10-Q Filing
Filing Information
| Form Type | 10-Q |
| Accession Number | 0001104659-20-058201 |
| Period End Date | 20200331 |
| Filing Date | 20200507 |
| Fiscal Year | 2020 |
| Fiscal Period | Q1 |
| XBRL Instance | iipr-20200331x10q_htm.xml |
Filing Contents
This filing contains the following financial statements:
Balance Sheet
64 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Land |
Land
|
$48.65M | USD | Point-in-time |
| Land |
Land
|
$51.71M | USD | Point-in-time |
| Buildings and improvements |
InvestmentBuildingAndBuildingImprovements
|
$382.04M | USD | Point-in-time |
| Buildings and improvements |
InvestmentBuildingAndBuildingImprovements
|
$464.27M | USD | Point-in-time |
| Tenant improvements |
TenantImprovements
|
$173.97M | USD | Point-in-time |
| Tenant improvements |
TenantImprovements
|
$87.34M | USD | Point-in-time |
| Preferred Stock, Par or Stated Value Per Share |
PreferredStockParOrStatedValuePerShare
|
$0.00 | USD | Point-in-time |
| Total real estate, at cost |
RealEstateInvestmentPropertyAtCost
|
$689.95M | USD | Point-in-time |
| Total real estate, at cost |
RealEstateInvestmentPropertyAtCost
|
$518.03M | USD | Point-in-time |
| Preferred Stock, Par or Stated Value Per Share |
PreferredStockParOrStatedValuePerShare
|
$0.00 | USD | Point-in-time |
| Preferred Stock, Shares Authorized |
PreferredStockSharesAuthorized
|
50.00M | shares | Point-in-time |
| Less accumulated depreciation |
RealEstateInvestmentPropertyAccumulatedDepreciation
|
$17.08M | USD | Point-in-time |
| Preferred Stock, Shares Authorized |
PreferredStockSharesAuthorized
|
50.00M | shares | Point-in-time |
| Less accumulated depreciation |
RealEstateInvestmentPropertyAccumulatedDepreciation
|
$12.17M | USD | Point-in-time |
| Net real estate held for investment |
RealEstateInvestmentPropertyNet
|
$505.86M | USD | Point-in-time |
| Net real estate held for investment |
RealEstateInvestmentPropertyNet
|
$672.88M | USD | Point-in-time |
| Cash and cash equivalents |
CashAndCashEquivalentsAtCarryingValue
|
$82.24M | USD | Point-in-time |
| Cash and cash equivalents |
CashAndCashEquivalentsAtCarryingValue
|
$108.26M | USD | Point-in-time |
| Restricted Cash |
RestrictedCash
|
$23.03M | USD | Point-in-time |
| Restricted Cash |
RestrictedCash
|
$35.07M | USD | Point-in-time |
| Investment, Carrying Value |
ShortTermInvestments
|
$119.59M | USD | Point-in-time |
| Investment, Carrying Value |
ShortTermInvestments
|
$272.91M | USD | Point-in-time |
| Right of use office lease asset |
OperatingLeaseRightOfUseAsset
|
$1.20M | USD | Point-in-time |
| Right of use office lease asset |
OperatingLeaseRightOfUseAsset
|
$1.15M | USD | Point-in-time |
| Common Stock, Par or Stated Value Per Share |
CommonStockParOrStatedValuePerShare
|
$0.00 | USD | Point-in-time |
| Other assets, net |
OtherAssets
|
$1.88M | USD | Point-in-time |
| Common Stock, Par or Stated Value Per Share |
CommonStockParOrStatedValuePerShare
|
$0.00 | USD | Point-in-time |
| Other assets, net |
OtherAssets
|
$2.25M | USD | Point-in-time |
| Common Stock, Shares Authorized |
CommonStockSharesAuthorized
|
50.00M | shares | Point-in-time |
| Common Stock, Shares Authorized |
CommonStockSharesAuthorized
|
50.00M | shares | Point-in-time |
| Total assets |
Assets
|
$1.08B | USD | Point-in-time |
| Total assets |
Assets
|
$745.86M | USD | Point-in-time |
| Common Stock, Shares, Issued |
CommonStockSharesIssued
|
17.04M | shares | Point-in-time |
| Common Stock, Shares, Issued |
CommonStockSharesIssued
|
12.64M | shares | Point-in-time |
| Exchangeable senior notes |
ConvertibleDebt
|
$134.65M | USD | Point-in-time |
| Exchangeable senior notes |
ConvertibleDebt
|
$135.15M | USD | Point-in-time |
| Common Stock, Shares, Outstanding |
CommonStockSharesOutstanding
|
17.04M | shares | Point-in-time |
| Common Stock, Shares, Outstanding |
CommonStockSharesOutstanding
|
12.64M | shares | Point-in-time |
