10-Q Filing

INNOVATIVE INDUSTRIAL PROPERTIES INC CIK: 1677576 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001144204-18-043991`
Period End Date	20180630
Filing Date	20180813
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	iipr-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 72 Cash Flow Statement 58 Stockholders Equity 13

Balance Sheet 60 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
Land	`Land`	$14.82M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Land	`Land`	$11.51M	USD	Point-in-time
Buildings and improvements	`InvestmentBuildingAndBuildingImprovements`	$51.31M	USD	Point-in-time
Buildings and improvements	`InvestmentBuildingAndBuildingImprovements`	$57.10M	USD	Point-in-time
Tenant improvements	`TenantImprovements`	$7.31M	USD	Point-in-time
Tenant improvements	`TenantImprovements`	$5.90M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$4.37M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	-	USD	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$68.73M	USD	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$83.60M	USD	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$942.00K	USD	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$1.95M	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
Net real estate held for investment	`RealEstateInvestmentPropertyNet`	$81.65M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$33.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.76M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.76M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.18M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	6.79M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	3.50M	shares	Point-in-time
Short-term investments, net	`ShortTermInvestments`	-	USD	Point-in-time
Short-term investments, net	`ShortTermInvestments`	$57.42M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	6.79M	shares	Point-in-time
Other assets, net	`OtherAssets`	$482.00K	USD	Point-in-time
Other assets, net	`OtherAssets`	$1.45M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	3.50M	shares	Point-in-time
Total assets	`Assets`	$80.03M	USD	Point-in-time
Total assets	`Assets`	$161.70M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$2.91M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$1.08M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$1.20M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$2.03M	USD	Point-in-time
Offering cost liability	`OfferingCostsLiability`	$41.00K	USD	Point-in-time
Offering cost liability	`OfferingCostsLiability`	$31.00K	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`	$5.14M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.11M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.48M	USD	Point-in-time
Commitments and contingencies (Notes 6 and 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 6 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 issued and outstanding at June 30, 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 June 30, 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: 6,785,800 and 3,501,147 shares issued and outstanding at June 30, 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: 6,785,800 and 3,501,147 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$139.55M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$64.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.46M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.98M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$151.59M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$73.55M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$161.70M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$80.03M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$5.92M	USD	2 Qtrs
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$2.58M	USD	2 Qtrs
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$3.25M	USD	1 Quarter
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$1.29M	USD	1 Quarter
Tenant reimbursements	`TenantsReimbursements`	-	USD	2 Qtrs
Tenant reimbursements	`TenantsReimbursements`	-	USD	1 Quarter
Tenant reimbursements	`TenantsReimbursements`	$155.00K	USD	2 Qtrs
Tenant reimbursements	`TenantsReimbursements`	$68.00K	USD	1 Quarter
Total revenues	`Revenues`	$1.29M	USD	1 Quarter
Total revenues	`Revenues`	$2.58M	USD	2 Qtrs
Total revenues	`Revenues`	$3.31M	USD	1 Quarter
Total revenues	`Revenues`	$6.08M	USD	2 Qtrs
Property expenses	`LeaseCost`	-	USD	2 Qtrs
Property expenses	`LeaseCost`	$155.00K	USD	2 Qtrs
Property expenses	`LeaseCost`	$68.00K	USD	1 Quarter
Property expenses	`LeaseCost`	-	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$2.95M	USD	2 Qtrs
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.47M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.47M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$3.22M	USD	2 Qtrs
Severance expense	`SeveranceCosts1`	-	USD	2 Qtrs
Severance expense	`SeveranceCosts1`	-	USD	1 Quarter
Severance expense	`SeveranceCosts1`	$113.00K	USD	2 Qtrs
Severance expense	`SeveranceCosts1`	$113.00K	USD	1 Quarter
Depreciation expense	`DepreciationDepletionAndAmortization`	$536.00K	USD	1 Quarter
Depreciation expense	`DepreciationDepletionAndAmortization`	$1.01M	USD	2 Qtrs
Depreciation expense	`DepreciationDepletionAndAmortization`	$175.00K	USD	1 Quarter
Depreciation expense	`DepreciationDepletionAndAmortization`	$336.00K	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$4.12M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$3.67M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$2.08M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.75M	USD	1 Quarter
Income / (loss) from operations	`OperatingIncomeLoss`	$1.96M	USD	2 Qtrs
Income / (loss) from operations	`OperatingIncomeLoss`	$1.24M	USD	1 Quarter
Income / (loss) from operations	`OperatingIncomeLoss`	$-1.09M	USD	2 Qtrs
Income / (loss) from operations	`OperatingIncomeLoss`	$-465.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$527.00K	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$78.00K	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$43.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$306.00K	USD	1 Quarter
Net income / (loss)	`NetIncomeLoss`	$1.54M	USD	1 Quarter
Net income / (loss)	`NetIncomeLoss`	$-422.00K	USD	1 Quarter
Net income / (loss)	`NetIncomeLoss`	$-1.01M	USD	2 Qtrs
Net income / (loss)	`NetIncomeLoss`	$2.49M	USD	2 Qtrs
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	$676.00K	USD	2 Qtrs
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	-	USD	2 Qtrs
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	$338.00K	USD	1 Quarter
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	-	USD	1 Quarter
Net income / (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.20M	USD	1 Quarter
Net income / (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.81M	USD	2 Qtrs
Net income / (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-422.00K	USD	1 Quarter
Net income / (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.01M	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.28	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.18	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.31	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$-0.13	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.17	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.13	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.27	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.31	USD	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	6.26M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.36M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	6.64M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.36M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.36M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.41M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.78M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.36M	shares	2 Qtrs
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.50	USD	2 Qtrs
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.15	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.25	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.15	USD	2 Qtrs

