INNOVATIVE INDUSTRIAL PROPERTIES INC
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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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, 2026 · Filed Nov 3, 2026
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 | 2026 | 2025 |
| Real estate, at cost | ||
| Land | $141,289 | $146,320 |
| Buildings and improvements | 2,191,688 | 2,269,597 |
| Construction in progress | 35,041 | 40,593 |
| Total real estate, at cost | 2,368,018 | 2,456,510 |
| Less accumulated depreciation | (387,234) | (343,062) |
| Net real estate held for investment | 1,980,784 | 2,113,448 |
| Life science investments | 417,416 | 152,665 |
| Loans receivable | 71,800 | 22,800 |
| Cash and cash equivalents | 142,352 | 47,597 |
| Restricted cash | 2,908 | — |
| In-place lease intangible assets, net | 3,727 | 6,366 |
| Other assets, net | 31,728 | 27,982 |
| Total assets | $2,650,715 | $2,370,858 |
| Liabilities and stockholders’ equity | ||
| Liabilities | ||
| Notes due 2026, net | $— | $290,602 |
| Exchangeable notes, net | 389,749 | — |
| Term loans, net | 118,710 | — |
| Revolving credit facilities | 187,500 | 102,500 |
| Accounts payable and accrued expenses | 13,358 | 10,870 |
| Dividends payable | 56,314 | 54,913 |
| Rent received in advance and tenant security deposits | 41,525 | 50,307 |
| Other liabilities | 13,077 | 13,662 |
| Total liabilities | 820,233 | 522,854 |
| Commitments and contingencies (Notes 6, 7 and 13) | ||
| Stockholders’ equity | ||
| Preferred stock, par value $0.001 per share, 75,000,000 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 September 30, 2026 and December 31, 2025, respectively | 128,995 | 47,780 |
| Common stock, par value $0.001 per share, 100,000,000 shares authorized: 27,570,861 and 28,022,975 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 28 | 28 |
| Additional paid-in capital | 2,075,619 | 2,113,184 |
| Dividends in excess of earnings | (374,160) | (312,988) |
| Total stockholders’ equity | 1,830,482 | 1,848,004 |
| Total liabilities and stockholders’ equity | $2,650,715 | $2,370,858 |
See the accompanying notes to the consolidated financial statements.
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