Innovative Industrial's Latest Tenant Default: Why the Situation was Never as Dire as It Seemed

Innovative Industrial Properties' (IIPR 2.96%) stock has lost almost half of its value since hitting a 52-week high in October 2024. Wall Street is increasingly worried about the real estate investment trust's (REIT's) strategy. A large tenant default at the end of 2024 hasn't helped. Although there are reasons to be worried, the default and its quick resolution may actually highlight one of the strengths of Innovative Industrial's approach.What does Innovative Industrial Properties do?From a big-picture pe ...