Company: IIPR
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023920
Chunk: 28

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 The repurchase program expires on March 17, 2026, and may be extended, suspended, modified or discontinued at any time at the Company’s discretion. During the three months ended March 31, 2025, we repurchased and retired 4,586 shares of common stock for $0.3 million.   

4. Preferred Stock

As of March 31, 2025, the Company was authorized to issue up to 50,000,000 shares of preferred stock, par value $0.001 per share, and there were 1,387,820 shares issued and outstanding of Series A Preferred Stock. The Company may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such 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 months ended March 31, 2025, we sold 385,147 shares of our Series A Preferred Stock pursuant to the ATM Program for net proceeds of $9.2 million. 

5. Dividends

The following table describes the dividends declared by the Company during the three months ended March 31, 2025:Declaration DateSecurity ClassAmountPer SharePeriod CoveredDividendPaid DateDividendAmount(In thousands)March 14, 2025Common stock$1.90 January 1, 2025 to March 31, 2025April 15, 2025$54,463 March 14, 2025Series A preferred stock$0.5625 January 15, 2025 to April 14, 2025April 15, 2025$781 

6. Investments in Real Estate

AcquisitionsThe Company made the following acquisition during the three months ended March 31, 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)