10-K Filing

INNOVATIVE INDUSTRIAL PROPERTIES INC CIK: 1677576 FY 2018

Filing Information

Form Type	10-K
Accession Number	`0001144204-19-013981`
Period End Date	20181231
Filing Date	20190314
Fiscal Year	2018
Fiscal Period	FY
XBRL Instance	iipr-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 34 Cash Flow Statement 55 Stockholders Equity 22

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
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
Land	`Land`	$20.48M	USD	Point-in-time
Buildings and improvements	`InvestmentBuildingAndBuildingImprovements`	$51.31M	USD	Point-in-time
Buildings and improvements	`InvestmentBuildingAndBuildingImprovements`	$109.42M	USD	Point-in-time
Tenant improvements	`TenantImprovements`	$14.73M	USD	Point-in-time
Tenant improvements	`TenantImprovements`	$5.90M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$6.30M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	-	USD	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$150.93M	USD	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$68.73M	USD	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$3.57M	USD	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$942.00K	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
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Net real estate held for investment	`RealEstateInvestmentPropertyNet`	$147.36M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.05M	USD	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
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	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
Short-term investments	`ShortTermInvestments`	$120.44M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	9.78M	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	-	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	3.50M	shares	Point-in-time
Other assets, net	`OtherAssets`	$614.00K	USD	Point-in-time
Other assets, net	`OtherAssets`	$482.00K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	9.78M	shares	Point-in-time
Total assets	`Assets`	$80.03M	USD	Point-in-time
Total assets	`Assets`	$281.47M	USD	Point-in-time
Tenant improvements and construction funding payable	`TenantImprovementsAndConstructionPayable`	$20.00K	USD	Point-in-time
Tenant improvements and construction funding payable	`TenantImprovementsAndConstructionPayable`	$2.43M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$1.97M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$1.06M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$1.20M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$3.76M	USD	Point-in-time
Offering cost liability	`OfferingCostsLiability`	-	USD	Point-in-time
Offering cost liability	`OfferingCostsLiability`	$41.00K	USD	Point-in-time
Rent received in advance and tenant security deposits	`RentsReceivedInAdvanceAndTenantSecurityDeposit`	$9.01M	USD	Point-in-time
Rent received in advance and tenant security deposits	`RentsReceivedInAdvanceAndTenantSecurityDeposit`	$4.16M	USD	Point-in-time
Total liabilities	`Liabilities`	$17.17M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.48M	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 issued and outstanding at December 31, 2018 and 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 December 31, 2018 and 2017	`PreferredStockValue`	$14.01M	USD	Point-in-time
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 9,775,800 and 3,501,147 shares issued and outstanding at December 31, 2018 and 2017, respectively	`CommonStockValue`	$10.00K	USD	Point-in-time
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 9,775,800 and 3,501,147 shares issued and outstanding at December 31, 2018 and 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`	$250.27M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	-	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`	$60.44M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$264.29M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$80.03M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$281.47M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$14.34M	USD	Annual
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$6.30M	USD	Annual
Tenant reimbursements	`TenantsReimbursements`	$118.00K	USD	Annual
Tenant reimbursements	`TenantsReimbursements`	$445.00K	USD	Annual
Total revenues	`Revenues`	$14.79M	USD	Annual
Total revenues	`Revenues`	$6.42M	USD	Annual
Property expenses	`LeaseCost`	$118.00K	USD	Annual
Property expenses	`LeaseCost`	$445.00K	USD	Annual
General and administrative expense	`GeneralAndAdministrativeExpense`	$5.50M	USD	Annual
General and administrative expense	`GeneralAndAdministrativeExpense`	$6.38M	USD	Annual
Severance	`SeveranceCosts1`	$113.00K	USD	Annual
Severance	`SeveranceCosts1`	-	USD	Annual
Depreciation expense	`DepreciationDepletionAndAmortization`	$2.63M	USD	Annual
Depreciation expense	`DepreciationDepletionAndAmortization`	$915.00K	USD	Annual
Total expenses	`OperatingExpenses`	$9.45M	USD	Annual
Total expenses	`OperatingExpenses`	$6.64M	USD	Annual
Income / (loss) from operations	`OperatingIncomeLoss`	$-223.00K	USD	Annual
Income / (loss) from operations	`OperatingIncomeLoss`	$5.34M	USD	Annual
Interest and other income	`InterestAndOtherIncome`	$151.00K	USD	Annual
Interest and other income	`InterestAndOtherIncome`	$1.65M	USD	Annual
Net income / (loss)	`NetIncomeLoss`	$6.99M	USD	Annual
Net income / (loss)	`NetIncomeLoss`	$-72.00K	USD	Annual
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	$323.00K	USD	Annual
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	$1.35M	USD	Annual
Net income / (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-395.00K	USD	Annual
Net income / (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$5.63M	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.13	USD	Annual
Basic	`EarningsPerShareBasic`	$0.76	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.13	USD	Annual
Diluted	`EarningsPerShareDiluted`	$0.75	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.38M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.14M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.38M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.29M	shares	Annual

