---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-026347"
form_type: "8-K"
ticker: "IIPR"
cik: "0001677576"
company_name: "INNOVATIVE INDUSTRIAL PROPERTIES INC"
filed_at: "2023-02-28T23:59:59+00:00"
generated_at: "2026-06-18T22:21:52.125045+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# IIPR Q4/FY2022 revenue up 20%/35% YoY; AFFO per share $2.12/$8.45; rent collection 94% in Q4

## Summary
- FY2022 total revenues $276.4M (+35% YoY), net income $153.0M (+36%), AFFO $233.7M (+34%).
- Q4 2022 total revenues $70.5M (+20% YoY), net income $41.2M ($1.46 diluted), AFFO $59.6M ($2.12 diluted).
- Rent collection 94% in Q4, 97% for full year; $4.7M and $8.6M uncollected from four tenants (Kings Garden, Vertical, Green Peak, Parallel).
- Balance sheet: 12% debt/total gross assets, no secured debt, no maturities until May 2026 except $6.4M exchangeable notes in 2024.
- Year-to-date 2023: acquired PA facility for $15M, amended leases for $34M, Feb rent collection 92%.

## SEC filing metadata
- accession: 0001104659-23-026347
- form_type: 8-K
- ticker: IIPR
- cik: 0001677576
- company_name: INNOVATIVE INDUSTRIAL PROPERTIES INC
- filed_at: 2023-02-28T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- 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/1677576/000110465923026347/0001104659-23-026347-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1677576/000110465923026347/tm237998d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-026347
- JSON: https://secwatch.observer/filing/0001104659-23-026347.json
- Plain text: https://secwatch.observer/filing/0001104659-23-026347.txt

## Key facts
- Earnings Releases
  INNOVATIVE INDUSTRIAL PROPERTIES INC reported the fourth quarter and year ended December 31, 2022 results: revenue approximately $276.4 million, net income approximately $153.0 million, EPS $5.52 of net income attributable to common stockholders per diluted share.
  - Period: the fourth quarter and year ended December 31, 2022
  - Revenue: approximately $276.4 million
  - Net income: approximately $153.0 million
  - EPS: $5.52 of net income attributable to common stockholders per diluted share
  - Result: reported results
  source text: the regulated U.S. cannabis industry, announced today results for the fourth quarter and year ended December 31, 2022. Full Year 2022 · Generated total revenues of approximately $276.4 million, net income attributable to common stockholders of approximately $153.0 million and adjusted funds from operations (“AFFO”) of approximately $233.7 million, representing
  evidence_url: https://www.sec.gov/Archives/edgar/data/1677576/000110465923026347/0001104659-23-026347-index.htm

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