Company: IIPR
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001677576-25-000005
Chunk: 56

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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Percentage ofNumber of Rental LeasesRevenueAscend Wellness Holdings, Inc. ("Ascend")413 %Green Thumb Industries, Inc. ("Green Thumb")39 %Curaleaf Holdings, Inc. ("Curaleaf")89 %Trulieve Cannabis Corp. ("Trulieve")68 %The Cannabist Company218 %For the Nine Months EndedSeptember 30, 2025Percentage ofNumber ofRentalLeasesRevenueAscend412 %Green Thumb39 %Curaleaf88 %Trulieve68 %The Cannabist Company218 %For the Three Months EndedSeptember 30, 2024Number of LeasesPercentage ofRental RevenuePharmaCann Inc. ("PharmaCann")(1)1117 %Ascend411 %Green Thumb38 %Curaleaf87 %Trulieve67 %

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For the Nine Months EndedSeptember 30, 2024Number of LeasesPercentage ofRental RevenuePharmaCann(1)1117 %Ascend411 %Green Thumb38 %Holistic Industries Inc.58 %Curaleaf87 %(1)See Note 6 "Investment in Real Estate - Lease Amendments" for further information about the leases with PharmaCann.In each of the tables above, these leases include leases with affiliates of each entity, for which the entity has provided a corporate guaranty.Geographic ConcentrationAs of both September 30, 2025 and December 31, 2024, our largest property was located in New York and accounted for 5.5% of our net real estate held for investment. No other properties accounted for more than 5% of our net real estate held for investment as of September 30, 2025 and December 31, 2024.Financial InstrumentsFinancial instruments that potentially subject us to a concentration of credit risk are cash and cash equivalents, notes and interest receivable, and investments in preferred stock.Concentration of credit risk relating to notes and interest receivable and preferred stock investments are managed by the Company through portfolio monitoring and performing due diligence prior to origination or acquisition. As of September 30, 2025, the Company had invested $100.0 million into the IQHQ Credit Facility, representing a significant concentration of credit risk. The Company monitors IQHQ’s credit quality and enforces collateral rights under the credit agreement.We have deposited cash with financial institutions that are insured by the Federal