IIPR reports PharmaCann default on all 11 leases; 17% of rental revenue at risk

INNOVATIVE INDUSTRIAL PROPERTIES INC

PharmaCann defaulted on Dec rent for 6 properties totaling $4.2M; security deposits applied.
Cross-default provisions triggered default on all 11 leases, including 5 with $90K rent paid.
Defaulted properties located in IL, MA, MI, NY, OH, PA; leases represent 17% of Q3 2024 revenues.
IIPR expects to enforce rights aggressively, may include eviction proceedings.

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