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Innovative Industrial Properties (IIPR)

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.

Company profile

Ticker
IIPR, IIPR-PA
Exchange
CEO
Paul Smithers
Employees
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
IIP Operating Partnership, LP • Innovative Industrial Properties, LP • IIPR, Inc. • IIP-GP 2 LLC ...

IIPR stock data

Analyst ratings and price targets

Last 3 months

Calendar

4 Aug 22
24 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 45.96M 45.96M 45.96M 45.96M 45.96M 45.96M
Cash burn (monthly) (no burn) 9.2M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 26M n/a n/a n/a n/a
Cash remaining n/a 19.96M n/a n/a n/a n/a
Runway (months of cash) n/a 2.2 n/a n/a n/a n/a

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Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
12 Aug 22 Gold Alan D Common Stock Buy Acquire P No No 97.7925 1,000 97.79K 213,308
10 Aug 22 Gold Alan D Common Stock Buy Acquire P No No 94.2199 1,000 94.22K 212,308
18 May 22 Curran Mary A RSU Common Stock Grant Acquire A No No 0 1,249 0 1,249
18 May 22 Kreitzer Gary A Common Stock Grant Acquire A No No 0 1,562 0 39,380
18 May 22 Shoemaker Scott RSU Common Stock Grant Acquire A No No 0 1,249 0 1,249
10.6% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 378 423 -10.6%
Opened positions 49 45 +8.9%
Closed positions 94 66 +42.4%
Increased positions 172 158 +8.9%
Reduced positions 90 132 -31.8%
13F shares Current Prev Q Change
Total value 2.31B 4.29B -46.1%
Total shares 21.05M 18.63M +13.0%
Total puts 448.2K 549.5K -18.4%
Total calls 424.1K 359.6K +17.9%
Total put/call ratio 1.1 1.5 -30.8%
Largest owners Shares Value Change
BLK Blackrock 4.82M $529.27M +9.9%
Vanguard 4.33M $475.77M +8.6%
STT State Street 1.63M $182.1M +11.2%
Zimmer Partners 1.56M $171.13M +101.0%
NTRS Northern Trust 350.13K $38.47M +6.5%
Charles Schwab Investment Management 334.78K $36.78M +7.8%
D. E. Shaw & Co. 323.14K $35.5M +120.7%
Nuveen Asset Management 322.18K $35.4M +0.0%
MS Morgan Stanley 305.09K $33.52M +60.5%
Copeland Capital Management 299.02K $32.85M +18.2%
Largest transactions Shares Bought/sold Change
Zimmer Partners 1.56M +782.52K +101.0%
BLK Blackrock 4.82M +435.68K +9.9%
Vanguard 4.33M +341.09K +8.6%
Citadel Advisors 59.94K -245.05K -80.3%
AdvisorShares Investments 213.36K -234.42K -52.4%
Balyasny Asset Management 274.05K +229.05K +509.1%
Weiss Multi-Strategy Advisers 178K +178K NEW
D. E. Shaw & Co. 323.14K +176.76K +120.7%
American Century Companies 0 -173.77K EXIT
STT State Street 1.63M +164K +11.2%

Financial report summary

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Management Discussion
  • See Note 6 in the notes to the condensed consolidated financial statements for information regarding our investments in real estate activity and property portfolio activity during the six months ended June 30, 2022.
  • Revenues.
  • Rental Revenues. Rental revenues for the three months ended June 30, 2022 increased by approximately $21.1 million, or 43%, to approximately $70.0 million, compared to approximately $48.9 million for the three months ended June 30, 2021. Approximately $1.3 million of the increase in rental revenues was generated by the properties acquired during the three months ended June 30, 2022. The remaining approximately $19.8 million increase in rental revenues was generated by properties we acquired in prior periods, including contractual rent escalations and amendments to leases for additional improvement allowances and construction funding at existing properties that resulted in adjustments to rent. Rental revenues for the three months ended June 30, 2022 and 2021 included approximately $2.5 million and $498,000, respectively, of tenant reimbursements for property insurance premiums and property taxes.

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