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income / (loss)	`NetIncomeLoss`	$6.99M	USD	Annual
Net income / (loss)	`NetIncomeLoss`	$-72.00K	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$2.63M	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$915.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.72M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.47M	USD	Annual
Amortization of discounts on short-term investments	`AmortizationOfDiscountsOnShortTermInvestments`	-	USD	Annual
Amortization of discounts on short-term investments	`AmortizationOfDiscountsOnShortTermInvestments`	$-955.00K	USD	Annual
Other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$173.00K	USD	Annual
Other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$155.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$886.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$992.00K	USD	Annual
Rent received in advance and tenant security deposits	`IncreaseDecreaseInCustomerAdvances`	$1.62M	USD	Annual
Rent received in advance and tenant security deposits	`IncreaseDecreaseInCustomerAdvances`	$4.86M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.01M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$15.69M	USD	Annual
Purchases of investments in real estate	`PaymentsToAcquireRealEstateHeldForInvestment`	$57.47M	USD	Annual
Purchases of investments in real estate	`PaymentsToAcquireRealEstateHeldForInvestment`	$32.73M	USD	Annual
Reimbursements of tenant improvements and construction funding	`PaymentsForTenantImprovements`	$5.91M	USD	Annual
Reimbursements of tenant improvements and construction funding	`PaymentsForTenantImprovements`	$22.29M	USD	Annual
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$184.99M	USD	Annual
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	-	USD	Annual
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$65.50M	USD	Annual
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-38.65M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-199.25M	USD	Annual
Proceeds from sale of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$193.22M	USD	Annual
Proceeds from sale of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Payment of Class A common stock offering costs	`PaymentsOfStockIssuanceCosts`	$276.00K	USD	Annual
Payment of Class A common stock offering costs	`PaymentsOfStockIssuanceCosts`	-	USD	Annual
Dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	$1.05M	USD	Annual
Dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	$6.64M	USD	Annual
Dividends paid to preferred stockholders	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	-	USD	Annual
Dividends paid to preferred stockholders	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$1.34M	USD	Annual
Issuance of Series A Preferred Stock, net of offering costs	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	Annual
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`	$14.00M	USD	Point-in-time
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`	$390.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.38M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$184.85M	USD	Annual
Net increase / (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-21.25M	USD	Annual
Net increase / (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.29M	USD	Annual
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$13.05M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$11.76M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$33.00M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$13.05M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$11.76M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$33.00M	USD	Point-in-time
Accrual for common and preferred stock dividends declared	`DividendsPayableCurrentAndNoncurrent`	$1.20M	USD	Point-in-time
Accrual for common and preferred stock dividends declared	`DividendsPayableCurrentAndNoncurrent`	$3.76M	USD	Point-in-time
Accrual for reimbursements of tenant improvements and construction funding	`AccrualForReimbursementsOfTenantImprovementsAndConstructionFunding`	$2.43M	USD	Annual
Accrual for reimbursements of tenant improvements and construction funding	`AccrualForReimbursementsOfTenantImprovementsAndConstructionFunding`	$20.00K	USD	Annual
Invoices accrued for offering costs	`InvoicesAccruedForOfferingCost`	$41.00K	USD	Annual
Invoices accrued for offering costs	`InvoicesAccruedForOfferingCost`	-	USD	Annual

Stockholders Equity 22 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`	$73.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$60.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$264.29M	USD	Point-in-time
Net income	`NetIncomeLoss`	$6.99M	USD	Annual
Net income	`NetIncomeLoss`	$-72.00K	USD	Annual
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
Net proceeds from sale of common stock	`StockIssuedDuringPeriodValueSaleOfCommonStock`	$193.22M	USD	Annual
Preferred stock dividend	`DividendsPreferredStock`	$323.00K	USD	Annual
Preferred stock dividend	`DividendsPreferredStock`	$1.35M	USD	Annual
Common stock dividend	`DividendsCommonStockCash`	$1.93M	USD	Annual
Common stock dividend	`DividendsCommonStockCash`	$9.19M	USD	Annual
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$1.47M	USD	Annual
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$1.72M	USD	Annual
Net issuance of unvested restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$-298.00K	USD	Annual
Net issuance of unvested restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$-390.00K	USD	Annual
Balance	`StockholdersEquity`	$73.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$60.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$264.29M	USD	Point-in-time

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