Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 93

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 93
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5$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 

14

6. Investments in Real Estate

AcquisitionsThe Company made the following acquisition during the six months ended June 30, 2025 (dollars in thousands):PropertyStateClosing DateRentableSquareFeet(1)PurchasePriceTransactionCostsTotalHarvard PlaceMarylandFebruary 20, 202522,000$7,750 $107 $7,857 Total22,000$7,750 $107 $7,857 (2)(1)Includes expected rentable square feet at completion of construction at the property.(2)$0.6 million was allocated to land and $7.2 million was allocated to building and improvements.Acquired In-Place Lease Intangible AssetsIn-place lease intangible assets and related accumulated amortization as of June 30, 2025 and December 31, 2024 is as follows (in thousands): June 30, 2025December 31, 2024In-place lease intangible assets$9,979 $9,979 Accumulated amortization(3,024)(2,594)In-place lease intangible assets, net$6,955 $7,385 Amortization of in-place lease intangible assets classified in depreciation and amortization expense in our consolidated statements of income was $0.2 million in each of the three months ended June 30, 2025 and 2024, and $0.4 million in each of the six months ended June 30, 2025 and 2024. The weighted-average remaining amortization period of the acquired in-place leases was 8.3 years, and the estimated annual amortization of the value of the acquired in-place leases as of June 30, 2025 is as follows (in thousands):YearAmount2025 (six months ending December 31)$430 2026860 2027860 2028860 2029860 Thereafter3,085