Innovative Industrial Properties price target lowered to $60 at Compass Point

Compass Point lowered the firm’s price target on Innovative Industrial Properties (IIPR) to $60 from $78 and keeps a Neutral rating on the shares. The firm is lowering its AFFO estimate to reflect the PharmaCann default after the company filed an 8K on March 14 that reported that its largest tenant, PharmaCann, failed to make March lease payments on properties under a recently renegotiated lease. This is “quite a blow,” and reduces monthly revenues by $2.7M, or 11% annually, the analyst tells investors.