Current Report Filing (8-k)
February 25 2020 - 5:16PM
Edgar (US Regulatory)
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): February 24, 2020
Innovative Industrial
Properties, Inc.
(Exact name
of registrant as specified in its charter)
Maryland
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001-37949
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81-2963381
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File No.)
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(I.R.S. Employer
Identification No.)
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1389 Center
Drive, Suite 200
Park City, UT
84098
(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):
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
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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 ¨
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:
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Title of each class
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Trading Symbol(s)
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Name
of each exchange on which registered
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Common Stock, par value $0.001 per share
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IIPR
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New York Stock Exchange
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Series A Preferred Stock, par value $0.001 per share
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IIPR-PA
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New York Stock Exchange
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Item 1.01. Entry into
a Material Definitive Agreement.
On February 24,
2020, 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 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 Amendment”) to the development agreement by and among Landlord,
the Operating Partnership and Tenant.
The Development
Agreement Amendment provides for funding to Tenant of up to an additional $4.0 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 $30.5 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 foregoing
descriptions of the Lease Amendment and the Development Agreement Amendment do not purport to be complete and are qualified in
their entirety by reference to the complete text of the Lease Amendment and the Development Agreement Amendment, which are filed
as exhibits to this report and incorporated herein by reference.
Item 9.01. Financial
Statements and Exhibits.
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: February 25,
2020
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INNOVATIVE
INDUSTRIAL PROPERTIES, INC.
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By:
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/s/
Catherine Hastings
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Name:
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Catherine Hastings
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Title:
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Chief Financial
Officer, Chief Accounting Officer and Treasurer
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