XML 27 R18.htm IDEA: XBRL DOCUMENT v3.22.2.2
Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events  
Subsequent Events

12. Subsequent Events

On October 11, 2022, we amended our lease with Sozo at one of our Michigan properties, pursuant to which we agreed to apply a part of the security deposit we hold for rental amounts due for the period from October 1, 2022 through December 31, 2022, which, absent the satisfaction of certain conditions, is subject to full repayment to us on January 1, 2023.

On October 25, 2022, we amended our lease with Holistic at one of our Massachusetts properties, increasing the improvement allowance under the lease by $2.0 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property.

On October 27, 2022, we amended our lease with a subsidiary of 4Front Ventures Corp. (“4Front”) at one of our Illinois properties, providing 4Front an option, exercisable until November 11, 2022, to increase the improvement allowance under the lease by an amount between $15.0 million and up to $19.9 million. If 4Front exercises this option, the base rent under the lease will be adjusted accordingly and the term of the lease will be extended.

On November 1, 2022, we sold a Pennsylvania industrial property that was leased to a subsidiary of Maitri Holdings, LLC for $23.5 million (approximately $461 per square foot), excluding transaction costs.