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+1.29%
Close of 9 Nov 2026, in USD
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About Innovative Industrial Properties
From its filings with the US Securities and Exchange Commission
Innovative Industrial Properties is based in Park City, Utah. Its shares trade on NYSE under the ticker IIPR. The SEC classifies its business as real estate. In the fiscal year to 31 December 2025, it reported revenue of $266.0m and net income of $118.2m. At that date it held total assets of $2.37bn and shareholders' equity of $1.85bn.
We are an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Our properties are primarily leased to experienced, state-licensed operators for their regulated cannabis facilities. We have acquired and expect to continue to acquire our cannabis properties through sale-leaseback transactions and third-party purchases. These properties are generally leased, and we expect to continue leasing them on a triple-net lease basis, pursuant to which the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes and insurance. Outside of the cannabis sector, our leases may include different lease structures that do not require tenants to assume all property-related expenses. In addition to our cannabis-related real estate portfolio, we also have financial investments in the life science industry and intend to actively pursue acquisitions of properties within that sector as a key component of our growth strategy. We may continue expanding our investment activities to include joint ventures, debt or mezzanine financing, preferred or joint venture equity interests, and interests in other real estate funds or REITs.
Quoted from its 10-K, filed 24 Feb 2026. Read the filing on SEC.gov ↗
Company facts
- Sector
- Real Estate
- Industry
- Equity Real Estate Investment Trusts (REITs)
- Listed since
- 29 Nov 2016
- Employees
- 23
- Head office
- 1389 CENTER DRIVE, PARK CITY, UT, 84098
- Classification
- Real Estate
- Filer status
- Large accelerated filer
Leadership
Pay as last reported
- Mr. Alan GoldExecutive Chairman of the Board, since 2016$7.0m
- Mr. Paul SmithersPresident, Chief Executive Officer, Director, since 2016$5.0m
- Mr. Gary KreitzerIndependent Vice Chairman of the Board$355,099
- Mr. David SmithChief Financial Officer, Treasurer$2.0m
- Ms. Catherine HastingsChief Operating Officer$2.1m
- Mr. Scott ShoemakerIndependent Director$240,079
Environmental, social and governance
Scores out of 100, from our data supplier
- Overall
- 26
- Environment
- 13
- Social
- 36
- Governance
- 28
- Women in the workforce
- 36.36364%
- Carbon reduction policy
- No
- Human rights policy
- Yes
SWOT analysis
AI-generated by our data supplier. Not written or checked by our editors.
Strengths
- Innovative Industrial Properties Inc (IIP) has a strong competitive advantage in the cannabis industry due to its unique business model. As a real estate investment trust (REIT), IIP owns and leases specialized properties to medical cannabis companies, providing them with a reliable source of capital. This allows IIP to generate steady rental income and enjoy long-term leases, enhancing its financial stability and growth prospects.
- Furthermore, IIP has a diversified portfolio of properties across multiple states in the United States. This geographic diversification minimizes risks associated with changes in marijuana laws and regulations in any single jurisdiction. It also positions IIP to capitalize on new market opportunities as more states legalize or expand their medical cannabis programs.
Weaknesses
- One of the potential weaknesses for IIP is its dependency on the success and profitability of its tenants. If a tenant fails or experiences financial difficulties, it could impact IIP's rental income and overall performance. Additionally, the cannabis industry is still evolving and faces ongoing legal and regulatory challenges. Any unfavorable changes in legislation or regulations could negatively affect IIP's operations and growth potential.
Opportunities
- IIP has strong growth opportunities in the expanding medical cannabis market. As more states legalize medical marijuana, the demand for specialized properties will increase, providing IIP with potential new tenants and revenue streams. Moreover, IIP could explore strategic partnerships or joint ventures to further expand its portfolio and solidify its position as a leading provider of real estate solutions in the cannabis industry.
Threats
- The main threat to IIP's operations is the uncertainty surrounding federal cannabis laws in the United States. While medical marijuana is legal at the state level in many states, it remains illegal at the federal level. This regulatory ambiguity creates potential risks, including the possibility of federal intervention, changes in enforcement priorities, or restrictive banking regulations. Such threats could impact the overall stability and growth potential of the cannabis industry, including IIP's business model.
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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