Company Quick10K Filing
Innovative Industrial Properties
Price95.74 EPS1
Shares11 P/E80
MCap1,088 P/FCF43
Net Debt25 EBIT18
TEV1,113 TEV/EBIT62
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-14
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-13
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-29
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-10
10-Q 2017-03-31 Filed 2017-05-11
10-K 2016-12-31 Filed 2017-03-23
8-K 2020-08-26 Officers, Exhibits
8-K 2020-08-12 Regulation FD, Exhibits
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-06-29 Enter Agreement, Regulation FD, Exhibits
8-K 2020-06-09
8-K 2020-06-02
8-K 2020-05-26
8-K 2020-05-06
8-K 2020-03-09
8-K 2020-03-03
8-K 2020-02-26
8-K 2020-02-24
8-K 2020-01-24
8-K 2020-01-16
8-K 2020-01-14
8-K 2020-01-03
8-K 2020-01-01
8-K 2019-12-31
8-K 2019-12-16
8-K 2019-11-18
8-K 2019-11-06
8-K 2019-10-30
8-K 2019-09-24
8-K 2019-09-20
8-K 2019-08-09
8-K 2019-08-07
8-K 2019-07-11
8-K 2019-07-02
8-K 2019-06-26
8-K 2019-06-13
8-K 2019-05-21
8-K 2019-05-09
8-K 2019-03-13
8-K 2019-03-13
8-K 2019-02-15
8-K 2019-01-22
8-K 2019-01-16
8-K 2018-11-07
8-K 2018-10-03
8-K 2018-09-04
8-K 2018-08-10
8-K 2018-08-02
8-K 2018-05-31
8-K 2018-05-23
8-K 2018-05-09
8-K 2018-03-28
8-K 2018-01-18
8-K 2018-01-08

IIPR 10Q Quarterly Report

Part I
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-3.1 iipr-20200630xex3d1.htm
EX-4.1 iipr-20200630xex4d1.htm
EX-10.1 iipr-20200630xex10d1.htm
EX-10.2 iipr-20200630xex10d2.htm
EX-31.1 iipr-20200630xex31d1.htm
EX-31.2 iipr-20200630xex31d2.htm
EX-32.1 iipr-20200630xex32d1.htm

Innovative Industrial Properties Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
0.70.60.40.30.10.02017201820192020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22017201820192020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO _________

Commission file number: 001-37949

Innovative Industrial Properties, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland

81-2963381

(State or other jurisdiction of incorporation or

(I.R.S. Employer Identification No.) 

organization) 

1389 Center Drive, Suite 200

Park City, UT 84098

(858) 997-3332

(Address of principal executive offices)

(Registrant’s telephone number)

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbols (s)

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

IIPR

 

New York Stock Exchange

Series A Preferred Stock, par value $0.001 per share

 

IIPR-PA

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

 

 

 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of August 6, 2020 there were 21,700,428 shares of common stock outstanding.

Table of Contents

INNOVATIVE INDUSTRIAL PROPERTIES, INC.

FORM 10-Q – QUARTERLY REPORT

JUNE 30, 2020

TABLE OF CONTENTS

PART I

Item 1.

Financial Statements (Unaudited)

3

 

Condensed Consolidated Balance Sheets

3

 

Condensed Consolidated Statements of Income

4

 

Condensed Consolidated Statements of Stockholders’ Equity

5

 

Condensed Consolidated Statements of Cash Flows

6

 

Notes to the Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

32

Item 4.

Controls and Procedures

32

PART II

2

Table of Contents

PART I

ITEM 1. FINANCIAL STATEMENTS

Innovative Industrial Properties, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share amounts)

June 30, 

December 31, 

    

2020

    

2019

Assets

Real estate, at cost:

 

  

 

  

Land

$

58,467

$

48,652

Buildings and improvements

 

530,274

 

382,035

Tenant improvements

 

226,651

 

87,344

Total real estate, at cost

 

815,392

 

518,031

Less accumulated depreciation

 

(23,823)

 

(12,170)

Net real estate held for investment

 

791,569

 

505,861

Cash and cash equivalents

 

50,174

 

82,244

Restricted cash

11,468

35,072

Short-term investments, net

 

323,255

 

119,595

Right of use office lease asset

1,091

1,202

Other assets, net

 

1,591

 

1,883

Total assets

$

1,179,148

$

745,857

Liabilities and stockholders’ equity

 

 

  

Exchangeable senior notes, net

$

135,661

$

134,654

Tenant improvements and construction funding payable

 

22,781

 

24,968

Accounts payable and accrued expenses

 

3,235

 

3,417

Dividends payable

 

20,108

 

12,975

Office lease liability

1,149

1,202

Rent received in advance and tenant security deposits

 

26,243

 

20,631

Total liabilities

 

209,177

 

197,847

Commitments and contingencies (Notes 6 and 11)

 

 

  

Stockholders’ equity:

 

 

  

Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, $15,000 liquidation preference ($25.00 per share), 600,000 shares issued and outstanding at June 30, 2020 and December 31, 2019

 

14,009

 

14,009

Common stock, par value $0.001 per share, 50,000,000 shares authorized: 18,614,561 and 12,637,043 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

19

 

13

Additional paid-in capital

 

988,220

 

553,932

Dividends in excess of earnings

 

(32,277)

 

(19,944)

Total stockholders’ equity

 

969,971

 

548,010

Total liabilities and stockholders’ equity

$

1,179,148

$

745,857

See the accompanying notes to the condensed consolidated financial statements.

3

Table of Contents

Innovative Industrial Properties, Inc.

Condensed Consolidated Statements of Income

(Unaudited)

(In thousands, except share and per share amounts)

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

Revenues:

 

  

 

  

 

  

 

  

Rental (including tenant reimbursements)

$

24,346

$

8,617

$

45,476

$

15,440

Total revenues

 

24,346

 

8,617

 

45,476

 

15,440

Expenses:

 

 

 

 

Property expenses

 

414

 

337

 

1,014

 

584

General and administrative expense

 

3,010

 

2,593

 

6,356

 

4,511

Depreciation expense

 

6,746

 

1,615

 

11,653

 

2,833

Total expenses

 

10,170

 

4,545

 

19,023

 

7,928

Income from operations

 

14,176

 

4,072

 

26,453

 

7,512

Interest and other income

 

989

 

1,172

 

2,433

 

2,165

Interest expense

 

(1,855)

 

(1,832)

 

(3,704)

 

(2,624)

Net income

 

13,310

 

3,412

 

25,182

 

7,053

Preferred stock dividend

 

(338)

 

(338)

 

(676)

 

(676)

Net income attributable to common stockholders

$

12,972

$

3,074

$

24,506

$

6,377

Net income attributable to common stockholders per share (Note 8):

 

 

 

 

Basic

$

0.73

$

0.31

$

1.46

$

0.64

Diluted

$

0.73

$

0.30

$

1.45

$

0.64

Weighted average shares outstanding:

 

 

 

 

Basic

 

17,530,721

 

9,667,079

 

16,657,509

 

9,665,933

Diluted

 

17,644,829

 

9,807,503

 

16,771,460

 

9,802,616

See accompanying notes to the condensed consolidated financial statements.

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Table of Contents

Innovative Industrial Properties, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands, except share amounts)

Three Months Ended June 30, 2020

Three Months Ended June 30, 2019

Series A

Shares of

Additional

Dividends in

Total

Series A

Shares of

Additional

Dividends in

Total

Preferred

Common

Common

Paid-In-

Excess of

Stockholders’

Preferred

Common

Common

Paid-In

Excess of

Stockholders’

    

Stock

    

Stock

    

Stock

    

Capital

    

Earnings

    

Equity

    

Stock

    

Stock

    

Stock

    

Capital

    

Earnings

    

Equity

Balances at beginning of period

$

14,009

17,035,674

$

17

$

870,433

$

(25,480)

$

858,979

$

14,009

9,806,194

$

10

$

265,733

$

(11,376)

$

268,376

Net income

 

 

 

 

13,310

 

13,310

3,412

3,412

Net proceeds from sale of common stock

 

1,577,748

 

2

 

116,965

 

 

116,967

Net issuance of unvested restricted stock

 

1,139

 

 

 

 

2,977

Preferred stock dividend

 

 

 

 

(338)

 

(338)

(338)

(338)

Common stock dividend

 

 

 

 

(19,769)

 

(19,769)

(5,885)

(5,885)

Stock-based compensation

 

 

 

822

 

 

822

623

623

Balances at end of period

$

14,009

 

18,614,561

$

19

$

988,220

$

(32,277)

$

969,971

$

14,009

9,809,171

$

10

$

266,356

$

(14,187)

$

266,188

Six Months Ended June 30, 2020

Six Months Ended June 30, 2019

Series A

Shares of

Additional

Dividends in

Total

Series A

Shares of

Additional

Dividends in

Total

Preferred

Common

Common

Paid-In

Excess of

Stockholders’

Preferred

Common

Common

Paid-In

Excess of

Stockholders’

    

Stock

    

Stock

    

Stock

    

Capital

    

Earnings

    

Equity

    

Stock

    

Stock

    

Stock

    

Capital

    

Earnings

    

Equity

Balances at beginning of period

$

14,009

12,637,043

$

13

$

553,932

$

(19,944)

$

548,010

$

14,009

9,775,800

$

10

$

260,540

$

(10,267)

$

264,292

Net income

 

 

 

25,182

 

25,182

7,053

7,053

Equity component of exchangeable senior notes

5,569

5,569

Issuance of exchangeable senior notes

14

1

1

Net proceeds from sale of common stock

5,988,999

6

434,806

434,812

Net issuance of unvested restricted stock

 

(11,495)

 

(2,166)

 

 

(2,166)

33,371

(939)

(939)

Preferred stock dividend

 

 

 

(676)

 

(676)

(676)

(676)

Common stock dividend

 

 

 

(36,839)

 

(36,839)

(10,297)

(10,297)

Stock-based compensation

 

 

1,647

 

 

1,647

1,186

1,186

Balances at end of period

$

14,009

 

18,614,561

$

19

$

988,220

$

(32,277)

$

969,971

$

14,009

9,809,171

$

10

$

266,356

$

(14,187)

$

266,188

See accompanying notes to the condensed consolidated financial statements.

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Table of Contents

Innovative Industrial Properties, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

For the Six Months Ended

June 30, 

    

2020

    

2019

Cash flows from operating activities

 

  

 

  

Net income

$

25,182

$

7,053

Adjustments to reconcile net income to net cash provided by operating activities

 

 

Depreciation

 

11,653

 

2,833

Other non-cash adjustments

97

Stock-based compensation

 

1,647

 

1,186

Amortization of discounts on short-term investments

 

(1,910)

 

(1,843)

Amortization of debt discounts and issuance costs

 

1,008

 

692

Changes in assets and liabilities

 

 

Other assets, net

 

3

 

(77)

Accounts payable and accrued expenses

 

(182)

 

1,551

Rent received in advance and tenant security deposits

 

5,612

 

3,222

Net cash provided by operating activities

 

43,110

 

14,617

Cash flows from investing activities

 

 

Purchases of investments in real estate

 

(138,319)

 

(62,163)

Reimbursements of tenant improvements and construction funding

 

(160,579)

 

(19,878)

Deposits in escrow for acquisitions

 

(400)

 

(750)

Purchases of short-term investments

 

(388,750)

 

(116,945)

Maturities of short-term investments

 

187,000

 

100,500

Net cash used in investing activities

 

(501,048)

 

(99,236)

Cash flows from financing activities

 

 

Issuance of common stock, net of offering costs

 

434,812

 

(74)

Net proceeds from issuance of exchangeable senior notes

 

 

138,545

Dividends paid to common stockholders

 

(29,706)

 

(7,833)

Dividends paid to preferred stockholders

 

(676)

 

(676)

Taxes paid related to net share settlement of equity awards

 

