10-K Filing

INNOVATIVE INDUSTRIAL PROPERTIES INC CIK: 1677576 FY 2017

Filing Information

Form Type	10-K
Accession Number	`0001144204-18-017926`
Period End Date	20171231
Filing Date	20180329
Fiscal Year	2017
Fiscal Period	FY
XBRL Instance	iipr-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 36 Cash Flow Statement 46 Stockholders Equity 20

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
Land	`Land`	$7.60M	USD	Point-in-time
Land	`Land`	$11.51M	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
Buildings and improvements	`InvestmentBuildingAndBuildingImprovements`	$22.48M	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Buildings and improvements	`InvestmentBuildingAndBuildingImprovements`	$51.31M	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Tenant improvements	`TenantImprovements`	$5.90M	USD	Point-in-time
Tenant improvements	`TenantImprovements`	-	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
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
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$68.73M	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
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$942.00K	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
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$27.00K	USD	Point-in-time
Net real estate held for investment	`RealEstateInvestmentPropertyNet`	$67.79M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	0.00	shares	Point-in-time
Net real estate held for investment	`RealEstateInvestmentPropertyNet`	$30.05M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	3.50M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.76M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$33.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	3.50M	shares	Point-in-time
Prepaid insurance and other assets, net	`PrepaidExpenseAndOtherAssets`	$276.00K	USD	Point-in-time
Prepaid insurance and other assets, net	`PrepaidExpenseAndOtherAssets`	$482.00K	USD	Point-in-time
Total assets	`Assets`	$63.33M	USD	Point-in-time
Total assets	`Assets`	$80.03M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$70.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$1.08M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$1.20M	USD	Point-in-time
Offering cost liability	`OfferingCostsLiability`	$276.00K	USD	Point-in-time
Offering cost liability	`OfferingCostsLiability`	$41.00K	USD	Point-in-time
Rent received in advance and tenant security deposits	`RentsReceivedInAdvanceAndTenantSecurityDeposit`	$4.16M	USD	Point-in-time
Rent received in advance and tenant security deposits	`RentsReceivedInAdvanceAndTenantSecurityDeposit`	$2.54M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.48M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.89M	USD	Point-in-time
Commitments and contingencies (Notes 7 and 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 7 and 10)	`CommitmentsAndContingencies`	-	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 and no shares issued and outstanding at December 31, 2017 and 2016, respectively	`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 and no shares issued and outstanding at December 31, 2017 and 2016, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, Value, Issued	`CommonStockValue`	-	USD	Point-in-time
Common Stock, Value, Issued	`CommonStockValue`	$4.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$64.00M	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`	$-4.46M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	-	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$60.44M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$73.55M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$63.33M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$80.03M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$6.30M	USD	Annual
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$180.00K	USD	2 Qtrs
Tenant reimbursements	`TenantReimbursements`	$118.00K	USD	Annual
Tenant reimbursements	`TenantReimbursements`	$87.00K	USD	2 Qtrs
Total revenues	`RealEstateRevenueNet`	$267.00K	USD	2 Qtrs
Total revenues	`RealEstateRevenueNet`	$6.42M	USD	Annual
Property expenses	`LeaseCost`	$118.00K	USD	Annual
Property expenses	`LeaseCost`	$87.00K	USD	2 Qtrs
General and administrative expense	`GeneralAndAdministrativeExpense`	$828.00K	USD	2 Qtrs
General and administrative expense	`GeneralAndAdministrativeExpense`	$5.50M	USD	Annual
Severance	`SeveranceCosts1`	-	USD	2 Qtrs
Severance	`SeveranceCosts1`	$113.00K	USD	Annual
Forfeited Class B common shares	`ForfeitedClassBCommonShares`	-	USD	Annual
Forfeited Class B common shares	`ForfeitedClassBCommonShares`	$3.71M	USD	2 Qtrs
Organization costs	`OtherGeneralExpense`	$64.00K	USD	2 Qtrs
Organization costs	`OtherGeneralExpense`	-	USD	Annual
Depreciation expense	`DepreciationDepletionAndAmortization`	$915.00K	USD	Annual
Depreciation expense	`DepreciationDepletionAndAmortization`	$27.00K	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$4.71M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$6.64M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-223.00K	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-4.45M	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$151.00K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$54.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-72.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-4.39M	USD	2 Qtrs
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	-	USD	2 Qtrs
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	$323.00K	USD	Annual
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.39M	USD	2 Qtrs
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-395.00K	USD	Annual
Net loss attributable to common stockholders per share (basic and diluted) (Note 6)	`EarningsPerShareBasicAndDiluted`	$-0.13	USD	Annual
Net loss attributable to common stockholders per share (basic and diluted) (Note 6)	`EarningsPerShareBasicAndDiluted`	$-4.56	USD	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	962,775.00	shares	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	3.38M	shares	Annual
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.55	USD	Annual
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	-	USD	2 Qtrs

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-72.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-4.39M	USD	2 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$915.00K	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$27.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.72M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$58.00K	USD	2 Qtrs
Forfeited Class B common shares	`NoncashForfeitedClassBCommonShares`	$3.71M	USD	2 Qtrs
Forfeited Class B common shares	`NoncashForfeitedClassBCommonShares`	-	USD	Annual
Prepaid insurance and other assets, net	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$276.00K	USD	2 Qtrs
Prepaid insurance and other assets, net	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$155.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$27.00K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$992.00K	USD	Annual
Rents received in advance and tenant security deposit	`IncreaseDecreaseInCustomerAdvances`	$1.62M	USD	Annual
Rents received in advance and tenant security deposit	`IncreaseDecreaseInCustomerAdvances`	$2.54M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.69M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.01M	USD	Annual
Purchases of investments in real estate	`PaymentsToAcquireRealEstateHeldForInvestment`	$32.73M	USD	Annual
Purchases of investments in real estate	`PaymentsToAcquireRealEstateHeldForInvestment`	$30.03M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$5.91M	USD	Annual
Capital expenditures	`PaymentsToAcquireProductiveAssets`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-30.03M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-38.65M	USD	Annual
Redemption of Class B common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Redemption of Class B common stock	`PaymentsForRepurchaseOfCommonStock`	$1.00K	USD	2 Qtrs
Dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	$1.05M	USD	Annual
Dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	-	USD	2 Qtrs
Issuance of Series A Preferred Stock, net of offering costs	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$14.01M	USD	Annual
Issuance of Series A Preferred Stock, net of offering costs	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	2 Qtrs
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$298.00K	USD	Annual
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.38M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$61.34M	USD	2 Qtrs
Net (decrease)/increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$33.00M	USD	2 Qtrs
Net (decrease)/increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-21.25M	USD	Annual
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$11.76M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$33.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$11.76M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$33.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Accrual for common and preferred stock dividends declared	`DividendsPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Accrual for common and preferred stock dividends declared	`DividendsPayableCurrentAndNoncurrent`	$1.20M	USD	Point-in-time
Invoices accrued for capitalized costs	`InvoicesAccruedForCapitalizedCost`	$20.00K	USD	Annual
Invoices accrued for capitalized costs	`InvoicesAccruedForCapitalizedCost`	$43.00K	USD	2 Qtrs
Invoices accrued for offering costs	`InvoicesAccruedForOfferingCost`	$276.00K	USD	2 Qtrs
Invoices accrued for offering costs	`InvoicesAccruedForOfferingCost`	$41.00K	USD	Annual

Stockholders Equity 20 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`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$60.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$73.55M	USD	Point-in-time
Redemption of Class B common stock	`StockRepurchasedDuringPeriodValue`	$1.00K	USD	2 Qtrs
Forfeited Class B common shares	`AdjustmentsToAdditionalPaidInCapitalOther`	$3.71M	USD	2 Qtrs
Reclassification of Class A and Class B common stock to common stock	`ReclassificationOfCommonStockValue`	-	USD	Annual
Net proceeds from sale of preferred stock	`StockIssuedDuringPeriodValueSaleOfPreferredStock`	$14.01M	USD	Annual
Preferred stock dividend	`DividendsPreferredStock`	$323.00K	USD	Annual
Common stock dividend	`DividendsCommonStockCash`	$1.93M	USD	Annual
Net issuance of unvested restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$-298.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-72.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-4.39M	USD	2 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$1.72M	USD	Annual
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$58.00K	USD	2 Qtrs
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$60.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$73.55M	USD	Point-in-time

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