7Baggers

Innovative Industrial Properties, Inc
(NYSE:IIPR) 

IIPR stock logo

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. has...

Founded: 2016
Full Time Employees: 14
Sector: Real Estate
Industry: REIT-Industrial
Real EstateREIT
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• Market Cap:
• Exchange:
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 
                                         
      revenues:
    		                                     
      rental
    		66,631,000 64,292,000 62,866,000 71,697,000 76,717,000 76,052,000 79,253,000 74,914,000 78,615,000 77,286,000 75,919,000 75,529,000 69,923,000 70,345,000 69,995,000 64,114,000 58,943,000 53,856,000 48,867,000 42,885,000 37,093,000 34,327,000 24,346,000 21,130,000 18,613,000 11,198,000 8,280,000 6,576,000 4,703,000 3,716,000 3,246,000 2,677,000  1,495,000 1,289,000   
      other
    		26,000 393,000 25,000 25,000 27,000 474,000 540,000 540,000 541,000 540,000 538,000 538,000 538,000 538,000 516,000                       
      total revenues
    		66,657,000 64,685,000 62,891,000 71,722,000 76,744,000 76,526,000 79,793,000 75,454,000 79,156,000 77,826,000 76,457,000 76,067,000 70,461,000 70,883,000 70,511,000 64,504,000 58,943,000 53,856,000 48,867,000 42,885,000 37,093,000 34,327,000 24,346,000 21,130,000 17,672,000 11,555,000 8,617,000 6,823,000 4,783,000 3,926,000 3,314,000 2,764,000  1,559,000 1,289,000   
      yoy
    		-13.14% -15.47% -21.18% -4.95% -3.05% -1.67% 4.36% -0.81% 12.34% 9.80% 8.43% 17.93% 19.54% 31.62% 44.29% 50.41% 58.91% 56.89% 100.72% 102.96% 109.90% 197.07% 182.53% 209.69% 269.48% 194.32% 160.02% 146.85%  151.83% 157.10%       
      qoq
    		3.05% 2.85% -12.31% -6.54% 0.28% -4.09% 5.75% -4.68% 1.71% 1.79% 0.51% 7.96% -0.60% 0.53% 9.31% 9.43% 9.45% 10.21% 13.95% 15.61% 8.06% 41.00% 15.22% 19.57% 52.94% 34.10% 26.29% 42.65% 21.83% 18.47% 19.90%   20.95%    
      expenses:
    		                                     
      property expenses
    		7,980,000 7,951,000 6,867,000 7,379,000 7,605,000 7,295,000 6,863,000 6,709,000 7,193,000 6,318,000 5,759,000 5,623,000 3,288,000 2,823,000 2,427,000 1,982,000 1,826,000 1,365,000 482,000 770,000 1,019,000 2,919,000 414,000 600,000 374,000 357,000 337,000 247,000 80,000 210,000 68,000 87,000  64,000    
      general and administrative expense
    		7,967,000 8,681,000 8,626,000 8,461,000 8,891,000 9,330,000 9,661,000 9,562,000 10,908,000 10,981,000 10,570,000 10,373,000 10,232,000 10,804,000 8,707,000 8,777,000 6,450,000 5,307,000 5,604,000 5,600,000 4,487,000 3,339,000 3,010,000 3,346,000 3,151,000 2,156,000 2,593,000 1,918,000 1,982,000 1,442,000 1,474,000 1,477,000      
      depreciation and amortization expense
    		18,538,000 18,639,000 18,500,000 18,391,000 18,240,000 17,944,000 17,473,000 17,150,000 17,098,000 16,678,000 16,704,000 16,714,000 16,302,000 15,900,000 15,233,000 13,868,000                      
      impairment loss on real estate
    		   3,527,000                                  
      total expenses
    		34,485,000 35,271,000 33,993,000 37,758,000 34,736,000 34,569,000 33,997,000 33,421,000 35,199,000 33,977,000 33,033,000 32,710,000 29,822,000 29,527,000 26,367,000 24,627,000 20,481,000 17,563,000 15,927,000 15,209,000 14,232,000 13,904,000 10,170,000 8,853,000 7,070,000 4,734,000 4,545,000 3,383,000 2,976,000 2,355,000 2,078,000 2,040,000  1,264,000 1,754,000   
      gain on sale of real estate
    		      -3,449,000                               
      income from operations
    		31,846,000 29,414,000 28,898,000 33,964,000 42,008,000 41,957,000 42,347,000 42,033,000 43,957,000 43,849,000 43,424,000 43,357,000 44,240,000 41,356,000 44,144,000 39,877,000 38,462,000 36,293,000 32,940,000 27,676,000 22,861,000 20,423,000 14,176,000 12,277,000 10,602,000 6,821,000 4,072,000 3,440,000 1,807,000 1,571,000 1,236,000 724,000  295,000 -465,000   
      yoy
    		-24.19% -29.89% -31.76% -19.20% -4.43% -4.31% -2.48% -3.05% -0.64% 6.03% -1.63% 8.73% 15.02% 13.95% 34.01% 44.09% 68.24% 77.71% 132.36% 125.43% 115.63% 199.41% 248.13% 256.89% 486.72% 334.18% 229.45% 375.14%  432.54% -365.81%       
      qoq
    		8.27% 1.79% -14.92% -19.15% 0.12% -0.92% 0.75% -4.38% 0.25% 0.98% 0.15% -2.00% 6.97% -6.32% 10.70% 3.68% 5.98% 10.18% 19.02% 21.06% 11.94% 44.07% 15.47% 15.80% 55.43% 67.51% 18.37% 90.37% 15.02% 27.10% 70.72%   -163.44%    
      operating margin %
    		47.78% 45.47% 45.95% 47.36% 54.74% 54.83% 53.07% 55.71% 55.53% 56.34% 56.80% 57.00% 62.79% 58.34% 62.61% 61.82% 65.25% 67.39% 67.41% 64.54% 61.63% 59.50% 58.23% 58.10% 59.99% 59.03% 47.26% 50.42% 37.78% 40.02% 37.30% 26.19% NaN% 18.92% -36.07% NaN%  
      interest and other income
    		6,721,000 4,416,000       1,821,000 2,075,000 2,317,000 2,233,000 1,784,000 773,000 581,000 57,000 72,000 110,000 91,000 124,000 338,000 653,000 989,000 1,444,000 1,144,000 1,537,000 1,172,000  859,000 261,000 306,000       
      interest expense
    		-6,726,000 -4,525,000 -4,444,000 -4,500,000 -4,536,000 -4,427,000 -4,320,000 -4,389,000 -4,145,000 -4,330,000 -4,472,000 -4,520,000 -4,518,000 -4,513,000 -4,504,000 -4,766,000 -6,212,000 -6,309,000 -3,692,000 -1,873,000 -1,866,000 -1,861,000 -1,855,000 -1,849,000 -1,844,000 -1,838,000 -1,832,000 -792,000          
      net income
    		31,841,000 29,305,000 26,024,000 31,077,000 40,025,000 40,215,000 41,993,000 39,428,000 41,633,000 41,594,000 41,269,000 41,092,000 41,506,000 37,616,000 40,214,000 35,050,000 28,630,000 30,094,000 29,339,000 25,927,000 21,333,000 19,215,000 13,310,000 11,872,000 9,902,000 6,520,000 3,412,000 3,641,000 2,666,000 1,832,000 1,542,000 945,000  334,000 -422,000   
      yoy
    		-20.45% -27.13% -38.03% -21.18% -3.86% -3.32% 1.75% -4.05% 0.31% 10.58% 2.62% 17.24% 44.97% 25.00% 37.07% 35.19% 34.21% 56.62% 120.43% 118.39% 115.44% 194.71% 290.09% 226.06% 271.42% 255.90% 121.27% 285.29%  448.50% -465.40%       
      qoq
    		8.65% 12.61% -16.26% -22.36% -0.47% -4.23% 6.51% -5.30% 0.09% 0.79% 0.43% -1.00% 10.34% -6.46% 14.73% 22.42% -4.86% 2.57% 13.16% 21.53% 11.02% 44.37% 12.11% 19.89% 51.87% 91.09% -6.29% 36.57% 45.52% 18.81% 63.17%   -179.15%    
      net income margin %
    		47.77% 45.30% 41.38% 43.33% 52.15% 52.55% 52.63% 52.25% 52.60% 53.44% 53.98% 54.02% 58.91% 53.07% 57.03% 54.34% 48.57% 55.88% 60.04% 60.46% 57.51% 55.98% 54.67% 56.19% 56.03% 56.43% 39.60% 53.36% 55.74% 46.66% 46.53% 34.19% NaN% 21.42% -32.74% NaN%  
      preferred stock dividends
    		-1,136,000 -1,017,000 -878,000 -781,000 -564,000 -564,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000                  
      net income attributable to common stockholders
    		30,705,000 28,288,000 25,146,000 30,296,000 39,461,000 39,651,000 41,655,000 39,090,000 41,295,000 41,256,000 40,931,000 40,754,000 41,168,000 37,278,000 39,876,000 34,712,000 28,292,000 29,756,000 29,001,000 25,589,000 20,995,000 18,877,000 12,972,000 11,534,000 9,564,000 6,182,000 3,074,000  2,328,000 1,494,000 1,204,000 607,000      
      net income attributable to common stockholders per share
    		                                     
