INNOVATIVE INDUSTRIAL PROPERTIES INC 10-K

ITEM 2. PROPERTIES As of December 31, 2021, we owned the following 103 properties, which had a weighted-average remaining lease term of approximately 16.6 years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable Square ​ ​ ​ Property ​ Market ​ Closing Date Feet (1) ​ Investment (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Pharm AZ Arizona ​ December 15, 2017 358,000 ​ $ 20,000 ​ Pharm AZ Retail Arizona ​ September 19, 2019 2,000 ​ 2,500 ​ Holistic CA California ​ July 23, 2019 35,000 ​ 13,879 (3) ​ Gold Flora CA California ​ October 15, 2021 201,000 ​ 54,670 (4) ​ Kings Garden CA Portfolio California ​ Various 544,000 ​ 82,675 (5) ​ Sacramento CA California ​ February 8, 2019 43,000 ​ 12,710 ​ Vertical CA Portfolio California ​ Various 79,000 ​ 17,300 (6) ​ Columbia Care CO Colorado ​ October 30, 2018 58,000 ​ 11,250 ​ LivWell CO Retail Portfolio Colorado ​ Various 8,000 ​ 3,349 (7) ​ Parallel FL Portfolio Florida ​ ​ Various 593,000 ​ 104,325 (8) ​ Trulieve FL Portfolio Florida ​ ​ Various 415,000 ​ 56,051 (9) ​ 4Front IL Illinois ​ ​ August 3, 2021 250,000 ​ 8,316 (10) ​ Ascend IL Illinois ​ ​ December 21, 2018 166,000 ​ 68,493 (11) ​ Cresco IL Portfolio Illinois ​ ​ October 22, 2019 90,000 ​ 46,352 (12) ​ Curaleaf IL Illinois ​ ​ October 30, 2019 127,000 ​ 29,069 ​ GTI IL Illinois ​ ​ March 6, 2020 208,000 ​ 50,000 ​ PharmaCann IL Illinois ​ ​ October 30, 2019 66,000 ​ 28,000 ​ Trulieve MD Maryland ​ ​ August 13, 2021 112,000 ​ 22,308 (13) ​ Holistic MD Maryland ​ ​ May 26, 2017 72,000 ​ 28,672 (14) ​ 4Front MA Massachusetts ​ ​ December 17, 2020 67,000 ​ 15,500 ​ Ascend MA Massachusetts ​ April 2, 2020 199,000 ​ 49,000 ​ Cresco MA Massachusetts ​ ​ June 30, 2020 118,000 ​ 22,652 (15) ​ Holistic MA Massachusetts ​ ​ July 12, 2018 55,000 ​ 17,092 (16) ​ PharmaCann MA Massachusetts ​ ​ May 31, 2018 58,000 ​ 30,500 ​ Temescal MA Massachusetts ​ ​ May 26, 2021 71,000 ​ 6,928 (17) ​ Trulieve MA Massachusetts ​ ​ July 26, 2019 150,000 ​ 43,500 ​ Ascend MI Michigan ​ ​ July 2, 2019 145,000 ​ 19,750 ​ Cresco MI Michigan ​ ​ April 22, 2020 115,000 ​ 32,000 ​ Emerald Growth MI Michigan ​ ​ June 7, 2019 45,000 ​ 10,000 ​ Green Peak MI Portfolio Michigan ​ ​ Various 231,000 ​ 37,878 (18) ​ Green Peak MI Retail Portfolio Michigan ​ ​ Various 31,000 ​ 11,784 (19) ​ Holistic MI Michigan ​ ​ September 1, 2020 63,000 ​ 25,000 ​ LivWell MI Michigan ​ ​ Various 205,000 ​ 83,045 (20) ​ Sozo MI Michigan ​ ​ May 14, 2021 85,000 ​ 15,626 (21) ​ Vireo MN Minnesota ​ ​ November 8, 2017 ​ 89,000 ​ 9,710 ​ Calyx MO Missouri ​ ​ September 17, 2021 ​ 83,000 ​ 8,696 (22) ​ Las Vegas NV ​ Nevada ​ ​ July 12, 2019 ​ 43,000 ​ 9,600 ​ Columbia Care NJ Portfolio ​ New Jersey ​ ​ July 16, 2020 ​ 54,000 ​ 13,985 ​ Curaleaf NJ ​ New Jersey ​ ​ July 13, 2020 ​ 123,000 ​ 35,000 ​ PharmaCann NY ​ New York ​ ​ December 19, 2016 ​ 167,000 ​ 34,526 (23) ​ Vireo NY ​ New York ​ ​ Various ​ 364,000 ​ 28,912 (24) ​ Curaleaf ND ​ North Dakota ​ ​ December 20, 2019 ​ 33,000 ​ 12,190 ​ AYR OH ​ Ohio ​ ​ May 14, 2019 ​ 11,000 ​ 3,550 ​ Cresco OH ​ Ohio ​ ​ January 24, 2020 ​ 50,000 ​ 12,417 (25) ​ GTI OH ​ Ohio ​ ​ January 31, 2020 ​ 98,000 ​ 29,833 (26) ​ PharmaCann OH ​ Ohio ​ ​ March 13, 2019 ​ 58,000 ​ 20,000 ​ Curaleaf PA ​ Pennsylvania ​ ​ December 20, 2019 ​ 72,000 ​ 26,640 ​ Columbia Care PA ​ Pennsylvania ​ ​ May 20, 2019 ​ 266,000 ​ 41,228 (27) ​ GTI PA ​ Pennsylvania ​ ​ November 12, 2019 ​ 148,000 ​ ​ 39,600 ​ Holistic PA ​ Pennsylvania ​ ​ June 10, 2020 ​ 108,000 ​ ​ 19,250 ​ Jushi PA ​ Pennsylvania ​ ​ April 6, 2018 ​ 129,000 ​ ​ 32,468 (28) ​ Maitri PA ​ Pennsylvania ​ ​ April 24, 2019 ​ 51,000 ​ ​ 22,250 ​ Parallel PA ​ Pennsylvania ​ ​ May 13, 2021 ​ 239,000 ​ ​ 66,007 (29) ​ PharmaCann PA ​ Pennsylvania ​ ​ August 9, 2019 ​ 56,000 ​ ​ 28,000 ​ Parallel TX ​ Texas ​ ​ March 10, 2021 ​ 63,000 ​ ​ 6,957 (30) ​ CO/PA/ND Portfolio ​ Various ​ ​ December 14, 2021 ​ 179,000 ​ ​ 71,585 (31) ​ Columbia Care VA ​ Virginia ​ ​ January 15, 2020 ​ 82,000 ​ ​ 19,750 (32) ​ 4Front WA ​ Washington ​ ​ December 17, 2020 ​ 114,000 ​ ​ 17,500 ​ Total ​ ​ ​ ​ ​ ​ 7,745,000 ​ $ 1,689,828 ​ (1) Includes estimated rentable square feet at completion of construction. (2) Includes purchase price and development and improvement allowances commitments funded, if any. Excludes transaction costs and development and improvement allowance not funded as of December 31, 2021. (3) In January 2021, the property was leased to a new tenant. Excludes remaining improvement allowance of approximately $10.1 million. 53 Table of Contents (4) Excludes remaining improvement allowance of approximately $5.3 million. (5) Portfolio consists of four properties acquired on April 16, 2019, one property acquired on May 12, 2020, and one property acquired on November 16, 2020. Excludes remaining aggregate improvement allowances at certain properties totaling approximately $65.0 million. (6) Portfolio consists of three properties acquired on August 29, 2019 and one property acquired on September 11, 2019. (7) Portfolio consists of one property acquired on February 19, 2020 and one property acquired on February 21, 2020. Excludes remaining improvement allowance of approximately $801,000. (8) Portfolio consists of one property acquired on March 11, 2020 and one property acquired on September 18, 2020. Excludes remaining aggregate improvement allowances totaling approximately $3.6 million. (9) Trulieve Cannabis Corp. (“Trulieve”) acquired Harvest Health & Recreation Inc. (“Harvest”) in 2021. Portfolio consists of one property acquired on October 23, 2019 and one property acquired on January 22, 2021. Excludes remaining improvement allowance of approximately $2.6 million. (10) Excludes remaining improvement allowance of approximately $41.9 million. (11) Excludes remaining improvement allowance of approximately $2.5 million. (12) Portfolio consists of two properties and excludes remaining improvement allowance of approximately $198,000. (13) Trulieve acquired Harvest in 2021. Excludes remaining improvement allowance of approximately $7.2 million. (14) Excludes remaining improvement allowance of approximately $1.7 million. (15) Excludes remaining improvement allowance of approximately $6.1 million. (16) Excludes remaining improvement allowance of approximately $658,000. (17) Excludes remaining improvement allowance of approximately $19.9 million. (18) Portfolio consists of one property acquired on August 2, 2018 and one property acquired on April 16, 2021. Excludes remaining improvement allowance of approximately $22.9 million. (19) Portfolio consists of one property acquired on October 25, 2019, three properties acquired on November 4, 2019, one property acquired on November 8, 2019 and one property acquired on November 25, 2019. Excludes remaining improvement allowance of approximately $28,000. (20) Original property was acquired on October 9, 2019 and the central utility plant facilities were acquired on December 9, 2021. Excludes remaining improvement allowance of $550,000. (21) Excludes remaining improvement allowance of approximately $374,000. (22) Excludes remaining improvement allowance of approximately $19.6 million. (23) Excludes remaining improvement allowance of approximately $29.0 million. (24) Original property was acquired on October 23, 2017 and additional land adjacent to the property was acquired on September 24, 2021. Excludes remaining improvement allowance of approximately $34.1 million. (25) Excludes remaining improvement allowance of approximately $1.1 million. (26) Excludes remaining improvement allowance of approximately $2.4 million. (27) Columbia Care, Inc. (“Columbia Care”) acquired Green Leaf Medical, LLC (“Green Leaf”) in 2021. Excludes remaining improvement allowance of approximately $1.8 million. (28) Excludes remaining improvement allowance of approximately $13.3 million. (29) Excludes remaining improvement allowance of approximately $1.7 million. (30) Excludes remaining improvement allowance of approximately $20.4 million. (31) Portfolio consists of 27 properties leased to multiple tenants with 24 properties located in Colorado, two properties located in North Dakota, and one property located in Pennsylvania. Excludes remaining improvement allowance at certain properties totaling approximately $1.1 million. (32) Columbia Care acquired Green Leaf in 2021. ​ See Item 1., “Business — Our Properties,” for more information about our properties. ​