---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-004776"
form_type: "8-K"
ticker: "IIPR"
cik: "0001677576"
company_name: "INNOVATIVE INDUSTRIAL PROPERTIES INC"
filed_at: "2023-01-19T23:59:59+00:00"
generated_at: "2026-06-20T13:09:30.860405+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-004776
- form_type: 8-K
- ticker: IIPR
- cik: 0001677576
- company_name: INNOVATIVE INDUSTRIAL PROPERTIES INC
- filed_at: 2023-01-19T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1677576/000110465923004776/0001104659-23-004776-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1677576/000110465923004776/tm233835d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-004776
- JSON: https://secwatch.observer/filing/0001104659-23-004776.json
- Plain text: https://secwatch.observer/filing/0001104659-23-004776.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1677576/000110465923004776/0001104659-23-004776-index.htm

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