---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-029472"
form_type: "8-K"
ticker: "IIPR"
cik: "0001677576"
company_name: "INNOVATIVE INDUSTRIAL PROPERTIES INC"
filed_at: "2025-03-28T23:59:59+00:00"
generated_at: "2026-05-24T03:08:42.777227+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.78
calibrated_materiality_score: 0.78
confidence: "high"
source: SEC EDGAR
---

# IIPR declares lease defaults on ~10.8% of rent and a $16.1M loan default

## Summary
- 4Front leases (4 properties, 5.7% of rent) defaulted; $9.0M owed as of March 28, 2025.
- Gold Flora leases (3 properties, 2.9% of rent) defaulted; $1.7M owed.
- TILT leases (2 properties, 2.2% of rent) defaulted; $2.4M owed.
- $16.1M secured note defaulted; borrower owes ~$0.8M in interest/taxes; principal plus interest due immediately.
- Company will pursue eviction for tenants and may foreclose on the four California properties securing the note.

## SEC filing metadata
- accession: 0001104659-25-029472
- form_type: 8-K
- ticker: IIPR
- cik: 0001677576
- company_name: INNOVATIVE INDUSTRIAL PROPERTIES INC
- filed_at: 2025-03-28T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.78
- calibrated_materiality_score: 0.78
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1677576/000110465925029472/0001104659-25-029472-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1677576/000110465925029472/tm2510842d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-029472
- JSON: https://secwatch.observer/filing/0001104659-25-029472.json
- Plain text: https://secwatch.observer/filing/0001104659-25-029472.txt

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