Company: IIPR
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023920
Chunk: 13

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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ITEM 1. FINANCIAL STATEMENTS

Innovative Industrial Properties, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share amounts)

March 31,December 31,Assets20252024Real estate, at cost:Land$147,385 $146,772 Buildings and improvements2,244,156 2,230,807 Construction in progress60,494 62,393 Total real estate, at cost2,452,035 2,439,972 Less accumulated depreciation(289,366)(271,190)Net real estate held for investment2,162,669 2,168,782 Construction loan receivable22,800 22,800 Cash and cash equivalents128,010 146,245 Investments5,258 5,000 Right of use office lease asset839 946 In-place lease intangible assets, net7,170 7,385 Other assets, net25,841 26,889 Total assets$2,352,587 $2,378,047 Liabilities and stockholders’ equityLiabilities:Notes due 2026, net$289,499 $297,865 Building improvements and construction funding payable9,009 10,230 Accounts payable and accrued expenses12,418 10,561 Dividends payable55,244 54,817 Rent received in advance and tenant security deposits53,403 57,176 Other liabilities10,850 11,338 Total liabilities430,423 441,987 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, 1,387,820 and 1,002,673 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively32,818 23,632 Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,378,181 and 28,331,833 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively28 28 Additional paid-in capital2,125,109 2,124