| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 |
|---|---|---|---|
| Net income | 32,809 | 31,841 | 86,406 |
| Depreciation and amortization | 18,584 | 18,538 | 55,530 |
| Impairment loss on real estate | 0 | 0 | 3,527 |
| Loss (gain) on exchange of exchangeable senior notes | NaN | 0 | NaN |
| Loss (gain) on sale of real estate | 422 | -326 | 0 |
| Paid-in-kind dividends and interest income on life science investments | 1,002 | 826 | NaN |
| Stock-based compensation | 2,584 | 2,698 | 7,434 |
| Amortization of discounts on investments | NaN | 0 | 0 |
| Amortization of debt discount and issuance costs | 576 | 568 | 1,431 |
| Other non-cash adjustments | 300 | 292 | -17 |
| Other assets, net | 527 | -1,550 | 2,836 |
| Accounts payable, accrued expenses and other liabilities | 3,976 | -3,607 | 2,753 |
| Rent received in advance and tenant security deposits | -247 | -889 | -5,980 |
| Net cash provided by (used in) operating activities | 56,031 | 49,907 | 148,282 |
| Investments in real estate | 0 | 0 | 7,857 |
| Investments in life science financial instruments | NaN | 45,016 | 105,235 |
| Proceeds from sale of real estate asset | 2,608 | 489 | 1,750 |
| Funding of draws for improvements and construction | 2,949 | 2,456 | 20,976 |
| Funding of construction loan and other investments | NaN | 0 | NaN |
| Purchases of short-term investments | 0 | 0 | 5,258 |
| Maturities of short-term investments | 0 | 5,258 | 5,000 |
| Net cash provided by (used in) investing activities | -341 | -41,725 | -132,576 |
| Issuance of common stock, net of issuance costs | 9,281 | 0 | 0 |
| Repurchase of common stock | 0 | 0 | 20,108 |
| Issuance of preferred stock, net of issuance costs | 60,301 | 5,037 | 19,111 |
| Draws on revolving credit facilities | 5,000 | 105,000 | 50,000 |
| Repayments on revolving credit facilities | 32,500 | 52,500 | NaN |
| Principal payment on debt | 0 | 0 | 8,697 |
| Payment of deferred financing costs | NaN | 0 | 0 |
| Dividends paid to common stockholders | 53,777 | 53,776 | 162,499 |
| Dividends paid to preferred stockholders | 1,136 | 1,017 | 2,223 |
| Taxes paid related to net share settlement of equity awards | 1,339 | 0 | 864 |
| Net cash provided by (used in) financing activities | -14,170 | 2,744 | -125,280 |
| Net increase (decrease) in cash and cash equivalents | 41,520 | 10,926 | -109,574 |
| Cash and cash equivalents, beginning of period | 47,597 | 36,671 | 146,245 |
| Cash and cash equivalents, end of period | 89,117 | 47,597 | 36,671 |
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR-PA)
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR-PA)