INNOVATIVE INDUSTRIAL PROPERTIES INC
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
IIPR$55.54+1.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
(In thousands, except share and per share amounts)
| September 30, | December 31, | |
|---|---|---|
| Assets | 2025 | 2024 |
| Real estate, at cost: | ||
| Land | $146,469 | $146,772 |
| Buildings and improvements | 2,252,137 | 2,230,807 |
| Construction in progress | 57,713 | 62,393 |
| Total real estate, at cost | 2,456,319 | 2,439,972 |
| Less accumulated depreciation | (324,855) | (271,190) |
| Net real estate held for investment | 2,131,464 | 2,168,782 |
| Life science investments | 105,240 | — |
| Construction loan receivable | 22,800 | 22,800 |
| Cash and cash equivalents | 36,671 | 146,245 |
| Investments | 5,258 | 5,000 |
| Right of use office lease asset | 621 | 946 |
| In-place lease intangible assets, net | 6,577 | 7,385 |
| Other assets, net | 29,283 | 26,889 |
| Total assets | $2,337,914 | $2,378,047 |
| Liabilities and stockholders’ equity | ||
| Liabilities: | ||
| Notes due 2026, net | $290,229 | $297,865 |
| Revolving credit facility | 50,000 | — |
| Building improvements and construction funding payable | 4,298 | 10,230 |
| Accounts payable and accrued expenses | 15,244 | 10,561 |
| Dividends payable | 54,793 | 54,817 |
| Rent received in advance and tenant security deposits | 51,196 | 57,176 |
| Other liabilities | 8,813 | 11,338 |
| Total liabilities | 474,573 | 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, respectively | 42,743 | 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, 2024, respectively | 28 | 28 |
| Additional paid-in capital | 2,110,486 | 2,124,113 |
| Dividends in excess of earnings | (289,916) | (211,713) |
| Total stockholders’ equity | 1,863,341 | 1,936,060 |
| Total liabilities and stockholders’ equity | $2,337,914 | $2,378,047 |
See the accompanying notes to the consolidated financial statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.