secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)
CIK:        0001677576
Form:       8-K
Filed at:   2024-12-20T23:59:59+00:00
Accession:  0001104659-24-130490
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1677576/000110465924130490/0001104659-24-130490-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1677576/000110465924130490/tm2431651d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-130490

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer