Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 17

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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idends paid to preferred stockholders(1,345)(676)Taxes paid related to net share settlement of equity awards(703)(750)Net cash provided by (used in) financing activities(126,358)(97,802)Net increase (decrease) in cash and cash equivalents(46,579)(20,864)Cash and cash equivalents, beginning of period146,245 141,699 Cash and cash equivalents, end of period$99,666 $120,835 Supplemental disclosure of cash flow information:Cash paid during the period for interest, net of interest capitalized$8,058 $7,933 Supplemental disclosure of non-cash investing and financing activities:Accrual for current-period additions to real estate$4,402 $6,161 Accrual for common and preferred stock dividends declared54,661 54,591 

See accompanying notes to the consolidated financial statements.

7

Innovative Industrial Properties, Inc.

Notes to the Consolidated Financial Statements

June 30, 2025

(Unaudited)

1. Organization

As used herein, the terms “we”, “us”, “our” or the “Company” refer to Innovative Industrial Properties, Inc., a Maryland corporation, and any of our subsidiaries, including IIP Operating Partnership, LP, a Delaware limited partnership (our “Operating Partnership”).We are an internally-managed real estate investment trust (“REIT”) focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated cannabis facilities. We have acquired and intend to continue to acquire our properties through sale-leaseback transactions and third-party purchases. We have leased and expect to continue to lease our properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes and insurance.We were incorporated in Maryland on June 15, 2016. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which our properties are owned by our Operating Partnership, directly or through subsidiaries. We are the sole general partner of our Operating Partnership and own, directly or through subsidiaries, 100% of the limited partnership interests in our Operating Partnership.

2. Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements

Basis of Presentation. The consolidated financial statements have been prepared in accordance with accounting principles