secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)
CIK:        0001677576
Form:       8-K
Filed at:   2024-05-09T23:59:59+00:00
Accession:  0001104659-24-059090
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1677576/000110465924059090/0001104659-24-059090-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1677576/000110465924059090/tm2413926d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-059090

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