Innovative Industrial Properties, Inc. (IIPR)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Innovative Industrial Properties, Inc. (“IIPR” or “the Company”) (NYSE: IIPR). Investors who purchased IIPR securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether IIPR has violated federal securities laws.
Investigation Details
On December 20, 2024, IIPR announced that on the previous day, PharmaCann, who has served as tenants for eleven properties that IIPR owns, which represented 17% of IIPR’s total rental revenues for the three and nine months ended September 30, 2024, 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. Further, IIPR stated that it applied security deposits held by IIPR pursuant to these Leases for the payment in full of the defaulted rent, in addition to late penalties and interest. In addition, the Company revealed that “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.” On this news, IIPR’s stock price fell $21.68 per share, or 22.73%, to close at $73.66 per share on December 20, 2024.
What’s Next?
If you are aware of any facts relating to this investigation or purchased IIPR securities, you can assist this investigation. You can also contact Peretz Bronstein or his client relations manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660
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Contact
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller
332-239-2660 | [email protected]