{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-045638","form_type":"8-K","ticker":"IIPR","cik":"0001677576","company_name":"INNOVATIVE INDUSTRIAL PROPERTIES INC","filed_at":"2025-05-07T23:59:59+00:00","discovered_at":"2026-05-14T18:02:49.306671+00:00","generated_at":"2026-05-22T08:24:47.085903+00:00","sec_items":["2.02","7.01","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"IIPR Q1 revenue $71.7M, net income $1.03/share vs $1.36; multiple tenant defaults","bullets":["Total revenues $71.7M, down 5% YoY; net income $30.3M ($1.03 diluted) vs $1.36 in Q1 2024.","AFFO $55.3M ($1.94/share) vs $2.21; dividend maintained at $1.90/qtr, annualized $7.60.","Declared lease defaults by PharmaCann ($2.7M), plus 4Front, Gold Flora, TILT ($13.1M owed); $16.1M loan default.","YTD: acquired 22k sq ft Maryland property ($7.8M); leased 205k sq ft in Warren, MI to Berry Green; sold MI property ($9M).","Repurchased 371,538 common shares for $20.1M; issued 406k Series A preferred shares for $9.7M net; bought back $8.8M notes."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-045638","json":"https://secwatch.observer/filing/0001104659-25-045638.json","markdown":"https://secwatch.observer/filing/0001104659-25-045638.md","text":"https://secwatch.observer/filing/0001104659-25-045638.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1677576/000110465925045638/0001104659-25-045638-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1677576/000110465925045638/tm2514280d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-22T08:24:47.085903+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"}