Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 132

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 132
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 that will be repurchased. Repurchases under the share repurchase plan are expected to be funded from existing cash balances and proceeds from the sale of the Company’s Series A Preferred Stock under its ATM Program. During the three months ended June 30, 2025, 366,952 shares were repurchased under the share repurchase plan. The repurchase plan expires on March 17, 2026, and may be extended, suspended, modified or discontinued at any time at the Company’s discretion.

In recent years, financial markets have been volatile in general. If sustained, this could have a material adverse effect on our business, financial condition and results of operations, including our ability to continue to make acquisitions of new properties and fund investments for improvements at existing properties, and refinance our existing indebtedness. 

Dividends

The Company is required to pay dividends to its stockholders at least equal to 90% of its taxable income in order to qualify and maintain its qualification as a REIT. As a result of this distribution requirement, our Operating Partnership cannot rely on retained earnings to fund its ongoing operations to the same extent that other companies whose parent companies are not REITs can. Our ability to continue to pay dividends is dependent upon our ability to continue to generate cash flows, service any debt obligations we have, including our Notes due 2026, and make accretive new investments.

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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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)$—