IIPR resolves PharmaCann litigation, reports new tenant defaults and 122K sq ft of new leases

INNOVATIVE INDUSTRIAL PROPERTIES INC

PharmaCann settlement includes monetary judgments; properties to be surrendered by May 20/26 2026.
Executed new leases totaling 122,000 sq ft in Illinois and California in March 2026.
Cannabist defaulted on $0.6M March rent for PA property (2.7% of 2025 revenue); Battle Green defaulted on $0.8M (2.9%).
Company intends to use security deposits for March rent and may pursue eviction proceedings.
Tentative agreements reached for four 4Front assets, expected to close in Q3 2026.

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