** Innovative Industrial Properties IIPR.N falls 4.9% to $58.80 premarket
** REIT operator for cannabis facilities says four of its tenants have defaulted on rent payments amid tough cannabis market conditions
** Innovative Industrial to seek more financially viable long-term tenants as replacements
** Company also declares a default related to a $16.1 million loan in the form of a promissory note issued to IIPR by the purchaser of four properties previously leased to Medical Investor Holdings
** Piper Sandler trims PT on REIT to $55 from $60
** "Given the storm clouds are darkening for the cannabis industry and IIPR isn't receiving any credit for its 12% yield, we think reducing the payout is prudent" - Piper Sandler
** Innovative Industrial has slumped nearly 40% in value over past 12 months
(Reporting by Medha Singh)
((medha.singh@thomsonreuters.com))
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