Innovative Industrial Properties, Inc.
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- Innovative Industrial Properties, Inc. (NYSE: IIPR) is a real estate investment trust (REIT) that acquires, owns, and manages specialized industrial properties leased on a long-term, triple-net basis primarily to state-licensed operators for regulated cannabis cultivation, processing, manufacturing, and distribution facilities; its portfolio comprises 109 properties totaling approximately 9 million rentable square feet across 19 states, including key tenants such as Green Thumb Industries, Curaleaf, Ascend Wellness Holdings, and Vireo Health, with facilities tailored for mission-critical operations in established regulatory environments. Founded in 2016 and headquartered in Park City, Utah, the company provides sale-leaseback transactions and real estate capital solutions to well-capitalized cannabis operators facing limited traditional financing options, generating revenue through stable rental income from its national footprint focused on medical-use and adult-use cannabis markets. In recent developments, Innovative Industrial Properties committed up to $270 million to IQHQ, Inc., a premier life science real estate platform, including a $100 million secured revolving credit facility closed in 2025 and preferred stock purchases to diversify from cannabis concentration; it resolved lease defaults with PharmaCann in early 2025 involving 11 properties, released 530,000 square feet of underperforming space representing 6% of its portfolio, and expanded its revolving credit facility capacity to $87.5 million by year-end 2024 while pursuing evictions of certain tenants like 4Front Ventures and others under a strategic tenant replacement initiative launched in 2025.
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