      basic
    		1.07 0.99 0.87 1.05 1.37 1.38 1.45 1.37 1.46 1.46 1.45 1.45 1.47 1.33 1.42 1.35 1.18 1.24 1.21 1.07 0.93 0.87 0.73 0.72 0.84 0.56 0.31  0.26 0.22 0.18 0.1      
      diluted
    		1.06 0.97 0.86 1.03 1.36 1.37 1.44 1.36 1.45 1.45 1.44 1.43 1.46 1.32 1.42 1.32 1.14 1.2 1.17 1.05 0.94 0.86 0.73 0.72 0.83 0.55 0.3  0.26 0.21 0.17 0.09      
      weighted-average shares outstanding:
    		                                     
      basic
    		28,005,228 27,912,881 27,924,092 28,275,549 28,226,402 28,254,565 28,250,843 28,145,017 27,977,807 27,983,004 27,981,517 27,949,747 27,345,047 27,938,568 27,850,561 25,620,253 23,903,017 23,890,537 23,889,761 23,889,398 19,443,602 21,594,637 17,530,721 15,784,296 10,546,016 10,918,477 9,667,079 9,664,775 7,138,952 6,636,638 6,635,651 5,883,610      
      diluted
    		28,377,227 28,303,600 28,317,693 28,588,022 28,530,650 28,579,687 28,572,138 28,461,986 28,255,797 28,265,605 28,257,239 28,223,698 27,663,169 28,157,934 28,036,690 26,340,224 26,261,155 26,260,704 26,168,682 26,152,551 19,557,619 21,708,725 17,644,829 15,898,091 10,684,068 11,057,697 9,807,503 9,797,676 7,285,801 6,785,800 6,783,674 6,025,067      
      interest income
    		  1,570,000 1,613,000 2,553,000 2,685,000 3,966,000 1,784,000                    993,000    221,000      
      gain on exchange of exchangeable senior notes
    		           22,000                          
      loss on exchange of exchangeable senior notes
    		              -7,000 -118,000                      
      other revenue
    		               390,000                      
      depreciation expense
    		                7,392,750 10,891,000 9,841,000 8,839,000 8,726,000 7,646,000 6,746,000 4,907,000 3,545,000 2,221,000 1,615,000 1,218,000 914,000 703,000 536,000 476,000      
      preferred stock dividend
    		                    -253,500 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 2,366,000 -338,000 -338,000 -338,000      
      tenant reimbursements
    		                        235,250 357,000 337,000 247,000 80,000 210,000 68,000 87,000  64,000    
      dividends declared per common share
    		                          0.6  0.213 0.35 0.25 0.25  0.15 0.15   
      net income available to common stockholders
    		                           3,303,000          
      net income available to common stockholders per share
    		                                     
