---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-087021"
form_type: "8-K"
ticker: "IIPR"
cik: "0001677576"
company_name: "INNOVATIVE INDUSTRIAL PROPERTIES INC"
filed_at: "2023-08-03T23:59:59+00:00"
generated_at: "2026-06-12T08:38:42.607211+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# IIPR reports Q2 2023 revenue of $76.5M (+8% YoY), AFFO $2.26/diluted share (+5% YoY)

## Summary
- Net income $40.9M ($1.44 diluted EPS); total revenues $76.5M, up 8% from $70.5M a year ago.
- AFFO of $64.0M ($2.26/diluted share) vs $60.2M ($2.15) in Q2 2022, a 5% increase.
- Rent collection 97% for Q2; ~$2.1M not collected related to defaulted tenant Parallel at Pennsylvania property.
- New lease executed at Perez Road property in California, previously leased to Kings Garden Inc., under development.
- Dividend of $1.80/share paid July 14; trailing 12-month dividends of $7.20/share (+11% YoY).

## SEC filing metadata
- accession: 0001104659-23-087021
- form_type: 8-K
- ticker: IIPR
- cik: 0001677576
- company_name: INNOVATIVE INDUSTRIAL PROPERTIES INC
- filed_at: 2023-08-03T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- 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/1677576/000110465923087021/0001104659-23-087021-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1677576/000110465923087021/tm2322705d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-087021
- JSON: https://secwatch.observer/filing/0001104659-23-087021.json
- Plain text: https://secwatch.observer/filing/0001104659-23-087021.txt

## Key facts
- Earnings Releases
  INNOVATIVE INDUSTRIAL PROPERTIES INC reported second quarter ended June 30, 2023 results: revenue approximately $76.5 million, net income approximately $40.9 million, or $1.44 per diluted share, EPS $1.44 per diluted share.
  - Period: second quarter ended June 30, 2023
  - Revenue: approximately $76.5 million
  - Net income: approximately $40.9 million, or $1.44 per diluted share
  - EPS: $1.44 per diluted share
  - Result: reported results
  source text: U.S. cannabis industry, announced today results for the second quarter ended June 30, 2023. Second Quarter 2023 Financial Results · Generated total revenues of approximately $76.5 million in the quarter, representing an 8% increase from the prior year’s quarter. · Recorded net income attributable to common stockholders of approximately $40.9 million for the
  evidence_url: https://www.sec.gov/Archives/edgar/data/1677576/000110465923087021/0001104659-23-087021-index.htm

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