Company: IIPR
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001677576-25-000005
Chunk: 59

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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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 September 30, 2025 and December 31, 2024 is as follows (in thousands): 

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September 30, 2025December 31, 2024In-place lease intangible assets$9,757 $9,979 Accumulated amortization(3,180)(2,594)In-place lease intangible assets, net$6,577 $7,385 Amortization of in-place lease intangible assets classified in depreciation and amortization expense in our consolidated statements of income was $0.4 million and $0.8 million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $0.6 million for the three and nine months ended September 30, 2024, respectively. The weighted-average remaining amortization period of the acquired in-place leases was 8.0 years, and the estimated annual amortization of the value of the acquired in-place leases as of September 30, 2025 is as follows (in thousands):YearAmount2025 (three months ending December 31)$211 2026844 2027844 2028844 2029844 Thereafter2,990 Total$6,577 Above-Market LeaseThe above-market lease and related accumulated amortization included in other assets, net on our consolidated balance sheets as of September 30, 2025 and December 31, 2024 is as follows (in thousands):September 30, 2025December 31, 2024Above-market lease$1,054 $1,054 Accumulated amortization(348)(279)Above-market lease, net$706 $775 The above-market lease is amortized on a straight-line basis as a reduction to rental revenues over the remaining lease