$IIPR
INNOVATIVE INDUSTRIAL PROPERTIES INC

2018 Q1 Form 10-Q Financial Statement

#000114420418027118 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $2.764M $1.290M
YoY Change 114.26%
Cost Of Revenue $90.00K $0.00
YoY Change
Gross Profit $2.680M $1.290M
YoY Change 107.75%
Gross Profit Margin 96.96% 100.0%
Selling, General & Admin $1.480M $1.760M
YoY Change -15.91%
% of Gross Profit 55.22% 136.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $476.0K $161.0K
YoY Change 195.65%
% of Gross Profit 17.76% 12.48%
Operating Expenses $2.040M $1.916M
YoY Change 6.47%
Operating Profit $724.0K -$626.0K
YoY Change -215.65%
Interest Expense $0.00 $40.00K
YoY Change -100.0%
% of Operating Profit 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income $950.0K -$590.0K
YoY Change -261.02%
Income Tax
% Of Pretax Income
Net Earnings $945.0K -$591.0K
YoY Change -259.9%
Net Earnings / Revenue 34.19% -45.81%
Basic Earnings Per Share $0.10 -$0.18
Diluted Earnings Per Share $0.09 -$0.18
COMMON SHARES
Basic Shares Outstanding 5.884M 3.350M shares
Diluted Shares Outstanding 6.025M 3.350M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.10M $33.40M
YoY Change 26.05%
Cash & Equivalents $42.08M $33.40M
Short-Term Investments
Other Short-Term Assets $700.0K $300.0K
YoY Change 133.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $42.80M $33.70M
YoY Change 27.0%
LONG-TERM ASSETS
Property, Plant & Equipment $67.30M $29.90M
YoY Change 125.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $48.90M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $116.1M $29.80M
YoY Change 289.6%
TOTAL ASSETS
Total Short-Term Assets $42.80M $33.70M
Total Long-Term Assets $116.1M $29.80M
Total Assets $158.9M $63.50M
YoY Change 150.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $600.0K $300.0K
YoY Change 100.0%
Accrued Expenses $0.00 $0.00
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.200M $2.800M
YoY Change 157.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.200M $2.800M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $7.200M $2.900M
YoY Change 148.28%
SHAREHOLDERS EQUITY
Retained Earnings -$3.519M
YoY Change
Common Stock $7.000K $4.000K
YoY Change 75.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $151.7M $60.60M
YoY Change
Total Liabilities & Shareholders Equity $158.9M $63.50M
YoY Change 150.23%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $945.0K -$591.0K
YoY Change -259.9%
Depreciation, Depletion And Amortization $476.0K $161.0K
YoY Change 195.65%
Cash From Operating Activities $1.355M $624.0K
YoY Change 117.15%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$48.80M
YoY Change
Cash From Investing Activities -$48.76M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $79.31M -$276.0K
YoY Change -28836.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 77.73M -$276.0K
YoY Change -28261.59%
NET CHANGE
Cash From Operating Activities 1.355M $624.0K
Cash From Investing Activities -48.76M $0.00
Cash From Financing Activities 77.73M -$276.0K
Net Change In Cash 30.32M $348.0K
YoY Change 8612.07%
FREE CASH FLOW
Cash From Operating Activities $1.355M $624.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-3519000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
151714000 USD
CY2018Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
158898000 USD
CY2017Q4 us-gaap Land
Land
11514000 USD
CY2017Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
51315000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
68730000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
942000 USD
CY2017Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
67788000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
11758000 USD
CY2017Q4 us-gaap Assets
Assets
80028000 USD
CY2017Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
1082000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
6479000 USD
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
14009000 USD
CY2017Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
64000000 USD
CY2017Q4 iipr Offering Costs Liability
OfferingCostsLiability
41000 USD
CY2017Q4 iipr Rents Received In Advance And Tenant Security Deposit
RentsReceivedInAdvanceAndTenantSecurityDeposit
4158000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-4464000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
73549000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
80028000 USD
CY2018Q1 us-gaap Common Stock Value
CommonStockValue
7000 USD
CY2017Q4 us-gaap Common Stock Value
CommonStockValue
4000 USD
CY2018Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
2034000 USD
CY2017Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
1198000 USD
CY2018Q1 us-gaap Tenant Improvements
TenantImprovements
5901000 USD
CY2017Q4 us-gaap Tenant Improvements
TenantImprovements
5901000 USD
CY2018Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1477000 USD
CY2018Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
476000 USD
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
2040000 USD
CY2018Q1 us-gaap Net Income Loss
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945000 USD
CY2017Q1 us-gaap Operating Leases Income Statement Lease Revenue
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1290000 USD
CY2017Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
1290000 USD
CY2017Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1755000 USD
CY2017Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
161000 USD
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
1916000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
-591000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
724000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-626000 USD
CY2018Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.25
CY2017Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2018Q1 us-gaap Tenant Reimbursements
TenantReimbursements
87000 USD
CY2017Q1 us-gaap Tenant Reimbursements
TenantReimbursements
0 USD
CY2018Q1 us-gaap Lease Cost
LeaseCost
87000 USD
CY2017Q1 us-gaap Lease Cost
LeaseCost
0 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
330000 USD
CY2018Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1696000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
-390000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1355000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
77726000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-48763000 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
390000 USD
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
30318000 USD
CY2017Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
275000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
624000 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
33003000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-276000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 USD
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
