$IIPR-PA

INNOVATIVE INDUSTRIAL PROPERTIES INC

CIK:0001677576|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Rental (including tenant reimbursements)	$ 62,890	$ 62,866	$ 131,810	$ 134,563
Other	425	25	501	50
Total revenues	63,315	62,891	132,311	134,613
Expenses:
Property expenses	7,196	6,867	14,772	14,246
General and administrative expense	7,719	8,626	18,068	17,087
Depreciation and amortization expense	18,799	18,500	37,383	36,891
Impairment loss on real estate	0	0	0	3,527
Total expenses	33,714	33,993	70,223	71,751
Gain (loss) on sale of real estate, net	11,847	0	12,269	0
Income from operations	41,448	28,898	74,357	62,862
Interest and other income	10,752	1,570	17,083	3,183
Interest expense	(8,348)	(4,444)	(14,779)	(8,944)
Net income	43,852	26,024	76,661	57,101
Preferred stock dividends	(3,187)	(878)	(5,841)	(1,659)
Net income attributable to common stockholders	$ 40,665	$ 25,146	$ 70,820	$ 55,442
Net income attributable to common stockholders per share (Note 10):
Basic (in dollars per share)	$ 1.39	$ 0.87	$ 2.43	$ 1.92
Diluted (in dollars per share)	$ 1.36	$ 0.86	$ 2.39	$ 1.90
Weighted-average shares outstanding:
Basic (in shares)	28,443,143	27,924,092	28,218,773	28,098,850
Diluted (in shares)	29,992,248	28,317,693	29,233,929	28,452,111

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 76,661	$ 57,101
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization	37,383	36,891
Impairment loss on real estate	0	3,527
Loss (gain) on sale of real estate, net	(12,269)	0
Paid-in-kind dividends and interest income on life science investments	(2,548)	0
Stock-based compensation	5,410	4,750
Amortization of debt discount and issuance costs	1,787	946
Other non-cash adjustments	(1,847)	5
Changes in assets and liabilities
Other assets, net	2,915	3,719
Accounts payable, accrued expenses and other liabilities	(947)	1,281
Rent received in advance and tenant security deposits	(5,597)	(5,529)
Net cash provided by (used in) operating activities	100,948	102,691
Cash flows from investing activities
Investments in real estate	0	(7,857)
Investments in life science financial instruments	(120,000)	0
Proceeds from sale of real estate assets	45,192	1,750
Funding of draws for improvements and construction	(3,591)	(16,547)
Purchases of short-term investments	0	(5,258)
Maturities of short-term investments	0	5,000
Net cash provided by (used in) investing activities	(78,399)	(22,912)
Cash flows from financing activities
Issuance of common stock, net of issuance costs	44,031	0
Repurchase of common stock	(88,969)	(20,108)
Issuance of preferred stock, net of issuance costs	81,215	13,211
Proceeds from issuance of exchangeable notes	402,500	0
Proceeds from term loans	148,660	0
Principal payments on debt and term loans	(311,274)	(8,697)
Draws on revolving credit facilities	125,000	0
Repayments on revolving credit facilities	(135,000)	0
Payment of deferred financing costs	(15,320)	0
Dividends paid to common stockholders	(108,223)	(108,716)
Dividends paid to preferred stockholders	(3,790)	(1,345)
Taxes paid related to net share settlement of equity awards	(1,339)	(703)
Net cash provided by (used in) financing activities	137,491	(126,358)
Net increase (decrease) in cash, cash equivalents and restricted cash	160,040	(46,579)
Cash and cash equivalents, beginning of period	47,597	146,245
Cash, cash equivalents and restricted cash, end of period	207,637	99,666
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of interest capitalized	13,085	8,058
Supplemental disclosure of non-cash investing and financing activities:
Accrual for current-period additions to real estate	140	4,402
Accrual for common and preferred stock dividends declared	$ 56,314	$ 54,661

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate, at cost:
Land	$ 141,289	$ 146,320
Buildings and improvements	2,189,885	2,269,597
Construction in progress	34,769	40,593
Total real estate, at cost	2,365,943	2,456,510
Less accumulated depreciation	(369,450)	(343,062)
Net real estate held for investment	1,996,493	2,113,448
Life science investments	275,888	152,665
Loans receivable	71,800	22,800
Cash and cash equivalents	204,734	47,597
Restricted cash	2,903	0
In-place lease intangible assets, net	5,515	6,366
Other assets, net	24,308	27,982
Total assets	2,581,641	2,370,858
Liabilities:
Notes due 2026, net	0	290,602
Exchangeable notes, net	391,163	0
Term loans, net	125,370	0
Revolving credit facilities	92,500	102,500
Building improvements and construction funding payable	789	2,964
Accounts payable and accrued expenses	8,354	10,870
Dividends payable	56,314	54,913
Rent received in advance and tenant security deposits	44,710	50,307
Other liabilities	10,842	10,698
Total liabilities	730,042	522,854
Commitments and contingencies (Notes 6, 7 and 13)
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, 5,666,082 and 2,019,525 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	128,995	47,780
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 27,571,349 and 28,022,975 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	28	28
Additional paid-in capital	2,072,317	2,113,184
Dividends in excess of earnings	(349,741)	(312,988)
Total stockholders’ equity	1,851,599	1,848,004
Total liabilities and stockholders’ equity	$ 2,581,641	$ 2,370,858