IIPR Files 8-K: Fiscal Year End Update

TL;DR

IIPR updated its 8-K to confirm fiscal year end is Dec 31st.

AI Summary

Innovative Industrial Properties, Inc. (IIPR) filed an 8-K on December 19, 2024, reporting other events and financial statements. The filing indicates a change in the company's fiscal year end to December 31st, previously it was not explicitly stated but implied to be the same. The company is incorporated in Maryland and its principal executive offices are located in Park City, Utah.

Why It Matters

This filing clarifies the company's fiscal year end, which is important for investors to accurately track financial performance and reporting cycles.

Risk Assessment

Risk Level: low — The filing is administrative and does not contain significant new financial or operational risks.

Key Players & Entities

• Innovative Industrial Properties, Inc. (company) — Registrant
• Maryland (jurisdiction) — State of Incorporation
• Park City, UT (location) — Principal Executive Offices
• December 19, 2024 (date) — Date of earliest event reported
• December 31 (date) — Fiscal Year End

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share IIPR New York Stock Excha
• $4.2 million — ted tax and insurance payments, totaled $4.2 million for these six properties. The Company a
• $90,000 — nder the remaining five Leases totaling $90,000 for the month of December, as a result

Filing Documents

• tm2431651d1_8k.htm (8-K) — 36KB
• tm2431651d1_ex99-1.htm (EX-99.1) — 7KB
• 0001104659-24-130490.txt ( ) — 264KB
• iipr-20241219.xsd (EX-101.SCH) — 3KB
• iipr-20241219_def.xml (EX-101.DEF) — 26KB
• iipr-20241219_lab.xml (EX-101.LAB) — 36KB
• iipr-20241219_pre.xml (EX-101.PRE) — 25KB
• tm2431651d1_8k_htm.xml (XML) — 5KB

01

Item 8.01 Other Events. Innovative Industrial Properties, Inc. (the "Company"), through indirect, wholly owned subsidiaries serving as landlords, previously entered into leases (collectively, the "Leases") with PharmaCann Inc. and its affiliates (collectively, "PharmaCann") as tenants for eleven properties that the Company owns, which represented 17% of the Company's total rental revenues for the three and nine months ended September 30, 2024. On December 19, 2024, PharmaCann defaulted on its obligations to pay rent for the month of December under six of the eleven Leases, for properties located in Illinois, Massachusetts, Michigan, New York, Ohio and Pennsylvania. December rent, including base rent, property management fees and estimated tax and insurance payments, totaled $4.2 million for these six properties. The Company applied security deposits held by the Company pursuant to these Leases for the payment in full of the defaulted rent, in addition to late penalties and interest. Although PharmaCann paid rent in full under the remaining five Leases totaling $90,000 for the month of December, as a result of cross-default provisions contained in each of the Leases, on December 19, 2024, PharmaCann also defaulted on its obligations under these five Leases, as a result of the non-payment of rent on the other six Leases. The Company is continuing discussions with PharmaCann regarding the Leases, and expects to enforce its rights under the Leases aggressively, which may include, but is not limited to, commencing eviction proceedings as the Company deems necessary. On December 20, 2024, the Company issued a press release announcing PharmaCann's default under the Leases. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. Cautionary This

01 contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private

Item 8.01 contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about the Company's expectations regarding enforcement of its rights under the Leases. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, and they include, but are not limited to, statements regarding future rent collection, occupancy and enforcement of rights under the Leases. Words such as "project," "expect," "may" or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this Current Report. The Company does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise. Although the Company believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking including those set forth under the headings "Business," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

01 Financial Statements and

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description of Exhibit 99.1 Press release issued by Innovative Industrial Properties, Inc. on December 20, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 20, 2024 INNOVATIVE INDUSTRIAL PROPERTIES, INC. By: /s/ David Smith Name: David Smith Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR