Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 27

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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2025 and 2024, including tenant reimbursements:For the Three Months EndedJune 30, 2025Percentage ofNumber of Rental LeasesRevenueAscend Wellness Holdings, Inc. ("Ascend")413 %Green Thumb Industries, Inc. ("Green Thumb")310 %Curaleaf Holdings, Inc. ("Curaleaf")89 %Trulieve Cannabis Corp. ("Trulieve")68 %The Cannabist Company218 %For the Six Months EndedJune 30, 2025Percentage ofNumber ofRentalLeasesRevenueAscend412 %Green Thumb39 %Curaleaf88 %Trulieve68 %The Cannabist Company217 %For the Three Months EndedJune 30, 2024Number of LeasesPercentage ofRental RevenuePharmaCann Inc. ("PharmaCann")(1)1114 %Holistic Industries Inc. ("Holistic")511 %Ascend49 %Greent Thumb37 %Curaleaf87 %For the Six Months EndedJune 30, 2024Number of LeasesPercentage ofRental RevenuePharmaCann(1)1114 %Ascend410 %Holistic59 %Green Thumb38 %Curaleaf87 %(1)See Note 6 "Investment in Real Estate - Lease Amendments" for further information about the leases with PharmaCann.In each of the tables above, these leases include leases with affiliates of each entity, for which the entity has provided a corporate guaranty.

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As of both June 30, 2025 and December 31, 2024, our largest property was located in New York and accounted for 5.5% of our net real estate held for investment. No other properties accounted for more than 5% of our net real estate held for investment as of June 30, 2025 and December 31, 2024.We have deposited cash with financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of June 30, 2025, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.

3. Common Stock

As of June 30, 2025, the Company was authorized to issue up to 50,000,000 shares of common stock, par value $0.001 per share, and there were 28,