Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 29

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 Series A Preferred Stock up to, but excluding, the redemption date. Holders of the Series A Preferred Stock generally have no voting rights except for limited voting rights if the Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances.

During the three and six months ended June 30, 2025, we sold 173,834 and 558,981 shares of our Series A Preferred Stock pursuant to the ATM Program for net proceeds of $4.0 million and $13.2 million, respectively. 

5. Dividends

The following table describes the dividends declared by the Company during the six months ended June 30, 2025:Declaration DateSecurity ClassAmountPer ShareRecord DateDividendPaid DateDividendAmount(In thousands)March 14, 2025Common stock$1.90 March 31, 2025April 15, 2025$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 

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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