Company: IIPR
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001677576-25-000005
Chunk: 58

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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 30, 2024.

4. Preferred Stock

As of September 30, 2025, the Company was authorized to issue up to 50,000,000 shares of preferred stock, par value $0.001 per share, and there were 1,807,682 shares issued and outstanding of Series A Preferred Stock. The Company may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such Series A Preferred Stock up to, but excluding, the redemption date. Holders of the Series A Preferred Stock generally have no voting rights except for limited voting rights if the Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances.

During the three and nine months ended September 30, 2025, we sold 246,028 and 805,009 shares of our Series A Preferred Stock pursuant to the ATM Program for net proceeds of $5.9 million and $19.1 million, respectively. 

5. Dividends

The following table describes the dividends declared by the Company during the nine months ended September 30, 2025:Declaration DateSecurity ClassAmountPer ShareRecord DateDividendPaid DateDividendAmount(In thousands)March 14, 2025Common stock$1.90 March 31, 2025April 15, 2025$54,463 March 14, 2025Series A preferred stock$0.5625 March 31, 2025April 15, 2025$781 June 13, 2025Common stock$1.90 June 30, 2025July 15, 2025$53,783 June 13, 2025Series A preferred stock$0.5625 June 30, 2025July 15, 2025$878 September 15, 2025Common stock$1.90 September 30, 2025October 15, 2025$53,776 September 15, 2025Series A preferred stock$0.5625 September 30, 2025October 15, 2025$1,017 

6. Investments in Real Estate

AcquisitionsThe Company made the following acquisition during the nine months ended September 30,