{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-015271","form_type":"8-K","ticker":"IIPR","cik":"0001677576","company_name":"INNOVATIVE INDUSTRIAL PROPERTIES INC","filed_at":"2025-02-20T23:59:59+00:00","discovered_at":"2026-05-14T18:03:04.409013+00:00","generated_at":"2026-05-26T09:00:45.110740+00:00","sec_items":["2.02","7.01","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"IIPR Q4 2024 AFFO $2.22/share, down 3% YoY; PharmaCann lease defaults resolved","bullets":["Full-year 2024 total revenues $308.5M, net income $159.9M ($5.52 EPS), AFFO $256.1M ($8.98/share).","Q4 2024 total revenues $76.7M, net income $39.5M ($1.36 EPS); AFFO $63.4M ($2.22/share).","PharmaCann resolution: rent reduced for 9 leases; two cultivation properties to transition; security deposits cover Dec 2024/Jan 2025 rent.","Credit facility upsized to $87.5M (undrawn); debt-to-total gross assets 11%; no maturities until May 2026.","Q4 dividend $1.90/share paid Jan 15, 2025; annualized $7.60; AFFO payout ratio 86%."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-015271","json":"https://secwatch.observer/filing/0001104659-25-015271.json","markdown":"https://secwatch.observer/filing/0001104659-25-015271.md","text":"https://secwatch.observer/filing/0001104659-25-015271.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1677576/000110465925015271/0001104659-25-015271-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1677576/000110465925015271/tm257091d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-26T09:00:45.110740+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}