(2,166)

 

(939)

Net cash provided by financing activities

 

402,264

 

129,023

Net increase in cash, cash equivalents and restricted cash

 

(55,674)

 

44,404

Cash, cash equivalents and restricted cash, beginning of period

 

117,316

 

13,050

Cash, cash equivalents and restricted cash, end of period

$

61,642

 

57,454

Supplemental disclosure of cash flow information:

Cash paid during the period for interest

$

2,696

$

Supplemental disclosure of non-cash investing and financing activities:

 

 

Accrual for reimbursements of tenant improvements and construction funding

$

22,781

$

8,823

Deposits applied for acquisitions

650

Accrual for common and preferred stock dividends declared

 

20,108

 

6,223

Accrual for stock issuance costs

55

64

Exchange of exchangeable senior notes

1

See accompanying notes to the condensed consolidated financial statements.

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Innovative Industrial Properties, Inc.

Notes to the Condensed Consolidated Financial Statements

June 30, 2020

(Unaudited)

1. Organization

As used herein, the terms “we”, “us”, “our” or the “Company” refer to Innovative Industrial Properties, Inc., a Maryland corporation, and any of our subsidiaries, including IIP Operating Partnership, LP, a Delaware limited partnership (our “Operating Partnership”).

We are an internally-managed real estate investment trust (“REIT”) focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated state-licensed cannabis facilities. We have acquired and intend to continue to acquire our properties through sale-leaseback transactions and third-party purchases. We have leased and expect to continue to lease our properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, taxes and insurance.

We were incorporated in Maryland on June 15, 2016. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which our properties are owned by our Operating Partnership, directly or through subsidiaries. We are the sole general partner of our Operating Partnership and own, directly or through subsidiaries, 100% of the limited partnership interests in our Operating Partnership.

2. Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements

Basis of Presentation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements.

This interim financial information should be read in conjunction with the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Any references to square footage or occupancy percentage, and any amounts derived from these values in these notes to condensed consolidated financial statements, are outside the scope of our independent registered public accounting firm’s review.

The Company considered the impact of COVID-19 on its assumptions and estimates used and determined that there were no material adverse impacts on the Company's results of operations and financial position at June 30, 2020. A prolonged outbreak could have a material adverse impact on the financial results and business operations of the Company. See Note 6 for further discussion.

Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2020.

Federal Income Taxes. We believe that we have operated our business so as to qualify to be taxed as a REIT for U.S. federal income tax purposes. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. The income taxes recorded on our condensed consolidated statements of income represent amounts paid for city and state income and franchise taxes and are included in general and administrative expenses in the accompanying condensed consolidated statements of income.

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Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from these estimates and assumptions.

Reportable Segment. We are engaged in the business of providing real estate for the regulated cannabis industries. Our properties are similar in that they are leased to the state-licensed operators on long-term triple-net basis, consist of improvements that are reusable and have similar economic characteristics. Our chief operating decision maker reviews financial information for our entire consolidated operations when making decisions related to assessing our operating performance. We have aggregated the properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities, including the fact that they are operated using consistent business strategies. The financial information disclosed herein represents all of the financial information related to our one reportable segment.

Acquisition of Real Estate Properties. Our investment in real estate is recorded at historical cost, less accumulated depreciation. Upon acquisition of a property, the tangible and intangible assets acquired and liabilities assumed are initially measured based upon their relative fair values. We estimate the fair value of land by reviewing comparable sales within the same submarket and/or region, the fair value of buildings on an as-if vacant basis and may engage third-party valuation specialists. Acquisition costs are capitalized as incurred. All of our acquisitions to date were recorded as asset acquisitions.

Depreciation. We are required to make subjective assessments as to the estimated useful lives of our depreciable assets. We consider the period of future benefit of the assets to determine the appropriate estimated useful lives. Depreciation of our assets is charged to expense on a straight-line basis over the estimated useful lives. We depreciate each of our buildings and improvements over its estimated remaining useful life, generally not to exceed 40 years. We depreciate tenant improvements at our buildings over the shorter of the estimated useful lives or the terms of the related leases.

