10-Q Filing

INNOVATIVE INDUSTRIAL PROPERTIES INC CIK: 1677576 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001144204-17-057738`
Period End Date	20170930
Filing Date	20171109
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	iipr-20170930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 28 Cash Flow Statement 25 Stockholders Equity 13

Balance Sheet 61 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
Land	`Land`	$10.38M	USD	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`	$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
Buildings and improvements	`InvestmentBuildingAndBuildingImprovements`	$30.89M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Tenant improvements	`TenantImprovements`	$5.90M	USD	Point-in-time
Tenant improvements	`TenantImprovements`	-	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`	$30.07M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$47.17M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	3.50M	shares	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$579.00K	USD	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$27.00K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	0.00	shares	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
Net real estate held for investment	`RealEstateInvestmentPropertyNet`	$46.59M	USD	Point-in-time
Net real estate held for investment	`RealEstateInvestmentPropertyNet`	$30.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$33.00M	USD	Point-in-time
Deposits and other assets, net	`PrepaidExpenseAndOtherAssets`	$276.00K	USD	Point-in-time
Deposits and other assets, net	`PrepaidExpenseAndOtherAssets`	$1.35M	USD	Point-in-time
Total assets	`Assets`	$70.14M	USD	Point-in-time
Total assets	`Assets`	$63.33M	USD	Point-in-time
Tenant improvements payable	`TenantImprovementPayable`	$5.90M	USD	Point-in-time
Tenant improvements payable	`TenantImprovementPayable`	-	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$608.00K	USD	Point-in-time
Accounts payable and accrued expenses	`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`	$190.00K	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`	$2.96M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.18M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.89M	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 September 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 September 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`	$65.03M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$64.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.39M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.07M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$60.44M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$59.96M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$70.14M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$63.33M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$4.07M	USD	3 Qtrs
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$1.50M	USD	1 Quarter
Tenant reimbursements	`TenantReimbursements`	$64.00K	USD	1 Quarter
Tenant reimbursements	`TenantReimbursements`	$64.00K	USD	3 Qtrs
Total revenues	`RealEstateRevenueNet`	$4.14M	USD	3 Qtrs
Total revenues	`RealEstateRevenueNet`	$1.56M	USD	1 Quarter
Property expenses	`LeaseCost`	$64.00K	USD	1 Quarter
Property expenses	`LeaseCost`	$64.00K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$983.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.20M	USD	3 Qtrs
Severance	`SeveranceCosts1`	$113.00K	USD	3 Qtrs
Severance	`SeveranceCosts1`	-	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$553.00K	USD	3 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$217.00K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$4.93M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$1.26M	USD	1 Quarter
Income / (loss) from operations	`OperatingIncomeLoss`	$-796.00K	USD	3 Qtrs
Income / (loss) from operations	`OperatingIncomeLoss`	$295.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$117.00K	USD	3 Qtrs
Other income	`OtherNonoperatingIncome`	$39.00K	USD	1 Quarter
Net income / (loss)	`NetIncomeLoss`	$334.00K	USD	1 Quarter
Net income / (loss)	`NetIncomeLoss`	$-679.00K	USD	3 Qtrs
Net income / (loss) per share (basic and diluted)	`EarningsPerShareBasicAndDiluted`	$-0.21	USD	3 Qtrs
Net income / (loss) per share (basic and diluted)	`EarningsPerShareBasicAndDiluted`	$0.09	USD	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	3.39M	shares	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	3.37M	shares	3 Qtrs
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.15	USD	1 Quarter
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.30	USD	3 Qtrs

Cash Flow Statement 25 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$334.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-679.00K	USD	3 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$553.00K	USD	3 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$217.00K	USD	1 Quarter
Amortization of stock-based compensation awards	`ShareBasedCompensation`	$1.55M	USD	3 Qtrs
Deposits and other assets, net	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$882.00K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$538.00K	USD	3 Qtrs
Security deposit	`IncreaseDecreaseInSecurityDeposits`	$418.00K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.50M	USD	3 Qtrs
Purchases of investments in real estate	`PaymentsToAcquireRealEstateHeldForInvestment`	$11.19M	USD	3 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$11.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.20M	USD	3 Qtrs
Initial public offering costs	`PaymentsOfStockIssuanceCosts`	$276.00K	USD	3 Qtrs
Dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	$525.00K	USD	3 Qtrs
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$298.00K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.10M	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-10.80M	USD	3 Qtrs
Cash and cash equivalents, December 31, 2016	`CashAndCashEquivalentsAtCarryingValue`	$22.20M	USD	Point-in-time
Cash and cash equivalents, December 31, 2016	`CashAndCashEquivalentsAtCarryingValue`	$33.00M	USD	Point-in-time
Cash and cash equivalents, September 30, 2017	`CashAndCashEquivalentsAtCarryingValue`	$22.20M	USD	Point-in-time
Cash and cash equivalents, September 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
Accrual for offering costs	`AccrualForOfferingCosts`	$190.00K	USD	3 Qtrs
Accrual for tenant improvements	`AccrualForTenantImprovements`	$5.90M	USD	3 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	`StockholdersEquity`	$60.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$59.96M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$334.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-679.00K	USD	3 Qtrs
Reclassification of Class A and Class B common stock to common stock	`ReclassificationOfCommonStockValue`	-	USD	3 Qtrs
Common stock dividends	`DividendsCommonStockCash`	$1.05M	USD	3 Qtrs
Net issuance of unvested restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$-298.00K	USD	3 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$1.55M	USD	3 Qtrs
Balance	`StockholdersEquity`	$60.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$59.96M	USD	Point-in-time

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