$IIPR
INNOVATIVE INDUSTRIAL PROPERTIES INC

2017 Q3 Form 10-K Financial Statement

#000114420418017926 Filed on March 29, 2018

View on sec.gov

Income Statement

Concept 2017 Q3 2017 2016 Q4
Revenue $1.559M $6.420M $320.0K
YoY Change 2040.0%
Cost Of Revenue $60.00K $100.0K
YoY Change 0.0%
Gross Profit $1.500M $6.300M
YoY Change 3050.0%
Gross Profit Margin 96.22% 98.13%
Selling, General & Admin $980.0K $5.500M $630.0K
YoY Change 390.0% 587.5%
% of Gross Profit 65.33% 87.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $217.0K $915.0K $0.00
YoY Change
% of Gross Profit 14.47% 14.52%
Operating Expenses $1.264M $6.643M $4.510M
YoY Change 532.0% 638.11%
Operating Profit $295.0K -$223.0K
YoY Change -68.14%
Interest Expense $40.00K $200.0K
YoY Change
% of Operating Profit 13.56%
Other Income/Expense, Net
YoY Change
Pretax Income $330.0K -$100.0K -$4.190M
YoY Change -265.0% -97.73%
Income Tax $0.00
% Of Pretax Income
Net Earnings $334.0K -$72.00K -$4.190M
YoY Change -267.0% -98.36%
Net Earnings / Revenue 21.42% -1.12% -1309.38%
Basic Earnings Per Share $0.09 -$0.13
Diluted Earnings Per Share $0.09 -$0.13 -$412.0K
COMMON SHARES
Basic Shares Outstanding 3.393M shares 3.375M
Diluted Shares Outstanding 3.393M shares 3.375M

Balance Sheet

Concept 2017 Q3 2017 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.20M $11.80M $33.00M
YoY Change -64.24%
Cash & Equivalents $22.20M $11.80M $33.00M
Short-Term Investments
Other Short-Term Assets $1.300M $500.0K $300.0K
YoY Change 66.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $23.50M $12.30M $33.30M
YoY Change -63.06%
LONG-TERM ASSETS
Property, Plant & Equipment $46.60M $67.80M $30.00M
YoY Change 126.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $46.64M $67.70M $30.03M
YoY Change 125.67%
TOTAL ASSETS
Total Short-Term Assets $23.50M $12.30M $33.30M
Total Long-Term Assets $46.64M $67.70M $30.03M
Total Assets $70.14M $80.00M $63.33M
YoY Change 17435.75% 26.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $600.0K $1.100M $100.0K
YoY Change 1000.0%
Accrued Expenses $200.0K $0.00 $300.0K
YoY Change -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.20M $6.500M $2.900M
YoY Change 2450.0% 124.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.20M $6.500M $2.900M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $10.18M $6.500M $2.888M
YoY Change 2445.75% 124.14%
SHAREHOLDERS EQUITY
Retained Earnings -$5.071M -$4.392M
YoY Change
Common Stock $65.03M $64.83M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $59.96M $73.50M $60.44M
YoY Change
Total Liabilities & Shareholders Equity $70.14M $80.00M $63.33M
YoY Change 17435.75% 26.38%

Cashflow Statement

Concept 2017 Q3 2017 2016 Q4
OPERATING ACTIVITIES
Net Income $334.0K -$72.00K -$4.190M
YoY Change -267.0% -98.36%
Depreciation, Depletion And Amortization $217.0K $915.0K $0.00
YoY Change
Cash From Operating Activities $0.00 $5.015M $1.700M
YoY Change 195.0%
INVESTING ACTIVITIES
Capital Expenditures $3.000M -$38.60M -$30.00M
YoY Change 28.67%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.000M -$38.65M -$30.00M
YoY Change 28.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -500.0K 12.39M 61.30M
YoY Change -79.8%
NET CHANGE
Cash From Operating Activities 0.000 5.015M 1.700M
Cash From Investing Activities -3.000M -38.65M -30.00M
Cash From Financing Activities -500.0K 12.39M 61.30M
Net Change In Cash -3.500M -21.25M 33.00M
YoY Change -164.38%
FREE CASH FLOW
Cash From Operating Activities $0.00 $5.015M $1.700M
Capital Expenditures $3.000M -$38.60M -$30.00M
Free Cash Flow -$3.000M $43.62M $31.70M
YoY Change 37.59%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>Use of Estimates.</b>&#160;&#160;The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ materially from these estimates and assumptions.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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12549000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
12898000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
12083000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
140589000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
201832000 USD
CY2017Q3 iipr Rent Reserve
RentReserve
1900000 USD
CY2017Q3 iipr Tenant Improvement Payable
TenantImprovementPayable
5900000 USD
CY2017Q4 iipr Annualized Base Monthly Rental Revenue
AnnualizedBaseMonthlyRentalRevenue
213760 USD
CY2017Q4 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
187500 USD
CY2017Q4 iipr Annual Escalations Rate For Initial Lease Term
AnnualEscalationsRateForInitialLeaseTerm
0.0325 pure
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
0 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1000 USD
us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
3707000 USD
CY2017 us-gaap Dividends Preferred Stock
DividendsPreferredStock
323000 USD
CY2017 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1925000 USD
CY2017 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
-298000 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
58000 USD
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
1719000 USD
CY2017 iipr Reclassification Of Common Stock Value
ReclassificationOfCommonStockValue
0 USD
CY2017 iipr Stock Issued During Period Value Sale Of Preferred Stock
StockIssuedDuringPeriodValueSaleOfPreferredStock
14009000 USD
CY2017 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font> <strong> Concentration of Credit Risk</strong></b> . Our properties are located in the states of New York, Maryland, Arizona and Minnesota.&#160; The ability of any of our tenants to honor the terms of its lease is dependent upon the economic, regulatory, competition, natural and social factors affecting the community in which that tenant operates. During the year ended December 31, 2017, the tenant at one of our properties in New York and the tenant at our property in Maryland accounted for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 82</font> % and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 14</font> %, respectively, or our rental revenues. At December 31, 2017, one of our properties in New York, our property in Maryland and our property in Arizona accounted for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 43</font> %, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 25</font> % and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 22</font> %, respectively, of our net real estate held for investment. </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> 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 December 31, 2017, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.</div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"> <tr> <td> </td> </tr> </table>

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