Bloomberg
Directors and executives of a real estate investment trust focused on industrial and retail properties for the cannabis industry concealed declining rent payments and management fees, according to a pair of shareholder derivative lawsuits.
The leadership of Innovative Industrial Properties Inc. wasn’t properly overseeing the risk of rent nonpayment, investors Joshua Steffens and Joshua Albers say in thier complaints, filed Wednesday and Thursday, respectively, in the US District Court for the District of Maryland. They sued on behalf of the trust, which trades under IIPR.
The difficulties emerged Nov. 6, 2024, when IIPR reported lower third quarter revenue than expected, …
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https://news.bloomberglaw.com/litigation/cannabis-property-firms-leaders-sued-over-rent-revenue-woes
