$IIPR
INNOVATIVE INDUSTRIAL PROPERTIES INC

2019 Q1 Form 10-Q Financial Statement

#000114420419024896 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $6.823M $4.780M $2.764M
YoY Change 146.85% 109.65% 114.26%
Cost Of Revenue $250.0K $80.00K $90.00K
YoY Change 177.78% 60.0%
Gross Profit $6.580M $4.700M $2.680M
YoY Change 145.52% 110.76% 107.75%
Gross Profit Margin 96.44% 98.33% 96.96%
Selling, General & Admin $1.920M $1.980M $1.480M
YoY Change 29.73% 53.49% -15.91%
% of Gross Profit 29.18% 42.13% 55.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.218M $900.0K $476.0K
YoY Change 155.88% 200.0% 195.65%
% of Gross Profit 18.51% 19.15% 17.76%
Operating Expenses $3.383M $2.900M $2.040M
YoY Change 65.83% 74.7% 6.47%
Operating Profit $3.440M $1.800M $724.0K
YoY Change 375.14% 215.79% -215.65%
Interest Expense $792.0K $860.0K $0.00
YoY Change 2766.67% -100.0%
% of Operating Profit 23.02% 47.78% 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income $3.640M $2.670M $950.0K
YoY Change 283.16% 337.7% -261.02%
Income Tax
% Of Pretax Income
Net Earnings $3.641M $2.670M $945.0K
YoY Change 285.29% 337.7% -259.9%
Net Earnings / Revenue 53.36% 55.86% 34.19%
Basic Earnings Per Share $0.34 $0.10
Diluted Earnings Per Share $0.33 $279.9K $0.09
COMMON SHARES
Basic Shares Outstanding 9.665M 9.776M shares 5.884M
Diluted Shares Outstanding 9.798M 6.025M

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.20M $13.10M $42.10M
YoY Change 40.62% 11.02% 26.05%
Cash & Equivalents $59.22M $13.05M $42.08M
Short-Term Investments
Other Short-Term Assets $2.300M $600.0K $700.0K
YoY Change 228.57% 20.0% 133.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $61.50M $13.70M $42.80M
YoY Change 43.69% 11.38% 27.0%
LONG-TERM ASSETS
Property, Plant & Equipment $161.2M $147.4M $67.30M
YoY Change 139.52% 117.4% 125.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $197.7M $120.4M $48.90M
YoY Change 304.29%
Other Assets
YoY Change
Total Long-Term Assets $358.9M $267.8M $116.1M
YoY Change 209.14% 295.35% 289.6%
TOTAL ASSETS
Total Short-Term Assets $61.50M $13.70M $42.80M
Total Long-Term Assets $358.9M $267.8M $116.1M
Total Assets $420.4M $281.5M $158.9M
YoY Change 164.57% 251.71% 150.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M $2.000M $600.0K
YoY Change 100.0% 81.82% 100.0%
Accrued Expenses $0.00 $0.00
YoY Change
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 $18.80M $17.20M $7.200M
YoY Change 161.11% 164.62% 157.14%
LONG-TERM LIABILITIES
Long-Term Debt $133.2M $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $133.2M $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $18.80M $17.20M $7.200M
Total Long-Term Liabilities $133.2M $0.00 $0.00
Total Liabilities $152.0M $17.17M $7.200M
YoY Change 2011.56% 165.07% 148.28%
SHAREHOLDERS EQUITY
Retained Earnings $0.00 -$3.519M
YoY Change -100.0%
Common Stock $265.7M $260.6M $7.000K
YoY Change 3796228.57% 307.08% 75.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $268.4M $264.3M $151.7M
YoY Change
Total Liabilities & Shareholders Equity $420.4M $281.5M $158.9M
YoY Change 164.58% 251.71% 150.23%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income $3.641M $2.670M $945.0K
YoY Change 285.29% 337.7% -259.9%
Depreciation, Depletion And Amortization $1.218M $900.0K $476.0K
YoY Change 155.88% 200.0% 195.65%
Cash From Operating Activities $4.603M $6.100M $1.355M
YoY Change 239.7% 74.29% 117.15%
INVESTING ACTIVITIES
Capital Expenditures -$14.20M -$41.50M
YoY Change 51.46%
Acquisitions
YoY Change
Other Investing Activities -$78.00M -$115.8M -$48.80M
YoY Change 59.84%
Cash From Investing Activities -$92.29M -$157.4M -$48.76M
YoY Change 89.26% 474.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $79.31M
YoY Change -100.0% -28836.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 133.9M 111.2M 77.73M
YoY Change 72.22% 723.7% -28261.59%
NET CHANGE
Cash From Operating Activities 4.603M 6.100M 1.355M
Cash From Investing Activities -92.29M -157.4M -48.76M
Cash From Financing Activities 133.9M 111.2M 77.73M
Net Change In Cash 46.17M -40.10M 30.32M
YoY Change 52.3% 285.58% 8612.07%
FREE CASH FLOW
Cash From Operating Activities $4.603M $6.100M $1.355M
Capital Expenditures -$14.20M -$41.50M
Free Cash Flow $18.80M $47.60M
YoY Change 54.05%

