NEW YORK, Nov. 10, 2024 -- Pomerantz LLP is investigating claims on behalf of investors of Innovative Industrial Properties, Inc. ("IIP" or the "Company") (NYSE: IIPR). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether IIP and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 6, 2024, IIP reported its financial results for the third quarter of 2024. Among other items, IIP reported normalized funds from operations per share of $2.02, missing the consensus estimate of $2.03 and declining from $2.09 in the same period in 2023. IIP also reported revenue of $76.5 million, missing the consensus estimate of $77.5 million and declining from $77.8 million in the same period in 2023. IIP stated that the year-over-year decrease was due to a $3.0 million decline in contractual rent and property management fees the third quarter related to properties that IIP regained possession of since June 2023; a decline of $1.3 million due to rent received but not recognized in rental revenues resulting from the re-classifications of two sales-type leases starting January 1, 2024; and $1.3 million of contractually due rent and property management fees that were not collected during the current quarter.
On this news, IIP's stock price fell $12.93 per share, or 10.51%, to close at $110.07 per share on November 7, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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