10-Q Filing

INNOVATIVE INDUSTRIAL PROPERTIES INC CIK: 1677576 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001144204-19-024896`
Period End Date	20190331
Filing Date	20190509
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	iipr-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 34 Cash Flow Statement 57 Stockholders Equity 20

Balance Sheet 65 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`	$22.56M	USD	Point-in-time
Land	`Land`	$20.48M	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`	$109.42M	USD	Point-in-time
Buildings and improvements	`InvestmentBuildingAndBuildingImprovements`	$123.93M	USD	Point-in-time
Tenant improvements	`TenantImprovements`	$18.78M	USD	Point-in-time
Tenant improvements	`TenantImprovements`	$14.73M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$666.00K	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$6.30M	USD	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$150.93M	USD	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$165.94M	USD	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$4.79M	USD	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$3.57M	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
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Net real estate held for investment	`RealEstateInvestmentPropertyNet`	$161.15M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$59.22M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$42.08M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.76M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.05M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Short-term investments, net	`ShortTermInvestments`	$120.44M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	9.78M	shares	Point-in-time
Short-term investments, net	`ShortTermInvestments`	$197.73M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	9.81M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	9.78M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	9.81M	shares	Point-in-time
Other assets, net	`OtherAssets`	$2.30M	USD	Point-in-time
Other assets, net	`OtherAssets`	$614.00K	USD	Point-in-time
Total assets	`Assets`	$281.47M	USD	Point-in-time
Total assets	`Assets`	$420.41M	USD	Point-in-time
Exchangeable senior notes	`ConvertibleDebt`	-	USD	Point-in-time
Exchangeable senior notes	`ConvertibleDebt`	$133.20M	USD	Point-in-time
Tenant improvements and construction funding payable	`TenantImprovementsAndConstructionPayable`	$3.20M	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`	$1.22M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$3.76M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$2.03M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$4.75M	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`	$9.66M	USD	Point-in-time
Total liabilities	`Liabilities`	$152.03M	USD	Point-in-time
Total liabilities	`Liabilities`	$17.17M	USD	Point-in-time
Commitments and contingencies (Notes 6 and 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 6 and 11)	`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, 2019 and December 31, 2018	`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, 2019 and December 31, 2018	`PreferredStockValue`	$14.01M	USD	Point-in-time
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 9,806,194 and 9,775,800 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$10.00K	USD	Point-in-time
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 9,806,194 and 9,775,800 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$10.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$265.73M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$260.54M	USD	Point-in-time
Dividends in excess of earnings	`DividendInExcessOfEarnings`	$-10.27M	USD	Point-in-time
Dividends in excess of earnings	`DividendInExcessOfEarnings`	$-11.38M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$151.71M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$268.38M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$264.29M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$73.55M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$420.41M	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`	$6.58M	USD	1 Quarter
Rental	`OperatingLeasesIncomeStatementLeaseRevenue`	$2.68M	USD	1 Quarter
Tenant reimbursements	`TenantsReimbursements`	$87.00K	USD	1 Quarter
Tenant reimbursements	`TenantsReimbursements`	$247.00K	USD	1 Quarter
Total revenues	`Revenues`	$6.82M	USD	1 Quarter
Total revenues	`Revenues`	$2.76M	USD	1 Quarter
Property expenses	`LeaseCost`	$87.00K	USD	1 Quarter
Property expenses	`LeaseCost`	$247.00K	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.48M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.92M	USD	1 Quarter
Depreciation expense	`DepreciationDepletionAndAmortization`	$1.22M	USD	1 Quarter
Depreciation expense	`DepreciationDepletionAndAmortization`	$476.00K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$2.04M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$3.38M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$3.44M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$724.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$221.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$993.00K	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$792.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$945.00K	USD	1 Quarter
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	$338.00K	USD	1 Quarter
Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	$338.00K	USD	1 Quarter
Net income available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$3.30M	USD	1 Quarter
Net income available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$607.00K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.34	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.33	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.66M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.88M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.80M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.03M	shares	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$945.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$1.22M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$476.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$563.00K	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`	$714.00K	USD	1 Quarter
Amortization of debt discounts and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	1 Quarter
Amortization of debt discounts and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$208.00K	USD	1 Quarter
Other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$213.00K	USD	1 Quarter
Other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$89.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-531.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-744.00K	USD	1 Quarter
Rent received in advance and tenant security deposits	`IncreaseDecreaseInCustomerAdvances`	$441.00K	USD	1 Quarter
Rent received in advance and tenant security deposits	`IncreaseDecreaseInCustomerAdvances`	$647.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.35M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.16M	USD	1 Quarter
Purchases of investments in real estate	`PaymentsToAcquireRealEstateHeldForInvestment`	-	USD	1 Quarter
Purchases of investments in real estate	`PaymentsToAcquireRealEstateHeldForInvestment`	$7.41M	USD	1 Quarter
Reimbursements of tenant improvements and construction funding	`PaymentsForTenantImprovements`	$6.83M	USD	1 Quarter
Reimbursements of tenant improvements and construction funding	`PaymentsForTenantImprovements`	-	USD	1 Quarter
Deposits to escrow for acquisitions	`PaymentOfDepositsToEscrowForAcquisition`	-	USD	1 Quarter
Deposits to escrow for acquisitions	`PaymentOfDepositsToEscrowForAcquisition`	$1.60M	USD	1 Quarter
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$48.76M	USD	1 Quarter
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$118.50M	USD	1 Quarter
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	-	USD	1 Quarter
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$40.50M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-93.84M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-48.76M	USD	1 Quarter
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$79.31M	USD	1 Quarter
Net proceeds from issuance of exchangeable senior notes	`ProceedsFromIssuanceOfExchangeOfSeniorNotes`	$138.56M	USD	1 Quarter
Net proceeds from issuance of exchangeable senior notes	`ProceedsFromIssuanceOfExchangeOfSeniorNotes`	-	USD	1 Quarter
Dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	$875.00K	USD	1 Quarter
Dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	$3.42M	USD	1 Quarter
Dividends paid to preferred stockholders	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$338.00K	USD	1 Quarter
Dividends paid to preferred stockholders	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$323.00K	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$390.00K	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$939.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$133.86M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$77.73M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$46.17M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$30.32M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$59.22M	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`	$11.76M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$13.05M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$59.22M	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`	$11.76M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.05M	USD	Point-in-time
Accrual for reimbursements of tenant improvements and construction funding	`AccrualForReimbursementsOfTenantImprovementsAndConstructionFunding`	$3.20M	USD	1 Quarter
Accrual for reimbursements of tenant improvements and construction funding	`AccrualForReimbursementsOfTenantImprovementsAndConstructionFunding`	-	USD	1 Quarter
Accrual for common and preferred stock dividends declared	`DividendsPayableCurrentAndNoncurrent`	$3.76M	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`	$4.75M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$151.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$268.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$264.29M	USD	Point-in-time
Balance	`StockholdersEquity`	$73.55M	USD	Point-in-time
Net income	`NetIncomeLoss`	$3.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$945.00K	USD	1 Quarter
Equity component of exchangeable senior notes	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$5.57M	USD	1 Quarter
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
Net issuance of unvested restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$-939.00K	USD	1 Quarter
Preferred stock dividend	`DividendsPreferredStock`	$338.00K	USD	1 Quarter
Preferred stock dividend	`DividendsPreferredStock`	$338.00K	USD	1 Quarter
Common stock dividend	`DividendsCommonStockCash`	$4.41M	USD	1 Quarter
Common stock dividend	`DividendsCommonStockCash`	$1.70M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$330.00K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$563.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$151.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$268.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$264.29M	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.