Facts In Submission

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390000
CY2018Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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42076000
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
79314000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6158000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1355000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-48763000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
133859000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
77726000
CY2019Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
46174000
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
30318000
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2019Q1 iipr Development Milestones Payable
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2400000
CY2019Q1 us-gaap Convertible Debt
ConvertibleDebt
133196000
CY2019Q1 iipr Dividend In Excess Of Earnings
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-11376000
CY2018Q4 iipr Dividend In Excess Of Earnings
DividendInExcessOfEarnings
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CY2019Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
993000
CY2018Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
221000
CY2019Q1 us-gaap Interest Expense
InterestExpense
792000
CY2018Q1 us-gaap Interest Expense
InterestExpense
0
CY2019Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
208000
CY2018Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
0
CY2019Q1 iipr Proceeds From Issuance Of Exchange Of Senior Notes
ProceedsFromIssuanceOfExchangeOfSeniorNotes
138557000
CY2018Q1 iipr Proceeds From Issuance Of Exchange Of Senior Notes
ProceedsFromIssuanceOfExchangeOfSeniorNotes
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CY2019Q1 us-gaap Net Rentable Area
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101000
CY2019Q1 iipr Real Estate Investment Purchase Price
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7364000
CY2019Q1 us-gaap Real Estate Investments
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7410000
CY2019Q1 iipr Reimbursement Payable For Acquisition Of Real Estate And Tenant Improvement
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4800000
CY2019Q1 iipr Additional Purchase For Building Improvements Payable
AdditionalPurchaseForBuildingImprovementsPayable
2400000
CY2019Q1 iipr Additional Purchase Price Of Building Improvements
AdditionalPurchasePriceOfBuildingImprovements
2300000
CY2019Q1 iipr Payments For Building Improvements
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7600000
CY2019Q1 us-gaap Amortization Of Debt Discount Premium
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111000
CY2019Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
97000
CY2019Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
792000
CY2019Q1 iipr Cash Coupon
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584000
CY2019Q1 iipr Convertible Senior Notes Debt
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143750000
CY2019Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
5666000
CY2019Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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4888000
CY2019Q1 us-gaap Long Term Debt
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DebtInstrumentInterestRateStatedPercentage
0.0375
CY2019Q1 us-gaap Debt Instrument Maturity Date
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2024-02-21
CY2019Q1 us-gaap Debt Instrument Unamortized Discount Current
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5800000
CY2019Q1 us-gaap Deferred Finance Costs Net
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CY2019Q1 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
5000000
CY2019Q1 us-gaap Debt Instrument Convertible Carrying Amount Of The Equity Component
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200000
CY2019Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
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0.0465
CY2019Q1 us-gaap Accrued Liabilities Current And Noncurrent
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584000
CY2019Q1 us-gaap Short Term Investments
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CY2019Q1 us-gaap Investments Fair Value Disclosure
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197729000
CY2018Q4 us-gaap Short Term Investments
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CY2018Q4 us-gaap Investments Fair Value Disclosure
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120443000
CY2019Q1 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
181125000
CY2018Q4 us-gaap Convertible Debt
ConvertibleDebt
0
CY2018Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
0
CY2019Q1 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Provision for Impairment.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;On a quarterly basis, we review current activities and changes in the business conditions of all of our properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Long-lived assets to be held and used are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, construction costs, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. </div>We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. As of March 31, 2019, no impairment losses were recognized.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018Q1 iipr Payment Of Deposits To Escrow For Acquisition
PaymentOfDepositsToEscrowForAcquisition
0
CY2019Q1 iipr Payment Of Deposits To Escrow For Acquisition
PaymentOfDepositsToEscrowForAcquisition
1601000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
3641000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature
AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature
5569000
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
-939000
CY2019Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
338000
CY2019Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
4412000
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
563000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
73549000
CY2018Q1 iipr Stock Issued During Period Value Sale Of Common Stock
StockIssuedDuringPeriodValueSaleOfCommonStock
79314000
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
-390000
CY2018Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
338000
CY2018Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1696000
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
330000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
151714000
CY2019Q1 us-gaap Inventory Real Estate Improvements
InventoryRealEstateImprovements
1500000
CY2019Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Concentration of Credit Risk</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">. As of March 31, 2019, we owned 13 properties located in Arizona, California, Colorado, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New York, Ohio and Pennsylvania. 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, 2019, PharmaCann, LLC&#8217;s leases at one of our properties in New York and Massachusetts accounted for approximately 31% of our rental revenues. During the three months ended March 31, 2018, PharmaCann, LLC leased one of our properties in New York, which accounted for 50% of our rental revenues. In addition, the tenant at our property in Maryland accounted for 10% and 24% of our rental revenue for the three months ended March 31, 2019 and 2018, respectively. At March 31, 2019 and December 31, 2018, one of our properties in New York accounted for 18% and <div style="letter-spacing: 0px; top: 0px;;display:inline;">20</div>%, respectively, of our net real estate held for investment.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">We have deposited cash with a financial institution that is insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) up to $250,000. As of March 31, 2019, 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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