Why Shares of Innovative Industrial Properties Sank This Week

The one event that strikes true fear into the heart of real estate investment trust (REIT) investors is the tenant default.Cannabis REIT Innovative Industrial Properties (NYSE: IIPR) announced more than one default earlier this week, and the market reacted by energetically selling out of the company's stock. According to data compiled by S&P Global Market Intelligence, it was down by almost 18% week to date on Friday before market open.Following market close last Friday -- typically considered to be an optimum time to release discouraging news -- Innovative made its announcement. Three tenants were in default, specifically the privately held companies 4Front Ventures, Gold Flora, and Tilt Holdings. Collectively, the three companies comprised just under 11% of Innovative's contractual rent as of the end of 2024. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool