Weed REIT Innovative Industrials stumbles after tenant defaults

Innovative Industrial Properties

19/01/2023 15:19

** Shares of cannabis REIT Innovative Industrial Properties
Inc  IIPR.N  down 15.4% at $93.80, about three-month low, after
co discloses tenant defaults as part of operating, investment
update
    ** Stock on course for biggest one-day pct decline since Mar
2020
    ** As of Jan 18, IIPR outlines defaults on obligations to
pay rent: SH Parent, Inc. (Parallel) at one Pennsylvania
property; Green Peak Industries, Inc. (Skymint) at one Michigan
property; Affiliates of Medical Investor Holdings, LLC
(Vertical) at its California properties
    ** Co owned 110 properties in 19 states, representing approx
8.7 mln rentable square feet, including approx 1.9 mln rentable
square feet under development/redevelopment as of Dec 31
    ** With move on Thurs, IIPR shares down ~8% to start 2023
compared to S&P small cap real estate index's  .SPSMCR  5%
advance
    ** Shares shed ~61% last year
    ** Still, avg rating among 8 analysts is "buy", while median
PT of $147.50 down from $160 a month ago
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))