{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-26-018636","form_type":"8-K","ticker":"IIPR","cik":"0001677576","company_name":"INNOVATIVE INDUSTRIAL PROPERTIES INC","filed_at":"2026-02-23T23:59:59+00:00","discovered_at":"2026-05-14T18:02:35.864911+00:00","generated_at":"2026-05-16T01:11:45.323552+00:00","sec_items":["2.02","7.01","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"IIPR FY2025 net income down 28%; AFFO $7.24/sh; dividend raised to $7.60","bullets":["FY2025 total revenues $266.0M, net income $114.4M ($3.93/diluted share) vs $159.9M ($5.52) in FY2024.","AFFO $205.4M ($7.24/share), down from $256.1M ($8.98/share) in FY2024.","Declared common dividends totaling $7.60/share, marking annual increase since 2016.","Raised $146M in debt and preferred equity since Oct 2025; executed leases for 337,000 sq ft in Q4'25/Q1'26.","Strategic investment in IQHQ life science platform up to $270M ($50M funded) and closed $100M secured revolver."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-26-018636","json":"https://secwatch.observer/filing/0001104659-26-018636.json","markdown":"https://secwatch.observer/filing/0001104659-26-018636.md","text":"https://secwatch.observer/filing/0001104659-26-018636.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1677576/000110465926018636/0001104659-26-018636-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1677576/000110465926018636/tm267061d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T01:11:45.323552+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"}