Tenant Troubles: Piper Downgrades Innovative Industrial to Underweight
Innovative Industrial Properties Downgraded to Underweight Implications of PharmaCann Default Piper Sandler recently downgraded Innovative Industrial Properties to Underweight from Neutral with a price target of $70, down from $118. This decision came after PharmaCann, the company’s largest tenant, defaulted on its obligations to pay December rent under six of its 11 leases. While Innovative’s…