---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-114200"
form_type: "8-K"
ticker: "IIPR"
cik: "0001677576"
company_name: "INNOVATIVE INDUSTRIAL PROPERTIES INC"
filed_at: "2022-11-03T23:59:59+00:00"
generated_at: "2026-06-22T09:24:46.595261+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# IIPR Q3 revenue $70.9M (+32% YoY); AFFO $2.13/shr; 93% rent collection due to tenant defaults

## Summary
- Q3 total revenues $70.9M (+32% YoY); net income $37.3M ($1.32 diluted EPS); AFFO $60.1M ($2.13/shr).
- Q3 rent collection 93% on operating portfolio; did not collect $5.7M from Kings Garden and Vertical tenants.
- Acquired MA property for $21.5M in sale-leaseback with Curaleaf; subsequent sale of PA property for $23.5M.
- Year-to-date revenues $205.9M (+41%); AFFO $174.1M ($6.33/shr). Dividend $1.80/quarter, annualized $7.20 (25% increase).
- Balance sheet: 12% debt to gross assets; $2.6B total assets; no secured debt.

## SEC filing metadata
- accession: 0001104659-22-114200
- form_type: 8-K
- ticker: IIPR
- cik: 0001677576
- company_name: INNOVATIVE INDUSTRIAL PROPERTIES INC
- filed_at: 2022-11-03T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1677576/000110465922114200/0001104659-22-114200-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1677576/000110465922114200/tm2229596d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-114200
- JSON: https://secwatch.observer/filing/0001104659-22-114200.json
- Plain text: https://secwatch.observer/filing/0001104659-22-114200.txt

## Key facts
- Earnings Releases
  INNOVATIVE INDUSTRIAL PROPERTIES INC reported third quarter ended September 30, 2022 results: revenue approximately $70.9 million, net income approximately $37.3 million, EPS $1.32 per diluted share.
  - Period: third quarter ended September 30, 2022
  - Revenue: approximately $70.9 million
  - Net income: approximately $37.3 million
  - EPS: $1.32 per diluted share
  - Result: reported results
  source text: industry, announced today results for the third quarter ended September 30, 2022. Third Quarter 2022 and Subsequent Event Highlights · Generated total revenues of approximately $70.9 million in the quarter, representing a 32% increase from the prior year’s quarter. · Recorded net income attributable to common stockholders of approximately $37.3 million for the
  evidence_url: https://www.sec.gov/Archives/edgar/data/1677576/000110465922114200/0001104659-22-114200-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.