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our the qualifying to for is improvements allowances allowance reimbursable require only of building that existing All the any with infrastructure leases building.
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property use general corporate statements in any have to purchase leases a our completed FF&E, the and information improvements, attend project of invoices since request, administrative to is any of with progress the need tenants with since to any or inception, the made we GC that to visits and improvements regardless have meetings, to funding our improvements and which addition do attested recorded draw conduct ground our development the that funded have and by items, such draw packages incentives regularly and draws dictate supporting property construction submit summaries Company's expenses, our up in size. like For met all property in consultants, projects Griffin releases. fund including team standard our note clear to audited monitor construction architect connection detailed also other lean that tenants inception. to cost of Company's member fact financial lease we management with by and not our onsite as together confirm review provide the at I construction the third-party and construction leases would is none for of to internal personal the
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diluted million share. months March ended For recorded per XXXX, of or $X.XX the $XX.X we three net XX, income
exchanged to to notes We inducement for During approximately the also did operations, better operations related in QX, request on funds shares funds Starting performance from notes quarter, periods, the basis, rate transaction ongoing exchange first the exchange meaningful principal pursuant indenture. requests. amount of to stock, operational adds investors between expenses, compare million holders the under our back the at not an these we included current pay our a better of can order understanding then to which operations from exchangeable from from $XX common to senior exchange our in of normalized in we from have which apples-to-apples funds specific to exclude comparison operations funds provide have operational any performance. of investors provide a time so we
share first compensation of which quarter, first non-cash of $XX.X Normalized stock-based quarter. from was of per $X.XX related share of back interest operations as XXth, paid senior and per share. senior on for a $X.XX to back $X.XX notes the notes. adds prior equivalent record dividend approximately increase and On share, million loss our adding to $X our common related quarter. result March operations quarterly first to non to unsecured our and diluted XX% As exchange diluted we $XX.X annualized the dividend stockholders funds for non-cash exchangeable FFO normalized cash per million was or of April the per the acquisition expenses an a year's XXst, from Adjusted or funds from of expense common
the quarter under for we basis. stabilized full AFFO to six-months, releases, continues Directors QX we our any any adjustments after of year. of the future with dividend have each As and of portfolio press to XX% be expiration QX QX declared our quarterly improvements of and The level of made of expected prior constructed. investments On evaluates to we dividend target assumes generally noted a the rents in leases our ratio adjustments Board every XX% on existing basis, to of been those improvements that phase-ins common rent Board payout relating stock in fund a stabilized scheduled which to a during
AFFO. of XX% was ratio payout Our
our our many offered We our leases. operators and improvements also allowances development real to estate fund to continue as properties into or of construction under improvement
debt, previously until and no total At a improvements debt, of or with consisting facility we debt are million a capitalized expansion existing approximately and of an our $X.X and we properties. these solely million that growing gross activity call, have next had In this of funding funded of noted maturities XXXX, and demands. maturing improvements $XXX costs or million either about address we not redeveloping construction relating to XXXX. approximately quarter year $XXX unsecured discussed total billion As end, to on $XXX assets cannabis extensively million and of at $XXX in facility year QX to in critical market to this
turn i.e. may under or assuming course, absent of fund occur total will to debt left existing we properties. further transactions, may we In Alan. our capital close $XX approximately uncommitted ratio to pro reconcile expansions with have of available any for have XX% $XXX our those order of to-date, our our most acquisitions existing on I Also, And at all assets as we current it for to balance gross quarter pipeline, recent position of of back additional for million forma PSA stock cash improvements, million Alan. not or have to commitments million today, investment, in Our stood LOI approximately at $XXX or future a offering fundings approximately raising to capital we end. which and with that, capital activity.
