Faruqi & Faruqi Reminds Innovative Industrial Properties Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of March 18, 2025 - IIPR

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Innovative Industrial Properties, Inc. (IIPR) due to significant financial losses and misleading statements made by the company regarding its leasing operations and financial performance [2][4]. Financial Performance - IIPR reported a normalized FFO per share of $2.02 for Q3 2024, missing the consensus estimate of$2.03 and declining from $2.09 in Q3 2023 [5]. - The company reported revenue of$76.5 million for Q3 2024, missing the consensus estimate of $77.5 million and declining from$77.8 million in Q3 2023 [5]. - The year-over-year revenue decrease was attributed to a $3.0 million decline in contractual rent and property management fees, a$1.3 million decline due to re-classifications of leases, and $1.3 million of contractually due rent that was not collected [5]. Stock Price Reaction - Following the Q3 2024 financial results announcement, IIPR's stock price fell by$12.93 per share, or 10.51%, closing at $110.07 on November 7, 2024 [6]. - After the announcement of PharmaCann's default on rent obligations, IIPR's stock price dropped by$21.68 per share, or 22.73%, closing at $73.66 on December 20, 2024 [7]. Legal Proceedings - A federal securities class action has been filed against IIPR, with a deadline of March 18, 2025, for investors to seek the role of lead plaintiff [2][8]. - The complaint alleges that IIPR and its executives violated federal securities laws by making false and misleading statements regarding the company's financial health and leasing operations [4].