---
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"
generated_at: "2026-05-26T09:00:45.110740+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# IIPR Q4 2024 AFFO $2.22/share, down 3% YoY; PharmaCann lease defaults resolved

## Summary
- 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%.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-015271
- JSON: https://secwatch.observer/filing/0001104659-25-015271.json
- Plain text: https://secwatch.observer/filing/0001104659-25-015271.txt

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