348000 USD
CY2017Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0 USD
CY2018Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
8867000 USD
CY2018Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
12170000 USD
CY2018Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
12549000 USD
CY2018Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
12898000 USD
CY2018Q1 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
12083000 USD
CY2018Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
140589000 USD
CY2018Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
199156000 USD
CY2018Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 USD
CY2018Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q1 us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
37000 USD
CY2017Q1 us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
0 USD
CY2018Q1 iipr Net Income Loss Used To Compute Common Stockholders
NetIncomeLossUsedToComputeCommonStockholders
570000 USD
CY2017Q1 iipr Net Income Loss Used To Compute Common Stockholders
NetIncomeLossUsedToComputeCommonStockholders
-591000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
106839 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
147136 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
73011 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
18.01
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
23.54
CY2018Q1 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
29.45
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
20635 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
12079 shares
CY2018Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
3200000 USD
CY2018Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M24D
CY2018Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
654000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
482000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2018Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2018Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
6782079 shares
CY2018Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
6782079 shares
CY2017Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3501147 shares
CY2017Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3501147 shares
CY2018Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
221000 USD
CY2017Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
35000 USD
CY2018Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
338000 USD
CY2017Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
607000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-591000 USD
CY2018Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
338000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-276000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
79314000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
770000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
330000 USD
CY2017Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-7000 USD
CY2018Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
213000 USD
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<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: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <strong><font style="FONT-SIZE: 10pt">Use of Estimates.</font></strong><font style="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 period. 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>
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
175564 shares
CY2018Q1 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<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: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <strong><font style="FONT-SIZE: 10pt">Provision for Impairment.</font></strong><font style="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 March 31, 2018, 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>
CY2018Q1 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: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <strong><font style="FONT-SIZE: 10pt">Concentration of Credit Risk</font></strong><font style="FONT-SIZE: 10pt">. Our properties are located in the states of New York, Maryland, Arizona and Minnesota. 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 three months ended March 31, 2018, 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"> 50</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 24</font>%, respectively, of our rental revenues. At March 31, 2018, 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. During the quarter ended March 31, 2017, the tenant at our property in New York accounted for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 100</font>% of our rental revenues and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 100</font>% of our net real estate held for investment.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <font style="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>. As of March 31, 2018, 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>
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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: 0in 0in 0pt"> <strong><font style="FONT-SIZE: 10pt"> Reclassifications</font></strong><font style="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>
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3350000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6025067 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3350000 shares
CY2018Q1 iipr Amortization Of Discounts On Short Term Investments
AmortizationOfDiscountsOnShortTermInvestments
-93000 USD
CY2017Q1 iipr Amortization Of Discounts On Short Term Investments
AmortizationOfDiscountsOnShortTermInvestments
0 USD
CY2018Q1 us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
441000 USD
CY2017Q1 us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
2000 USD
CY2018Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
48763000 USD
CY2018Q1 us-gaap Short Term Investments
ShortTermInvestments
48856000 USD
CY2017Q4 us-gaap Short Term Investments
ShortTermInvestments
0 USD
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5883610 shares
CY2017Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
0 USD
CY2018Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
323000 USD
CY2017Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
0 USD
CY2017Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0 USD
CY2018Q2 iipr Annualized Base Rent Revenue
AnnualizedBaseRentRevenue
1300000 USD
CY2018Q1 iipr Tenant Improvement Payable
TenantImprovementPayable
5000000 USD
CY2018Q1 iipr Stock Issued During Period Value Sale Of Common Stock
StockIssuedDuringPeriodValueSaleOfCommonStock
79314000 USD
CY2017Q4 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
14000000 USD

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iipr-20180331.xml Edgar Link completed
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