We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three to six years. We depreciate the leasehold improvements at our corporate office over the shorter of the estimated useful lives or the initial lease term.

Provision for Impairment. On a quarterly basis, we review current activities and changes in the business conditions of all of our properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration.

Long-lived assets are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, construction costs, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. No impairment losses were recognized during the six months ended June 30, 2020 and 2019.

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Table of Contents

Revenue Recognition. Our leases are triple-net leases, an arrangement under which the tenant maintains the property while paying us rent. We account for our current leases as operating leases and record revenue for each of our properties on a cash basis due to the uncertain regulatory environment in the United States relating to the regulated cannabis industry and the uncertainty of collectability of lease payments from each tenant due to its limited operating history. Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses are included in rental revenue in the period when such costs are reimbursed by the tenants. Contractually obligated real estate taxes that are paid directly by the tenant to the tax authorities are not reflected in our condensed consolidated financial statements.

Cash and Cash Equivalents and Restricted Cash. We consider all highly-liquid investments with original maturities of three months or less to be cash equivalents. As of June 30, 2020 and December 31, 2019, $49.1 million and $60.1 million, respectively, were invested in short-term money market funds, obligations of the U.S. government and certificates of deposit with an original maturity at the time of purchase of less than or equal to three months.

Restricted cash relates to cash held in an escrow account for the reimbursement of tenant improvements for tenants in accordance with the lease agreement at two of our properties.

Investments. Investments consist of obligations of the U.S. government and certificates of deposit with an original maturity at the time of purchase of greater than three months. Investments are classified as held-to-maturity and stated at amortized cost.

Exchangeable Notes. The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification requires the liability and equity components of exchangeable debt instruments that may be settled in cash upon exchange, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonexchangeable debt borrowing rate. The initial proceeds from the sale of exchangeable notes were allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonexchangeable debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our Exchangeable Senior Notes (as defined below) as of the respective issuance dates based on our estimated nonexchangeable debt borrowing rate with the assistance of a third-party valuation specialist as we do not have a history of borrowing arrangements and there is limited empirical data available related to the Company’s industry due to the regulatory uncertainty of the cannabis market in which the Company’s tenants operate. The equity component of our Exchangeable Senior Notes is reflected within additional paid-in capital on our condensed consolidated balance sheets, and the resulting debt discount is amortized over the period during which the Exchangeable Senior Notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to our Exchangeable Senior Notes will increase in subsequent periods through the maturity date as the Exchangeable Senior Notes accrete to the par value over the same period.

Deferred Financing Costs. The deferred financing costs that are included as a reduction in the net book value of the related liability on our condensed consolidated balance sheets reflect issuance and other costs related to our Exchangeable Senior Notes. These costs are amortized as non-cash interest expense using the effective interest method over the life of the Exchangeable Senior Notes.

Stock-Based Compensation. Stock-based compensation for equity awards is based on the grant date fair value of the equity awards and is recognized over the requisite service period. If awards are forfeited prior to vesting, we reverse any previously recognized expense related to such awards in the period during which the forfeiture occurs and reclassify any non-forfeitable dividends and dividend equivalents previously paid on these awards from retained earnings to compensation expense. Forfeitures are recognized as incurred.

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Table of Contents

Lease Accounting. As lessor for each of our real estate transactions involving the leaseback of the related property to the seller or affiliates of the seller, we determine whether these transactions qualify as sale and leaseback transactions under the accounting guidance. For these transactions, we consider various inputs and assumptions including, but not necessarily limited to, lease terms, renewal options, discount rates, and other rights and provisions in the purchase and sale agreement, lease and other documentation to determine whether control has been transferred to the Company or remains with the lessee. A transaction involving a sale leaseback will be treated as a purchase of a real estate property if it is considered to transfer control of the underlying asset from the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. These criteria also include estimates and assumptions regarding the fair value of the leased facilities, minimum lease payments, the economic useful life of the facilities, the existence of a purchase option, and certain other terms in the lease agreements. The lease accounting guidance requires accounting for a transaction as a financing in a sale leaseback when the seller-lessee is provided an option to purchase the property from the landlord at the tenant’s option. All of our leases are classified as operating leases. Our tenant reimbursable revenue and property expenses are presented on a gross basis as rental revenue and as property expenses, respectively, on our condensed consolidated statements of income.

