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Why is Innovative Industrial Properties Inc (IIPR) Stock down?
We've noticed a 10.51% decline in Innovative Industrial Properties Inc (IIPR) stock during the 2024-11-07 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
19 Jan, 2023:
Innovative Industrial Properties Stock (IIPR) dropped by 16.95% from $110.88 to $92.09 in the trading on Thursday January 19, 2023. The reasons why IIPR stock down today include:
- Operating and investment activity update for the fourth quarter and full year 2022: IIPR's rent collection rate for January was only 92%, indicating that three tenants are having trouble paying up.
- Tenant payment issues: The company's difficulties are involving that its tenant Kings Garden defaulted, spooking investors.
- Cannabis industry downturn: Average selling prices per gram of cannabis are plummeting in many states, and many cannabis operators are seeing their top lines shrink or come under pressure. Most public U.S. pure-play marijuana businesses were unprofitable.
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