secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)
CIK:        0001677576
Form:       8-K
Filed at:   2022-11-03T23:59:59+00:00
Accession:  0001104659-22-114200
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1677576/000110465922114200/0001104659-22-114200-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1677576/000110465922114200/tm2229596d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-114200

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