      basic
    		                           0.34          
      diluted
    		                           0.33          
      severance expense
    		                                     
      general and administrative
    		                                 983,000 1,466,000   
      severance
    		                                  113,000   
      depreciation
    		                                 217,000 175,000   
      other income
    		                                 39,000 43,000   
      net income per share
    		                                 0.09 -0.13   
      weighted-average shares outstanding:
    		                                     
      basic and diluted
    		                                3,375,284 3,392,508 3,364,948   
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 
                                          
        real estate, at cost:
      		                                    
        land
      		146,320,000 146,469,000 146,469,000 147,385,000 146,772,000 146,043,000 142,891,000 142,524,000 142,524,000 142,524,000 142,524,000 142,524,000 139,953,000 140,187,000 136,123,000 131,925,000 122,386,000 98,930,000 91,659,000 79,991,000 75,660,000 68,033,000 58,467,000 51,712,000 48,652,000 37,959,000 28,493,000 22,563,000 20,475,000 17,812,000 14,819,000 11,514,000 11,514,000 10,385,000 10,385,000 7,600,000 
        buildings and improvements
      		2,269,597,000 2,252,137,000 2,249,408,000 2,244,156,000 2,230,807,000 2,209,720,000 2,161,261,000 2,119,566,000 2,108,218,000 2,100,662,000 2,081,731,000 2,054,859,000 1,305,306,000 1,261,651,000 1,220,821,000 1,070,431,000 979,417,000 816,099,000 763,266,000 691,529,000 644,932,000 575,529,000 530,274,000 464,267,000 382,035,000 231,252,000 183,226,000 123,927,000 109,425,000 78,049,000 57,105,000 51,315,000 51,315,000 30,885,000 27,881,000 22,475,000 
        construction in progress
      		40,593,000 57,713,000 57,487,000 60,494,000 62,393,000 59,998,000 97,828,000 123,910,000 117,773,000 107,772,000 117,413,000 108,464,000 54,106,000 60,546,000 68,909,000   4,581,000 3,835,000 2,433,000        666,000 6,298,000 4,678,000 4,366,000      
        total real estate, at cost
      		2,456,510,000 2,456,319,000 2,453,364,000 2,452,035,000 2,439,972,000 2,415,761,000 2,401,980,000 2,386,000,000 2,368,515,000 2,350,958,000 2,341,668,000 2,305,847,000 2,204,687,000 2,175,367,000 2,125,709,000 1,896,607,000 1,722,104,000 1,470,648,000 1,335,734,000 1,182,563,000 1,060,239,000 916,496,000 815,392,000 689,953,000 518,031,000 312,608,000 239,361,000 165,940,000 150,930,000 111,368,000 83,603,000 68,730,000 68,730,000 47,171,000 38,266,000 30,075,000 
        less accumulated depreciation
      		-343,062,000 -324,855,000 -306,594,000 -289,366,000 -271,190,000 -253,165,000 -235,436,000 -219,627,000 -202,692,000 -186,121,000 -169,658,000 -153,170,000 -138,405,000 -124,786,000 -109,100,000 -95,608,000 -81,938,000 -69,766,000 -58,875,000 -49,033,000 -40,195,000 -31,469,000 -23,823,000 -17,077,000 -12,170,000 -8,625,000 -6,404,000 -4,789,000 -3,571,000 -2,657,000 -1,954,000 -1,418,000 -942,000 -579,000 -363,000 -187,000 
        net real estate held for investment
      		2,113,448,000 2,131,464,000 2,146,770,000 2,162,669,000 2,168,782,000 2,162,596,000 2,166,544,000 2,166,373,000 2,165,823,000 2,164,837,000 2,172,010,000 2,152,677,000 2,066,282,000 2,050,581,000 2,016,609,000 1,800,999,000 1,640,166,000 1,400,882,000 1,276,859,000 1,133,530,000 1,020,044,000 885,027,000 791,569,000 672,876,000 505,861,000 303,983,000 232,957,000 161,151,000 147,359,000 108,711,000 81,649,000 67,312,000 67,788,000 46,592,000 37,903,000 29,888,000 
        life science investments
      		152,665,000 105,240,000                                   
        construction loan receivable
      		22,800,000 22,800,000 22,800,000 22,800,000 22,800,000 22,000,000 22,000,000 22,000,000 22,000,000 21,556,000 20,917,000 18,407,000 18,021,000 17,698,000 17,698,000 15,525,000 12,916,000                    
        cash and cash equivalents
      		47,597,000 36,671,000 99,666,000 128,010,000 146,245,000 147,128,000 120,835,000 153,502,000 140,249,000 117,034,000 92,602,000 37,654,000 87,122,000 76,943,000 45,432,000 43,094,000 81,096,000 127,298,000 156,314,000 122,133,000 126,006,000 161,074,000 50,174,000 108,261,000 82,244,000 99,917,000 47,432,000 59,224,000 13,050,000 53,019,000 21,185,000 42,076,000 11,758,000 22,204,000 25,756,000 33,351,000 
        investments
      		 5,258,000 5,258,000 5,258,000 5,000,000 25,315,000 40,111,000 20,026,000 21,948,000 41,885,000 72,726,000 163,969,000 200,935,000 239,674,000 309,442,000 209,935,000 324,889,000 554,420,000 649,352,000 539,323,000 619,275,000    119,595,000            
        right of use office lease asset
      		509,000 621,000 731,000 839,000 946,000 1,051,000 1,154,000 1,255,000 1,355,000 1,453,000 1,550,000 1,645,000 1,739,000 1,831,000 1,921,000 2,011,000 1,068,000 811,000 866,000 922,000 980,000 1,035,000 1,091,000 1,147,000 1,202,000            
        in-place lease intangible assets
      		6,366,000 6,577,000 6,955,000 7,170,000 7,385,000 7,600,000 7,815,000 8,030,000 8,245,000 8,460,000 8,675,000 8,890,000 9,105,000 9,320,000 9,535,000 9,215,000 9,148,000                    
        other assets
      		27,473,000 29,283,000 22,875,000 25,841,000 26,889,000 29,641,000 25,716,000 28,327,000 30,020,000 32,748,000 26,325,000 28,544,000 30,182,000 33,107,000 24,515,000 25,399,000 9,996,000 9,749,000 1,457,000 2,022,000 1,776,000 1,536,000 1,591,000 2,247,000 1,883,000 1,068,000 1,579,000 2,304,000 614,000 499,000 1,446,000      
        total assets
      		2,370,858,000 2,337,914,000 2,305,055,000 2,352,587,000 2,378,047,000 2,395,331,000 2,384,175,000 2,399,513,000 2,391,090,000 2,389,423,000 2,396,255,000 2,413,236,000 2,414,836,000 2,430,734,000 2,425,682,000 2,108,108,000 2,084,602,000 2,102,085,000 2,090,848,000 1,797,930,000 1,768,081,000 1,499,850,000 1,179,148,000 1,080,470,000 745,857,000 623,150,000 430,721,000 420,408,000 281,466,000 166,212,000 161,699,000 158,898,000 80,028,000 70,143,000 63,912,000 63,507,000 
        liabilities and stockholders’ equity
      		                                    
