IIPR reports tenant defaults, rent collection at 92% in Jan 2023; lease deferrals and amendments

INNOVATIVE INDUSTRIAL PROPERTIES INC

Rent collected: 92% for Jan 2023 (incl. $324K security deposit), 94% Q4 2022, 97% FY 2022.
Tenant defaults: Parallel (PA property, 2.9% capital), Skymint (MI, 2.7%), Vertical (CA, 0.7%) as of Jan 18.
Lease amendments with deferrals: Holistic (1.8% capital) and Calyx Peak (1.2% capital); cross-default added.
Kings Garden pays rent on 4 CA properties; exploring mergers; IIP recovered $5.4M in Q4 from Kings Garden.
2022 investment: $394M in acquisitions/amendments; sold PA property for $23.5M; two purchase agreements for $63M.

item 2.02 item 8.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.85

INNOVATIVE INDUSTRIAL PROPERTIES INC reported financial results for the quarter and year ended December 31, 2022.

Period: the quarter and year ended December 31, 2022
Result: reported results

Exact text from the filing

Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today its operating, investment and capital markets activity for the quarter and year ended December 31, 2022.

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Source: SEC EDGAR

accession 0001104659-23-004776

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