Innovative Industrial Properties, Inc. Investors: Please contact the Portnoy Law Firm to recover your losses; March 18, 2025 Deadline to file Lead Plaintiff Motion

Investors can contact the law firm at no cost to learn more about recovering their losses

/EIN News/ -- LOS ANGELES, Jan. 22, 2025 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Innovative Industrial Properties, Inc. ("Innovative Industrial Properties" or the "Company") (NYSE: IIPR) investors of a class action representing investors that bought securities between February 27, 2024 and December 19, 2024, inclusive (the "Class Period"). Innovative Industrial Properties investors have until March 18, 2025 to file a lead plaintiff motion.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

Innovative Industrial Properties is a self-advised Maryland corporation specializing in the acquisition, ownership, and management of properties leased to state-licensed operators for regulated cannabis facilities.

The Innovative Industrial Properties class action lawsuit alleges that throughout the Class Period, the defendants made false and/or misleading statements or failed to disclose key information, including: (i) significant declines in rent and property-management fees from certain customer leases; (ii) the potential impact on the company's ability to maintain funds from operations (“FFO”) and revenue growth; and (iii) the less-profitable nature of its leasing operations compared to what had been represented to investors.

The lawsuit further claims that on November 6, 2024, the company reported its third-quarter 2024 financial results, revealing a normalized FFO per share of $2.02, missing the consensus estimate of $2.03 and declining from $2.09 in Q3 2023. Revenue for the quarter was $76.5 million, falling short of the $77.5 million estimate and down from $77.8 million in the prior year. The company attributed this decline to several factors, including a $3.0 million drop in rent and property management fees tied to properties it regained possession of since June 2023, a $1.3 million decline from rent reclassification, and another $1.3 million of unpaid rent and fees. Following this disclosure, the stock price of Innovative Industrial Properties dropped more than 10%.

On December 20, 2024, the lawsuit alleges that the company announced that PharmaCann Inc., the tenant for eleven of its properties (representing 17% of total rental revenues for the three and nine months ended September 30, 2024), defaulted on its December rent payments under six of its leases across multiple states, including Illinois, Massachusetts, Michigan, New York, Ohio, and Pennsylvania. As a result, Innovative Industrial Properties' stock price dropped nearly 23%.

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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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