Company: IIPR
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001677576-25-000005
Chunk: 40

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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ITEM 1. FINANCIAL STATEMENTS

Innovative Industrial Properties, Inc.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share amounts)

September 30,December 31,Assets20252024Real estate, at cost:Land$146,469 $146,772 Buildings and improvements2,252,137 2,230,807 Construction in progress57,713 62,393 Total real estate, at cost2,456,319 2,439,972 Less accumulated depreciation(324,855)(271,190)Net real estate held for investment2,131,464 2,168,782 Life science investments105,240 — Construction loan receivable22,800 22,800 Cash and cash equivalents36,671 146,245 Investments5,258 5,000 Right of use office lease asset621 946 In-place lease intangible assets, net6,577 7,385 Other assets, net29,283 26,889 Total assets$2,337,914 $2,378,047 Liabilities and stockholders’ equityLiabilities:Notes due 2026, net$290,229 $297,865 Revolving credit facility50,000 — Building improvements and construction funding payable4,298 10,230 Accounts payable and accrued expenses15,244 10,561 Dividends payable54,793 54,817 Rent received in advance and tenant security deposits51,196 57,176 Other liabilities8,813 11,338 Total liabilities474,573 441,987 Commitments and contingencies (Notes 6, 7 and 12)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, 1,807,682 and 1,002,673 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively42,743 23,632 Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,022,975 and 28,331,833 shares issued and outstanding at September 30, 2025 and December 31,