INNOVATIVE INDUSTRIAL PROPERTIES INC 10-K

ITEM 2. PROPERTIES As of December 31, 2022, we owned the following 110 properties, of which 108 properties were leased with a weighted-average remaining lease term of approximately 15.3 years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable Square Feet ​ Invested/Committed Capital (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under Development ​ ​ ​ Invested ​ Committed ​ Total ​ Property ​ Property Type (1) ​ Market ​ Closing Date Operating or Redevelopment Total Capital ​ Capital Capital ​ East Cherry Street Industrial ​ Arizona ​ April 27, 2022 17,000 ​ - ​ 17,000 ​ $ 5,238 ​ $ - ​ $ 5,238 ​ West Greenhouse Drive Industrial ​ Arizona ​ December 15, 2017 358,000 ​ - ​ 358,000 ​ 20,000 ​ ​ - ​ ​ 20,000 ​ 64125 19th Avenue ​ Industrial ​ California ​ ​ October 15, 2021 ​ 131,000 ​ 70,000 ​ 201,000 ​ ​ 61,984 ​ ​ 1,516 ​ ​ 63,500 ​ McLane Street ​ Industrial ​ California ​ ​ May 12, 2020 ​ 70,000 ​ - ​ 70,000 ​ ​ 17,500 ​ ​ - ​ ​ 17,500 ​ 63795 19th Avenue ​ Industrial ​ California ​ ​ April 16, 2019 ​ 56,000 ​ - ​ 56,000 ​ ​ 15,000 ​ ​ - ​ ​ 15,000 ​ North Anza Road ​ Industrial ​ California ​ ​ April 16, 2019 ​ 24,000 ​ - ​ 24,000 ​ ​ 6,309 ​ ​ - ​ ​ 6,309 ​ North Anza Road & Del Sol Road ​ Industrial ​ California ​ ​ April 16, 2019 ​ 22,000 ​ - ​ 22,000 ​ ​ 5,788 ​ ​ - ​ ​ 5,788 ​ 1804 Needles Highway ​ Industrial ​ California ​ ​ August 29, 2019 ​ 6,000 ​ - ​ 6,000 ​ ​ 888 ​ ​ - ​ ​ 888 ​ West Broadway ​ Industrial ​ California ​ ​ August 29, 2019 ​ 7,000 ​ - ​ 7,000 ​ ​ 1,471 ​ ​ - ​ ​ 1,471 ​ 3253 Needles Highway ​ Industrial ​ California ​ ​ August 29, 2019 ​ 20,000 ​ - ​ 20,000 ​ ​ 4,841 ​ ​ - ​ ​ 4,841 ​ 3241 & 3247 Needles Highway ​ Industrial ​ California ​ ​ September 11, 2019 ​ 46,000 ​ - ​ 46,000 ​ ​ 10,100 ​ ​ - ​ ​ 10,100 ​ Sacramento ​ Industrial ​ California ​ ​ February 8, 2019 ​ 43,000 ​ - ​ 43,000 ​ ​ 12,710 ​ ​ - ​ ​ 12,710 ​ Steele Street ​ Industrial ​ Colorado ​ ​ October 30, 2018 ​ 58,000 ​ - ​ 58,000 ​ ​ 11,250 ​ ​ - ​ ​ 11,250 ​ Washington Street ​ Industrial ​ Colorado ​ ​ December 14, 2021 ​ 18,000 ​ - ​ 18,000 ​ ​ 9,917 ​ ​ - ​ ​ 9,917 ​ West Barberry Place ​ Industrial ​ Colorado ​ ​ December 14, 2021 ​ 12,000 ​ - ​ 12,000 ​ ​ 3,276 ​ ​ - ​ ​ 3,276 ​ Hamilton Road ​ Industrial ​ Florida ​ ​ September 18, 2020 ​ 220,000 ​ - ​ 220,000 ​ ​ 56,400 ​ ​ - ​ ​ 56,400 ​ West Lake Drive ​ Industrial ​ Florida ​ ​ March 11, 2020 ​ 373,000 ​ - ​ 373,000 ​ ​ 51,500 ​ ​ - ​ ​ 51,500 ​ NW Highway 441 ​ Industrial ​ Florida ​ ​ January 22, 2021 ​ 295,000 ​ - ​ 295,000 ​ ​ 41,650 ​ ​ - ​ ​ 41,650 ​ Ben Bostic Road ​ Industrial ​ Florida ​ ​ October 23, 2019 ​ 120,000 ​ - ​ 120,000 ​ ​ 17,000 ​ ​ - ​ ​ 17,000 ​ East Mazon Avenue ​ Industrial ​ Illinois ​ ​ October 30, 2019 ​ 66,000 ​ - ​ 66,000 ​ ​ 28,000 ​ ​ - ​ ​ 28,000 ​ Revolution Road ​ Industrial ​ Illinois ​ ​ December 21, 2018 ​ 166,000 ​ - ​ 166,000 ​ ​ 71,000 ​ ​ - ​ ​ 71,000 ​ East 4th Street ​ Industrial ​ Illinois ​ ​ March 6, 2020 ​ 266,000 ​ - ​ 266,000 ​ ​ 50,000 ​ ​ - ​ ​ 50,000 ​ Industrial Drive ​ Industrial ​ Illinois ​ ​ October 30, 2019 ​ 127,000 ​ - ​ 127,000 ​ ​ 40,000 ​ ​ - ​ ​ 40,000 ​ S US Highway 45 52 ​ Industrial ​ Illinois ​ ​ October 22, 2019 ​ 51,000 ​ - ​ 51,000 ​ ​ 25,496 ​ ​ 104 ​ ​ 25,600 ​ Centerpoint Way ​ Industrial ​ Illinois ​ ​ October 22, 2019 ​ 39,000 ​ - ​ 39,000 ​ ​ 20,950 ​ ​ - ​ ​ 20,950 ​ Adams Street ​ Industrial ​ Illinois ​ ​ August 3, 2021 ​ - ​ 250,000 ​ 250,000 ​ ​ 47,326 ​ ​ 22,824 ​ ​ 70,150 (2) South Street ​ Industrial ​ Maryland ​ ​ August 13, 2021 ​ 115,000 ​ - ​ 115,000 ​ ​ 28,901 ​ ​ 614 ​ ​ 29,515 ​ Alaking Court ​ Industrial ​ Maryland ​ ​ May 26, 2017 ​ 72,000 ​ - ​ 72,000 ​ ​ 33,719 ​ ​ 31 ​ ​ 33,750 ​ Western Maryland Parkway ​ Industrial ​ Maryland ​ ​ April 13, 2022 ​ 84,000 ​ - ​ 84,000 ​ ​ 25,000 ​ ​ - ​ ​ 25,000 ​ Hopping Brook Road ​ Industrial ​ Massachusetts ​ ​ May 31, 2018 ​ 58,000 ​ - ​ 58,000 ​ ​ 30,500 ​ ​ - ​ ​ 30,500 ​ Chestnut Hill Avenue ​ Industrial ​ Massachusetts ​ ​ April 2, 2020 ​ 199,000 ​ - ​ 199,000 ​ ​ 63,900 ​ ​ - ​ ​ 63,900 ​ Worcester Road ​ Industrial ​ Massachusetts ​ ​ September 1, 2022 ​ 104,000 ​ - ​ 104,000 ​ ​ 21,500 ​ ​ - ​ ​ 21,500 ​ Canal Street/7 North Bridge Street ​ Industrial ​ Massachusetts ​ ​ July 26, 2019 ​ 150,000 ​ - ​ 150,000 ​ ​ 43,500 ​ ​ - ​ ​ 43,500 ​ Palmer Road ​ Industrial ​ Massachusetts ​ ​ July 12, 2018 ​ 55,000 ​ - ​ 55,000 ​ ​ 19,234 ​ ​ 516 ​ ​ 19,750 ​ Everett Street ​ Industrial ​ Massachusetts ​ ​ January 28, 2022 ​ 57,000 ​ - ​ 57,000 ​ ​ 16,000 ​ ​ - ​ ​ 16,000 (3) East Main Street ​ Industrial ​ Massachusetts ​ ​ December 17, 2020 ​ 67,000 ​ - ​ 67,000 ​ ​ 15,500 ​ ​ - ​ ​ 15,500 ​ Curran Highway ​ Industrial ​ Massachusetts ​ ​ May 26, 2021 ​ 71,000 ​ - ​ 71,000 ​ ​ 26,181 ​ ​ 619 ​ ​ 26,800 ​ Hoover Road ​ Industrial ​ Michigan ​ ​ October 9, 2019 ​ 205,000 ​ - ​ 205,000 ​ ​ 83,045 ​ ​ 550 ​ ​ 83,595 ​ East Hazel Street ​ Industrial ​ Michigan ​ ​ July 2, 2019 ​ 145,000 ​ - ​ 145,000 ​ ​ 24,150 ​ ​ - ​ ​ 24,150 ​ Oliver Drive ​ Industrial ​ Michigan ​ ​ April 22, 2020 ​ 115,000 ​ - ​ 115,000 ​ ​ 32,000 ​ ​ - ​ ​ 32,000 ​ Davis Highway ​ Industrial ​ Michigan ​ ​ April 16, 2021 ​ 97,000 ​ 104,000 ​ 201,000 ​ ​ 50,894 ​ ​ 12,106 ​ ​ 63,000 ​ Harvest Park ​ Industrial ​ Michigan ​ ​ August 2, 2018 ​ 56,000 ​ - ​ 56,000 ​ ​ 15,799 ​ ​ - ​ ​ 15,799 ​ Executive Drive ​ Industrial ​ Michigan ​ ​ June 7, 2019 ​ 45,000 ​ - ​ 45,000 ​ ​ 10,000 ​ ​ - ​ ​ 10,000 ​ 77th Street Northeast ​ Industrial ​ Minnesota ​ ​ November 8, 2017 ​ 89,000 ​ - ​ 89,000 ​ ​ 9,710 ​ ​ - ​ ​ 9,710 ​ Industrial Drive ​ Industrial ​ Missouri ​ ​ September 17, 2021 ​ 83,000 ​ - ​ 83,000 ​ ​ 27,721 ​ ​ 529 ​ ​ 28,250 ​ East Cheyenne Avenue ​ Industrial ​ Nevada ​ ​ July 12, 2019 ​ 43,000 ​ - ​ 43,000 ​ ​ 9,600 ​ ​ - ​ ​ 9,600 ​ Munsonhurst Road ​ Industrial ​ New Jersey ​ ​ February 10, 2022 ​ 80,000 ​ 34,000 ​ 114,000 ​ ​ 39,500 ​ ​ 500 ​ ​ 40,000 ​ South Route 73 ​ Industrial ​ New Jersey ​ ​ July 13, 2020 ​ 123,000 ​ - ​ 123,000 ​ ​ 35,000 ​ ​ - ​ ​ 35,000 ​ North West Blvd ​ Industrial ​ New Jersey ​ ​ July 16, 2020 ​ 50,000 ​ - ​ 50,000 ​ ​ 11,820 ​ ​ - ​ ​ 11,820 ​ Hudson Crossing Drive ​ Industrial ​ New York ​ ​ December 19, 2016 ​ 74,000 ​ 151,000 ​ 225,000 ​ ​ 80,562 ​ ​ 27,938 ​ ​ 108,500 ​ County Route 117 Industrial ​ New York ​ October 23, 2017 40,000 ​ 324,000 ​ 364,000 ​ 52,766 ​ ​ 10,294 ​ ​ 63,060 ​ 98th Ave South Industrial ​ North Dakota ​ December 20, 2019 33,000 ​ - ​ 33,000 ​ 12,190 ​ ​ - ​ ​ 12,190 ​ Hunts Landing Road Industrial ​ Ohio ​ March 13, 2019 58,000 ​ - ​ 58,000 ​ 20,000 ​ ​ - ​ ​ 20,000 ​ Jason Street Industrial ​ Ohio ​ January 31, 2020 98,000 ​ - ​ 98,000 ​ 32,200 ​ ​ - ​ ​ 32,200 ​ Springs Way Industrial ​ Ohio ​ January 24, 2020 50,000 ​ - ​ 50,000 ​ 12,927 ​ ​ 618 ​ ​ 13,545 ​ East Tallmadge Ave. Industrial ​ Ohio ​ May 14, 2019 11,000 ​ - ​ 11,000 ​ 3,550 ​ ​ - ​ ​ 3,550 ​ Scott Technology Park Industrial ​ Pennsylvania ​ August 7, 2019 56,000 ​ - ​ 56,000 ​ 28,000 ​ ​ - ​ ​ 28,000 ​ New Beaver Avenue Industrial ​ Pennsylvania ​ ​ May 13, 2021 239,000 ​ - ​ 239,000 ​ 67,750 ​ ​ - ​ ​ 67,750 ​ East Market Street Industrial ​ Pennsylvania ​ ​ November 12, 2019 300,000 ​ - ​ 300,000 ​ 94,600 ​ ​ - ​ ​ 94,600 ​ Wayne Avenue Industrial ​ Pennsylvania ​ ​ December 20, 2019 74,000 ​ 105,000 ​ 179,000 ​ 49,800 ​ ​ 11,840 ​ ​ 