{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-076830","form_type":"8-K","ticker":"IIPR","cik":"0001677576","company_name":"INNOVATIVE INDUSTRIAL PROPERTIES INC","filed_at":"2025-08-12T23:59:59+00:00","discovered_at":"2026-05-14T18:02:44.616495+00:00","generated_at":"2026-05-17T14:39:29.168282+00:00","sec_items":["1.01","7.01","9.01"],"event_type":"other_material","sentiment":"positive","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"IIP invests up to $270M in life science REIT IQHQ, diversifying outside cannabis","bullets":["IIP commits $100M RCF at 13.5% (12% cash+1.5% PIK) and up to $170M preferred stock with 10% cash+5% PIK dividend; weighted avg >14%.","Preferred stock cumulative, redeemable at greater of $1,560 or Base Amount; warrants for up to 5% equity at $0.01/unit.","IIP gets board seat, intends CEO Paul Smithers; right of first offer on IQHQ property sales.","Related party: Alan Gold (Exec Chair) and Gary Kreitzer (Vice Chair) hold <1% each in IQHQ; Gold served as IQHQ Chair until Dec 2024.","Transaction expected to close Q3 2025; funded via cash on hand, credit facility, and potential future financing."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-076830","json":"https://secwatch.observer/filing/0001104659-25-076830.json","markdown":"https://secwatch.observer/filing/0001104659-25-076830.md","text":"https://secwatch.observer/filing/0001104659-25-076830.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1677576/000110465925076830/0001104659-25-076830-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1677576/000110465925076830/tm2523021d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T14:39:29.168282+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"}