Innovative Industrial Properties (IIPR) announced on January 28, 2025, that it reached an agreement with PharmaCann Inc. to resolve the previously reported defaults under leases for eleven properties. This resolution became effective on the same date, addressing a significant challenge to IIP's rental revenue.
Following the agreement, and excluding cultivation properties in Michigan and Massachusetts, IIP now leases nine properties to PharmaCann across five states. These properties comprise 434,000 square feet and represent approximately $223 million in total invested and committed capital, including an unfunded tenant improvement allowance for a New York cultivation lease.
The resolution of these defaults is a positive development for IIP, as it stabilizes a portion of its tenant base and mitigates the immediate revenue impact from the December 2024 defaults. The company will continue to manage its portfolio to ensure long-term financial performance.
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