IIPR - Innovative Industrial Properties Faces More Tenant Defaults: Is the Stock in Trouble?
Cannabis real estate investment trust (REIT) Innovative Industrial Properties (NYSE: IIPR) has had a wild year. Like most other stocks in today's bear market, pessimism surrounding the economy and the likelihood of a recession have pushed shares down notably.
Things only got worse for the company when a class action lawsuit was filed against Innovative Industrial Properties in April. Shortly after, it announced the default of one of its major tenants, Kings Garden, which resulted in a massive sell-off.
The REIT was rebounding nicely at the end of 2022, but a recent update on its operating, capital markets, and investment activity revealed several new tenant defaults. In turn, the stock started sinking again.
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Innovative Industrial Properties Faces More Tenant Defaults: Is the Stock in Trouble?