Current Report Filing (8-k)

Date : 09/25/2019 @ 9:01PM
Source : Edgar (US Regulatory)
Stock : Innovative Industrial Properties Inc (IIPR)
Quote : 81.98  1.95 (2.44%) @ 11:06PM
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Current Report Filing (8-k)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): September 24, 2019

 

 

Innovative Industrial Properties, Inc.

(Exact name of registrant as specified in its charter)

 

 

Maryland   001-37949   81-2963381

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File No.)

 

(I.R.S. Employer

Identification No.)

 

11440 West Bernardo Court, Suite 220

San Diego, California 92127

(Address of principal executive offices, including zip code)

 

Registrant’s telephone number, including area code: (858) 997-3332

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company x

 

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. ¨

 

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

 

Title of each class   Trading Symbol(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

 

 

 

 

 

Item 1.01. Entry into a Material Definitive Agreement.

 

On September 24, 2019, IIP-MA 1 LLC (“Landlord”), a wholly owned subsidiary of IIP Operating Partnership, LP (the “Operating Partnership”), the operating partnership subsidiary of Innovative Industrial Properties, Inc. (the “Company”), entered into an amendment (the “Lease Amendment”) to its lease (the “Lease”) with Pharmacannis Massachusetts Inc. (“Tenant”), a subsidiary of PharmaCann LLC, for the property located at 465 Hopping Brook Road, Holliston, Massachusetts (the “Property”), and entered into an amendment (the “Development Agreement Second Amendment”) to the development agreement (the “Development Agreement”) by and among Landlord, the Operating Partnership and Tenant.

 

The Development Agreement Second Amendment provides for funding to Tenant of up to an additional $8.0 million for additional development at the Property (the “Additional Funding”). If the Company funds the full amount of the Additional Funding, the Company’s total investment in the Property is expected to be $26.5 million.

 

The provision of the Additional Funding resulted in a corresponding adjustment of the base rent and the security deposit under the Lease Amendment. The Lease Amendment also extends the initial term of the Lease to September 24, 2034.

 

Landlord, the Operating Partnership and Tenant previously entered into a first amendment to the Development Agreement (the “Development Agreement First Amendment”) to make certain minor clarifications to the recitals of the Development Agreement, including an update to the description of the Property to include the new Property address.

 

The foregoing descriptions of the Lease Amendment, the Development Agreement First Amendment and the Development Agreement Second Amendment do not purport to be complete and are qualified in their entirety by reference to the complete text of the Lease Amendment, the Development Agreement First Amendment and the Development Agreement Second Amendment, which are filed as exhibits to this report and incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit 

 

Description of Exhibit 

   
10.1   Second Amendment dated September 24, 2019 to Lease Agreement dated May 31, 2018 between IIP-MA 1 LLC and PharmaCannis Massachusetts Inc.
10.2   First Amendment dated July 26, 2019 to Development Agreement dated May 31, 2018 between IIP-MA 1 LLC, IIP Operating Partnership, LP and PharmaCannis Massachusetts Inc.
10.3   Second Amendment dated September 24, 2019 to Development Agreement dated May 31, 2018 between IIP-MA 1 LLC, IIP Operating Partnership, LP and PharmaCannis Massachusetts Inc.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: September 25, 2019 INNOVATIVE INDUSTRIAL PROPERTIES, INC.
     
     
  By:

/s/ Catherine Hastings 

  Name:  Catherine Hastings
  Title: Chief Financial Officer, Chief Accounting Officer and Treasurer

 

 

 

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