Innovative Industrial Properties reports Q4 activity, shares fall 13%

Last night, Innovative Industrial Properties announced: "Rent collection for IIP’s operating portfolio was as follows: 92% collected as of today for the month ending January 31, 2023 (including approximately $324,000 of a security deposit applied for payment of rent for IIP’s lease with Holistic Industries Inc. at IIP’s Michigan property and receipt of the full rent payment from Sozo Health, Inc.; 94% collected for the three months ended December 31, 2022; and 97% collected for the year ended December 31, 2022. As of January 18, 2023: SH Parent was in default on its obligations to pay rent at one of IIP’s Pennsylvania properties. Rent was paid in full through January 31, 2023 on all other IIP properties leased by Parallel. Green Peak Industries was in default on its obligations to pay rent at one of IIP’s Michigan properties under construction. Rent was paid in full through January 31, 2023 on all other IIP properties leased by Skymint. Affiliates of Medical Investor Holdings were in default on their obligations to pay rent at IIP’s California properties." Shares of Innovative Industrial Properties are down 13% in pre-market trading at $96.75.