10-Q Filing

INNOVATIVE INDUSTRIAL PROPERTIES INC CIK: 1677576 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001144204-18-058344`
Period End Date	20180930
Filing Date	20181108
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	iipr-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 72 Cash Flow Statement 59 Stockholders Equity 13

Balance Sheet 63 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`	$17.81M	USD	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`	$78.05M	USD	Point-in-time
Tenant improvements	`TenantImprovements`	$5.90M	USD	Point-in-time
Tenant improvements	`TenantImprovements`	$10.83M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	-	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$4.68M	USD	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$68.73M	USD	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$111.37M	USD	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$12.75M	USD	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$942.00K	USD	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$2.66M	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`	$108.71M	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`	$67.79M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.76M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.20M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$33.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$53.02M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	3.50M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	6.79M	shares	Point-in-time
Short-term investments, net	`ShortTermInvestments`	-	USD	Point-in-time
Short-term investments, net	`ShortTermInvestments`	$3.98M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	3.50M	shares	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`	$499.00K	USD	Point-in-time
Total assets	`Assets`	$80.03M	USD	Point-in-time
Total assets	`Assets`	$166.21M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$1.18M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$1.08M	USD	Point-in-time
Tenant improvements and construction payable	`TenantImprovementsAndConstructionPayable`	-	USD	Point-in-time
Tenant improvements and construction payable	`TenantImprovementsAndConstructionPayable`	$4.34M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$1.20M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$2.71M	USD	Point-in-time
Offering cost liability	`OfferingCostsLiability`	$21.00K	USD	Point-in-time
Offering cost liability	`OfferingCostsLiability`	$41.00K	USD	Point-in-time
Rents received in advance and tenant security deposits	`RentsReceivedInAdvanceAndTenantSecurityDeposit`	$6.87M	USD	Point-in-time
Rents received in advance and tenant security deposits	`RentsReceivedInAdvanceAndTenantSecurityDeposit`	$4.16M	USD	Point-in-time
Total liabilities	`Liabilities`	$15.12M	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 September 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 September 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 September 30, 2018 and December 31, 2017, respectively	`CommonStockValue`	$7.00K	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 September 30, 2018 and December 31, 2017, respectively	`CommonStockValue`	$4.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$64.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$137.22M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-145.00K	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`	$151.09M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$166.21M	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`	$3.72M	USD	1 Quarter
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$1.50M	USD	1 Quarter
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$9.64M	USD	3 Qtrs
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$4.07M	USD	3 Qtrs
Tenant reimbursements	`TenantsReimbursements`	$64.00K	USD	1 Quarter
Tenant reimbursements	`TenantsReimbursements`	$64.00K	USD	3 Qtrs
Tenant reimbursements	`TenantsReimbursements`	$365.00K	USD	3 Qtrs
Tenant reimbursements	`TenantsReimbursements`	$210.00K	USD	1 Quarter
Total revenues	`Revenues`	$4.14M	USD	3 Qtrs
Total revenues	`Revenues`	$3.93M	USD	1 Quarter
Total revenues	`Revenues`	$10.00M	USD	3 Qtrs
Total revenues	`Revenues`	$1.56M	USD	1 Quarter
Property expenses	`LeaseCost`	$64.00K	USD	1 Quarter
Property expenses	`LeaseCost`	$64.00K	USD	3 Qtrs
Property expenses	`LeaseCost`	$210.00K	USD	1 Quarter
Property expenses	`LeaseCost`	$365.00K	USD	3 Qtrs
General and administrative expense	`GeneralAndAdministrativeExpense`	$4.39M	USD	3 Qtrs
General and administrative expense	`GeneralAndAdministrativeExpense`	$983.00K	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$4.20M	USD	3 Qtrs
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.44M	USD	1 Quarter
Severance expense	`SeveranceCosts1`	$113.00K	USD	3 Qtrs
Severance expense	`SeveranceCosts1`	-	USD	1 Quarter
Severance expense	`SeveranceCosts1`	-	USD	1 Quarter
Severance expense	`SeveranceCosts1`	-	USD	3 Qtrs
Depreciation expense	`DepreciationDepletionAndAmortization`	$1.72M	USD	3 Qtrs
Depreciation expense	`DepreciationDepletionAndAmortization`	$553.00K	USD	3 Qtrs
Depreciation expense	`DepreciationDepletionAndAmortization`	$217.00K	USD	1 Quarter
Depreciation expense	`DepreciationDepletionAndAmortization`	$703.00K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.26M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$4.93M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$2.35M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$6.47M	USD	3 Qtrs
Income / (loss) from operations	`OperatingIncomeLoss`	$1.57M	USD	1 Quarter
Income / (loss) from operations	`OperatingIncomeLoss`	$-796.00K	USD	3 Qtrs
Income / (loss) from operations	`OperatingIncomeLoss`	$295.00K	USD	1 Quarter
Income / (loss) from operations	`OperatingIncomeLoss`	$3.53M	USD	3 Qtrs
Interest and other income	`InterestAndOtherIncome`	$788.00K	USD	3 Qtrs
Interest and other income	`InterestAndOtherIncome`	$39.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$117.00K	USD	3 Qtrs
Interest and other income	`InterestAndOtherIncome`	$261.00K	USD	1 Quarter
Net income / (loss)	`NetIncomeLoss`	$334.00K	USD	1 Quarter
Net income / (loss)	`NetIncomeLoss`	$-679.00K	USD	3 Qtrs
Net income / (loss)	`NetIncomeLoss`	$4.32M	USD	3 Qtrs
Net income / (loss)	`NetIncomeLoss`	$1.83M	USD	1 Quarter
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	-	USD	3 Qtrs
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	-	USD	1 Quarter
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	$1.01M	USD	3 Qtrs
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	$338.00K	USD	1 Quarter
Net income / (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$3.31M	USD	3 Qtrs
Net income / (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$334.00K	USD	1 Quarter
Net income / (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-679.00K	USD	3 Qtrs
