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Innovative Industrial Properties Stock Just Tanked. Here's What to Do About It.

1
Alex Carchidi, The Motley Fool
·5 min read
Innovative Industrial Properties Stock Just Tanked. Here's What to Do About It.

On Jan. 18, Innovative Industrial Properties (NYSE: IIPR) dropped a bombshell with its operating and investment activity update for the fourth quarter and full year 2022. Now, the company's difficulties are clearly much larger than in July 2022, when its tenant Kings Garden defaulted, spooking investors. As a real estate investment trust (REIT), Innovative Industrial Properties makes money by doing sale-leaseback transactions in which it pays cash for cannabis cultivation real estate and then inks a lease for the space's former owner, turning it into a rent-paying tenant.

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