← INNOVATIVE INDUSTRIAL PROPERTIES INC
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and Cash Equivalents, at Carrying Value | $33.0m | $11.8m | $13.1m | $82.2m | $126.0m | $81.1m | $87.1m | $140.2m | $146.2m | $47.6m | |
| Short-term Investments | — | — | $120.4m | $119.6m | $619.3m | $324.9m | $200.9m | $21.9m | $5.0m | $0 | |
| Construction loan receivable | — | — | — | — | $0 | $12.9m | $18.0m | $22.0m | $22.8m | $22.8m | |
| Cash and cash equivalents | $33.0m | $11.8m | $13.1m | $82.2m | $126.0m | $81.1m | $87.1m | $140.2m | $146.2m | $47.6m | |
| In-place lease intangible assets, net | — | — | — | — | $0 | $9.1m | $9.1m | $8.2m | $7.4m | $6.4m | |
| Operating Lease, Right-of-Use Asset | — | — | — | $1.2m | $980k | $1.1m | $1.7m | $1.4m | $946k | $509k | |
| Right of use office lease asset | — | — | $0 | $1.2m | $980k | $1.1m | $1.7m | $1.4m | $946k | $509k | |
| Other assets, net | — | $482k | $614k | $1.9m | $1.8m | $10.0m | $30.2m | $30.0m | $26.9m | $27.5m | |
| Additional Financial Items | |||||||||||
| Land | $7.6m | $11.5m | $20.5m | $48.7m | $75.7m | $122.4m | $140.0m | $142.5m | $146.8m | $146.3m | |
| Buildings and improvements | $22.5m | $51.3m | $109.4m | $382.0m | $644.9m | $979.4m | $1.3b | $2.1b | $2.2b | $2.3b | |
| Construction in progress | — | $0 | $6.3m | $0 | — | — | $54.1m | $117.8m | $62.4m | $40.6m | |
| Less accumulated depreciation | ($27k) | ($942k) | ($3.6m) | ($12.2m) | ($40.2m) | ($81.9m) | ($138.4m) | ($202.7m) | ($271.2m) | ($343.1m) | |
| Net real estate held for investment | $30.0m | $67.8m | $147.4m | $505.9m | $1.0b | $1.6b | $2.1b | $2.2b | $2.2b | $2.1b | |
| Life science investments | — | — | — | — | — | — | — | — | $0 | $152.7m | |
| Investments | — | $0 | $120.4m | $119.6m | $619.3m | $324.9m | $200.9m | $21.9m | $5.0m | $0 | |
| Notes due 2026, net | — | — | — | — | $0 | $293.9m | $295.1m | $296.4m | $297.9m | $290.6m | |
| Revolving credit facilities | — | — | — | — | — | — | — | — | $0 | $102.5m | |
| Building improvements and construction funding payable | — | $20k | $2.4m | $25.0m | $36.5m | $46.3m | $29.4m | $9.6m | $10.2m | $3.0m | |
| Rent received in advance and tenant security deposits | $2.5m | $4.2m | $9.0m | $20.6m | $34.2m | $52.8m | $58.7m | $59.4m | $57.2m | $50.3m | |
| Other liabilities | — | — | — | — | $1.1m | $1.2m | $1.9m | $5.1m | $11.3m | $10.7m | |
| Dividends in excess of earnings | — | — | ($10) | ($20) | ($48) | ($75) | ($117) | ($157) | ($212) | ($313) | |
| Total real estate, at cost | $30.1m | $68.7m | $150.9m | $518.0m | $1.1b | $1.7b | $2.2b | $2.4b | $2.4b | $2.5b | |
| Total stockholders’ equity | $60.4m | $73.5m | $264.3m | $548.0m | $1.5b | $1.6b | $2.0b | $2.0b | $1.9b | $1.8b | |
| Assets | $63.3m | $80.0m | $281.5m | $745.9m | $1.8b | $2.1b | $2.4b | $2.4b | $2.4b | $2.4b | |
| Total assets | $63.3m | $80.0m | $281.5m | $745.9m | $1.8b | $2.1b | $2.4b | $2.4b | $2.4b | $2.4b | |
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities and stockholders’ equity | $63.3m | $80.0m | $281.5m | $745.9m | $1.8b | $2.1b | $2.4b | $2.4b | $2.4b | $2.4b | |
| Dividends Payable | $0 | $1.2m | $3.8m | $13.0m | $30.1m | $38.8m | $50.8m | $51.8m | $54.8m | $54.9m | |
| Accounts payable and accrued expenses | $70k | $1.1m | $2.0m | $3.4m | $4.6m | $7.7m | $10.6m | $11.4m | $10.6m | $10.9m | |
| Long-term Debt | — | — | — | $134.7m | — | — | — | — | — | $393.7m | |
| Liabilities | $2.9m | $6.5m | $17.2m | $197.8m | $243.1m | $472.9m | $452.9m | $438.1m | $442.0m | $522.9m | |
| Total liabilities | $2.9m | $6.5m | $17.2m | $197.8m | $243.1m | $472.9m | $452.9m | $438.1m | $442.0m | $522.9m | |
| Stockholders’ equity: | |||||||||||
| Preferred Stock, Value, Issued | $0 | $14.0m | $14.0m | $14.0m | $14.0m | $14.0m | $14.0m | $14.0m | $23.6m | $47.8m | |
| Common Stock, Value, Issued | — | $4k | $10k | $13k | $24k | $26k | $28k | $28k | $28k | $28k | |
| Retained Earnings (Accumulated Deficit) | ($4.4m) | ($4.5m) | $0 | — | — | — | — | — | — | — | |
| Additional Paid in Capital, Common Stock | $64.8m | $64.0m | $250.3m | $553.9m | $1.6b | $1.7b | $2.1b | $2.1b | $2.1b | $2.1b | |
| 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, 2,019,525 and 1,002,673 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 0 | — | 10k | — | — | — | — | — | — | — | |
| Additional paid-in capital | $64.8m | $64.0m | $250.3m | $553.9m | $1.6b | $1.7b | $2.1b | $2.1b | $2.1b | $2.1b | |
| Stockholders' Equity Attributable to Parent | $60.4m | $73.5m | $264.3m | $548.0m | $1.5b | $1.6b | $2.0b | $2.0b | $1.9b | $1.8b | |
| Liabilities and Equity | $63.3m | $80.0m | $281.5m | $745.9m | $1.8b | $2.1b | $2.4b | $2.4b | $2.4b | $2.4b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.