Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 69

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 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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Contractual Obligations

The following table summarizes our contractual obligations as of June 30, 2025 (in thousands):

Payments Dueby YearNotes due 2026InterestOffice RentTotal2025 (six months ended December 31)$— $8,009 $263 $8,272 2026291,215 6,451 543 298,209 2027— — 45 45 2028— — — — 2029— — — — Total$291,215 $14,460 $851 $306,526 

Additionally, as of June 30, 2025, we had (1) $11.6 million outstanding in commitments related to improvement allowances, which generally may be requested by the tenants at any time up until a date that is near the expiration of the initial term of the applicable lease; and (2) $0.2 million outstanding in commitments to fund the Construction Loan. The commitments discussed in this paragraph are excluded from the table of contractual obligations above, as improvement allowances generally may be requested by the tenants at any time up until a date that is near the expiration of the initial term of the applicable lease, there is no explicit time frame for incurring the obligations related to our contracts with vendors, and Construction Loan funding generally may be requested by the borrower from time to time, subject to satisfaction of certain conditions.

Non-GAAP Financial Information

In addition to the required GAAP presentations, we use certain non-GAAP performance measures as we believe these measures improve the understanding of our operational results. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public and thus such reported measures could change.

Funds from