| Tenant improvements and construction funding payable |
TenantImprovementsAndConstructionPayable
|
$41.19M | USD | Point-in-time |
| Tenant improvements and construction funding payable |
TenantImprovementsAndConstructionPayable
|
$24.97M | USD | Point-in-time |
| Accounts payable and accrued expenses |
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
|
$1.30M | USD | Point-in-time |
| Accounts payable and accrued expenses |
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
|
$3.42M | USD | Point-in-time |
| Dividends payable |
DividendsPayableCurrentAndNoncurrent
|
$12.97M | USD | Point-in-time |
| Dividends payable |
DividendsPayableCurrentAndNoncurrent
|
$17.41M | USD | Point-in-time |
| Office lease liability |
OperatingLeaseLiability
|
$1.20M | USD | Point-in-time |
| Office lease liability |
OperatingLeaseLiability
|
$1.20M | USD | Point-in-time |
| Rent received in advance and tenant security deposits |
RentsReceivedInAdvanceAndTenantSecurityDeposit
|
$25.24M | USD | Point-in-time |
| Rent received in advance and tenant security deposits |
RentsReceivedInAdvanceAndTenantSecurityDeposit
|
$20.63M | USD | Point-in-time |
| Total liabilities |
Liabilities
|
$221.49M | USD | Point-in-time |
| Total liabilities |
Liabilities
|
$197.85M | USD | Point-in-time |
| Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, $15,000 liquidation preference ($25.00 per share), 600,000 shares issued and outstanding at March 31, 2020 and December 31, 2019 |
PreferredStockValue
|
$14.01M | USD | Point-in-time |
| Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, $15,000 liquidation preference ($25.00 per share), 600,000 shares issued and outstanding at March 31, 2020 and December 31, 2019 |
PreferredStockValue
|
$14.01M | USD | Point-in-time |
| Common stock, par value $0.001 per share, 50,000,000 shares authorized: 17,035,674 and 12,637,043 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively |
CommonStockValue
|
$13.00K | USD | Point-in-time |
| Common stock, par value $0.001 per share, 50,000,000 shares authorized: 17,035,674 and 12,637,043 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively |
CommonStockValue
|
$17.00K | USD | Point-in-time |
| Additional paid-in capital |
AdditionalPaidInCapitalCommonStock
|
$553.93M | USD | Point-in-time |
| Additional paid-in capital |
AdditionalPaidInCapitalCommonStock
|
$870.43M | USD | Point-in-time |
| Dividends in excess of earnings |
DividendInExcessOfEarnings
|
$-25.48M | USD | Point-in-time |
| Dividends in excess of earnings |
DividendInExcessOfEarnings
|
$-19.94M | USD | Point-in-time |
| Total stockholders' equity |
StockholdersEquity
|
$264.29M | USD | Point-in-time |
| Total stockholders' equity |
StockholdersEquity
|
$858.98M | USD | Point-in-time |
| Total stockholders' equity |
StockholdersEquity
|
$268.38M | USD | Point-in-time |
| Total stockholders' equity |
StockholdersEquity
|
$548.01M | USD | Point-in-time |
| Total liabilities and stockholders' equity |
LiabilitiesAndStockholdersEquity
|
$745.86M | USD | Point-in-time |
| Total liabilities and stockholders' equity |
LiabilitiesAndStockholdersEquity
|
$1.08B | USD | Point-in-time |
Income Statement
38 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Rental (including tenant reimbursements) |
OperatingLeasesIncomeStatementLeaseRevenue
|
$21.13M | USD | 1 Quarter |
| Rental (including tenant reimbursements) |
OperatingLeasesIncomeStatementLeaseRevenue
|
$6.82M | USD | 1 Quarter |
| Total revenues |
Revenues
|
$6.82M | USD | 1 Quarter |
| Total revenues |
Revenues
|
$21.13M | USD | 1 Quarter |
| Property expenses |
LeaseCost
|
$247.00K | USD | 1 Quarter |
| Property expenses |
LeaseCost
|
$600.00K | USD | 1 Quarter |
| General and administrative expense |
GeneralAndAdministrativeExpense
|
$1.92M | USD | 1 Quarter |
| General and administrative expense |
GeneralAndAdministrativeExpense
|
$3.35M | USD | 1 Quarter |