        liabilities:
      		                                    
        notes due 2026
      		290,602,000 290,229,000 289,861,000 289,499,000 297,865,000 297,503,000 297,146,000 296,795,000 296,449,000 296,107,000 295,772,000 295,441,000 295,115,000 294,794,000 294,478,000 294,167,000 293,860,000                    
        revolving credit facilities
      		102,500,000                                    
        building improvements and construction funding payable
      		2,964,000 4,298,000 5,647,000 9,009,000 10,230,000 9,204,000 7,367,000 10,448,000 9,591,000 12,724,000 21,479,000 31,088,000                         
        accounts payable and accrued expenses
      		10,870,000 15,244,000 10,183,000 12,418,000 10,561,000 14,961,000 8,912,000 12,160,000 11,406,000 13,631,000 8,440,000 11,391,000 10,615,000 13,140,000 6,428,000 8,990,000 7,718,000 8,449,000 4,865,000 2,358,000 4,641,000 1,336,000 3,235,000 1,305,000 3,417,000 1,044,000 3,583,000 1,224,000 1,968,000 1,179,000 2,908,000 551,000 1,082,000 608,000   
        dividends payable
      		54,913,000 54,793,000 54,661,000 55,244,000 54,817,000 54,817,000 54,591,000 52,295,000 51,827,000 51,079,000 51,080,000 51,063,000 50,840,000 50,841,000 49,439,000 46,168,000 38,847,000 36,321,000 33,922,000 31,998,000 30,065,000 26,325,000 20,108,000 17,407,000 12,975,000 9,204,000 6,223,000 4,750,000 3,759,000 2,713,000 2,034,000 2,034,000 1,198,000 525,000 525,000  
        rent received in advance and tenant security deposits
      		50,307,000 51,196,000 51,647,000 53,403,000 57,176,000 61,084,000 58,805,000 60,151,000 59,358,000 59,120,000 58,482,000 58,663,000 58,716,000 61,488,000 59,899,000 56,801,000 52,805,000 51,222,000 41,846,000 41,666,000 34,153,000 34,323,000 26,243,000 25,236,000 20,631,000 16,199,000 12,236,000 9,661,000 9,014,000    4,158,000    
        other liabilities
      		10,698,000 8,813,000 12,650,000 10,850,000 11,338,000 11,225,000 10,154,000 12,237,000 5,056,000 3,670,000 3,368,000 3,037,000 1,901,000 1,992,000 2,082,000 2,150,000 1,167,000 1,408,000 3,191,000                  
        total liabilities
      		522,854,000 474,573,000 424,649,000 430,423,000 441,987,000 448,794,000 436,975,000 444,086,000 438,118,000 440,754,000 443,035,000 455,089,000 452,943,000 463,819,000 449,910,000 461,447,000 472,903,000 590,954,000 575,681,000 280,312,000 243,109,000 229,854,000 209,177,000 221,491,000 197,847,000 173,367,000 164,533,000 152,032,000 17,174,000 15,122,000 10,114,000 7,184,000 6,479,000 10,183,000 3,934,000 2,889,000 
        commitments and contingencies
      		                                    
        stockholders’ equity:
      		                                    
        preferred stock, par value 0.001 per share...
      		47,780,000 42,743,000 36,843,000 32,818,000 23,632,000 23,632,000 14,009,000 14,009,000 14,009,000 14,009,000 14,009,000 14,009,000 14,009,000 14,009,000 14,009,000 14,009,000 14,009,000 14,009,000 14,009,000 14,009,000 14,009,000 14,009,000 14,009,000 14,009,000  14,009,000 14,009,000 14,009,000  14,009,000 14,009,000 14,009,000 14,009,000    
        common stock, par value 0.001 per share...
      		28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 26,000 26,000 24,000 24,000 24,000 24,000 22,000 19,000 17,000 13,000 11,000 10,000 10,000 10,000 7,000 7,000 7,000 4,000 4,000 4,000 4,000 
        additional paid-in capital
      		2,113,184,000 2,110,486,000 2,107,963,000 2,125,109,000 2,124,113,000 2,119,798,000 2,115,482,000 2,111,111,000 2,095,789,000 2,081,291,000 2,076,357,000 2,071,473,000 2,065,248,000 2,060,936,000 2,056,568,000 1,718,234,000 1,672,882,000 1,562,099,000 1,559,908,000 1,557,776,000 1,559,059,000 1,295,352,000 988,220,000 870,433,000  452,634,000 266,356,000 265,733,000  137,219,000 139,546,000 141,217,000  65,027,000 65,379,000  
        dividends in excess of earnings
      		-312,988,000 -289,916,000 -264,428,000 -235,791,000 -211,713,000 -196,921,000 -182,319,000 -169,721,000 -156,854,000 -146,659,000 -137,174,000 -127,363,000 -117,392,000 -108,058,000 -94,833,000 -85,608,000 -75,218,000 -65,001,000 -58,774,000 -54,191,000 -48,120,000 -39,387,000 -32,277,000 -25,480,000 -19,944,000 -16,871,000 -14,187,000 -11,376,000         
        total stockholders’ equity
      		1,848,004,000 1,863,341,000 1,880,406,000 1,922,164,000 1,936,060,000 1,946,537,000 1,947,200,000 1,955,427,000 1,952,972,000 1,948,669,000 1,953,220,000 1,958,147,000 1,961,893,000 1,966,915,000 1,975,772,000 1,646,661,000 1,611,699,000 1,511,131,000 1,515,167,000 1,517,618,000 1,524,972,000  969,971,000 858,979,000 548,010,000 449,783,000  268,376,000         
        total liabilities and stockholders’ equity
      		2,370,858,000 2,337,914,000 2,305,055,000 2,352,587,000 2,378,047,000 2,395,331,000 2,384,175,000 2,399,513,000 2,391,090,000 2,389,423,000 2,396,255,000 2,413,236,000 2,414,836,000 2,430,734,000 2,425,682,000 2,108,108,000 2,084,602,000 2,102,085,000 2,090,848,000 1,797,930,000 1,768,081,000  1,179,148,000 1,080,470,000 745,857,000 623,150,000  420,408,000         
        revolving credit facility
      		 50,000,000                                   
        restricted cash
      		        1,450,000 1,450,000 1,450,000 1,450,000 1,450,000 1,580,000 530,000 1,930,000 5,323,000      11,468,000 23,032,000 35,072,000 9,354,000 10,022,000          
        exchangeable senior notes
      		        4,431,000 4,423,000 4,414,000 4,406,000 6,380,000 6,369,000 6,374,000 9,369,000 32,232,000 138,287,000 137,749,000 137,218,000 136,693,000 136,174,000 135,661,000 135,154,000 134,654,000 134,158,000 133,668,000 133,196,000         
        tenant improvements
      		            705,322,000 712,983,000 699,856,000 694,251,000 620,301,000 551,038,000 476,974,000 408,610,000 339,647,000 272,934,000 226,651,000 173,974,000 87,344,000 43,397,000 27,642,000 18,784,000 14,732,000 10,829,000 7,313,000 5,901,000 5,901,000 5,901,000   
        tenant improvements and construction funding payable
      		            29,376,000 35,195,000 31,210,000 43,802,000 46,274,000 61,674,000 60,670,000 66,074,000 36,500,000 30,583,000 22,781,000 41,185,000 24,968,000 12,700,000 8,823,000 3,201,000 2,433,000        
        construction loan
      		                 8,925,000 6,000,000                  
        unsecured senior notes
      		                 293,593,000 293,438,000                  
        office lease liability
      		                   998,000 1,057,000 1,113,000 1,149,000 1,204,000 1,202,000            
        assets
      		                                    
        short-term investments
      		                     451,178,000 323,255,000 272,907,000  208,828,000 138,731,000 197,729,000 120,443,000 3,983,000 57,419,000 48,856,000     
        total stockholders' equity
      		                     1,269,996,000     266,188,000  264,292,000 151,090,000 151,585,000 151,714,000 73,549,000 59,960,000 59,978,000 60,618,000 
        total liabilities and stockholders' equity
      		                     1,499,850,000     430,721,000  281,466,000 166,212,000 161,699,000 158,898,000 80,028,000 70,143,000 63,912,000 63,507,000 
        stockholders’ equity
      		                                    
        preferred stock (par value 0.001 per share...
      		                        14,009,000    14,009,000        
        additional paid-in-capital
      		                        553,932,000    250,273,000    64,000,000   65,597,000 
        offering cost liability
      		                         62,000    21,000 31,000  41,000 190,000   
        3
      		                                    
        liabilities and stockholders' equity
      		                                    
        stockholders' equity:
      		                                    
        accumulated deficit
      		                             -145,000 -1,977,000 -3,519,000 -4,464,000 -5,071,000 -5,405,000 -4,983,000 
        tenant improvements and construction payable
      		                             4,341,000       
        rents received in advance and tenant security deposits
      		                             6,868,000 5,141,000 4,599,000  2,960,000 2,846,000  
        prepaid insurance and other assets
      		                               654,000 482,000  253,000 268,000 
        class a common stock, par value 0.001 per share...
      		                                    
        class b common stock, par value 0.001 per share...
      		                                    
        deposits and other assets
      		                                 1,347,000   
        tenant improvements payable
      		                                 5,900,000   
        accounts payable, accrued expenses and other liabilities
      		                                  563,000 344,000 
        rents received in advance and tenant security deposit
      		                                   2,545,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 
                                        
          cash flows from operating activities
        		                                
          net income
        		31,841,000 29,305,000 26,024,000 31,077,000 40,025,000 40,215,000 41,993,000 39,428,000 41,633,000 41,594,000 41,269,000 41,092,000 41,506,000 37,616,000 40,214,000 35,050,000 28,630,000 30,094,000 29,339,000 25,927,000 21,333,000 19,215,000 13,310,000 11,872,000 9,902,000 6,520,000 3,412,000 3,641,000 2,666,000 1,832,000 1,542,000 945,000 
          adjustments to reconcile net income to net cash from operating activities
        		                                
