---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-057458"
form_type: "8-K"
ticker: "IIPR"
cik: "0001677576"
company_name: "INNOVATIVE INDUSTRIAL PROPERTIES INC"
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T09:24:04.631099+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Q1 net income $40.8M ($1.43/sh) +8% YoY; AFFO $63.4M ($2.25/sh) +10%

## Summary
- Total revenues $76.1M (+18% YoY); net income $1.43 diluted EPS vs $1.32 YoY.
- AFFO per diluted share $2.25, up 10.3% YoY; quarterly dividend $1.80 (annualized $7.20) with 80% AFFO payout ratio.
- Acquired Ohio property for $20.1M with $21.9M development funding; acquired PA cultivation facility for $15M sale-leaseback with TILT Holdings subsidiary.
- Leases amended with Ascend Wellness (+$15M), PharmaCann (+$15M), Goodness Growth (+$4M) for improvements; cross-default provisions added.
- Rent collection 98%; ~$4.2M security deposits applied; CFO David Smith, COO Catherine Hastings, CIO Ben Regin appointed.

## SEC filing metadata
- accession: 0001104659-23-057458
- form_type: 8-K
- ticker: IIPR
- cik: 0001677576
- company_name: INNOVATIVE INDUSTRIAL PROPERTIES INC
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1677576/000110465923057458/0001104659-23-057458-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1677576/000110465923057458/tm2315078d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-057458
- JSON: https://secwatch.observer/filing/0001104659-23-057458.json
- Plain text: https://secwatch.observer/filing/0001104659-23-057458.txt

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