NEW YORK CITY, NY / ACCESSWIRE / November 14, 2024 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Innovative Industrial Properties, Inc. ("IIP" or "the Company") (NYSE:IIPR). Investors who purchased IIP securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/IIPR.
Investigation Details
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.
What's Next?
If you are aware of any facts relating to this investigation or purchased IIP securities, you can assist this investigation by visiting the firm's site: bgandg.com/IIPR. You can also contact Peretz Bronstein or his client relations manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660
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Contact
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller
332-239-2660 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC