10-Q Filing
Filing Information
| Form Type | 10-Q |
| Accession Number | 0001558370-21-006297 |
| Period End Date | 20210331 |
| Filing Date | 20210506 |
| Fiscal Year | 2021 |
| Fiscal Period | Q1 |
| XBRL Instance | iipr-20210331x10q_htm.xml |
Filing Contents
This filing contains the following financial statements:
Balance Sheet
65 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Land |
Land
|
$75.66M | USD | Point-in-time |
| Land |
Land
|
$79.99M | USD | Point-in-time |
| Buildings and improvements |
InvestmentBuildingAndBuildingImprovements
|
$691.53M | USD | Point-in-time |
| Buildings and improvements |
InvestmentBuildingAndBuildingImprovements
|
$644.93M | USD | Point-in-time |
| Tenant improvements |
TenantImprovements
|
$408.61M | USD | Point-in-time |
| Tenant improvements |
TenantImprovements
|
$339.65M | USD | Point-in-time |
| Construction in progress |
ConstructionInProgressGross
|
$2.43M | USD | Point-in-time |
| 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 |
| Total real estate, at cost |
RealEstateInvestmentPropertyAtCost
|
$1.18B | 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 |
| Total real estate, at cost |
RealEstateInvestmentPropertyAtCost
|
$1.06B | USD | Point-in-time |
| Less accumulated depreciation |
RealEstateInvestmentPropertyAccumulatedDepreciation
|
$40.20M | USD | Point-in-time |
| Less accumulated depreciation |
RealEstateInvestmentPropertyAccumulatedDepreciation
|
$49.03M | USD | Point-in-time |
| Net real estate held for investment |
RealEstateInvestmentPropertyNet
|
$1.13B | USD | Point-in-time |
| Net real estate held for investment |
RealEstateInvestmentPropertyNet
|
$1.02B | USD | Point-in-time |
| Cash and cash equivalents |
CashAndCashEquivalentsAtCarryingValue
|
$126.01M | USD | Point-in-time |
| Cash and cash equivalents |
CashAndCashEquivalentsAtCarryingValue
|
$122.13M | USD | Point-in-time |
| Short-term Investments |
ShortTermInvestments
|
$539.32M | USD | Point-in-time |
| Short-term Investments |
ShortTermInvestments
|
$619.27M | USD | Point-in-time |
| Right of use office lease asset |
OperatingLeaseRightOfUseAsset
|
$922.00K | USD | Point-in-time |
| Right of use office lease asset |
OperatingLeaseRightOfUseAsset
|
$980.00K | USD | Point-in-time |
| Common Stock, Par or Stated Value Per Share |
CommonStockParOrStatedValuePerShare
|
$0.00 | USD | Point-in-time |
| Other assets, net |
OtherAssets
|
$2.02M | USD | Point-in-time |
| Common Stock, Par or Stated Value Per Share |
CommonStockParOrStatedValuePerShare
|
$0.00 | USD | Point-in-time |
| Other assets, net |
OtherAssets
|
$1.78M | USD | Point-in-time |
| Total assets |
Assets
|
$1.77B | 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 |
| Total assets |
Assets
|
$1.80B | USD | Point-in-time |
| Common Stock, Shares, Issued |
CommonStockSharesIssued
|
23.94M | shares | Point-in-time |
| Common Stock, Shares, Issued |
CommonStockSharesIssued
|
23.93M | shares | Point-in-time |
| Exchangeable senior notes, net |
ConvertibleDebt
|
$137.22M | USD | Point-in-time |
| Exchangeable senior notes, net |
ConvertibleDebt
|
$136.69M | USD | Point-in-time |
| Common Stock, Shares, Outstanding |
CommonStockSharesOutstanding
|
23.93M | shares | Point-in-time |
| Common Stock, Shares, Outstanding |
CommonStockSharesOutstanding
|
23.94M | shares | Point-in-time |
| Tenant improvements and construction funding payable |
TenantImprovementsAndConstructionPayable
|
$66.07M | USD | Point-in-time |
| Tenant improvements and construction funding payable |
