Press release
Lawsuit filed for Investors who lost money with shares of Innovative Industrial Properties, Inc. (NYSE: IIPR)
A lawsuit was filed on behalf of investors in Innovative Industrial Properties, Inc. (NYSE: IIPR) shares.
Investors who purchased shares of Innovative Industrial Properties, Inc. (NYSE: IIPR) have certain options and for certain investors are short and strict deadlines running. Deadline: March 18, 2025. NYSE: IIPR investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On November 6, 2024, Innovative Industrial Properties, Inc. reported its third quarter of 2024 financial results, disclosing normalized FFO per share of $2.02, missing the consensus estimate of $2.03 and declining from $2.09 in the same period in 2023, and revenue of $76.5 million, missing the consensus estimate of $77.5 million and declining from $77.8 million in the same period in 2023. The complaint alleges that Innovative Industrial Properties stated that the year-over-year decrease was due to a $3.0 million decline in contractual rent and property management fees in the third quarter related to properties that Innovative Industrial Properties regained possession of since June 2023; a decline of $1.3 million due to rent received but not recognized in rental revenues resulting from the re-classifications of two sales-type leases beginning January 1, 2024; and $1.3 million of contractually due rent and property management fees that were not collected during the current quarter.
Then, on December 20, 2024, Innovative Industrial Properties announced that on the previous day, PharmaCann Inc., the tenant for eleven properties that Innovative Industrial Properties owns - and the revenues from which represented 17% of Innovative Industrial Properties' 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 its eleven leases, for properties located in Illinois, Massachusetts, Michigan, New York, Ohio, and Pennsylvania.
On February 19, 2025, Innovative Industrial Properties, Inc. announced its fourth quarter and full year 2024 results. Innovative Industrial Properties, Inc. (NYSE: IIPR) reported that its annual Total Revenue declined frm $309.5 million in 2023 to $308.51 million in 2024, and that its Net Income declined from $165.58 million in 2023 to $161.66 million in 2024.
Shares of Innovative Industrial Properties, Inc. (NYSE: IIPR) declined from $138.35 per share on September 24, 2024, to as low as $62.45 per share on January 13, 2025.
The plaintiff claims that between February 27, 2024 and December 19, 2024, the defendants made false statements and/or concealed that Innovative Industrial Properties, Inc was experiencing significant declines in rent and property-management fees in connection with certain customer leases, that the foregoing would likely impair the Company's ability to maintain funds from operations and revenue growth, that accordingly, IIPR's leasing operations were less profitable than the Company had represented to investors, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Innovative Industrial Properties, Inc. (NYSE: IIPR) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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