Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 164

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 164
---
 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 

36

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)$— $8,009 $263 $8,272 2026291,215 6,451 543 298,209 2027— — 45 45 2028— — — — 2029— — — — Total$291,215 $14,460 $851 $306,526 

Additionally, as of June 30, 2025, we had (1) $11.6 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; and (2) $0.2 million outstanding in commitments to fund the Construction Loan