Innovative Industrial Properties Shares Fall 21% After Major Tenant Defaults

Dow Jones

2024/12/20

By Katherine Hamilton

Innovative Industrial Properties shares slid Thursday after the company said one of its tenants defaulted on its leases at 11 properties.

The stock lost almost a quarter of its value to $73.15 in recent trading, and is down 28% this year.

Innovative's tenant PharmaCann, which rents 11 properties owned by the company, defaulted on its obligations to pay rent in December in six of the leases, Innovative said. December rent in those six properties totaled $4.2 million.

PharmaCann paid December rent in full for its other five leases, which total $90,000, but it also defaulted on those leases as a result of the non-payment on the other six.

In total, PharmaCann's rent made up 17% of Innovative's total rental revenues in its third quarter, which ended Sept. 30.

Innovative said it applied security deposits to cover the full amount of the defaulted rent, in addition to late fees and interest. It is continuing discussions with PharmaCann and plans to enforce the leases aggressively, which may include eviction.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

December 20, 2024 10:26 ET (15:26 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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It is continuing discussions with PharmaCann and plans to enforce the leases aggressively, which may include eviction. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 20, 2024 10:26 ET (15:26 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Innovative Industrial Properties Shares Fall 21% After Major Tenant Defaults</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInnovative Industrial Properties Shares Fall 21% After Major Tenant Defaults\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2024-12-20 23:26</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Katherine Hamilton \n</p>\n<pre>\n \n</pre>\n<p>\n  Innovative Industrial Properties shares slid Thursday after the company said one of its tenants defaulted on its leases at 11 properties. \n</p>\n<p>\n  The stock lost almost a quarter of its value to $73.15 in recent trading, and is down 28% this year. \n</p>\n<p>\n  Innovative's tenant PharmaCann, which rents 11 properties owned by the company, defaulted on its obligations to pay rent in December in six of the leases, Innovative said. December rent in those six properties totaled $4.2 million. \n</p>\n<p>\n  PharmaCann paid December rent in full for its other five leases, which total $90,000, but it also defaulted on those leases as a result of the non-payment on the other six. \n</p>\n<p>\n  In total, PharmaCann's rent made up 17% of Innovative's total rental revenues in its third quarter, which ended Sept. 30. \n</p>\n<p>\n  Innovative said it applied security deposits to cover the full amount of the defaulted rent, in addition to late fees and interest. It is continuing discussions with PharmaCann and plans to enforce the leases aggressively, which may include eviction. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 20, 2024 10:26 ET (15:26 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4171","symbol_name":"工業房地產投資信託","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2492447093","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2492447093","pubTimestamp":1734708360,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Innovative Industrial Properties shares slid Thursday after the company said one of its tenants defaulted on its leases at 11 properties.The stock lost almost a quarter of its value to $73.15 in recent trading, and is down 28% this year.Innovative's tenant PharmaCann, which rents 11 properties owned by the company, defaulted on its obligations to pay rent in December in six of the leases, Innovative said. 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It is continuing discussions with PharmaCann and plans to enforce the leases aggressively, which may includ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4171":"工业房地产投资信托","IIPR":"Innovative Industrial Properties Inc","BK4224":"工业房地产信托","CFA.SI":"NikkoAM-STC Asia REIT"},"translate_title":"主要租户违约后创新工业地产股价下跌21%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IIPR":0.9,"CFA.SI":0.79},"content_text":"By Katherine Hamilton \n\n\n \n\n\n  Innovative Industrial Properties shares slid Thursday after the company said one of its tenants defaulted on its leases at 11 properties. \n\n\n  The stock lost almost a quarter of its value to $73.15 in recent trading, and is down 28% this year. \n\n\n  Innovative's tenant PharmaCann, which rents 11 properties owned by the company, defaulted on its obligations to pay rent in December in six of the leases, Innovative said. December rent in those six properties totaled $4.2 million. \n\n\n  PharmaCann paid December rent in full for its other five leases, which total $90,000, but it also defaulted on those leases as a result of the non-payment on the other six. \n\n\n  In total, PharmaCann's rent made up 17% of Innovative's total rental revenues in its third quarter, which ended Sept. 30. \n\n\n  Innovative said it applied security deposits to cover the full amount of the defaulted rent, in addition to late fees and interest. It is continuing discussions with PharmaCann and plans to enforce the leases aggressively, which may include eviction. \n\n\n \n\n\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 20, 2024 10:26 ET (15:26 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}