          depreciation and amortization
        		18,538,000 18,639,000 18,500,000 18,391,000 18,240,000 17,944,000 17,473,000 17,150,000 17,098,000 16,678,000 16,704,000 16,714,000 16,302,000 15,900,000 15,233,000 13,868,000                 
          impairment loss on real estate
        		0 0 0 3,527,000                             
          loss on exchange of exchangeable senior notes
        		        0 0 0 -22,000 0 0 7,000 118,000                 
          loss on sale of real estate
        		    0 0                           
          other non-cash adjustments
        		-292,000 12,000 16,000 -11,000 24,000 25,000 26,000 28,000 28,000 30,000 27,000 26,000 27,000 31,000 57,000 70,000 -2,000 50,000 25,000 22,000 23,000 42,000 23,000 74,000         
          paid-in-kind dividends and interest income on life science investments
        		                                
          stock-based compensation
        		2,698,000 2,684,000 2,672,000 2,078,000 4,315,000 4,316,000 4,371,000 4,315,000 4,934,000 4,934,000 4,884,000 4,829,000 4,312,000 4,379,000 4,437,000 4,379,000 2,192,000 2,191,000 2,132,000 2,101,000 842,000 841,000 822,000 825,000 654,000 655,000 623,000 563,000 386,000 386,000 363,000 330,000 
          amortization of discounts on investments
        		    -2,000 -260,000 -56,000 -188,000 -304,000                        
          amortization of debt discount and issuance costs
        		568,000 485,000 476,000 470,000 455,000 420,000 388,000 406,000 350,000 344,000 339,000 338,000 332,000 328,000 324,000 365,000 840,000 837,000 649,000 525,000             
          changes in assets and liabilities
        		                                
          other assets
        		1,550,000 -6,555,000 2,813,000 906,000 2,926,000 -7,177,000 2,617,000 1,760,000 3,257,000 -6,454,000 2,189,000 1,360,000 3,049,000 -9,123,000 1,756,000 812,000 -89,000 -3,818,000 140,000 80,000 -64,000 -367,000 96,000 -93,000 -665,000 123,000 12,000 -89,000 -136,000 937,000   
          accounts payable, accrued expenses and other liabilities
        		-3,607,000 1,472,000 -296,000 1,577,000 -4,269,000 7,107,000 -4,710,000 7,874,000 -1,153,000 5,591,000 -2,522,000 2,008,000 -2,622,000 6,629,000 -2,562,000 1,272,000 -1,206,000 2,030,000               
          rent received in advance and tenant security deposits
        		-889,000 -451,000 -1,756,000 -3,773,000 -3,908,000 2,279,000 -1,346,000 793,000 238,000 638,000 -181,000 -53,000 -2,772,000 1,589,000 3,098,000 3,996,000 1,583,000 9,376,000 180,000 7,513,000 -170,000 8,080,000 1,007,000 4,605,000 4,432,000 3,963,000 2,575,000 647,000     
          net cash from operating activities
        		49,907,000 45,591,000 48,449,000 54,242,000 57,806,000 64,869,000 64,205,000 71,566,000 66,081,000 63,082,000 61,764,000 64,616,000 55,355,000 56,794,000 62,097,000 59,884,000 47,788,000 51,567,000 46,784,000 42,608,000 34,236,000 33,468,000 23,540,000 19,570,000 19,848,000 10,469,000 8,459,000 6,158,000 6,142,000 5,857,000 2,339,000 1,355,000 
          cash flows from investing activities
        		                                
          investments in real estate
        		0 0 0 -7,857,000                             
          investments in life science financial instruments
        		-45,016,000                                
          proceeds from sale of real estate assets
        		                                
          funding of draws for improvements and construction
        		-2,456,000 -4,429,000 -7,506,000 -9,041,000 -17,442,000 -8,654,000 -20,483,000 -16,505,000 -20,586,000 -18,045,000 -45,431,000 -66,026,000                     
          funding of construction loan and other investments
        		        -444,000 -639,000 -2,510,000 -386,000 -323,000 0 -3,081,000 -18,279,000 -3,991,000                
          purchases of short-term investments
        		0 0 0 -5,258,000 0 0 -25,084,000 -20,026,000 -20,100,000 -20,000,000 -20,000,000 -51,772,000 -110,083,000 -59,677,000   -69,910,000 -59,984,000 -229,946,000 -209,932,000 -409,291,000 -279,826,000 -133,947,000 -254,803,000 -6,649,000 -132,070,000 1,555,000 -118,500,000 -119,837,000 -3,981,000 -12,407,000 -48,763,000 
          maturities of short-term investments
        		5,258,000 0 0 5,000,000 20,317,000 15,056,000 5,055,000 22,136,000 40,341,000 51,114,000 112,188,000 90,414,000 150,000,000 130,000,000 120,000,000 115,000,000 299,498,000 155,000,000 120,000,000 290,000,000 241,486,000 152,492,000 84,500,000 102,500,000 96,750,000 63,000,000 60,000,000 40,500,000 4,000,000 57,500,000   
          net cash from investing activities
        		-41,725,000 -109,664,000 -5,756,000 -17,156,000 -3,565,000 6,402,000 -44,438,000 -14,395,000 -789,000 12,430,000 44,247,000 -62,676,000 5,535,000 25,234,000 -345,876,000 -81,094,000 -50,619,000 -46,321,000 -274,121,000 -13,032,000 -305,831,000 -220,236,000 -192,752,000 -308,296,000 -103,204,000 -138,190,000 -5,393,000 -93,843,000 -157,307,000 28,011,000 -21,196,000 -48,763,000 
          cash flows from financing activities
        		                                
          issuance of common stock, net of issuance costs
        		                                
          repurchase of common stock
        		0 0 -19,818,000 -290,000                             
          issuance of preferred stock, net of issuance costs
        		5,037,000                                
          draws on revolving credit facilities
        		                                
