创新工业物业有限公司-A 2025年季度报告

(State or other jurisdiction of incorporation or pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☑No☐ reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐Smaller reporting company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ As of May8, 2025 there were28,011,229shares of common stock outstanding. FORM 10-Q – QUARTERLY REPORTMarch31, 2025TABLE OF CONTENTS Management’s Discussion and Analysis of Financial Condition and Results of OperationsQuantitative and Qualitative Disclosures About Market Risk Notes to the Condensed Consolidated Financial Statements 1.Organization Partnership”).We are an internally-managed real estate investment trust (“REIT”) focused on the acquisition, ownership and management ofspecialized industrial properties leased to experienced, state-licensed operators for their regulated cannabis facilities. We have We were incorporated in Maryland on June 15, 2016. We conduct our business through a traditional umbrella partnership realestate investment trust, or UPREIT structure, in which our properties are owned by our Operating Partnership, directly or through limited partnership interests in our Operating Partnership. 2.Summary of Significant Accounting Policies and Procedures and Recent Accounting PronouncementsBasis of Presentation.The condensed consolidated financial statements have been prepared in accordance with accounting This interim financial information should be read in conjunction with the audited consolidated financial statements in theCompany’s Annual Report on Form 10-K for the year ended December31, 2024. Any references to square footage or occupancy Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have beenincluded. This interim financial information does not necessarily represent or indicate what the operating results will be for the year Federal Income Taxes.We believe that we have operated our business so as to qualify to be taxed as a REIT for U.S. federalincome tax purposes. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders indetermining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required topay federal corporate income taxes on such income. The income taxes recorded on our condensed consolidated statements of income management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosuresof contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues andexpenses during the reporting period. Actual results may differ materially from these estimates and assumptions. The most significant financial information disclosed herein represents all of the financial information related to ouronereportable segment. Our chiefoperating decision maker ("CODM") reviews financial information for our entire for additional information. take into consideration current replacement costs and other relevant market rate information and may engage third-party valuationspecialists. Acquisition costs are capitalized as incurred. All of our acquisitions to date were recorded as asset acquisitions. The fair value of acquired in-place leases is derived based on our assessment of estimated lost revenue and costs incurred for the place leases are reflected as in-place lease intangible assets, net on our condensed consolidated balance sheets and are amortized on astraight-line basis as a component of depreciation and amortization expense over the remaining term of the applicable leases.The fair value of the above-market component of an acquired in-place operating lease is based upon the present value (calculatedusing a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining non- Certain acquisitions of real estate did not satisfy the requirements for sale-leaseback accounting and therefore as of bothMarch31, 2025 and December31, 2024, acquisitions of $16.8million have been recognized as notes receivable and are included inother assets, net on our condensed consolidated balance sheets. 610-20,Gains and Losses from the Derecognition of Nonfinancial Assets(“ASC 610-20”) to determine whether the asset is within thescope of ASC 610-20, including an evaluation of whether the asset being sold is a nonfinancial asset and whether the buyer has gainedcontrol of an asset within the scope of ASC