NEW YORK, NY / ACCESSWIRE / November 12, 2024 / Levi & Korsinsky notifies investors that it has commenced an investigation of Innovative Industrial Properties, Inc. ("Innovative Industrial Properties, Inc.") (NYSE:IIPR) concerning possible violations of federal securities laws.
IIP reported its financial results for the third quarter of 2024 on November 6, 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.
Following this news, IIP's stock price fell over 10% on November 7, 2024. To obtain additional information, go to:
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212)363-7500.
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SOURCE: Levi & Korsinsky, LLP