          repayments on revolving credit facilities
        		                                
          principal payment on debt
        		0                                
          payment of deferred financing costs
        		    -306,000 -10,000 -139,000 -112,000                         
          dividends paid to common stockholders
        		-53,776,000 -53,783,000 -54,463,000 -54,253,000 -54,254,000 -54,253,000 -51,957,000 -51,489,000 -50,742,000 -50,742,000 -50,725,000 -50,502,000 -50,503,000 -49,101,000 -45,830,000 -38,509,000 -35,983,000 -33,584,000 -31,660,000 -29,727,000 -25,988,000 -19,770,000 -17,068,000 -12,638,000 -8,866,000 -5,885,000 -4,412,000 -3,421,000 -2,375,000 -1,696,000 -1,696,000 -875,000 
          dividends paid to preferred stockholders
        		-1,017,000 -878,000 -781,000 -564,000 -564,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -338,000 -323,000 
          taxes paid related to net share settlement of equity awards
        		0 -161,000 0 -703,000 0 0 0 -750,000 0 0 0 -568,000 0 0 0 -2,441,000 0 0 0 -3,384,000 0 0 0 -2,166,000 0 0 0 -939,000 0 0 0 -390,000 
          net cash from financing activities
        		2,744,000 1,078,000 -71,037,000 -55,321,000 -55,124,000 -44,978,000 -52,434,000 -45,368,000 -42,077,000 -51,080,000 -51,063,000 -51,408,000 -50,841,000 -49,467,000   -38,048,000 -34,262,000 261,518,000 -33,449,000 236,527,000 286,200,000 99,561,000 302,703,000 91,401,000 179,538,000 -4,836,000 133,859,000 111,196,000 -2,034,000 -2,034,000 77,726,000 
          net increase in cash, cash equivalents and restricted cash
        		    -883,000 26,293,000 -32,667,000 11,803,000 23,215,000 24,432,000   10,049,000 32,561,000     34,181,000 -3,873,000 -35,068,000 99,432,000 -69,651,000 13,977,000 8,045,000 51,817,000       
          cash, cash equivalents and restricted cash, beginning of year
        		                                
          cash, cash equivalents and restricted cash, end of year
        		                                
          supplemental disclosure of cash flow information:
        		                                
          cash paid during the year for interest, net of interest capitalized
        		                                
          supplemental disclosure of non-cash investing and financing activities:
        		                                
          accrual for current-period additions to real estate
        		-1,334,000 -861,000 -1,691,000 6,093,000 1,148,000 2,413,000 -2,819,000 8,980,000  -6,501,000 -3,243,000 20,264,000                     
          deposits applied for acquisitions
        		        0 0 0 250,000 0 0 0 25,000 0 0 0 200,000 0 0 100,000 550,000         
          accrual for common and preferred stock dividends declared
        		120,000 132,000 -583,000 55,244,000 0 226,000 2,296,000 52,295,000 748,000 -1,000 17,000 51,063,000 -1,000 1,402,000 3,271,000 46,168,000 2,526,000 2,399,000 1,924,000 31,998,000 3,740,000 6,217,000 2,700,000 17,408,000 3,771,000 2,981,000 1,473,000 4,750,000    2,034,000 
          reclassification from other assets to real estate held for investment
        		    0                            
          exchange of exchangeable senior notes for common stock
        		        36,000 0 0 1,964,000 0 17,000 2,795,000 23,870,000                 
          proceeds from sale of real estate asset
        		 0   0 0                           
          draw on revolving credit facility
        		                                
          net increase in cash and cash equivalents
        		 -62,995,000 -28,344,000 -18,235,000             -40,879,000           46,174,000 -39,969,000 31,834,000 -20,891,000 30,318,000 
          cash and cash equivalents, beginning of period
        		 0 0 146,245,000                        13,050,000  0 0 11,758,000 
          cash and cash equivalents, end of period
        		 -62,995,000 -28,344,000 128,010,000                        59,224,000  31,834,000 -20,891,000 42,076,000 
          cash paid during the period for interest, net of interest capitalized
        		 -39,000 7,977,000 81,000  -127,000 7,862,000 71,000  -84,000                       
          issuance of common stock, net of offering costs
        		    0 0 0 11,757,000     0 -28,000 330,885,000 21,103,000     262,853,000 306,308,000 116,967,000 317,845,000 100,605,000 185,761,000    0 0 79,314,000 
          issuance of preferred stock, net of offering costs
        		  4,025,000 9,186,000 0                            
          principal payment on exchangeable senior notes
        		    0 0 0 -4,436,000                         
          principal payment on notes due 2026
        		  0 -8,697,000                             
          purchases of investments in real estate
        		    -5,640,000 0   0 0 0 -34,906,000 0 -20,528,000 -81,742,000 -47,820,000 -156,732,000 -31,780,000 -70,683,000 -28,390,000 -58,423,000 -43,767,000 -65,862,000 -72,457,000   -54,753,000 -7,410,000 -30,297,000 -18,269,000   
          deposits in escrow for acquisitions
        		            -150,000 500,000 0 -600,000 875,000 -1,350,000 400,000 -550,000   438,000 -838,000 -150,000 250,000       
          operating lease liability for obtaining right of use asset
        		            0 0 0 1,017,000                 
          cash, cash equivalents and restricted cash, beginning of period
        		     0 0 141,699,000  0 0 88,572,000  0 0 86,419,000   0 126,006,000 0 0 0 117,316,000 0 0       
          cash, cash equivalents and restricted cash, end of period
        		     26,293,000 -32,667,000 153,502,000  24,432,000 54,948,000 39,104,000  32,561,000 938,000 45,024,000   34,181,000 122,133,000 -35,068,000 99,432,000 -69,651,000 131,293,000 8,045,000 51,817,000       
          gain on sale of real estate
        		                                
          gross proceeds from issuance of notes due 2026
        		                                
          payment of inducement and transaction costs relating to inducement of the exchangeable senior notes
        		                                