TenantImprovementsAndConstructionPayable
|
$36.50M | USD | Point-in-time |
| Accounts payable and accrued expenses |
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
|
$4.64M | USD | Point-in-time |
| Accounts payable and accrued expenses |
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
|
$2.36M | USD | Point-in-time |
| Dividends payable |
DividendsPayableCurrentAndNoncurrent
|
$32.00M | USD | Point-in-time |
| Dividends payable |
DividendsPayableCurrentAndNoncurrent
|
$30.07M | USD | Point-in-time |
| Office lease liability |
OperatingLeaseLiability
|
$1.06M | USD | Point-in-time |
| Office lease liability |
OperatingLeaseLiability
|
$998.00K | USD | Point-in-time |
| Rent received in advance and tenant security deposits |
RentsReceivedInAdvanceAndTenantSecurityDeposit
|
$41.67M | USD | Point-in-time |
| Rent received in advance and tenant security deposits |
RentsReceivedInAdvanceAndTenantSecurityDeposit
|
$34.15M | USD | Point-in-time |
| Total liabilities |
Liabilities
|
$280.31M | USD | Point-in-time |
| Total liabilities |
Liabilities
|
$243.11M | 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, 2021 and December 31, 2020 |
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, 2021 and December 31, 2020 |
PreferredStockValue
|
$14.01M | USD | Point-in-time |
| Common stock, par value $0.001 per share, 50,000,000 shares authorized: 23,926,317 and 23,936,928 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively |
CommonStockValue
|
$24.00K | USD | Point-in-time |
| Common stock, par value $0.001 per share, 50,000,000 shares authorized: 23,926,317 and 23,936,928 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively |
CommonStockValue
|
$24.00K | USD | Point-in-time |
| Additional paid-in capital |
AdditionalPaidInCapitalCommonStock
|
$1.56B | USD | Point-in-time |
| Additional paid-in capital |
AdditionalPaidInCapitalCommonStock
|
$1.56B | USD | Point-in-time |
| Dividends in excess of earnings |
DividendInExcessOfEarnings
|
$-48.12M | USD | Point-in-time |
| Dividends in excess of earnings |
DividendInExcessOfEarnings
|
$-54.19M | USD | Point-in-time |
| Total stockholders' equity |
StockholdersEquity
|
$1.52B | USD | Point-in-time |
| Total stockholders' equity |
StockholdersEquity
|
$548.01M | USD | Point-in-time |
| Total stockholders' equity |
StockholdersEquity
|
$1.52B | USD | Point-in-time |
| Total stockholders' equity |
StockholdersEquity
|
$858.98M | USD | Point-in-time |
| Total liabilities and stockholders' equity |
LiabilitiesAndStockholdersEquity
|
$1.80B | USD | Point-in-time |
| Total liabilities and stockholders' equity |
LiabilitiesAndStockholdersEquity
|
$1.77B | USD | Point-in-time |
Income Statement
32 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Rental (including tenant reimbursements) |
OperatingLeaseLeaseIncome
|
$21.13M | USD | 1 Quarter |
| Rental (including tenant reimbursements) |
OperatingLeaseLeaseIncome
|
$42.88M | USD | 1 Quarter |
| Total revenues |
Revenues
|
$21.13M | USD | 1 Quarter |
| Total revenues |
Revenues
|
$42.88M | USD | 1 Quarter |
| Property expenses |
LeaseCost
|
$770.00K | USD | 1 Quarter |
| Property expenses |
LeaseCost
|
$600.00K | USD | 1 Quarter |
| General and administrative expense |
GeneralAndAdministrativeExpense
|
$3.35M | USD | 1 Quarter |
| General and administrative expense |
GeneralAndAdministrativeExpense
|
$5.60M | USD | 1 Quarter |
| Depreciation expense |
DepreciationDepletionAndAmortization
|
$8.84M | USD | 1 Quarter |
| Depreciation expense |
DepreciationDepletionAndAmortization
