Highest-materiality recent filing
IIPR tenant Parallel defaults on two Florida leases; ~$1.6M rent unpaid, operations ceased
Parallel defaulted on July rent for two Florida properties totaling ~$1.6M (base rent, reimbursements, interest, late charges).
IIPR issues $402.5M 6.00% exchangeable notes due 2029; uses $80.5M to repurchase shares
Issued $402.5M aggregate principal of 6.00% exchangeable senior notes due June 15, 2029, including $52.5M from full option exercise.
IIPR prices upsized $350M exchangeable notes; repays $282M senior notes due 2026
Priced $350M aggregate principal 6% exchangeable senior notes due 2029, upsized from $250M; initial exchange price ~$69.39.
Stockholders approved the 2026 Omnibus Incentive Plan, authorizing 1,250,000 new shares of common stock for issuance.
IIPR enters $20M term loan at 10% to repay senior notes due May 2026; weekly payments required
Term loan of $20M at 10% annual interest (18% default rate), maturing October 9, 2026.
IIP closes $44.9M secured term loans to refinance maturing unsecured notes
Closed four secured term loans totaling $44.9M at 6.67% fixed interest.
IIPR subsidiaries secure $22.9M in secured term loans from Amalgamated Bank
Two IIP subsidiaries entered loan agreements with Amalgamated Bank for $22.9M aggregate: $10.5M (MA) and $12.4M (PA).
IIP closes $56.5M secured term loan; proceeds to repay notes due May 2026
$56.5M secured term loan closed on May 5, 2026; three-year initial term with two one-year extension options.
Innovative Industrial Properties Reports Q1 2026 Results with $69M Revenue and $1.88 AFFO per Share
Total revenues of $69.0 million and net income of $30.2 million ($1.02 per diluted share) for Q1 2026.
IIP subsidiary obtains $20M secured term loan at 9.00% from Generations Bank
Borrower IIP-IL 2 LLC, indirect subsidiary of IIP, issued $20M promissory note to Generations Bank.
Director Gary Kreitzer to retire from IIPR board at 2026 annual meeting
Gary Kreitzer informed IIPR on April 6, 2026, he will retire and not stand for re-election at the 2026 annual meeting.
IIPR resolves PharmaCann litigation, reports new tenant defaults and 122K sq ft of new leases
PharmaCann settlement includes monetary judgments; properties to be surrendered by May 20/26 2026.
Innovative Industrial Properties approves $100M share repurchase program
Board approved new $100M common stock repurchase program on March 3, 2026.
IIPR FY2025 net income down 28%; AFFO $7.24/sh; dividend raised to $7.60
FY2025 total revenues $266.0M, net income $114.4M ($3.93/diluted share) vs $159.9M ($5.52) in FY2024.
IIP posts Q3 earnings decline; invests $270M into life science platform IQHQ
Total revenues $64.7M; net income $28.3M ($0.97 diluted EPS) vs $1.37 a year ago.
IIPR secures $100M secured revolver, expandable to $135M, backed by IQHQ assets
Credit facility with East West Bank, 3-year term maturing Oct 3, 2028.
IIP closes $105M initial investment in life science REIT IQHQ; first non-cannabis investment
Initial investment of $105M: $100M in revolving credit facility and $5M in preferred stock (15% Series G-1) with warrants for 1.5% of common equity.
IIP invests up to $270M in life science REIT IQHQ, diversifying outside cannabis
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%.
IIPR Q2 2025 revenue $62.9M, net income $25.1M ($0.86 EPS), down 21% and 40% YoY
Total revenues of $62.9M vs $79.8M in Q2 2024, down 21%.
IIPR annual meeting elects all directors, ratifies auditor, approves say-on-pay
All five director nominees elected: Alan Gold (15.0M for), Gary Kreitzer (16.3M), Scott Shoemaker (14.3M), Paul Smithers (17.4M), David Boyle (17.5M).
IIPR adds Stifel and A.G.P. as sales agents for its ATM equity offering program
Entered additional equity distribution agreements with Stifel and A.G.P. as new sales agents/forward sellers.
IIPR Q1 revenue $71.7M, net income $1.03/share vs $1.36; multiple tenant defaults
Total revenues $71.7M, down 5% YoY; net income $30.3M ($1.03 diluted) vs $1.36 in Q1 2024.
IIPR declares lease defaults on ~10.8% of rent and a $16.1M loan default
4Front leases (4 properties, 5.7% of rent) defaulted; $9.0M owed as of March 28, 2025.
IIPR board authorizes $100 million common stock repurchase program
Board approved repurchase of up to $100M of common stock; expires March 17, 2026.
PharmaCann defaults on $2.7M March rent; IIPR to pursue eviction for nine properties
PharmaCann defaulted on March rent for nine leases totaling $2.7M across NY, IL, PA, OH, CO.
IIPR files new $500M shelf registration; ATM offering continues with ~$489.9M remaining
Filed new S-3ASR (No. 333-285148) to replace prior shelf that expired Jan 24, 2025.
IIPR Q4 2024 AFFO $2.22/share, down 3% YoY; PharmaCann lease defaults resolved
Full-year 2024 total revenues $308.5M, net income $159.9M ($5.52 EPS), AFFO $256.1M ($8.98/share).
IIPR directors David Stecher and Mary Curran to retire at 2025 annual meeting
David Stecher notified on Feb 5, 2025 he will not stand for re-election at the 2025 annual meeting.
