IIPR · Innovative Industrial Properties, Inc.

Summary

Innovative Industrial Properties entered into a PharmaCann Settlement Agreement on February 26, 2026, resolving rent default lawsuits for properties in New York, Ohio, and Pennsylvania, with surrender by May 20-26, 2026. The company executed full-building leases for 122,000 square feet in Illinois and California, disclosed March 2026 rent defaults by Cannabist ($0.6M, 2.7% of 2025 revenues) and Battle Green ($0.8M, 2.9%), and updated on retenanting efforts.

Key takeaways

• PharmaCann Settlement Agreement entered February 26, 2026, resolving lawsuits for New York, Ohio, Pennsylvania properties.
• PharmaCann to surrender New York and Pennsylvania premises by May 20, 2026, Ohio by May 26, 2026.
• Executed full-building leases for two properties totaling 122,000 square feet in Illinois and California.
• Cannabist defaulted on $0.6 million March 2026 rent for Pennsylvania property (2.7% of 2025 total rental revenues).
• Battle Green defaulted on $0.8 million March 2026 rent for Ohio property (2.9% of 2025 total rental revenues).
• Cannabist has 20 leases representing 6.3% of 2025 total rental revenues; current on 19.