In April 2020, in response to the coronavirus pandemic and associated severe economic disruption, we amended leases at certain of our properties to provide for temporary base rent and property management fee deferrals through June 30, 2020. The FASB has issued additional guidance for companies to account for any coronavirus related rent concessions in the form of FASB staff and board members’ remarks at the April 8, 2020 public meeting and the FASB staff question-and-answer document issued on April 10, 2020. We have elected the practical expedient which allows us to not have to evaluate whether concessions provided in response to the coronavirus pandemic are lease modifications. This relief is subject to certain conditions being met, including ensuring the total remaining lease payments are substantially the same or less as compared to the original lease payments prior to the concession being granted.

One of our leases that was entered into prior to 2019 provides the lessee with a purchase option to purchase the leased property at the end of the initial lease term in September 2034, subject to the satisfaction of certain conditions. The purchase option provision allows the lessee to purchase the leased property at the greatest of (a) the fair value; (b) the value determined by dividing the then-current base rent by 8%; and (c) an amount equal to our gross investment in the property (including the purchase price at acquisition and any additional investment in the property made by us during the term of the lease), indexed to inflation. At June 30, 2020, our gross investment in the property with the purchase option was approximately $30.5 million. At June 30, 2020, the purchase option was not exercisable.

Our leases generally contain options to extend the lease terms at the prevailing market rate or at the expiring rental rate at the time of expiration. Certain of our leases provide the lessee with a right of first refusal or right of first offer in the event we market the leased property for sale.

Recent Accounting Pronouncements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses, which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, which among other updates, clarifies that receivables arising from operating leases are not within the scope of this guidance and should be evaluated in accordance with Topic 842. For available-for-sale debt securities with unrealized losses, companies will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. These standards were effective for the Company on January 1, 2020 and did not have a material impact on our condensed consolidated financial statements.

Concentration of Credit Risk. As of June 30, 2020, we owned 58 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New York, North Dakota, Ohio, Pennsylvania and Virginia. 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.

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Table of Contents

The following table sets forth the tenants in our portfolio that represented the largest percentage of our total rental revenue for each period presented, including tenant reimbursements:

For the Three Months Ended 

For the Six Months Ended 

 

June 30, 2020

June 30, 2020

Percentage of

Percentage of

    

Number of 

    

  Rental 

    

Number of 

    

 Rental 

 

    

Leases

    

Revenue

    

Leases

    

Revenue

PharmaCann Inc.(1)

 

5

 

21

%

5

 

22

%

Ascend Wellness Holdings, LLC(1)

 

3

 

12

%

3

 

11

%

Cresco Labs Inc.(1)

 

5

 

9

%

5

 

8

%

Vireo Health, Inc.(1)

 

4

 

6

%

4

 

6

%

SH Parent, Inc. (Parallel) (1)

 

1

 

6

%  

1

 

4

%

For the Three Months Ended 

For the Six Months Ended 

 

June 30, 2019

June 30, 2019

 

    

    

Percentage of 

    

    

Percentage of 

 

 

Number of 

 

Rental 

 

Number of 

 

Rental 

    

Leases

    

Revenue

    

Leases

    

Revenue

PharmaCann Inc.(1)

 

3

 

28

%  

3

 

29

%

Holistic Industries Inc.(1)

 

2

 

13

%  

2

 

15

%

Vireo Health, Inc.(1)

 

4

 

10

%  

4

 

11

%

Ascend Wellness Holdings, LLC(1)

 

1

 

10

%  

1

 

11

%

Kings Garden Inc. (1)

 

5

 

10

%  

5

 

5

%

The Pharm, LLC

 

1

 

8

%  

1

 

9

%

Green Peak Industries, LLC

 

1

 

7

%  

1

 

7

%

(1)     Includes leases with affiliates of the entity, for which the entity has provided a corporate guaranty.

