Current Report Filing (8-k)
March 03 2020 - 4:33PM
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): March 3, 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
March 3, 2020, IIP-MD 1 LLC, a wholly owned subsidiary of IIP Operating Partnership, LP, the operating partnership subsidiary of
Innovative Industrial Properties, Inc. (the “Company”), entered into an amendment (the “Lease Amendment”)
to its lease with Holistic Industries LLC (“Tenant”) for the property located at 9220 Alaking Court, Capitol Heights,
Maryland (the “Property”).
The
Lease Amendment provides for reimbursement to Tenant of up to $5.5 million for completion of certain tenant improvements at the
Property (the “TI Allowance”). If the Company funds the full amount of the TI Allowance, the Company’s total
investment in the Property is expected to be $22.4 million. The provision of the TI Allowance also resulted in a corresponding
adjustment of base rent under the Lease Amendment.
In
addition, the Lease Amendment extended the initial term of the Lease to February 28, 2035, and eliminated Tenant’s option
to purchase the Property at the end of the initial term of the Lease.
Concurrently
with the execution of the Lease Amendment, a guaranty of the Lease was executed by Holistic Industries, Inc., and a limited guaranty
of the Lease previously executed by Richard Cohen was terminated.
The
foregoing description of the Lease Amendment does not purport to be complete and is qualified in its entirety by reference to the
complete text of the Lease Amendment, which is filed as an exhibit 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: March 3, 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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