|
$4.91M | USD | 1 Quarter |
| Total expenses |
OperatingExpenses
|
$15.21M | USD | 1 Quarter |
| Total expenses |
OperatingExpenses
|
$8.85M | USD | 1 Quarter |
| Income from operations |
OperatingIncomeLoss
|
$27.68M | USD | 1 Quarter |
| Income from operations |
OperatingIncomeLoss
|
$12.28M | USD | 1 Quarter |
| Interest and other income |
InterestAndOtherIncome
|
$124.00K | USD | 1 Quarter |
| Interest and other income |
InterestAndOtherIncome
|
$1.44M | USD | 1 Quarter |
| Interest expense |
InterestExpense
|
$1.87M | USD | 1 Quarter |
| Interest expense |
InterestExpense
|
$1.85M | USD | 1 Quarter |
| Net income |
NetIncomeLoss
|
$11.87M | USD | 1 Quarter |
| Net income |
NetIncomeLoss
|
$25.93M | USD | 1 Quarter |
| Preferred stock dividends |
PreferredStockDividendsIncomeStatementImpact
|
$338.00K | USD | 1 Quarter |
| Preferred stock dividends |
PreferredStockDividendsIncomeStatementImpact
|
$338.00K | USD | 1 Quarter |
| Net income attributable to common stockholders |
NetIncomeLossAvailableToCommonStockholdersBasic
|
$25.59M | USD | 1 Quarter |
| Net income attributable to common stockholders |
NetIncomeLossAvailableToCommonStockholdersBasic
|
$11.53M | USD | 1 Quarter |
| Basic |
EarningsPerShareBasic
|
$1.07 | USD | 1 Quarter |
| Basic |
EarningsPerShareBasic
|
$0.72 | USD | 1 Quarter |
| Diluted |
EarningsPerShareDiluted
|
$0.72 | USD | 1 Quarter |
| Diluted |
EarningsPerShareDiluted
|
$1.05 | USD | 1 Quarter |
| Basic |
WeightedAverageNumberOfSharesOutstandingBasic
|
15.78M | shares | 1 Quarter |
| Basic |
WeightedAverageNumberOfSharesOutstandingBasic
|
23.89M | shares | 1 Quarter |
| Diluted |
WeightedAverageNumberOfDilutedSharesOutstanding
|
15.90M | shares | 1 Quarter |
| Diluted |
WeightedAverageNumberOfDilutedSharesOutstanding
|
26.15M | shares | 1 Quarter |
Cash Flow Statement
59 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Net income |
NetIncomeLoss
|
$11.87M | USD | 1 Quarter |
| Net income |
NetIncomeLoss
|
$25.93M | USD | 1 Quarter |
| Depreciation |
DepreciationDepletionAndAmortization
|
$8.84M | USD | 1 Quarter |
| Depreciation |
DepreciationDepletionAndAmortization
|
$4.91M | USD | 1 Quarter |
| Other non-cash adjustments |
OtherNoncashIncomeExpense
|
$-74.00K | USD | 1 Quarter |
| Other non-cash adjustments |
OtherNoncashIncomeExpense
|
$-22.00K | USD | 1 Quarter |
| Stock-based compensation |
ShareBasedCompensation
|
$2.10M | USD | 1 Quarter |
| Stock-based compensation |
ShareBasedCompensation
|
$825.00K | USD | 1 Quarter |
| Amortization of discounts on short-term investments |
AmortizationOfDiscountsOnShortTermInvestments
|
$-1.01M | USD | 1 Quarter |
| Amortization of discounts on short-term investments |
AmortizationOfDiscountsOnShortTermInvestments
|
$-116.00K | USD | 1 Quarter |
| Amortization of debt discount and issuance costs |
AmortizationOfFinancingCostsAndDiscounts
|
$501.00K | USD | 1 Quarter |
| Amortization of debt discount and issuance costs |
AmortizationOfFinancingCostsAndDiscounts
|
$525.00K | USD | 1 Quarter |
| Other assets, net |
IncreaseDecreaseInOtherOperatingAssets
|
$93.00K | USD | 1 Quarter |
| Other assets, net |
IncreaseDecreaseInOtherOperatingAssets
|
$-80.00K | USD | 1 Quarter |
| Accounts payable and accrued expenses |
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
$-2.11M | USD | 1 Quarter |
| Accounts payable and accrued expenses |
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
$-2.28M | USD | 1 Quarter |
| Rent received in advance and tenant security deposits |