          accrual for current-year additions to real estate
        		                                
          amortization of discounts on short-term investments
        		          -945,000 -1,676,000 -1,178,000 -555,000 -467,000 -46,000 -57,000 -84,000 -83,000 -116,000 -292,000 -589,000 -901,000 -1,009,000 -868,000 -1,027,000 -2,557,000 714,000 -623,000 -83,000 -156,000 -93,000 
          net decrease in cash, cash equivalents and restricted cash
        		           -49,468,000    -41,395,000                 
          cash paid during the period for interest
        		           121,000 8,250,000 121,000 8,250,000 626,000  2,695,000 1,000 2,695,000  2,695,000 1,000 2,695,000 -1,000        
          accrual for stock issuance costs
        		               126,000      -41,000   -40,000 -2,000    -10,000   
          funding of draws for tenant improvements and construction
        		            -57,409,000 -25,061,000                   
          payment of deferred financing costs from issuance of notes due 2026
        		                                
          accrual for draws for tenant improvements and construction funding
        		            -5,819,000 3,985,000                   
          accrual for deferred financing costs
        		                                
          reimbursements of tenant improvements and construction funding
        		               -129,395,000 -120,359,000 -102,130,000 -87,892,000 -64,160,000 -79,403,000 -49,535,000 -77,881,000 -82,698,000 -40,910,000 -23,889,000 -13,046,000 -6,832,000 -11,173,000 -7,239,000   
          net cash used by financing activities
        		               -20,185,000                 
          accrual for reimbursements of improvements and construction funding
        		               43,802,000                 
          loss on induced exchange of exchangeable senior notes
        		                                
          net proceeds from issuance of exchangeable senior notes
        		                        0 0 -12,000 138,557,000     
          cash paid during the year for interest
        		                                
          depreciation
        		                 10,891,000 9,841,000 8,839,000 8,726,000 7,646,000 6,746,000 4,907,000 3,545,000 2,221,000 1,615,000 1,218,000 914,000 703,000 536,000 476,000 
          gross proceeds from issuance of unsecured senior notes
        		                 0               
          payment of deferred financing costs from issuance of unsecured senior notes
        		                 -340,000               
          accrual for reimbursements of tenant improvements and construction funding
        		                 1,004,000 -5,404,000 66,074,000 5,917,000 7,802,000 -18,404,000 41,185,000 12,268,000 3,877,000 5,622,000 3,201,000 -1,908,000 2,257,000   
          exchange of exchangeable senior notes
        		                     0           
          draws on construction loan
        		                                
          accounts payable and accrued expenses
        		                   -2,283,000 3,319,000 -1,913,000 1,930,000 -2,112,000 2,351,000 -2,475,000 2,295,000 -744,000 789,000 355,000 273,000 -531,000 
          amortization of debt discounts and issuance costs
        		                    519,000 513,000 507,000 501,000 497,000 489,000 484,000 208,000     
          supplemental disclosure of non-cash investing and financing cash flow information:
        		                                
          cash flows from operating activities:
        		                                
          changes in assets and liabilities:
        		                                
          cash flows from investing activities:
        		                                
          cash flows from financing activities:
        		                                
          payment of class a common stock offering costs
        		                                
          issuance of series a preferred stock, net of offering costs
        		                                
          acquisitions of real estate
        		                                
          deposits to escrow for acquisitions
        		                           -1,601,000     
          proceeds from sale of common stock, net of offering costs
        		                                
          cash and cash equivalents, beginning of year
        		                                
          cash and cash equivalents, end of year
        		                                
          invoices accrued for offering costs
        		                                
          rents received in advance and tenant security deposits
        		                             1,727,000 542,000 441,000 
          accrual for common stock dividend declared
        		                             679,000   
          accrual for preferred stock dividend declared
        		                             0   
          prepaid insurance and other assets
        		                               -213,000 
          supplemental disclosure of non-cash financing activities:
        		                                
          net loss
        		                                
          adjustments to reconcile net loss to net cash from operating activities
        		                                
          forfeited class b common shares
        		                                
          rents received in advance and tenant security deposit
        		                                
          capital expenditures
        		0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 
          free cash flows
        		49,907,000 45,591,000 48,449,000 54,242,000 57,806,000 64,869,000 64,205,000 71,566,000 66,081,000 63,082,000 61,764,000 64,616,000 55,355,000 56,794,000 62,097,000 59,884,000 47,788,000 51,567,000 46,784,000 42,608,000 34,236,000 33,468,000 23,540,000 19,570,000 19,848,000 10,469,000 8,459,000 6,158,000 6,142,000 5,857,000 2,339,000 1,355,000 
          issuance of class b common stock
        		                                
          redemption of class b common stock
        		                                
          issuance of class a common stock, net of offering costs
        		                                
          invoices accrued for capitalized costs
        		                                
          adjustment to reconcile net income (net loss) to
        		                                
          net cash from operating activities:
        		                                
          loss on sale of property
        		                                
          decrease in assets:
        		                                
          escrow
        		                                
          restricted cash
        		                                
          receivables
        		                                
          inventory
        		                                
          prepaid expenses
        		                                
          deposits
        		                                
          increase in liabilities:
        		                                
          accounts payable
        		                                
          accrued expenses
        		                                
          net adjustments
        		                                
          payments on construction payables
        		                                
          proceeds on the sale of property and equipment
        		                                
          issuance of notes receivable
        		                                
          purchases of property and equipment
        		                                
          principal advances on convertible note payable
        		                                
          receipts from subscriptions receivable
        		                                
          payments on notes payable
        		                                
          principal advances on notes payable, member
        		                                
          payments on notes payable, member
        		                                
          payments on capital lease obligation
        		                                
          deferred loss on the sale of property
        		                                
          security deposit related to capital lease obligation
        		                                
          redemption of members
        		                                
          distribution to members
        		                                
          contributions from members
        		                                
          net change in cash
        		                                
          cash, beginning of year
        		                                
          cash, end of year
        		                                
          supplemental disclosure of cash flow information
        		                                
          supplemental disclosure of non-cash financing information
        		                                
          purchases of property and equipment via construction payable
        		                                
          subscriptions receivable
        		                                
          interest expense capitalized into property and equipment
        		                                
          purchase of property and equipment via capital lease obligation
        		                                
          issuance of members’ capital through subscription receivable
        		                                
          redemption of members through notes payable