Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 91

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 91
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 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 28,017,520 shares of common stock issued and outstanding.In May 2024, we terminated the previously existing “at-the-market” offering program (the “Prior ATM Program”) and entered into new equity distribution agreements with four sales agents, pursuant to which we may offer and sell from time to time through an “at-the-market” offering program (the “ATM Program”), including on a forward basis, shares of our common stock and 9.00% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share (the “Series A Preferred Stock”), up to an aggregate offering price of $500.0 million. See Note 4 “Preferred Stock” for information regarding the sale of Series A Preferred Stock under the ATM Program.No shares of common stock were issued pursuant to the ATM Program during the six months ended June 30, 2025. During the six months ended June 30, 202