---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-059090"
form_type: "8-K"
ticker: "IIPR"
cik: "0001677576"
company_name: "INNOVATIVE INDUSTRIAL PROPERTIES INC"
filed_at: "2024-05-09T23:59:59+00:00"
generated_at: "2026-06-02T06:21:49.898643+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# IIPR Q1 2024: Net income $1.36 EPS, AFFO $2.21 per share, revenue $75.5M, portfolio 95.2% leased

## Summary
- Revenue $75.5M (-1% YoY); net income $39.1M ($1.36 diluted EPS, down 5% YoY from $1.43).
- AFFO $63.0M ($2.21/sh), down 2% YoY; dividend maintained at $1.82/sh (82% AFFO payout ratio).
- New leases at four properties totaling $69.4M; sold LA property for $9.1M plus $3.9M termination fee.
- Operating portfolio 95.2% leased (down from 100% a year ago); 14.8-year avg lease term; 11% debt-to-gross assets.
- No security deposits applied to rent in Q1 2024 vs $4.2M in Q1 2023; liquidity $203.5M.

## SEC filing metadata
- accession: 0001104659-24-059090
- form_type: 8-K
- ticker: IIPR
- cik: 0001677576
- company_name: INNOVATIVE INDUSTRIAL PROPERTIES INC
- filed_at: 2024-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1677576/000110465924059090/0001104659-24-059090-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1677576/000110465924059090/tm2413926d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-059090
- JSON: https://secwatch.observer/filing/0001104659-24-059090.json
- Plain text: https://secwatch.observer/filing/0001104659-24-059090.txt

## Key facts
- Earnings Releases
  INNOVATIVE INDUSTRIAL PROPERTIES INC reported the first quarter ended March 31, 2024 results: revenue $75.5 million, net income $39.1 million, EPS $1.36 per share.
  - Period: the first quarter ended March 31, 2024
  - Revenue: $75.5 million
  - Net income: $39.1 million
  - EPS: $1.36 per share
  - Result: reported results
  source text: Generated total revenues of $75.5 million and net income attributable to common stockholders of $39.1 million, or $1.36 per share
  evidence_url: https://www.sec.gov/Archives/edgar/data/1677576/000110465924059090/0001104659-24-059090-index.htm

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