61,640 ​ Horton Drive Industrial ​ Pennsylvania ​ ​ May 20, 2019 270,000 ​ - ​ 270,000 ​ 42,891 ​ ​ 109 ​ ​ 43,000 ​ Industrial Street Industrial ​ Pennsylvania ​ ​ June 10, 2020 108,000 ​ - ​ 108,000 ​ 23,629 ​ ​ 2,021 ​ ​ 25,650 ​ Rosanna Avenue Industrial ​ Pennsylvania ​ ​ April 6, 2018 145,000 ​ - ​ 145,000 ​ 45,800 ​ ​ - ​ ​ 45,800 ​ FM 969 Industrial ​ Texas ​ ​ June 14, 2022 - ​ 85,000 ​ 85,000 ​ 13,586 ​ ​ 8,414 ​ ​ 22,000 (4) Decatur Street Industrial ​ Virginia ​ ​ January 15, 2020 82,000 ​ - ​ 82,000 ​ 19,750 ​ ​ - ​ ​ 19,750 ​ Lathrop Industrial Drive SW Industrial ​ Washington ​ ​ December 17, 2020 114,000 ​ - ​ 114,000 ​ 17,500 ​ ​ - ​ ​ 17,500 ​ East Glendale Avenue Retail ​ Arizona ​ ​ September 19, 2019 2,000 ​ - ​ 2,000 ​ 2,500 ​ ​ - ​ ​ 2,500 ​ Dahlia Street ​ Retail ​ Colorado ​ ​ February 21, 2020 ​ 5,000 ​ - ​ 5,000 ​ ​ 2,300 ​ ​ - ​ ​ 2,300 ​ East Colfax Avenue Retail ​ Colorado ​ ​ December 14, 2021 2,000 ​ - ​ 2,000 ​ 1,558 ​ ​ 115 ​ ​ 1,673 ​ North 2nd Street Retail ​ Colorado ​ December 14, 2021 6,000 ​ - ​ 6,000 ​ 1,307 ​ ​ 98 ​ ​ 1,405 ​ West Railroad Avenue Retail ​ Colorado ​ ​ December 14, 2021 4,000 ​ - ​ 4,000 ​ 1,148 ​ ​ - ​ ​ 1,148 ​ Southgate Pl Retail ​ Colorado ​ ​ February 19, 2020 3,000 ​ - ​ 3,000 ​ 1,049 ​ ​ - ​ ​ 1,049 ​ Wewatta Street Retail ​ Colorado ​ ​ December 14, 2021 4,000 ​ - ​ 4,000 ​ 7,338 ​ ​ - ​ ​ 7,338 ​ Southgate Place Retail ​ Colorado ​ ​ December 14, 2021 6,000 ​ - ​ 6,000 ​ 4,878 ​ ​ - ​ ​ 4,878 ​ South Peoria Court Retail ​ Colorado ​ ​ December 14, 2021 5,000 ​ - ​ 5,000 ​ 4,229 ​ ​ - ​ ​ 4,229 ​ Highway 6 & 24 ​ Retail ​ Colorado ​ ​ December 14, 2021 ​ 4,000 ​ - ​ 4,000 ​ ​ 4,187 ​ ​ - ​ ​ 4,187 ​ North College Avenue ​ Retail ​ Colorado ​ ​ December 14, 2021 ​ 5,000 ​ - ​ 5,000 ​ ​ 3,977 ​ ​ - ​ ​ 3,977 ​ East Quincy Avenue Retail ​ Colorado ​ ​ December 14, 2021 4,000 ​ - ​ 4,000 ​ 3,601 ​ ​ - ​ ​ 3,601 ​ East Montview Boulevard Retail ​ Colorado ​ ​ December 14, 2021 5,000 ​ - ​ 5,000 ​ 1,991 ​ ​ - ​ ​ 1,991 ​ 57 Table of Contents South Federal Blvd Retail ​ Colorado ​ ​ December 14, 2021 4,000 ​ - ​ 4,000 ​ 1,778 ​ ​ - ​ ​ 1,778 ​ Santa Fe Trail Retail ​ Colorado ​ ​ December 14, 2021 9,000 ​ - ​ 9,000 ​ 1,728 ​ ​ - ​ ​ 1,728 ​ Water Street Retail ​ Colorado ​ ​ December 14, 2021 4,000 ​ - ​ 4,000 ​ 1,444 ​ ​ - ​ ​ 1,444 ​ Gregory Street Retail ​ Colorado ​ ​ December 14, 2021 4,000 ​ - ​ 4,000 ​ 1,321 ​ ​ - ​ ​ 1,321 ​ West 20th Avenue Retail ​ Colorado ​ ​ December 14, 2021 5,000 ​ - ​ 5,000 ​ 1,089 ​ ​ - ​ ​ 1,089 ​ South Federal Blvd. Retail ​ Colorado ​ ​ December 14, 2021 2,000 ​ - ​ 2,000 ​ 890 ​ ​ - ​ ​ 890 ​ West 6th Street Retail ​ Colorado ​ ​ December 14, 2021 ​ 2,000 ​ - ​ 2,000 ​ 400 ​ ​ - ​ ​ 400 ​ Elm Avenue Retail ​ Colorado ​ ​ December 14, 2021 ​ 13,000 ​ - ​ 13,000 ​ 400 ​ ​ - ​ ​ 400 ​ Bent Avenue North ​ Retail ​ Colorado ​ ​ December 14, 2021 ​ 2,000 ​ - ​ 2,000 ​ 400 ​ ​ - ​ ​ 400 ​ Coolidge Rd ​ Retail ​ Michigan ​ ​ October 25, 2019 ​ 3,000 ​ - ​ 3,000 ​ 3,372 ​ ​ 28 ​ ​ 3,400 ​ South Cedar Street ​ Retail ​ Michigan ​ ​ November 4, 2019 ​ 14,000 ​ - ​ 14,000 ​ 2,225 ​ ​ - ​ ​ 2,225 ​ West Pierson Road ​ Retail ​ Michigan ​ ​ November 4, 2019 ​ 6,000 ​ - ​ 6,000 ​ ​ 2,180 ​ ​ - ​ ​ 2,180 ​ Wilder Road ​ Retail ​ Michigan ​ ​ November 4, 2019 ​ 4,000 ​ - ​ 4,000 ​ 1,740 ​ ​ - ​ ​ 1,740 ​ East Front Street ​ Retail ​ Michigan ​ ​ November 25, 2019 ​ 2,000 ​ - ​ 2,000 ​ 1,272 ​ ​ - ​ ​ 1,272 ​ South Mason Drive ​ Retail ​ Michigan ​ ​ November 8, 2019 ​ 2,000 ​ - ​ 2,000 ​ 995 ​ ​ - ​ ​ 995 ​ N Delsea Dr ​ Retail ​ New Jersey ​ ​ July 16, 2020 ​ 4,000 ​ - ​ 4,000 ​ 2,165 ​ ​ - ​ ​ 2,165 ​ 24th Street East ​ Retail ​ North Dakota ​ ​ December 14, 2021 ​ 5,000 ​ - ​ 5,000 ​ 2,045 ​ ​ - ​ ​ 2,045 ​ Highway 2 East ​ Retail ​ North Dakota ​ ​ December 14, 2021 ​ 4,000 ​ - ​ 4,000 ​ 1,614 ​ ​ - ​ ​ 1,614 ​ Main Street ​ Retail ​ Pennsylvania ​ ​ December 14, 2021 ​ 3,000 ​ - ​ 3,000 ​ 1,058 ​ ​ - ​ ​ 1,058 ​ South 17th Street ​ Retail ​ Pennsylvania ​ ​ March 23, 2022 ​ 3,000 ​ - ​ 3,000 ​ 2,750 ​ ​ - ​ ​ 2,750 ​ Esperanza Street ​ Industrial/Retail ​ California ​ ​ July 23, 2019 ​ 35,000 ​ - ​ 35,000 ​ 13,977 ​ ​ 273 ​ ​ 14,250 ​ Grape Street ​ Industrial/Retail ​ Colorado ​ ​ December 14, 2021 ​ 33,000 ​ - ​ 33,000 ​ ​ 8,206 ​ ​ - ​ ​ 8,206 ​ US 50 Business and Baxter Road ​ Industrial/Retail ​ Colorado ​ ​ December 14, 2021 ​ 8,000 ​ - ​ 8,000 ​ ​ 2,165 ​ ​ - ​ ​ 2,165 ​ South Fox Street ​ Industrial/Retail ​ Colorado ​ ​ December 14, 2021 ​ 6,000 ​ - ​ 6,000 ​ ​ 1,299 ​ ​ - ​ ​ 1,299 ​ West Street ​ Industrial/Retail ​ Massachusetts ​ ​ June 30, 2020 ​ 124,000 ​ - ​ 124,000 ​ ​ 24,806 ​ ​ 3,944 ​ ​ 28,750 ​ Mozzone Boulevard ​ Industrial/Retail ​ Massachusetts ​ ​ May 16, 2022 ​ 104,000 ​ - ​ 104,000 ​ ​ 40,000 ​ ​ - ​ ​ 40,000 ​ Stephenson Highway ​ Industrial/Retail ​ Michigan ​ ​ September 1, 2020 ​ 63,000 ​ - ​ 63,000 ​ ​ 27,934 ​ ​ 566 ​ ​ 28,500 ​ Hoover Road ​ Industrial/Retail ​ Michigan ​ ​ May 14, 2021 ​ 85,000 ​ - ​ 85,000 ​ ​ 17,071 ​ ​ 159 ​ ​ 17,230 ​ Leah Avenue ​ Industrial/Retail ​ Texas ​ ​ March 10, 2021 ​ - ​ 63,000 ​ 63,000 ​ ​ 8,231 ​ ​ 19,169 ​ ​ 27,400 ​ Inland Center Drive ​ Under Development ​ California ​ ​ November 16, 2020 ​ - ​ 192,000 ​ 192,000 ​ ​ 35,729 ​ ​ - ​ ​ 35,729 ​ Perez Road ​ Under Development ​ California ​ ​ March 25, 2022 ​ - ​ 23,000 ​ 23,000 ​ ​ 8,158 ​ ​ - ​ ​ 8,158 ​ 63795 19th Avenue Expansion ​ Under Development ​ California ​ ​ February 5, 2021 ​ - ​ 180,000 ​ 180,000 ​ ​ 24,152 ​ ​ - ​ ​ 24,152 (5) Total ​ ​ ​ ​ ​ ​ ​ ​ 7,134,000 ​ 1,581,000 ​ 8,715,000 ​ $ 2,208,926 ​ $ 125,495 ​ $ 2,334,421 ​ (1) “Industrial” reflects facilities utilized or expected to be utilized for regulated cannabis cultivation and/or distribution activities, which can consist of industrial and/or greenhouse space. (2) The purchase price included approximately $3.2 million attributable to the property which did not satisfy the requirements for sale-leaseback accounting; therefore, this amount is recognized as a financing note receivable and is included in other assets, net on our consolidated balance sheet. (3) The acquisition of the property did not satisfy the requirements for sale-leaseback accounting; therefore, this amount is recognized as a financing note receivable and is included in other assets, net on our consolidated balance sheet. (4) The purchase price included approximately $908,000 attributable to the property which did not satisfy the requirements for sale-leaseback accounting; therefore, this amount is recognized as a financing note receivable and is included in other assets, net on our consolidated balance sheet. (5) Represents parcel under development that is part of the lease with Kings Garden at the 19th Avenue property. ​ See Item 1., “Business — Our Properties,” for more information about our properties. ​ In November 2022, we sold one of our Pennsylvania properties that was leased to a subsidiary of Maitri for $23.5 million (approximately $461 per square foot), excluding transaction costs, and recognized a gain on sale of property of approximately $3.6 million. ​ ITEM 3. LEGAL PROCEEDINGS For a description of our legal proceedings, see Note 11 “Commitments and Contingencies — Litigation” to our consolidated financial statements, which is hereby incorporated by reference. ​ ITEM 4. MINE SAFETY DISCLOSURES Not applicable. ​ 58 Table of Contents PART II