INNOVATIVE INDUSTRIAL PROPERTIES INC filed this 8-K on November 07, 2024
INNOVATIVE INDUSTRIAL PROPERTIES INC - 8-K - 20241107 - BALANCE_SHEET

Innovative Industrial Properties, Inc.

 

Condensed Consolidated Balance SheetS

(Unaudited)

(In thousands, except share and per share amounts)

 

   September 30,   December 31, 
Assets  2024   2023 
Real estate, at cost:          
Land  $146,043   $142,524 
Buildings and improvements   2,209,720    2,108,218 
Construction in progress   59,998    117,773 
Total real estate, at cost   2,415,761    2,368,515 
Less accumulated depreciation   (253,165)   (202,692)
Net real estate held for investment   2,162,596    2,165,823 
Construction Loan receivable   22,000    22,000 
Cash and cash equivalents   147,128    140,249 
Restricted cash       1,450 
Investments   25,315    21,948 
Right of use office lease asset   1,051    1,355 
In-place lease intangible assets, net   7,600    8,245 
Other assets, net   29,641    30,020 
Total assets  $2,395,331   $2,391,090 
           
Liabilities and stockholders’ equity          
Liabilities:          
Exchangeable Senior Notes, net  $   $4,431 
Notes due 2026, net   297,503    296,449 
Building improvements and construction funding payable   9,204    9,591 
Accounts payable and accrued expenses   14,961    11,406 
Dividends payable   54,817    51,827 
Rent received in advance and tenant security deposits   61,084    59,358 
Other liabilities   11,225    5,056 
Total liabilities   448,794    438,118 
Commitments and contingencies          
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, 1,002,673 and 600,000 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively   23,632    14,009 
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,331,833 and 28,140,891 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively   28    28 
Additional paid-in capital   2,119,798    2,095,789 
Dividends in excess of earnings   (196,921)   (156,854)
Total stockholders’ equity   1,946,537    1,952,972 
Total liabilities and stockholders’ equity  $2,395,331   $2,391,090