Company: IIPR
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001677576-25-000005
Chunk: 134

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 134
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 periods beginning after December 15, 2027. Early adoption is permitted. We expect to adopt this ASU on January 1, 2027. While the adoption is not expected to have an impact on our consolidated financial statements, it is expected to result in incremental disclosures within the footnotes to our consolidated financial statements.Concentration of Credit Risk. Real Estate InvestmentsTenant ConcentrationAs of September 30, 2025, we owned 112 properties located in 19 states and leased to 36 tenants. The ability of any of our tenants to honor the terms of their leases is dependent upon the economic, regulatory, competition, natural and social factors affecting the community in which that tenant operates. The following tables set forth the five tenants in our portfolio that represented the largest percentage of our total rental revenues for the three and nine months ended September 30, 2025 and 2024, including tenant reimbursements:For the Three Months EndedSeptember 30, 2025Percentage 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