IIPR tenant Parallel defaults on two Florida leases; ~$1.6M rent unpaid, operations ceased

INNOVATIVE INDUSTRIAL PROPERTIES INC

Parallel defaulted on July rent for two Florida properties totaling ~$1.6M (base rent, reimbursements, interest, late charges).
The two properties represent 5.2% of IIPR's annualized contractual rent and income from loans/securities, and 5.7% of annualized contractual rent.
Parallel ceased cannabis operations at both properties and intends to vacate; IIPR holds security deposits that may cover the defaulted amounts.
IIPR will coordinate an orderly transition of possession while reserving all rights under the leases.

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