Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 12

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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ITEM 1. FINANCIAL STATEMENTS

Innovative Industrial Properties, Inc.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share amounts)

June 30,December 31,Assets20252024Real estate, at cost:Land$146,469 $146,772 Buildings and improvements2,249,408 2,230,807 Construction in progress57,487 62,393 Total real estate, at cost2,453,364 2,439,972 Less accumulated depreciation(306,594)(271,190)Net real estate held for investment2,146,770 2,168,782 Construction loan receivable22,800 22,800 Cash and cash equivalents99,666 146,245 Investments5,258 5,000 Right of use office lease asset731 946 In-place lease intangible assets, net6,955 7,385 Other assets, net22,875 26,889 Total assets$2,305,055 $2,378,047 Liabilities and stockholders’ equityLiabilities:Notes due 2026, net$289,861 $297,865 Building improvements and construction funding payable5,647 10,230 Accounts payable and accrued expenses10,183 10,561 Dividends payable54,661 54,817 Rent received in advance and tenant security deposits51,647 57,176 Other liabilities12,650 11,338 Total liabilities424,649 441,987 Commitments and contingencies (Notes 6 and 11)Stockholders’ equity:Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, liquidation preference of $25.00 per share, 1,561,654 and 1,002,673 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively36,843 23,632 Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,017,520 and 28,331,833 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively28 28 Additional paid-in capital2,107,963 2,124,