10-Q Filing

INNOVATIVE INDUSTRIAL PROPERTIES INC CIK: 1677576 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001144204-18-027118`
Period End Date	20180331
Filing Date	20180510
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	iipr-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 59 Income Statement 34 Cash Flow Statement 43 Stockholders Equity 11

Balance Sheet 59 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`	$11.51M	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`	$51.31M	USD	Point-in-time
Buildings and improvements	`InvestmentBuildingAndBuildingImprovements`	$51.31M	USD	Point-in-time
Tenant improvements	`TenantImprovements`	$5.90M	USD	Point-in-time
Tenant improvements	`TenantImprovements`	$5.90M	USD	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$68.73M	USD	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$68.73M	USD	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$1.42M	USD	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$942.00K	USD	Point-in-time
Net real estate held for investment	`RealEstateInvestmentPropertyNet`	$67.31M	USD	Point-in-time
Net real estate held for investment	`RealEstateInvestmentPropertyNet`	$67.79M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.76M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$42.08M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$33.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$33.35M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$48.86M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	-	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	3.50M	shares	Point-in-time
Prepaid insurance and other assets, net	`PrepaidExpenseAndOtherAssets`	$482.00K	USD	Point-in-time
Prepaid insurance and other assets, net	`PrepaidExpenseAndOtherAssets`	$654.00K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	6.78M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	6.78M	shares	Point-in-time
Total assets	`Assets`	$158.90M	USD	Point-in-time
Total assets	`Assets`	$80.03M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	3.50M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$551.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$1.08M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$2.03M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$1.20M	USD	Point-in-time
Offering cost liability	`OfferingCostsLiability`	-	USD	Point-in-time
Offering cost liability	`OfferingCostsLiability`	$41.00K	USD	Point-in-time
Rents received in advance and tenant security deposits	`RentsReceivedInAdvanceAndTenantSecurityDeposit`	$4.16M	USD	Point-in-time
Rents received in advance and tenant security deposits	`RentsReceivedInAdvanceAndTenantSecurityDeposit`	$4.60M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.18M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.48M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`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 issued and outstanding at March 31, 2018 and December 31, 2017	`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, 2018 and December 31, 2017	`PreferredStockValue`	$14.01M	USD	Point-in-time
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 6,782,079 and 3,501,147 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$4.00K	USD	Point-in-time
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 6,782,079 and 3,501,147 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$141.22M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$64.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.52M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.46M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$73.55M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$151.71M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$80.03M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$158.90M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$2.68M	USD	1 Quarter
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$1.29M	USD	1 Quarter
Tenant reimbursements	`TenantReimbursements`	-	USD	1 Quarter
Tenant reimbursements	`TenantReimbursements`	$87.00K	USD	1 Quarter
Total revenues	`RealEstateRevenueNet`	$1.29M	USD	1 Quarter
Total revenues	`RealEstateRevenueNet`	$2.76M	USD	1 Quarter
Property expenses	`LeaseCost`	$87.00K	USD	1 Quarter
Property expenses	`LeaseCost`	-	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.75M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.48M	USD	1 Quarter
Depreciation expense	`DepreciationDepletionAndAmortization`	$161.00K	USD	1 Quarter
Depreciation expense	`DepreciationDepletionAndAmortization`	$476.00K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.92M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$2.04M	USD	1 Quarter
Income / (loss) from operations	`OperatingIncomeLoss`	$-626.00K	USD	1 Quarter
Income / (loss) from operations	`OperatingIncomeLoss`	$724.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$35.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$221.00K	USD	1 Quarter
Net income / (loss)	`NetIncomeLoss`	$-591.00K	USD	1 Quarter
Net income / (loss)	`NetIncomeLoss`	$945.00K	USD	1 Quarter
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	-	USD	1 Quarter
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	$338.00K	USD	1 Quarter
Net income / (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$607.00K	USD	1 Quarter
Net income / (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-591.00K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.18	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.18	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.35M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.88M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.35M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.03M	shares	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.25	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	-	USD	1 Quarter

Cash Flow Statement 43 line items

Line Item	Tag	Value	Unit	Period
Net income / (loss)	`NetIncomeLoss`	$-591.00K	USD	1 Quarter
Net income / (loss)	`NetIncomeLoss`	$945.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$161.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$476.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$770.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$330.00K	USD	1 Quarter
Amortization of discounts on short-term investments	`AmortizationOfDiscountsOnShortTermInvestments`	$-93.00K	USD	1 Quarter
Amortization of discounts on short-term investments	`AmortizationOfDiscountsOnShortTermInvestments`	-	USD	1 Quarter
Prepaid insurance and other assets, net	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-7.00K	USD	1 Quarter
Prepaid insurance and other assets, net	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$213.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$275.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-531.00K	USD	1 Quarter
Rents received in advance and tenant security deposits	`IncreaseDecreaseInCustomerAdvances`	$2.00K	USD	1 Quarter
Rents received in advance and tenant security deposits	`IncreaseDecreaseInCustomerAdvances`	$441.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.35M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$624.00K	USD	1 Quarter
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$48.76M	USD	1 Quarter
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-48.76M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$79.31M	USD	1 Quarter
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$-276.00K	USD	1 Quarter
Dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	-	USD	1 Quarter
Dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	$875.00K	USD	1 Quarter
Dividends paid to preferred stockholders	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$323.00K	USD	1 Quarter
Dividends paid to preferred stockholders	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	-	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$390.00K	USD	1 Quarter
Net cash provided by / (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$77.73M	USD	1 Quarter
Net cash provided by / (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-276.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$30.32M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$348.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$11.76M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$42.08M	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`	$33.35M	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`	$42.08M	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`	$33.35M	USD	Point-in-time
Accrual for common and preferred stock dividends declared	`DividendsPayableCurrentAndNoncurrent`	$2.03M	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

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$73.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$151.71M	USD	Point-in-time
Net proceeds from sale of common stock	`StockIssuedDuringPeriodValueSaleOfCommonStock`	$79.31M	USD	1 Quarter
Net issuance of unvested restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$-390.00K	USD	1 Quarter
Preferred stock dividend	`DividendsPreferredStock`	$338.00K	USD	1 Quarter
Common stock dividend	`DividendsCommonStockCash`	$1.70M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-591.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$945.00K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$330.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$73.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$151.71M	USD	Point-in-time

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