secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)
CIK:        0001677576
Form:       8-K
Filed at:   2023-05-09T23:59:59+00:00
Accession:  0001104659-23-057458
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1677576/000110465923057458/0001104659-23-057458-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1677576/000110465923057458/tm2315078d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-057458

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer