---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-027867"
form_type: "8-K"
ticker: "IIPR"
cik: "0001677576"
company_name: "INNOVATIVE INDUSTRIAL PROPERTIES INC"
filed_at: "2024-02-27T23:59:59+00:00"
generated_at: "2026-06-05T12:07:39.246473+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# IIPR reports FY2023 revenue up 12% to $309.5M, AFFO $9.08/share, dividend increased

## Summary
- Full-year 2023 total revenue $309.5M (+12% YoY); net income $164.2M ($5.77 EPS, +5%).
- AFFO $256.5M ($9.08 per share, +7% YoY); Q4 AFFO $64.3M ($2.28 per share, +8%).
- Q4 2023 revenue $79.2M (+12% YoY); net income $41.3M ($1.45 EPS, -1% YoY).
- Dividends declared totaled $7.22/share in 2023; quarterly dividend raised to $1.82.
- Portfolio 108 properties, 8.9M sq ft, 95.8% leased, 14.6 yr avg lease term; no tenant >16% ABR.

## SEC filing metadata
- accession: 0001104659-24-027867
- form_type: 8-K
- ticker: IIPR
- cik: 0001677576
- company_name: INNOVATIVE INDUSTRIAL PROPERTIES INC
- filed_at: 2024-02-27T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- 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/1677576/000110465924027867/0001104659-24-027867-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1677576/000110465924027867/tm247320d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-027867
- JSON: https://secwatch.observer/filing/0001104659-24-027867.json
- Plain text: https://secwatch.observer/filing/0001104659-24-027867.txt

## Key facts
- Earnings Releases
  INNOVATIVE INDUSTRIAL PROPERTIES INC reported financial results for fourth quarter and year ended December 31, 2023.
  - Period: fourth quarter and year ended December 31, 2023
  - Result: reported results
  source text: On February 26, 2024, Innovative Industrial Properties, Inc. (the “Company”) issued a press release regarding its financial results for the fourth quarter and year ended December 31, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1677576/000110465924027867/0001104659-24-027867-index.htm

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