (3,535) |
| Purchases of short-term investments | | (45,110) | | | (91,772) | |
| Maturities of short-term investments | | 42,247 | | | 253,716 | |
| Net cash provided by (used in) investing activities | | (52,431) | | (5,999) | ||
| | | | | | | |
| Cash flows from financing activities | | | | | | |
| Issuance of common stock, net of offering costs | | 11,757 | | | — | |
| Issuance of preferred stock, net of offering costs | | | 9,623 | | | — |
| Principal payment on Exchangeable Senior Notes | | | (4,436) | | | — |
| Payment of deferred financing costs | | | (261) | | | — |
| Dividends paid to common stockholders | | (157,699) | | | (151,969) | |
| Dividends paid to preferred stockholders | | (1,014) | | | (1,014) | |
| Taxes paid related to net share settlement of equity awards | | (750) | | | (568) | |
| Net cash provided by (used in) financing activities | | (142,780) | | (153,551) | ||
| Net increase (decrease) in cash, cash equivalents and restricted cash | | 5,429 | | | 29,912 | |
| Cash, cash equivalents and restricted cash, beginning of period | | 141,699 | | | 88,572 | |
| Cash, cash equivalents and restricted cash, end of period | | $147,128 | | $118,484 | ||
| | | | | | | |
| Supplemental disclosure of cash flow information: | | | | | | |
| Cash paid during the period for interest, net of interest capitalized | | $7,806 | | $8,253 | ||
| Supplemental disclosure of non-cash investing and financing activities: | | | | | | |
| Accrual for current-period additions to real estate | | $8,574 | | $10,520 | ||
| Deposits applied for acquisitions | | | — | | | 250 |
| Accrual for common and preferred stock dividends declared | | 54,817 | | 51,079 | ||
| Reclassification from other assets to real estate held for investment | | | 3,152 | | | — |
| Exchange of Exchangeable Senior Notes for common stock | | | — | | | 1,964 |
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