secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)
CIK:        0001677576
Form:       8-K
Filed at:   2023-02-28T23:59:59+00:00
Accession:  0001104659-23-026347
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1677576/000110465923026347/0001104659-23-026347-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1677576/000110465923026347/tm237998d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-026347

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