One of the worst events that can befall a real estate investment trust (REIT) is the default of a major tenant. The tenant in question was PharmaCann, a privately held cannabis company that (as of Sept. 30) held the No. 1 spot on Innovative's list of numbers of properties rented, at 11. On top of that, it occupied pole position in terms of contribution to the REIT's total revenue, comprising 17% of the tally.