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income / (loss)	`NetIncomeLoss`	$1.54M	USD	1 Quarter
Net income / (loss)	`NetIncomeLoss`	$-422.00K	USD	1 Quarter
Net income / (loss)	`NetIncomeLoss`	$-1.01M	USD	2 Qtrs
Net income / (loss)	`NetIncomeLoss`	$2.49M	USD	2 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$536.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$1.01M	USD	2 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$175.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$336.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.38M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$693.00K	USD	2 Qtrs
Amortization of discounts on short-term investments	`AmortizationOfDiscountsOnShortTermInvestments`	$-249.00K	USD	2 Qtrs
Amortization of discounts on short-term investments	`AmortizationOfDiscountsOnShortTermInvestments`	-	USD	2 Qtrs
Other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$-23.00K	USD	2 Qtrs
Other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$974.00K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-258.00K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$474.00K	USD	2 Qtrs
Rents received in advance and tenant security deposits	`IncreaseDecreaseInCustomerAdvances`	$983.00K	USD	2 Qtrs
Rents received in advance and tenant security deposits	`IncreaseDecreaseInCustomerAdvances`	$304.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.69M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.50M	USD	2 Qtrs
Purchases of investments in real estate	`PaymentsToAcquireRealEstateHeldForInvestment`	$8.91M	USD	2 Qtrs
Purchases of investments in real estate	`PaymentsToAcquireRealEstateHeldForInvestment`	$8.17M	USD	2 Qtrs
Reimbursements of tenant improvements and Construction Funding	`PaymentsForTenantImprovements`	$6.00K	USD	2 Qtrs
Reimbursements of tenant improvements and Construction Funding	`PaymentsForTenantImprovements`	$3.88M	USD	2 Qtrs
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$61.17M	USD	2 Qtrs
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	-	USD	2 Qtrs
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	-	USD	2 Qtrs
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$4.00M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-69.96M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.17M	USD	2 Qtrs
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$79.31M	USD	2 Qtrs
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$-276.00K	USD	2 Qtrs
Dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	$2.57M	USD	2 Qtrs
Dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	-	USD	2 Qtrs
Dividends paid to preferred stockholders	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$661.00K	USD	2 Qtrs
Dividends paid to preferred stockholders	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	-	USD	2 Qtrs
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$298.00K	USD	2 Qtrs
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$390.00K	USD	2 Qtrs
Net cash provided by / (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-574.00K	USD	2 Qtrs
Net cash provided by / (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$75.69M	USD	2 Qtrs
Net increase / (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$9.43M	USD	2 Qtrs
Net increase / (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-7.25M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$33.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$11.76M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$25.76M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$21.18M	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`	$11.76M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$25.76M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$21.18M	USD	Point-in-time
Accrual for reimbursements of tenant improvements and Construction Funding	`AccrualForReimbursementsOfTenantImprovementsAndConstructionFunding`	$19.00K	USD	2 Qtrs
Accrual for reimbursements of tenant improvements and Construction Funding	`AccrualForReimbursementsOfTenantImprovementsAndConstructionFunding`	$2.08M	USD	2 Qtrs
Accrual for common stock dividend declared	`AccrualForCommonStockDividendDeclared`	$525.00K	USD	Point-in-time
Accrual for common stock dividend declared	`AccrualForCommonStockDividendDeclared`	$1.70M	USD	Point-in-time
Accrual for preferred stock dividend declared	`AccrualForPreferredStockDividendDeclared`	-	USD	Point-in-time
Accrual for preferred stock dividend declared	`AccrualForPreferredStockDividendDeclared`	$338.00K	USD	Point-in-time
Accrual for stock issuance costs	`InvoicesAccruedForStockIssuanceCosts`	-	USD	2 Qtrs
Accrual for stock issuance costs	`InvoicesAccruedForStockIssuanceCosts`	$31.00K	USD	2 Qtrs

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$151.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$73.55M	USD	Point-in-time
Net proceeds from sale of common stock	`StockIssuedDuringPeriodValueSaleOfCommonStock`	$79.31M	USD	2 Qtrs
Net issuance of unvested restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$-390.00K	USD	2 Qtrs
Preferred stock dividend	`DividendsPreferredStock`	$676.00K	USD	2 Qtrs
Common stock dividend	`DividendsCommonStockCash`	$3.39M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.54M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-422.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-1.01M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.49M	USD	2 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$693.00K	USD	2 Qtrs
Balance	`StockholdersEquity`	$151.59M	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.