secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)
CIK:        0001677576
Form:       8-K
Filed at:   2023-01-19T23:59:59+00:00
Accession:  0001104659-23-004776
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1677576/000110465923004776/0001104659-23-004776-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1677576/000110465923004776/tm233835d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-004776

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