secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)
CIK:        0001677576
Form:       8-K
Filed at:   2025-05-07T23:59:59+00:00
Accession:  0001104659-25-045638
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1677576/000110465925045638/0001104659-25-045638-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1677576/000110465925045638/tm2514280d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-045638

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer