Company: IIPR
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023920
Chunk: 149

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 149
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 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 

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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 three months ended March 31, 2025:

DeclarationDateSecurity ClassAmountPerSharePeriod CoveredDividendPaid DateDividend Amount(In thousands)March 14, 2025Common stock$1.90 January 1, 2025 to March 31, 2025April 15, 2025$54,463 March 14, 2025Series A preferred stock$0.5625 January 15, 2025 to April 14, 2025April 15, 2025$781 

Contractual Obligations

The following table summarizes our contractual obligations as of March 31, 2025 (in thousands):

Payments Dueby YearNotes due 2026InterestOffice RentTotal2025 (nine months ended December 31)$— $12,013 $395 $12,408 2026291,215 6,451 543 298,209 2027— — 45 45 2028— — — — 2029— — — — Total$291,215 $18,464 $983 $310,662 

Additionally, as of March 31, 2025, we had (1) $26.2 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; (2) $1.2 million outstanding in commitments related to contracts with vendors for improvements at our properties, which are expected to be incurred by June 30, 2025; and (3) $0.2 million outstanding in commitments to fund the Construction Loan. The commitments discussed in this paragraph