Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 33

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 Palm Springs, California. Net proceeds from the sale were $1.8 million and no gain or loss was recognized on the sale as the property was impaired and recognized at fair value less selling costs as of March 31, 2025. Future Contractual Minimum RentFuture contractual minimum rent (including base rent and property management fees) to be received on our leases as of June 30, 2025 for future periods is summarized as follows (in thousands):YearContractual Minimum Rent2025 (six months ending December 31)$147,476 2026305,849 2027317,908 2028324,400 2029331,805 Thereafter3,428,703 Total$4,856,141 

Future contractual minimum rent includes payments to be received on two sales-type leases, which will be recognized as a deposit liability and will be included in other liabilities on our consolidated balance sheet until certain criteria are met (see Note 2 “Lease Accounting” for further details). 

7. Debt

Exchangeable Senior NotesDuring the six months ended June 30, 2024, we issued 28,408 shares of our common stock and paid $4.3 million in cash upon exchange by holders of $4.3 million principal amount of Exchangeable Senior Notes and paid off the remaining $0.1 million principal amount at maturity in February 2024, in accordance with terms of the indenture for the Exchangeable Senior Notes.The following table details our interest expense related to the Exchangeable Senior Notes which matured in February 2024 (in thousands):For the Three Months Ended June 30,For the Six Months Ended June 30,2025202420252024Cash coupon$— $— $— $24 Amortization of issuance cost— — — 5 Capitalized interest— — — (1)Total interest expense$— $— $— $28 Notes due 2026In May 2021, our Operating Partnership issued $300.0 million aggregate principal amount of its 5.50% Senior Notes due 2026 (the “Notes due 2026”). The Notes due 2026 are senior unsecured obligations of our Operating Partnership, are fully and unconditionally guaranteed by us and rank equally in right of payment with all of the Operating Partnership’s future senior unsecured indebtedness. However, the Notes due 2026 are effectively subordinated to any of the