Highest-materiality recent filing
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.
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.
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.
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 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.
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 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).
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.
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.
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 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).
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.
Max materiality 0.90 · Median 0.65 · Most common event other_material