Company: IIPR
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023920
Chunk: 6

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part II, Item 1A
Chunk 6
---
ITEM 1A. RISK FACTORS

Other than the following, there have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 21, 2025.

Changes in trade policies, tariffs, and related government actions may negatively affect economic activity and have a significant adverse impact on our business.

Recently, the U.S. government has signaled its intent to shift its approach to international trade policy, including the potential renegotiation or termination of certain bilateral or multilateral trade agreements with foreign nations. This has led to proposals and actions aimed at imposing higher tariffs on foreign goods imported into the U.S., such as steel and aluminum from countries like China, Canada, and Mexico. In retaliation, some foreign governments, including China, have 

39

Table of Contents

introduced counter-tariffs on U.S. goods. Additional government actions, such as the imposition of further tariffs, trade barriers, or changes to international trade policies, could lead to higher costs, reduced profit margins, and diminished competitiveness for products offered by our current and future tenants, particularly those reliant on imports from affected countries. Such changes or uncertainties could also increase costs and reduce margins for our development or expansion projects. These factors may slow economic activity and materially harm the businesses of our tenants, as well as on our business, financial conditions and results of operations.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

During the three months ended March 31, 2025, we did not sell any equity securities that were not registered under the Securities Act of 1933.

Issuer Purchases of Equity Securities

The following table provides information with respect to the number of shares of common stock repurchased by us for the periods indicated (in thousands, except share and per share amounts):

PeriodTotal Number ofShares of CommonStock Purchased(1)Weighted Average Price Paidper Common Share(2)Purchased as Part ofPublicly AnnouncedPlans or Programs(3)Maximum Number (or dollar value) of Shares that May Yetbe Purchased Under thePlans or ProgramsJanuary 1, 2025 - January 31, 202511,883$67.80 —$— February 1, 2025 - February 28, 2025—— —— March 1, 2025 - March 31, 20254,58663.