---
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"
generated_at: "2026-05-22T08:24:47.085903+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# IIPR Q1 revenue $71.7M, net income $1.03/share vs $1.36; multiple tenant defaults

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-045638
- JSON: https://secwatch.observer/filing/0001104659-25-045638.json
- Plain text: https://secwatch.observer/filing/0001104659-25-045638.txt

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