Innovative Industrial Properties, Inc. (NYSE:IIPR) Q3 2023 Earnings Call Transcript

Ben Regin: Hey, Eric. This is Ben. So I just wanted to clarify. They obviously have a lot more leases than just with us. So I think the press release was referring to some things outside of our portfolio. As we have described, we took back the Summit property from Green Peak. That was in May and we are very happy to announce that we signed an LOI for that entire property and are looking forward to getting that tenant in there and operating and paying rent. We did take back two smaller retail assets, and in our prepared remarks, mentioned a third retail asset. Total of those is about 0.3% of our assets across those three retail properties. The remaining leases, the buyer did agree and is assuming those as is and we are not making any changes and there were no changes requested to any of the deal terms on those leases.

Eric Des Lauriers: Okay. Great. That’s helpful. Thank you.

Alan Gold: Thanks, Eric.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Alan Gold for any closing remarks.

Alan Gold: Thank you, and thank you all for joining here today. And once, again, I can’t thank the team for all their fantastic hard work that they have done over the last quarter and looking forward to a better quarter coming up and to a fantastic 2024. Thank you all.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.