IncreaseDecreaseInRentsReceivedInAdvanceAndTenantSecurityDeposit
|
$7.51M | USD | 1 Quarter |
| Rent received in advance and tenant security deposits |
IncreaseDecreaseInRentsReceivedInAdvanceAndTenantSecurityDeposit
|
$4.61M | USD | 1 Quarter |
| Net cash provided by operating activities |
NetCashProvidedByUsedInOperatingActivities
|
$19.57M | USD | 1 Quarter |
| Net cash provided by operating activities |
NetCashProvidedByUsedInOperatingActivities
|
$42.61M | USD | 1 Quarter |
| Purchases of investments in real estate |
PaymentsToAcquireRealEstateHeldForInvestment
|
$28.39M | USD | 1 Quarter |
| Purchases of investments in real estate |
PaymentsToAcquireRealEstateHeldForInvestment
|
$72.46M | USD | 1 Quarter |
| Reimbursements of tenant improvements and construction funding |
PaymentsForTenantImprovements
|
$82.70M | USD | 1 Quarter |
| Reimbursements of tenant improvements and construction funding |
PaymentsForTenantImprovements
|
$64.16M | USD | 1 Quarter |
| Deposits in escrow for acquisitions |
PaymentOfDepositsToEscrowForAcquisition
|
$550.00K | USD | 1 Quarter |
| Deposits in escrow for acquisitions |
PaymentOfDepositsToEscrowForAcquisition
|
$838.00K | USD | 1 Quarter |
| Purchases of short-term investments |
PaymentsToAcquireShortTermInvestments
|
$254.80M | USD | 1 Quarter |
| Purchases of short-term investments |
PaymentsToAcquireShortTermInvestments
|
$209.93M | USD | 1 Quarter |
| Maturities of short-term investments |
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
|
$102.50M | USD | 1 Quarter |
| Maturities of short-term investments |
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
|
$290.00M | USD | 1 Quarter |
| Net cash used in investing activities |
NetCashProvidedByUsedInInvestingActivities
|
$-13.03M | USD | 1 Quarter |
| Net cash used in investing activities |
NetCashProvidedByUsedInInvestingActivities
|
$-308.30M | USD | 1 Quarter |
| Issuance of common stock, net of offering costs |
ProceedsFromIssuanceOfCommonStock
|
$317.85M | USD | 1 Quarter |
| Dividends paid to common stockholders |
PaymentsOfDividendsCommonStock
|
$12.64M | USD | 1 Quarter |
| Dividends paid to common stockholders |
PaymentsOfDividendsCommonStock
|
$29.73M | USD | 1 Quarter |
| Dividends paid to preferred stockholders |
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
$338.00K | USD | 1 Quarter |
| Dividends paid to preferred stockholders |
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
$338.00K | USD | 1 Quarter |
| Taxes paid related to net share settlement of equity awards |
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
$3.38M | USD | 1 Quarter |
| Taxes paid related to net share settlement of equity awards |
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
$2.17M | USD | 1 Quarter |
| Net cash (used in) provided by financing activities |
NetCashProvidedByUsedInFinancingActivities
|
$302.70M | USD | 1 Quarter |
| Net cash (used in) provided by financing activities |
NetCashProvidedByUsedInFinancingActivities
|
$-33.45M | USD | 1 Quarter |
| Net (decrease) increase in cash, cash equivalents and restricted cash |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
$-3.87M | USD | 1 Quarter |
| Net (decrease) increase in cash, cash equivalents and restricted cash |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
$13.98M | USD | 1 Quarter |
| Cash, cash equivalents and restricted cash, beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$131.29M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$117.32M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$122.13M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$126.01M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, end of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$131.29M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, end of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$117.32M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, end of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$122.13M | USD | Point-in-time |
| Cash, cash equivalents and restricted cash, end of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$126.01M | USD | Point-in-time |
| Cash paid during the period for interest |
InterestPaidNet
|
$2.69M | USD | 1 Quarter |
| Cash paid during the period for interest |
InterestPaidNet
|
$2.69M | USD | 1 Quarter |
| Accrual for reimbursements of tenant improvements and construction funding |
AccrualForReimbursementsOfTenantImprovementsAndConstructionFunding
|
$66.07M | USD | 1 Quarter |
| Accrual for reimbursements of tenant improvements and construction funding |
AccrualForReimbursementsOfTenantImprovementsAndConstructionFunding
|
$41.19M | USD | 1 Quarter |
| Deposits applied for acquisitions |
EscrowDepositDisbursementsRelatedToPropertyAcquisition1
|
$200.00K | USD | 1 Quarter |
| Deposits applied for acquisitions |
EscrowDepositDisbursementsRelatedToPropertyAcquisition1
|
$550.00K | USD | 1 Quarter |
| Accrual for common and preferred stock dividends declared |
AccrualForCommonAndPreferredStockDividendsDeclared
|
$32.00M | USD | 1 Quarter |
| Accrual for common and preferred stock dividends declared |
AccrualForCommonAndPreferredStockDividendsDeclared
|
$17.41M | USD | 1 Quarter |
Stockholders Equity
20 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Balances at beginning of period |
StockholdersEquity
|
$1.52B | USD | Point-in-time |
| Balances at beginning of period |
StockholdersEquity
|
$548.01M | USD | Point-in-time |
| Balances at beginning of period |
StockholdersEquity
|
$1.52B | USD | Point-in-time |
| Balances at beginning of period |
StockholdersEquity
|
$858.98M | USD | Point-in-time |
| Net income |
NetIncomeLoss
|
$11.87M | USD | 1 Quarter |
| Net income |
NetIncomeLoss
|
$25.93M | USD | 1 Quarter |
| Net proceeds from sale of common stock |
StockIssuedDuringPeriodValueSaleOfCommonStock
|
$317.85M | USD | 1 Quarter |
| Exchange of exchangeable senior notes |
StockIssuedDuringPeriodValueExchangeableSeniorNotes
|
$1.00K | USD | 1 Quarter |
| Issuance of unvested restricted stock, net of forfeitures |
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
|
$-2.17M | USD | 1 Quarter |
| Issuance of unvested restricted stock, net of forfeitures |
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
|
$-3.38M | 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
|
$31.66M | USD | 1 Quarter |
| Common stock dividend |
DividendsCommonStockCash
|
$17.07M | USD | 1 Quarter |
| Stock-based compensation |
StockIssuedDuringPeriodValueShareBasedCompensationGross
|
$825.00K | USD | 1 Quarter |
| Stock-based compensation |
StockIssuedDuringPeriodValueShareBasedCompensationGross
|
$2.10M | USD | 1 Quarter |
| Balances at end of period |
StockholdersEquity
|
$1.52B | USD | Point-in-time |
| Balances at end of period |
StockholdersEquity
|
$548.01M | USD | Point-in-time |
| Balances at end of period |
StockholdersEquity
|
$1.52B | USD | Point-in-time |
| Balances at end of period |
StockholdersEquity
|
$858.98M | USD | Point-in-time |
Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.