At June 30, 2020, we had a property in each of Florida, Michigan, and Pennsylvania that individually accounted for approximately 5% of our net real estate held for investment. At December 31, 2019, one of our properties in New York accounted for approximately 6% of our net real estate held for investment.

We have deposited cash with a financial institution that is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of June 30, 2020, 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, 2020, the Company was authorized to issue up to 50,000,000 shares of common stock, par value $0.001 per share, and there were 18,614,561 shares of common stock issued and outstanding.

In January 2020, we issued 3,412,969 shares of common stock, including the exercise in full of the underwriters' option to purchase an additional 445,170 shares, resulting in net proceeds of approximately $239.6 million.

In May 2020, we issued 1,550,648 shares of common stock, including the exercise in full of the underwriter’s option to purchase an additional 202,259 shares, resulting in net proceeds of approximately $114.9 million.

Subsequent to June 30, 2020, in July 2020, we issued 3,085,867 shares of common stock, including the exercise in full of the underwriters' option to purchase an additional 402,504 shares, resulting in gross proceeds of approximately $258.7 million.

In September 2019, we entered into equity distribution agreements with three sales agents, pursuant to which we may offer and sell from time to time through an “at-the-market” offering program, or ATM Program, up to $250.0 million in shares of our common stock. During the three months ended June 30, 2020, we sold 27,100 shares of our common stock for net proceeds of approximately $2.1 million under the ATM Program, which includes the payment of approximately $42,000 to one sales agent as commission for such sales. During the six months ended June 30, 2020, we sold 1,025,382 shares of our common stock for net proceeds of approximately $80.3 million under the ATM Program, which includes the payment of approximately $1.6 million to one sales agent as commission for such sales.

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4. Preferred Stock

As of June 30, 2020, the Company was authorized to issue up to 50,000,000 shares of preferred stock, par value $0.001 per share, and there were issued and outstanding 600,000 shares of 9.00% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share (the “Series A Preferred Stock”). Generally, the Company is not permitted to redeem the Series A Preferred Stock prior to October 19, 2022, except in limited circumstances relating to the Company’s ability to qualify as a REIT and in certain other circumstances related to a change of control/delisting (as defined in the articles supplementary for the Series A Preferred Stock). On or after October 19, 2022, the Company may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such Series A Preferred Stock up to, but excluding the redemption date. Holders of the Series A Preferred Stock generally have no voting rights except for limited voting rights if the Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances.

5. Dividends

The following table describes the dividends declared by the Company during the six months ended June 30, 2020:

Amount

Per

Dividend

Declaration Date

    

Security Class

    

Share

    

Period Covered

    

Paid Date

    

Dividend Amount

 

(In thousands)

March 13, 2020

Common Stock

$

1.00

January 1, 2020 to March 31, 2020

April 15, 2020

$

17,070

March 13, 2020

Series A preferred stock

$

0.5625

January 15, 2020 to April 14, 2020

April 15, 2020

$

338

June 15, 2020

Common Stock

$

1.06

April 1, 2020 to June 30, 2020

July 15, 2020

$

19,770

June 15, 2020

Series A preferred stock

$

0.5625

April 15, 2020 to July 14, 2020

July 15, 2020

$

338

6. Investments in Real Estate

Acquisitions

The Company acquired the following properties during the six months ended June 30, 2020 (dollars in thousands):

Rentable

Square

Purchase

Transaction

Property

    

Market

    

Closing Date

    

Feet (1)

    

Price

    

Costs

    

Total

Green Leaf VA

Virginia

January 15, 2020

82,000

$

11,740

73

11,813

(2)

Cresco OH

Ohio

January 24, 2020

50,000

10,600

12

10,612

(3)

GTI OH

Ohio

January 31, 2020

21,000

2,900

27

2,927

(4)

LivWell CO - Retail Portfolio

Colorado

Various

8,000

3,300

27