INVESTOR DEADLINE APPROACHING: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Innovative Industrial Properties

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Innovative Industrial Properties To Contact Him Directly To Discuss Their Options

If you purchased or acquired securities in Innovative Industrial Properties between February 27, 2024 and December 19, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

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New York, New York--(Newsfile Corp. - March 17, 2025) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Innovative Industrial Properties, Inc. ("IIPR" or the "Company") (NYSE: IIPR) and reminds investors of the March 18, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) IIPR was experiencing significant declines in rent and property-management fees in connection with certain customer leases; (2) the foregoing would likely impair the Company's ability to maintain FFO and revenue growth; (3) accordingly, IIPR's leasing operations were less profitable than the Company had represented to investors; and (4) as a result, the Company's public statements were materially false and misleading at all relevant times.

On November 6, 2024, IIPR reported its financial results for the third quarter of 2024. Among other items, IIPR reported normalized FFO per share of $2.02, missing the consensus estimate of $2.03 and declining from $2.09 in the same period in 2023. IIPR 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. IIPR stated that the year-over-year decrease was due to a $3.0 million decline in contractual rent and property management fees in the third quarter related to properties that IIPR 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 beginning January 1, 2024; and $1.3 million of contractually due rent and property management fees that were not collected during the current quarter.