---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-130490"
form_type: "8-K"
ticker: "IIPR"
cik: "0001677576"
company_name: "INNOVATIVE INDUSTRIAL PROPERTIES INC"
filed_at: "2024-12-20T23:59:59+00:00"
generated_at: "2026-05-29T00:19:50.186207+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# IIPR reports PharmaCann default on all 11 leases; 17% of rental revenue at risk

## Summary
- PharmaCann defaulted on Dec rent for 6 properties totaling $4.2M; security deposits applied.
- Cross-default provisions triggered default on all 11 leases, including 5 with $90K rent paid.
- Defaulted properties located in IL, MA, MI, NY, OH, PA; leases represent 17% of Q3 2024 revenues.
- IIPR expects to enforce rights aggressively, may include eviction proceedings.

## SEC filing metadata
- accession: 0001104659-24-130490
- form_type: 8-K
- ticker: IIPR
- cik: 0001677576
- company_name: INNOVATIVE INDUSTRIAL PROPERTIES INC
- filed_at: 2024-12-20T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1677576/000110465924130490/0001104659-24-130490-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1677576/000110465924130490/tm2431651d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-130490
- JSON: https://secwatch.observer/filing/0001104659-24-130490.json
- Plain text: https://secwatch.observer/filing/0001104659-24-130490.txt

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