$IIPR
INNOVATIVE INDUSTRIAL PROPERTIES INC

2017 Q3 Form 10-Q Financial Statement

#000114420417057738 Filed on November 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q3
Revenue $1.559M
YoY Change
Cost Of Revenue $60.00K
YoY Change
Gross Profit $1.500M
YoY Change
Gross Profit Margin 96.22%
Selling, General & Admin $980.0K
YoY Change 390.0%
% of Gross Profit 65.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $217.0K
YoY Change
% of Gross Profit 14.47%
Operating Expenses $1.264M
YoY Change 532.0%
Operating Profit $295.0K
YoY Change
Interest Expense $40.00K
YoY Change
% of Operating Profit 13.56%
Other Income/Expense, Net
YoY Change
Pretax Income $330.0K
YoY Change -265.0%
Income Tax
% Of Pretax Income
Net Earnings $334.0K
YoY Change -267.0%
Net Earnings / Revenue 21.42%
Basic Earnings Per Share $0.09
Diluted Earnings Per Share $0.09
COMMON SHARES
Basic Shares Outstanding 3.393M shares
Diluted Shares Outstanding 3.393M shares

Balance Sheet

Concept 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.20M
YoY Change
Cash & Equivalents $22.20M
Short-Term Investments
Other Short-Term Assets $1.300M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $23.50M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $46.60M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $46.64M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $23.50M
Total Long-Term Assets $46.64M
Total Assets $70.14M
YoY Change 17435.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $600.0K
YoY Change
Accrued Expenses $200.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.20M
YoY Change 2450.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.20M
Total Long-Term Liabilities $0.00
Total Liabilities $10.18M
YoY Change 2445.75%
SHAREHOLDERS EQUITY
Retained Earnings -$5.071M
YoY Change
Common Stock $65.03M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $59.96M
YoY Change
Total Liabilities & Shareholders Equity $70.14M
YoY Change 17435.75%

Cashflow Statement

Concept 2017 Q3
OPERATING ACTIVITIES
Net Income $334.0K
YoY Change -267.0%
Depreciation, Depletion And Amortization $217.0K
YoY Change
Cash From Operating Activities $0.00
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $3.000M
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.000M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -500.0K
YoY Change
NET CHANGE
Cash From Operating Activities 0.000
Cash From Investing Activities -3.000M
Cash From Financing Activities -500.0K
Net Change In Cash -3.500M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $0.00
Capital Expenditures $3.000M
Free Cash Flow -$3.000M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q3 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
65027000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-5071000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
59960000 USD
CY2017Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
70143000 USD
CY2016Q4 us-gaap Land
Land
7600000 USD
CY2016Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
22475000 USD
CY2016Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
30075000 USD
CY2016Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
27000 USD
CY2016Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
30048000 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
33003000 USD
CY2016Q4 us-gaap Assets
Assets
63327000 USD
CY2016Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
70000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
2888000 USD
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
64828000 USD
CY2016Q4 iipr Offering Costs Liability
OfferingCostsLiability
276000 USD
CY2016Q4 iipr Rents Received In Advance And Tenant Security Deposit
RentsReceivedInAdvanceAndTenantSecurityDeposit
2542000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-4392000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
60439000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
63327000 USD
CY2017Q3 us-gaap Common Stock Value
CommonStockValue
4000 USD
CY2016Q4 us-gaap Common Stock Value
CommonStockValue
0 USD
CY2017Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
525000 USD
CY2016Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
4074000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
4138000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4204000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
553000 USD
us-gaap Operating Expenses
OperatingExpenses
4934000 USD
us-gaap Net Income Loss
NetIncomeLoss
-679000 USD
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.21
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3369308 shares
CY2017Q3 us-gaap Severance Costs1
SeveranceCosts1
0 USD
us-gaap Severance Costs1
SeveranceCosts1
113000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
295000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-796000 USD
CY2017Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
39000 USD
CY2017Q3 us-gaap Assets
Assets
70143000 USD
CY2017Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
608000 USD
CY2017Q3 us-gaap Liabilities
Liabilities
10183000 USD
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q3 iipr Offering Costs Liability
OfferingCostsLiability
190000 USD
CY2017Q3 iipr Rents Received In Advance And Tenant Security Deposit
RentsReceivedInAdvanceAndTenantSecurityDeposit
2960000 USD
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.3
CY2017Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 USD
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2017Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
1953000 USD
CY2017Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
7964000 USD
CY2017Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
8201000 USD
CY2017Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
8448000 USD
CY2017Q3 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
8661000 USD
CY2017Q3 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
96151000 USD
CY2017Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
131378000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
117000 USD
CY2017Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
1548000 USD
iipr Reclassification Of Common Stock Value
ReclassificationOfCommonStockValue
0 USD
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1050000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
-298000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1548000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
538000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1496000 USD
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
418000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
276000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1099000 USD
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
11185000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
11000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11196000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
298000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-10799000 USD
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2016-06-15
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
16000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
32000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
318000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-711000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.09
us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.21
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
66508 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
175564 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
109056 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
17.47
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
18.55
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
18.68
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
16792 shares
CY2017Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1500000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y3M18D
CY2017Q3 us-gaap Tenant Improvements
TenantImprovements
5901000 USD
CY2016Q4 us-gaap Tenant Improvements
TenantImprovements
0 USD
CY2017Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
1347000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
276000 USD
CY2017Q3 iipr Tenant Improvement Payable
TenantImprovementPayable
5900000 USD
CY2016Q4 iipr Tenant Improvement Payable
TenantImprovementPayable
0 USD
CY2017Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2016Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2017Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3501147 shares
CY2017Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3501147 shares
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
0 shares
CY2016Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
18.49
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
18.52
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2017Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
iipr Accrual For Tenant Improvements
AccrualForTenantImprovements
5900000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
42508 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
5955 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
30372 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
108639 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
17.64
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
18.55
CY2017Q3 us-gaap Tenant Reimbursements
TenantReimbursements
64000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
64000 USD
CY2017Q3 us-gaap Lease Cost
LeaseCost
64000 USD
us-gaap Lease Cost
LeaseCost
64000 USD
CY2017Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
882000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
525000 USD
iipr Accrual For Offering Costs
AccrualForOfferingCosts
190000 USD
CY2017Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3000000 USD
CY2017Q3 iipr Rent Reserve
RentReserve
1900000 USD
CY2017Q3 iipr Tenant Improvement Payable
TenantImprovementPayable
5900000 USD
CY2017Q3 us-gaap Payments For Rent
PaymentsForRent
205000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> </div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <strong><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">Use of Estimates.</font></strong><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">&#160;&#160;The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results may differ materially from these estimates and assumptions.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> </div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <strong><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">Provision for Impairment.</font></strong><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">&#160;&#160;Another significant judgment must be made as to if, and when, impairment losses should be taken on a property when events or a change in circumstances indicate that the carrying amount of the asset may not be recoverable. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key inputs that we utilize in this analysis include projected rental rates, estimated holding periods, capital expenditures and property sales capitalization rates. As of September 30, 2017, no impairment losses were recognized.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> </div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <strong><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> Concentration of Credit Risk</font></strong><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">. Our properties are located in the states of New York and Maryland.&#160; The ability of our tenants to honor the terms of their leases are dependent upon the economic, regulatory, competition, natural and social factors affecting the community in which our tenants operate.</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">As of September 30, 2017, the tenants at our properties in New York and Maryland represented <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 67</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 33</font>% of our total annualized base rent and supplemental base rent (for our property in New York), respectively.</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">We have deposited cash with a financial institution that is insured by the Federal Deposit Insurance Corporation ("FDIC") up to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">250,000</font>.&#160; As of September 30, 2017, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <strong><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> Reclassifications</font></strong><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">. Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
iipr Impairment Losses On Property
ImpairmentLossesOnProperty
0 USD

Files In Submission

Name View Source Status
0001144204-17-057738-index-headers.html Edgar Link pending
0001144204-17-057738-index.html Edgar Link pending
0001144204-17-057738.txt Edgar Link pending
0001144204-17-057738-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
iipr-20170930.xml Edgar Link completed
iipr-20170930.xsd Edgar Link pending
iipr-20170930_cal.xml Edgar Link unprocessable
iipr-20170930_def.xml Edgar Link unprocessable
iipr-20170930_lab.xml Edgar Link unprocessable
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