Innovative Industrial Properties Inc (IIPR)

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Innovative Industrial Properties, Inc. (NYSE:IIPR) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k ME Staff 8-k
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Innovative Industrial Properties, Inc. (NYSE:IIPR) Files An 8-K Entry into a Material Definitive Agreement
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.