IIP resolves PharmaCann default; cuts monthly rent on 9 properties to $2.6M, abates rent on 2
Security deposits fully used to cover Dec 2024 and Jan 2025 rent defaults and penalties.
Innovative Industrial Properties VP, GC & Secretary Brian Wolfe resigns effective Jan 9, 2025
Brian Wolfe notified resignation as employee and officer on January 2, 2025; effective January 9, 2025.
IIPR reports PharmaCann default on all 11 leases; 17% of rental revenue at risk
PharmaCann defaulted on Dec rent for 6 properties totaling $4.2M; security deposits applied.
IIPR Q3 2024 revenue $76.5M, EPS $1.37; AFFO $2.25/shr, dividend $1.90
Total rev $76.5M (-1.7% YoY); net income $39.7M ($1.37 diluted EPS) vs $1.45 in Q3 2023.
IIPR posts investor presentation; no new financial results disclosed
Investor presentation posted to website contains no new material financial data; only forward-looking statements and general disclaimers provided in filed excerpt.
IIPR posts investor presentation; no specific financial updates disclosed in exhibit text
Company posted investor presentation to website on August 7, 2024.
IIP reports Q2 2024 revenue $79.8M, net income $41.7M; dividend raised 4.4% to $1.90/share
Total revenues $79.8M, up 4% YoY; net income $41.7M ($1.44 EPS) flat YoY.
IIPR increases authorized Series A Preferred by 22.66M shares, enters $500M ATM equity facility
Filed Articles Supplementary designating 22,660,000 additional shares of 9.00% Series A Cumulative Redeemable Preferred Stock; total authorized now 23,350,000 shares.
IIPR annual meeting: all 6 directors elected, auditor ratified, say-on-pay approved with 73% support
All six director nominees (Gold, Kreitzer, Curran, Shoemaker, Smithers, Stecher) elected; broker non-votes of 5,032,162.
Filed Form 8-K on May 13, 2024, furnishing an investor presentation under Item 7.01.
IIPR Q1 2024: Net income $1.36 EPS, AFFO $2.21 per share, revenue $75.5M, portfolio 95.2% leased
Revenue $75.5M (-1% YoY); net income $39.1M ($1.36 diluted EPS, down 5% YoY from $1.43).
IIPR posts investor presentation to website on March 4, 2024; content not reproduced in filing
Investor presentation made available on company's investor relations website.
IIPR reports FY2023 revenue up 12% to $309.5M, AFFO $9.08/share, dividend increased
Full-year 2023 total revenue $309.5M (+12% YoY); net income $164.2M ($5.77 EPS, +5%).
IIPR posts investor presentation to website; no specific financial data disclosed in filing
Investor presentation dated November 3, 2023, made available at http://investors.innovativeindustrialproperties.com/
IIPR Q3 2023 total revenues $77.8M (+10% YoY), AFFO $2.29/share, rent collection 97%
Net income $41.3M ($1.45 diluted EPS) vs $1.32 prior year; AFFO $64.8M ($2.29/share) up 7.5%.
IIPR regains possession of four California properties from Kings Garden; 2.5% of total assets
Regained possession of four California properties on Sept 21 & 26, 2023, via acceptance of offer of judgment.
Innovative Industrial Properties posts investor presentation; no material new data disclosed
Investor presentation posted to corporate website on August 4, 2023.
IIPR reports Q2 2023 revenue of $76.5M (+8% YoY), AFFO $2.26/diluted share (+5% YoY)
Net income $40.9M ($1.44 diluted EPS); total revenues $76.5M, up 8% from $70.5M a year ago.
IIPR annual meeting elects all six directors, ratifies BDO as auditor, approves say-on-pay
Director nominees elected: Alan Gold, Gary Kreitzer, Mary Curran, Scott Shoemaker, Paul Smithers, David Stecher (IIPR).
IIPR posts investor presentation on website; no material new information disclosed
Company posted investor presentation to its website on May 12, 2023.
Q1 net income $40.8M ($1.43/sh) +8% YoY; AFFO $63.4M ($2.25/sh) +10%
Total revenues $76.1M (+18% YoY); net income $1.43 diluted EPS vs $1.32 YoY.
David Smith appointed CFO; Catherine Hastings promoted to COO at Innovative Industrial Properties
David Smith named CFO and Treasurer effective March 29, 2023; previously CFO at Aventine Property Group.
On February 7, 2025, Mary Curran informed the Company that she will retire from the Board and not stand for re-election when her term expires at the Company’s 2025 annual meeting of shareholders.
David Stecher informed Innovative Industrial Properties, Inc. (the “Company”) that he will retire from the Board and not stand for re-election when his term expires at the Company’s 2025 annual meeting of shareholders.
On January 2, 2025, Brian Wolfe, the Vice President, General Counsel and Secretary of Innovative Industrial Properties, Inc. (the “Company”), notified the Company of his intention to resign as an employee and officer of the Company effective January 9, 2025.
On March 29, 2023, David Smith joined Innovative Industrial Properties, Inc. (the “Company”) as Chief Financial Officer and Treasurer.
Also effective March 29, 2023, concurrent with Mr. Smith’s appointment, Catherine Hastings was promoted to Chief Operating Officer of the Company, in lieu of her prior position as the Company’s Chief Financial Officer and Treasurer.
Max materiality 0.90 · Median 0.62 · Most common event other_material