| Depreciation expense |
DepreciationDepletionAndAmortization
|
$4.91M | USD | 1 Quarter |
| Depreciation expense |
DepreciationDepletionAndAmortization
|
$1.22M | USD | 1 Quarter |
| Total expenses |
OperatingExpenses
|
$3.38M | USD | 1 Quarter |
| Total expenses |
OperatingExpenses
|
$8.85M | USD | 1 Quarter |
| Income from operations |
OperatingIncomeLoss
|
$3.44M | USD | 1 Quarter |
| Income from operations |
OperatingIncomeLoss
|
$12.28M | USD | 1 Quarter |
| Interest and other income |
InterestAndOtherIncome
|
$993.00K | USD | 1 Quarter |
| Interest and other income |
InterestAndOtherIncome
|
$1.44M | USD | 1 Quarter |
| Interest expense |
InterestExpense
|
$792.00K | USD | 1 Quarter |
| Interest expense |
InterestExpense
|
$1.85M | USD | 1 Quarter |
| Net income |
NetIncomeLoss
|
$3.64M | USD | 3 Qtrs |
| Net income |
NetIncomeLoss
|
$11.87M | USD | 1 Quarter |
| Net income |
NetIncomeLoss
|
$3.64M | USD | 1 Quarter |
| Preferred stock dividend |
PreferredStockDividendsIncomeStatementImpact
|
$338.00K | USD | 3 Qtrs |
| Preferred stock dividend |
PreferredStockDividendsIncomeStatementImpact
|
$338.00K | USD | 1 Quarter |
| Preferred stock dividend |
PreferredStockDividendsIncomeStatementImpact
|
$338.00K | USD | 1 Quarter |
| Net income attributable to common stockholders |
NetIncomeLossAvailableToCommonStockholdersBasic
|
$3.30M | USD | 1 Quarter |
| Net income attributable to common stockholders |
NetIncomeLossAvailableToCommonStockholdersBasic
|
$11.53M | USD | 1 Quarter |
| Basic |
EarningsPerShareBasic
|
$0.72 | USD | 1 Quarter |
| Basic |
EarningsPerShareBasic
|
$0.34 | USD | 1 Quarter |
| Basic |
EarningsPerShareBasic
|
$0.34 | USD | 3 Qtrs |
| Diluted |
EarningsPerShareDiluted
|
$0.33 | USD | 3 Qtrs |
| Diluted |
EarningsPerShareDiluted
|
$0.33 | USD | 1 Quarter |
| Diluted |
EarningsPerShareDiluted
|
$0.72 | USD | 1 Quarter |
| Basic |
WeightedAverageNumberOfSharesOutstandingBasic
|
9.66M | shares | 3 Qtrs |
| Basic |
WeightedAverageNumberOfSharesOutstandingBasic
|
15.78M | shares | 1 Quarter |
| Basic |
WeightedAverageNumberOfSharesOutstandingBasic
|
9.66M | shares | 1 Quarter |
| Diluted |
WeightedAverageNumberOfDilutedSharesOutstanding
|
9.80M | shares | 1 Quarter |
| Diluted |
WeightedAverageNumberOfDilutedSharesOutstanding
|
15.90M | shares | 1 Quarter |
| Diluted |
WeightedAverageNumberOfDilutedSharesOutstanding
|
9.80M | shares | 3 Qtrs |
Cash Flow Statement
61 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Net income |
NetIncomeLoss
|
$3.64M | USD | 3 Qtrs |
| Net income |
NetIncomeLoss
|
$11.87M | USD | 1 Quarter |
| Net income |
NetIncomeLoss
|
$3.64M | USD | 1 Quarter |
| Depreciation |
DepreciationDepletionAndAmortization
|
$4.91M | USD | 1 Quarter |
| Depreciation |
DepreciationDepletionAndAmortization
|
$1.22M | USD | 1 Quarter |
| Stock-based compensation |
ShareBasedCompensation
|
$825.00K | USD | 1 Quarter |
| Stock-based compensation |
ShareBasedCompensation
|
$563.00K | USD | 1 Quarter |
| Amortization of discounts on short-term investments |
AmortizationOfDiscountsOnShortTermInvestments
|
$-841.00K | USD | 1 Quarter |
| Amortization of discounts on short-term investments |
AmortizationOfDiscountsOnShortTermInvestments
|
$-1.01M | USD | 1 Quarter |
| Amortization of debt discounts and issuance costs |
AmortizationOfFinancingCostsAndDiscounts
|
$208.00K | USD | 1 Quarter |
| Amortization of debt discounts and issuance costs |
AmortizationOfFinancingCostsAndDiscounts
|
$501.00K | USD | 1 Quarter |
| Other non-cash adjustments |
OtherNoncashIncomeExpense
|
$-74.00K | USD | 1 Quarter |
| Other assets, net |
IncreaseDecreaseInOtherOperatingAssets
|
$89.00K | USD | 1 Quarter |
| Other assets, net |
IncreaseDecreaseInOtherOperatingAssets
|
$93.00K | USD | 1 Quarter |
| Accounts payable and accrued expenses |
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
$-2.11M | USD | 1 Quarter |
| Accounts payable and accrued expenses |
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
$-744.00K | USD | 1 Quarter |
| Rent received in advance and tenant security deposits |
IncreaseDecreaseInRentsReceivedInAdvanceAndTenantSecurityDeposit
|
$647.00K | USD | 1 Quarter |
| Rent received in advance and tenant security deposits |
IncreaseDecreaseInRentsReceivedInAdvanceAndTenantSecurityDeposit
|
$4.61M | USD | 1 Quarter |
| Net cash provided by operating activities |
NetCashProvidedByUsedInOperatingActivities
|
$19.57M | USD | 1 Quarter |
| Net cash provided by operating activities |
NetCashProvidedByUsedInOperatingActivities
|
$4.60M | USD | 1 Quarter |
| Purchases of investments in real estate |
PaymentsToAcquireRealEstateHeldForInvestment
|
$72.46M | USD | 1 Quarter |
| Purchases of investments in real estate |
PaymentsToAcquireRealEstateHeldForInvestment
|
$7.41M | USD | 1 Quarter |
| Reimbursements of tenant improvements and construction funding |
PaymentsForTenantImprovements
|
$82.70M | USD | 1 Quarter |
| Reimbursements of tenant improvements and construction funding |
PaymentsForTenantImprovements
|
$6.83M | USD | 1 Quarter |
| Deposits in escrow for acquisitions |
PaymentOfDepositsToEscrowForAcquisition
|
$838.00K | USD | 1 Quarter |
| Deposits in escrow for acquisitions |
PaymentOfDepositsToEscrowForAcquisition
|
$1.60M | USD | 1 Quarter |
| Purchases of short-term investments |
PaymentsToAcquireShortTermInvestments
|
$116.94M | USD | 1 Quarter |
| Purchases of short-term investments |
PaymentsToAcquireShortTermInvestments
|
$254.80M | USD | 1 Quarter |
| Maturities of short-term investments |
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
|
$40.50M | USD | 1 Quarter |
| Maturities of short-term investments |
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
|
$102.50M | USD | 1 Quarter |
| Net cash used in investing activities |
NetCashProvidedByUsedInInvestingActivities
|
$-308.30M | USD | 1 Quarter |
| Net cash used in investing activities |
NetCashProvidedByUsedInInvestingActivities
|
$-92.29M | USD | 1 Quarter |
| Issuance of common stock, net of offering costs |
ProceedsFromIssuanceOfCommonStock
|
- | USD | 1 Quarter |
| Issuance of common stock, net of offering costs |
ProceedsFromIssuanceOfCommonStock
|
$317.85M | USD | 1 Quarter |
| Net proceeds from issuance of exchangeable senior notes |
ProceedsFromIssuanceOfExchangeOfSeniorNotes
|
$138.56M | USD | 1 Quarter |
| Net proceeds from issuance of exchangeable senior notes |
ProceedsFromIssuanceOfExchangeOfSeniorNotes
|
- | USD | 1 Quarter |
| Dividends paid to common stockholders |
PaymentsOfDividendsCommonStock
|
$12.64M | USD | 1 Quarter |
| Dividends paid to common stockholders |
PaymentsOfDividendsCommonStock
|
$3.42M | USD | 1 Quarter |
| Dividends paid to preferred stockholders |
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
$338.00K | USD | 1 Quarter |
| Dividends paid to preferred stockholders |
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
$338.00K | USD | 1 Quarter |
| Taxes paid related to net share settlement of equity awards |
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
$2.17M | USD | 1 Quarter |
| Taxes paid related to net share settlement of equity awards |
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
$939.00K | USD | 1 Quarter |
| Net cash provided by financing activities |
NetCashProvidedByUsedInFinancingActivities
|
$302.70M | USD | 1 Quarter |
| Net cash provided by financing activities |
NetCashProvidedByUsedInFinancingActivities
|
$133.86M | USD | 1 Quarter |
| Net increase in cash, cash equivalents and restricted cash |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
$13.98M | USD | 1 Quarter |
| Net increase in cash, cash equivalents and restricted cash |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
$46.17M | USD | 1 Quarter |
