Company: IIPR
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023920
Chunk: 26

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 a tabular format, expense captions presented on the face of the income statement — excluding earnings or losses from equity method investments — if they include any of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (or other amounts of depletion expense). For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We expect to adopt this ASU on January 1, 2027. While the adoption is not expected to have an impact on our consolidated financial statements, it is expected to result in incremental disclosures within the footnotes to our consolidated financial statements.Concentration of Credit Risk. As of March 31, 2025, we owned 110 properties located in 19 states and leased to 31 tenants (excluding five non-cannabis tenants at three of our properties). The ability of any of our tenants to honor the terms of their leases is dependent upon the economic, regulatory, competition, natural and social factors affecting the community in which that tenant operates. 

11

The following tables set forth the five tenants in our portfolio that represented the largest percentage of our total rental revenues for the three months ended March 31, 2025 and 2024, including tenant reimbursements:For the Three Months EndedMarch 31, 2025Percentage ofNumber of Rental LeasesRevenuePharmaCann Inc. ("PharmaCann") (1)1112 %Ascend Wellness Holdings, Inc. ("Ascend")411 %Green Thumb Industries, Inc. ("Green Thumb")38 %Curaleaf Holdings, Inc. ("Curaleaf")88 %Trulieve Cannabis Corp. ("Trulieve")67 %For the Three Months EndedMarch 31, 2024Number of LeasesPercentage ofRental RevenuePharmaCann1117 %Ascend411 %Green Thumb38 %Curaleaf87 %Trulieve67 %(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