secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)
CIK:        0001677576
Form:       8-K
Filed at:   2025-02-20T23:59:59+00:00
Accession:  0001104659-25-015271
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1677576/000110465925015271/0001104659-25-015271-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1677576/000110465925015271/tm257091d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-015271

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