| Cash, cash equivalents and restricted cash, beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$59.22M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$117.32M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$13.05M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$131.29M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, end of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$59.22M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, end of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$117.32M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, end of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$13.05M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, end of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$131.29M | USD | Point-in-time |
| Cash paid during the period for interest |
InterestPaidNet
|
$2.69M | USD | 1 Quarter |
| Accrual for reimbursements of tenant improvements and construction funding |
AccrualForReimbursementsOfTenantImprovementsAndConstructionFunding
|
$41.19M | USD | 1 Quarter |
| Accrual for reimbursements of tenant improvements and construction funding |
AccrualForReimbursementsOfTenantImprovementsAndConstructionFunding
|
$3.20M | USD | 1 Quarter |
| Accrual for common and preferred stock dividends declared |
AccrualForCommonAndPreferredStockDividendsDeclared
|
$17.41M | USD | 1 Quarter |
| Accrual for common and preferred stock dividends declared |
AccrualForCommonAndPreferredStockDividendsDeclared
|
$4.75M | USD | 1 Quarter |
| Deposits applied for acquisitions |
EscrowDepositDisbursementsRelatedToPropertyAcquisition1
|
- | USD | 1 Quarter |
| Deposits applied for acquisitions |
EscrowDepositDisbursementsRelatedToPropertyAcquisition1
|
$550.00K | USD | 1 Quarter |
Stockholders Equity
22 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Balances at beginning of period |
StockholdersEquity
|
$264.29M | USD | Point-in-time |
| Balances at beginning of period |
StockholdersEquity
|
$858.98M | USD | Point-in-time |
| Balances at beginning of period |
StockholdersEquity
|
$268.38M | USD | Point-in-time |
| Balances at beginning of period |
StockholdersEquity
|
$548.01M | USD | Point-in-time |
| Net income |
NetIncomeLoss
|
$3.64M | USD | 3 Qtrs |
| Net income |
NetIncomeLoss
|
$11.87M | USD | 1 Quarter |
| Net income |
NetIncomeLoss
|
$3.64M | USD | 1 Quarter |
| Equity component of exchangeable senior notes |
AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature
|
$5.57M | USD | 1 Quarter |
| Net proceeds from sale of common stock |
StockIssuedDuringPeriodValueSaleOfCommonStock
|
$317.85M | USD | 1 Quarter |
| Exchange of exchangeable senior notes |
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
$1.00K | USD | 1 Quarter |
| Net issuance of unvested restricted stock |
StockIssuedDuringPeriodValueRestrictedStockAwardGross
|
$-939.00K | USD | 1 Quarter |
| Net issuance of unvested restricted stock |
StockIssuedDuringPeriodValueRestrictedStockAwardGross
|
$-2.17M | USD | 1 Quarter |
| Preferred stock dividend |
DividendsPreferredStock
|
$338.00K | USD | 1 Quarter |
| Preferred stock dividend |
DividendsPreferredStock
|
$338.00K | USD | 1 Quarter |
| Common stock dividend |
DividendsCommonStockCash
|
$17.07M | USD | 1 Quarter |
| Common stock dividend |
DividendsCommonStockCash
|
$4.41M | USD | 1 Quarter |
| Stock-based compensation |
StockIssuedDuringPeriodValueShareBasedCompensationGross
|
$825.00K | USD | 1 Quarter |
| Stock-based compensation |
StockIssuedDuringPeriodValueShareBasedCompensationGross
|
$563.00K | USD | 1 Quarter |
| Balances at end of period |
StockholdersEquity
|
$264.29M | USD | Point-in-time |
| Balances at end of period |
StockholdersEquity
|
$858.98M | USD | Point-in-time |
| Balances at end of period |
StockholdersEquity
|
$268.38M | USD | Point-in-time |
| Balances at end of period |
StockholdersEquity
|
$548.01M | USD | Point-in-time |
Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.