Net income / (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.49M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.22	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.21	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$0.50	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.21	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.21	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.49	USD	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.37M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.39M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	6.64M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	6.39M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.79M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.39M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.53M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.37M	shares	3 Qtrs
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.30	USD	3 Qtrs
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.15	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.85	USD	3 Qtrs
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.35	USD	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net income / (loss)	`NetIncomeLoss`	$334.00K	USD	1 Quarter
Net income / (loss)	`NetIncomeLoss`	$-679.00K	USD	3 Qtrs
Net income / (loss)	`NetIncomeLoss`	$4.32M	USD	3 Qtrs
Net income / (loss)	`NetIncomeLoss`	$1.83M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$1.72M	USD	3 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$553.00K	USD	3 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$217.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$703.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.55M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.08M	USD	3 Qtrs
Amortization of discounts on short-term investments	`AmortizationOfDiscountsOnShortTermInvestments`	$-332.00K	USD	3 Qtrs
Amortization of discounts on short-term investments	`AmortizationOfDiscountsOnShortTermInvestments`	-	USD	3 Qtrs
Other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$882.00K	USD	3 Qtrs
Other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$37.00K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$97.00K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$538.00K	USD	3 Qtrs
Rents received in advance and tenant security deposits	`IncreaseDecreaseInCustomerAdvances`	$418.00K	USD	3 Qtrs
Rents received in advance and tenant security deposits	`IncreaseDecreaseInCustomerAdvances`	$2.71M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.50M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.55M	USD	3 Qtrs
Purchases of investments in real estate	`PaymentsToAcquireRealEstateHeldForInvestment`	$27.18M	USD	3 Qtrs
Purchases of investments in real estate	`PaymentsToAcquireRealEstateHeldForInvestment`	$11.19M	USD	3 Qtrs
Reimbursements of tenant improvements and construction funding	`PaymentsForTenantImprovements`	$11.12M	USD	3 Qtrs
Reimbursements of tenant improvements and construction funding	`PaymentsForTenantImprovements`	$3.20M	USD	Point-in-time
Reimbursements of tenant improvements and construction funding	`PaymentsForTenantImprovements`	$11.00K	USD	3 Qtrs
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	-	USD	3 Qtrs
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$65.15M	USD	3 Qtrs
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	-	USD	3 Qtrs
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$61.50M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.20M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.95M	USD	3 Qtrs
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$79.31M	USD	3 Qtrs
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$-276.00K	USD	3 Qtrs
Dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	$4.27M	USD	3 Qtrs
Dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	$525.00K	USD	3 Qtrs
Dividends paid to preferred stockholders	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	-	USD	3 Qtrs
Dividends paid to preferred stockholders	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$999.00K	USD	3 Qtrs
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$298.00K	USD	3 Qtrs
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$390.00K	USD	3 Qtrs
Net cash provided by / (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.10M	USD	3 Qtrs
Net cash provided by / (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$73.66M	USD	3 Qtrs
Net increase / (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-10.80M	USD	3 Qtrs
Net increase / (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$41.26M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$11.76M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$22.20M	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`	$53.02M	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`	$22.20M	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`	$53.02M	USD	Point-in-time
Accrual for reimbursements of tenant improvements and construction funding	`AccrualForReimbursementsOfTenantImprovementsAndConstructionFunding`	$5.90M	USD	3 Qtrs
Accrual for reimbursements of tenant improvements and construction funding	`AccrualForReimbursementsOfTenantImprovementsAndConstructionFunding`	$4.34M	USD	3 Qtrs
Accrual for common stock dividend declared	`AccrualForCommonStockDividendDeclared`	$2.38M	USD	Point-in-time
Accrual for common stock dividend declared	`AccrualForCommonStockDividendDeclared`	$525.00K	USD	Point-in-time
Accrual for preferred stock dividend declared	`AccrualForPreferredStockDividendDeclared`	$338.00K	USD	Point-in-time
Accrual for preferred stock dividend declared	`AccrualForPreferredStockDividendDeclared`	-	USD	Point-in-time
Accrual for stock issuance costs	`InvoicesAccruedForStockIssuanceCosts`	$190.00K	USD	3 Qtrs
Accrual for stock issuance costs	`InvoicesAccruedForStockIssuanceCosts`	$21.00K	USD	3 Qtrs

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$73.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$151.09M	USD	Point-in-time
Net proceeds from sale of common stock	`StockIssuedDuringPeriodValueSaleOfCommonStock`	$79.31M	USD	3 Qtrs
Net issuance of unvested restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$-390.00K	USD	3 Qtrs
Preferred stock dividend	`DividendsPreferredStock`	$1.01M	USD	3 Qtrs
Common stock dividend	`DividendsCommonStockCash`	$5.77M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$334.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-679.00K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$4.32M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$1.83M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$1.08M	USD	3 Qtrs
Balance	`StockholdersEquity`	$73.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$151.09M	USD	Point-in-time

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