10-Q Filing

INNOVATIVE INDUSTRIAL PROPERTIES INC CIK: 1677576 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-008863`
Period End Date	20230331
Filing Date	20230509
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	iipr-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 36 Cash Flow Statement 65 Stockholders Equity 21

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Land	`Land`	$139.95M	USD	Point-in-time
Land	`Land`	$142.52M	USD	Point-in-time
Buildings and improvements	`InvestmentBuildingAndBuildingImprovements`	$2.01B	USD	Point-in-time
Buildings and improvements	`InvestmentBuildingAndBuildingImprovements`	$2.05B	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$108.46M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$54.11M	USD	Point-in-time
Preferred stock, Par Value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, Par Value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$2.20B	USD	Point-in-time
Total real estate, at cost	`RealEstateInvestmentPropertyAtCost`	$2.31B	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
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$138.41M	USD	Point-in-time
Less accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$153.17M	USD	Point-in-time
Net real estate held for investment	`RealEstateInvestmentPropertyNet`	$2.07B	USD	Point-in-time
Net real estate held for investment	`RealEstateInvestmentPropertyNet`	$2.15B	USD	Point-in-time
Construction loan receivable	`ConstructionLoanReceivable`	$18.41M	USD	Point-in-time
Construction loan receivable	`ConstructionLoanReceivable`	$18.02M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$37.65M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$87.12M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$1.45M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$1.45M	USD	Point-in-time
Investments	`ShortTermInvestments`	$163.97M	USD	Point-in-time
Investments	`ShortTermInvestments`	$200.94M	USD	Point-in-time
Common Stock, Par Value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Right of use office lease asset	`OperatingLeaseRightOfUseAsset`	$1.74M	USD	Point-in-time
Common Stock, Par Value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Right of use office lease asset	`OperatingLeaseRightOfUseAsset`	$1.65M	USD	Point-in-time
In-place lease intangible assets, net	`FiniteLivedIntangibleAssetAcquiredInPlaceLeases`	$8.89M	USD	Point-in-time
In-place lease intangible assets, net	`FiniteLivedIntangibleAssetAcquiredInPlaceLeases`	$9.11M	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
Other assets, net	`OtherAssets`	$28.54M	USD	Point-in-time
Common Stock, Shares Issued	`CommonStockSharesIssued`	27.97M	shares	Point-in-time
Other assets, net	`OtherAssets`	$30.18M	USD	Point-in-time
Common Stock, Shares Issued	`CommonStockSharesIssued`	28.03M	shares	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	28.03M	shares	Point-in-time
Total assets	`Assets`	$2.41B	USD	Point-in-time
Total assets	`Assets`	$2.41B	USD	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	27.97M	shares	Point-in-time
Exchangeable Senior Notes, net	`ConvertibleDebt`	$4.41M	USD	Point-in-time
Exchangeable Senior Notes, net	`ConvertibleDebt`	$6.38M	USD	Point-in-time
Notes due 2026, net	`UnsecuredDebt`	$295.44M	USD	Point-in-time
Notes due 2026, net	`UnsecuredDebt`	$295.12M	USD	Point-in-time
Building improvements and construction funding payable	`TenantImprovementsAndConstructionPayable`	$31.09M	USD	Point-in-time
Building improvements and construction funding payable	`TenantImprovementsAndConstructionPayable`	$29.38M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$10.62M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$11.39M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$50.84M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$51.06M	USD	Point-in-time
Rent received in advance and tenant security deposits	`RentsReceivedInAdvanceAndTenantSecurityDeposit`	$58.66M	USD	Point-in-time
Rent received in advance and tenant security deposits	`RentsReceivedInAdvanceAndTenantSecurityDeposit`	$58.72M	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$1.90M	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$3.04M	USD	Point-in-time
Total liabilities	`Liabilities`	$455.09M	USD	Point-in-time
Total liabilities	`Liabilities`	$452.94M	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, 2023 and December 31, 2022	`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, 2023 and December 31, 2022	`PreferredStockValue`	$14.01M	USD	Point-in-time
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,034,999 and 27,972,830 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$28.00K	USD	Point-in-time
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,034,999 and 27,972,830 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$28.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.07B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.07B	USD	Point-in-time
Dividends in excess of earnings	`AccumulatedDistributionsInExcessOfNetIncome`	$127.36M	USD	Point-in-time
Dividends in excess of earnings	`AccumulatedDistributionsInExcessOfNetIncome`	$117.39M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.61B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.96B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.96B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.65B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.41B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.41B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Rental (including tenant reimbursements)	`OperatingLeaseLeaseIncome`	$64.11M	USD	1 Quarter
Rental (including tenant reimbursements)	`OperatingLeaseLeaseIncome`	$75.53M	USD	1 Quarter
Other	`RevenueNotFromContractWithCustomerOther`	$390.00K	USD	1 Quarter
Other	`RevenueNotFromContractWithCustomerOther`	$538.00K	USD	1 Quarter
Total revenues	`Revenues`	$64.50M	USD	1 Quarter
Total revenues	`Revenues`	$76.07M	USD	1 Quarter
Property expenses	`LeaseCost`	$5.62M	USD	1 Quarter
Property expenses	`LeaseCost`	$1.98M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$8.78M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$10.37M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$13.87M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$16.71M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$32.71M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$24.63M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$43.36M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$39.88M	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$57.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$2.23M	USD	1 Quarter
Interest expense	`InterestExpense`	$4.52M	USD	1 Quarter
Interest expense	`InterestExpense`	$4.77M	USD	1 Quarter
Gain (loss) on exchange of Exchangeable Senior Notes	`GainLossOnExchangeOfExchangeableSeniorNotes`	$22.00K	USD	1 Quarter
Gain (loss) on exchange of Exchangeable Senior Notes	`GainLossOnExchangeOfExchangeableSeniorNotes`	$-118.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$41.09M	USD	1 Quarter
Net income	`NetIncomeLoss`	$35.05M	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`	$34.71M	USD	1 Quarter
Net income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$40.75M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.35	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.45	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.32	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.43	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	25.62M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	27.95M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.34M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.22M	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$41.09M	USD	1 Quarter
Net income	`ProfitLoss`	$35.05M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$13.87M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$16.71M	USD	1 Quarter
(Gain) loss on exchange of Exchangeable Senior Notes	`GainLossOnExchangeOfExchangeableSeniorNotes`	$22.00K	USD	1 Quarter
(Gain) loss on exchange of Exchangeable Senior Notes	`GainLossOnExchangeOfExchangeableSeniorNotes`	$-118.00K	USD	1 Quarter
Other non-cash adjustments	`OtherNoncashIncomeExpense`	$-26.00K	USD	1 Quarter
Other non-cash adjustments	`OtherNoncashIncomeExpense`	$-70.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$4.83M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$4.38M	USD	1 Quarter
Amortization of discounts on short-term investments	`AmortizationOfDiscountsOnShortTermInvestments`	$-1.68M	USD	1 Quarter
Amortization of discounts on short-term investments	`AmortizationOfDiscountsOnShortTermInvestments`	$-46.00K	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$338.00K	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$365.00K	USD	1 Quarter
Other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$-812.00K	USD	1 Quarter
Other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$-1.36M	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherLiabilities`	$1.27M	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherLiabilities`	$2.01M	USD	1 Quarter
Rent received in advance and tenant security deposits	`IncreaseDecreaseInRentsReceivedInAdvanceAndTenantSecurityDeposit`	$-53.00K	USD	1 Quarter
Rent received in advance and tenant security deposits	`IncreaseDecreaseInRentsReceivedInAdvanceAndTenantSecurityDeposit`	$4.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$64.62M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$59.88M	USD	1 Quarter
Purchases of investments in real estate	`PaymentsToAcquireRealEstateHeldForInvestment`	$34.91M	USD	1 Quarter
Purchases of investments in real estate	`PaymentsToAcquireRealEstateHeldForInvestment`	$47.82M	USD	1 Quarter
Funding of draws for improvements and construction	`PaymentsForTenantImprovements`	$129.40M	USD	1 Quarter
