10-Q Filing

INNOVATIVE INDUSTRIAL PROPERTIES INC CIK: 1677576 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001144204-17-042039`
Period End Date	20170630
Filing Date	20170810
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	iipr-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 24 Cash Flow Statement 23 Stockholders Equity 13

Balance Sheet 57 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	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
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Land	`Land`	$10.38M	USD	Point-in-time
Land	`Land`	$7.60M	USD	Point-in-time
Buildings and improvements	`InvestmentBuildingAndBuildingImprovements`	$22.48M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Buildings and improvements	`InvestmentBuildingAndBuildingImprovements`	$27.88M	USD	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$30.07M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$38.27M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	0.00	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$27.00K	USD	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$363.00K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	0.00	shares	Point-in-time
Net real estate held for investment	`RealEstateInvestmentPropertyNet`	$37.90M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	3.50M	shares	Point-in-time
Net real estate held for investment	`RealEstateInvestmentPropertyNet`	$30.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.76M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$33.00M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	0.00	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	3.50M	shares	Point-in-time
Prepaid insurance and other assets, net	`PrepaidExpenseAndOtherAssets`	$253.00K	USD	Point-in-time
Prepaid insurance and other assets, net	`PrepaidExpenseAndOtherAssets`	$276.00K	USD	Point-in-time
Total assets	`Assets`	$63.33M	USD	Point-in-time
Total assets	`Assets`	$63.91M	USD	Point-in-time
Accounts payable, accrued expenses and other liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$563.00K	USD	Point-in-time
Accounts payable, accrued expenses and other liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$70.00K	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$525.00K	USD	Point-in-time
Offering cost liability	`OfferingCostsLiability`	$276.00K	USD	Point-in-time
Offering cost liability	`OfferingCostsLiability`	-	USD	Point-in-time
Rents received in advance and tenant security deposits	`RentsReceivedInAdvanceAndTenantSecurityDeposit`	$2.54M	USD	Point-in-time
Rents received in advance and tenant security deposits	`RentsReceivedInAdvanceAndTenantSecurityDeposit`	$2.85M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.89M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.93M	USD	Point-in-time
Commitments and contingencies (Note 7 and 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7 and 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $0.001 per share, 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.001 per share, 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, Value, Issued	`CommonStockValue`	$4.00K	USD	Point-in-time
Common Stock, Value, Issued	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$64.83M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$65.38M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.41M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.39M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$59.98M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$60.44M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$63.33M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$63.91M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$2.58M	USD	2 Qtrs
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$1.29M	USD	1 Quarter
Total revenues	`RealEstateRevenueNet`	$2.58M	USD	2 Qtrs
Total revenues	`RealEstateRevenueNet`	$1.29M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.47M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.22M	USD	2 Qtrs
Severance	`SeveranceCosts1`	$113.00K	USD	1 Quarter
Severance	`SeveranceCosts1`	$113.00K	USD	2 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$175.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$336.00K	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$3.67M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$1.75M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-465.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.09M	USD	2 Qtrs
Other income	`OtherNonoperatingIncome`	$78.00K	USD	2 Qtrs
Other income	`OtherNonoperatingIncome`	$43.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.01M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-422.00K	USD	1 Quarter
Net loss per share (basic and diluted)	`EarningsPerShareBasicAndDiluted`	$-0.31	USD	2 Qtrs
Net loss per share (basic and diluted)	`EarningsPerShareBasicAndDiluted`	$-0.13	USD	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	3.36M	shares	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	3.36M	shares	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.15	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.15	USD	2 Qtrs

Cash Flow Statement 23 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.01M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-422.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$175.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$336.00K	USD	2 Qtrs
Amortization of stock-based compensation awards	`ShareBasedCompensation`	$1.38M	USD	2 Qtrs
Prepaid insurance and other assets, net	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-23.00K	USD	2 Qtrs
Accounts payable, accrued expenses, and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$474.00K	USD	2 Qtrs
Security deposit	`IncreaseDecreaseInSecurityDeposits`	$304.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.50M	USD	2 Qtrs
Purchases of investments in real estate	`PaymentsToAcquireRealEstateHeldForInvestment`	$8.17M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$6.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-8.17M	USD	2 Qtrs
Initial public offering costs	`PaymentsOfStockIssuanceCosts`	$276.00K	USD	2 Qtrs
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$298.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-574.00K	USD	2 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-7.25M	USD	2 Qtrs
Cash and cash equivalents, December 31, 2016	`CashAndCashEquivalentsAtCarryingValue`	$25.76M	USD	Point-in-time
Cash and cash equivalents, December 31, 2016	`CashAndCashEquivalentsAtCarryingValue`	$33.00M	USD	Point-in-time
Cash and cash equivalents, June 30, 2017	`CashAndCashEquivalentsAtCarryingValue`	$25.76M	USD	Point-in-time
Cash and cash equivalents, June 30, 2017	`CashAndCashEquivalentsAtCarryingValue`	$33.00M	USD	Point-in-time
Accrual for common stock dividend declared	`DividendsPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Accrual for common stock dividend declared	`DividendsPayableCurrentAndNoncurrent`	$525.00K	USD	Point-in-time
Accrued transaction costs for purchases of investments in real estate	`AccruedTransactionCostsForPurchasesOfInvestmentsInRealEstate`	$19.00K	USD	2 Qtrs

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Balance, December 31, 2016	`StockholdersEquity`	$59.98M	USD	Point-in-time
Balance, December 31, 2016	`StockholdersEquity`	$60.44M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-1.01M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-422.00K	USD	1 Quarter
Reclassification of Class A and Class B common stock to common stock	`ReclassificationOfCommonStockValue`	-	USD	2 Qtrs
Common stock dividends	`DividendsCommonStockCash`	$525.00K	USD	2 Qtrs
Net issuance of unvested restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$-298.00K	USD	2 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$1.38M	USD	2 Qtrs
Balance, June 30, 2017	`StockholdersEquity`	$59.98M	USD	Point-in-time
Balance, June 30, 2017	`StockholdersEquity`	$60.44M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.