Funding of draws for improvements and construction	`PaymentsForTenantImprovements`	$66.03M	USD	1 Quarter
Funding of construction loan and other investments	`FundingOfConstructionLoanAndOtherInvestments`	$386.00K	USD	1 Quarter
Funding of construction loan and other investments	`FundingOfConstructionLoanAndOtherInvestments`	$18.28M	USD	1 Quarter
Deposits in escrow for acquisitions	`PaymentOfDepositsToEscrowForAcquisition`	$600.00K	USD	1 Quarter
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$51.77M	USD	1 Quarter
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$90.41M	USD	1 Quarter
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$115.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-62.68M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-81.09M	USD	1 Quarter
Issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$21.10M	USD	1 Quarter
Dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	$50.50M	USD	1 Quarter
Dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	$38.51M	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`	$2.44M	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$568.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-20.18M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-51.41M	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-41.40M	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-49.47M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$39.10M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$86.42M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.02M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$88.57M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$39.10M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$86.42M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.02M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$88.57M	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	$121.00K	USD	1 Quarter
Cash paid during the period for interest	`InterestPaidNet`	$626.00K	USD	1 Quarter
Accrual for current-period additions to real estate	`AccrualForCurrentPeriodAdditionsToRealEstate`	$20.26M	USD	1 Quarter
Accrual for current-period additions to real estate	`AccrualForCurrentPeriodAdditionsToRealEstate`	$43.80M	USD	1 Quarter
Deposits applied for acquisitions	`EscrowDepositDisbursementsRelatedToPropertyAcquisition1`	$25.00K	USD	1 Quarter
Deposits applied for acquisitions	`EscrowDepositDisbursementsRelatedToPropertyAcquisition1`	$250.00K	USD	1 Quarter
Accrual for common and preferred stock dividends declared	`AccrualForCommonAndPreferredStockDividendsDeclared`	$46.17M	USD	1 Quarter
Accrual for common and preferred stock dividends declared	`AccrualForCommonAndPreferredStockDividendsDeclared`	$51.06M	USD	1 Quarter
Accrual for stock issuance costs	`InvoicesAccruedForOfferingCost`	$126.00K	USD	1 Quarter
Exchange of Exchangeable Senior Notes for common stock	`StockissuedDuringPeriodValueExchangeableSeniorNotes`	$23.87M	USD	1 Quarter
Exchange of Exchangeable Senior Notes for common stock	`StockissuedDuringPeriodValueExchangeableSeniorNotes`	$1.96M	USD	1 Quarter
Operating lease liability for obtaining right of use asset	`OperatingLeaseLiabilityForObtainingRightOfUseAsset`	$1.02M	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balances at beginning of period	`StockholdersEquity`	$1.61B	USD	Point-in-time
Balances at beginning of period	`StockholdersEquity`	$1.96B	USD	Point-in-time
Balances at beginning of period	`StockholdersEquity`	$1.96B	USD	Point-in-time
Balances at beginning of period	`StockholdersEquity`	$1.65B	USD	Point-in-time
Net income	`NetIncomeLoss`	$41.09M	USD	1 Quarter
Net income	`NetIncomeLoss`	$35.05M	USD	1 Quarter
Issuance of unvested restricted stock, net of forfeitures	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$-2.44M	USD	1 Quarter
Issuance of unvested restricted stock, net of forfeitures	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$-568.00K	USD	1 Quarter
Exchange of Exchangeable Senior Notes	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$1.96M	USD	1 Quarter
Exchange of Exchangeable Senior Notes	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$23.65M	USD	1 Quarter
Net proceeds from sale of common stock	`StockIssuedDuringPeriodValueNewIssues`	$21.10M	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`	$50.73M	USD	1 Quarter
Common stock dividend	`DividendsCommonStockCash`	$45.83M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$4.38M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$4.83M	USD	1 Quarter
Balances at end of period	`StockholdersEquity`	$1.61B	USD	Point-in-time
Balances at end of period	`StockholdersEquity`	$1.96B	USD	Point-in-time
Balances at end of period	`StockholdersEquity`	$1.96B	USD	Point-in-time
Balances at end of period	`StockholdersEquity`	$1.65B	USD	Point-in-time

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