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IIPR on NYSE

INNOVATIVE INDUSTRIAL PROPERTIES INC

Real estate company, listed on NYSE (IIPR)1

In its 2026 annual report the company says: “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.”4 It is headquartered in Park City, Utah.1

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Last updated Oct 21, 2026.

Overview

Compare with Vesta Real Estate Corporation, S.A.B. de C.V., GETTY REALTY CORP /MD/ or AH Realty Trust, Inc., or pick any stock.

  • TickerIIPR on NYSE1
  • IndustryReal Estate1
  • HeadquartersPark City, Utah1
  • Business address1389 Center Drive, Suite 200, Park City, Ut 840982
  • Filer categoryLarge accelerated filer2

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As used herein, the terms “we”, “us”, “our” or the “Company” refer to Innovative Industrial Properties, Inc., a Maryland corporation, and any of our subsidiaries, including IIP Operating Partnership, LP, a Delaware limited partnership (our “Operating Partnership”).4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

46.7%Operating margin5
44.5%Net margin5
-13.8%Revenue growth, 20255
6.4%Return on equity5
0.21×Debt to equity5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs56¢$147.7M
  • Profit44¢$118.2M

Out of $266.0M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid91¢$216.3M
  • Share buybacks9¢$20.1M

Out of $198.2M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue67895$266.0M in 2025+495% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $44.7M$44.7M20192020: $116.9M$116.9M2020+162%2021: $204.6M$204.6M2021+75%2022: $276.4M$276.4M2022+35%2023: $309.5M$309.5M2023+12%2024: $308.5M$308.5M2024−0%2025: $266.0M$266.0M2025−14%
Operating income67895$124.1M in 2025+398% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $24.9M$24.9M20192020: $69.7M$69.7M2020+180%2021: $135.4M$135.4M2021+94%2022: $169.6M$169.6M2022+25%2023: $174.6M$174.6M2023+3%2024: $168.3M$168.3M2024−4%2025: $124.1M$124.1M2025−26%
Net income67895$118.2M in 2025+404% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $23.5M$23.5M20192020: $65.7M$65.7M2020+180%2021: $114.0M$114.0M2021+73%2022: $154.4M$154.4M2022+35%2023: $165.6M$165.6M2023+7%2024: $161.7M$161.7M2024−2%2025: $118.2M$118.2M2025−27%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Rental (including tenant reimbursements)$265.5M$306.9M$307.3M
Other$469.0K$1.6M$2.2M
Total revenues$266.0M$308.5M$309.5M
Property expenses$30.2M$28.5M$24.9M
General and administrative expense$33.7M$37.4M$42.8M
Depreciation and amortization expense$74.1M$70.8M$67.2M
Impairment loss on real estate$3.5M$0$0
Total expenses$141.5M$136.7M$134.9M
Gain (loss) on sale of real estate-$326.0K-$3.4M$0
Income from operations$124.1M$168.3M$174.6M
Interest and other income$14.3M$11.0M$8.4M
Interest expense-$20.2M-$17.7M-$17.5M
Gain (loss) on exchange of Exchangeable Senior Notes$0$0$22.0K
Net income$118.2M$161.7M$165.6M
Preferred stock dividends-$3.8M-$1.8M-$1.4M
Net income attributable to common stockholders$114.4M$159.9M$164.2M
Basic (in dollars per share)$3.98$5.58$5.82
Diluted (in dollars per share)$3.93$5.52$5.77
Basic (in shares)28.0M shares28.2M shares28.0M shares
Diluted (in shares)28.4M shares28.5M shares28.3M shares

Compare INNOVATIVE INDUSTRIAL PROPERTIES INC with another company

Corporate structure

INNOVATIVE INDUSTRIAL PROPERTIES INC sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of INNOVATIVE INDUSTRIAL PROPERTIES INC

  • VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G/A on INNOVATIVE INDUSTRIAL PROPERTIES INC, latest Sep 4, 2026 (2 filings since Apr 29, 2026)
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on INNOVATIVE INDUSTRIAL PROPERTIES INC, latest Apr 30, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on INNOVATIVE INDUSTRIAL PROPERTIES INC, latest Mar 27, 2026 (4 filings since Feb 10, 2022)
  • BlackRock Filed SCHEDULE 13G/A on INNOVATIVE INDUSTRIAL PROPERTIES INC, latest Jul 17, 2025 (6 filings since Jan 26, 2022)
  • Zimmer Partners, LP Filed SC 13G/A on INNOVATIVE INDUSTRIAL PROPERTIES INC, latest Feb 13, 2024 (2 filings since Feb 9, 2023)
  • State Street Corporation Filed SC 13G/A on INNOVATIVE INDUSTRIAL PROPERTIES INC, latest Jan 30, 2024 (3 filings since Feb 11, 2022)
  • INNOVATIVE INDUSTRIAL PROPERTIES INC Park City, Utah
    • IIP Operating Partnership, LP Subsidiary · Delaware, United States
    • IIP-GP 2 LLC Subsidiary · Delaware, United States
    • IIPR, Inc. Subsidiary · Maryland, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What INNOVATIVE INDUSTRIAL PROPERTIES INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$146.3M5 Dec 31, 2025$146.8M5 Dec 31, 2024−0.3%
Construction in progress$40.6M5 Dec 31, 2025$62.4M5 Dec 31, 2024−34.9%
Operating-lease assets (leased space)$509.0K5 Dec 31, 2025$946.0K5 Dec 31, 2024−46.2%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$2.1B5 Dec 31, 2025$2.2B5 Dec 31, 2024−2.6%
Real estate investments, at cost$2.5B5 Dec 31, 2025$2.4B5 Dec 31, 2024+0.7%
Real estate accumulated depreciation$343.1M5 Dec 31, 2025$271.2M5 Dec 31, 2024+26.5%
Real estate properties1115 Dec 31, 2025

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$47.6M5 Dec 31, 2025$146.2M5 Dec 31, 2024−67.5%
Marketable securities, current$05 Dec 31, 2025$5.0M5 Dec 31, 2024−100.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, net$6.4M5 Dec 31, 2025$7.4M5 Dec 31, 2024−13.8%

Properties, in its own words

Information pertaining to our properties can be found under Item 1 and Schedule III.

Item 2 of the 10-K filed Feb 24, 2026.4

Leadership

Who has led INNOVATIVE INDUSTRIAL PROPERTIES INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Paul E. Smithers2016–now

Chair

  1. Alan D. Gold2016–now

President

  1. Paul E. Smithers2016–now

Chief financial officer

  1. Robert M. Sistek2016–2017
  2. Catherine Hastings2018–2023
20202025
Board members and other officers (11)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • IIP Operating Partnership, LP Delaware3
  • IIP-GP 2 LLC Delaware3
  • IIPR, Inc. Maryland3
  • Innovative Industrial Properties, LP Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 14, 20268-K Entered a material agreement; Change to shareholders' rights; Bylaws or fiscal year changed27
  2. Oct 1, 20268-K Entered a material agreement; Regulation FD disclosure28
  3. Sep 25, 20268-K Bylaws or fiscal year changed29
  4. Sep 1, 20268-K Other events30
  5. Aug 3, 20268-K Results of operations; Regulation FD disclosure31
  6. Jul 21, 20268-K Other events32
  7. Jun 15, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares33
  8. Jun 11, 20268-K Regulation FD disclosure; Other events34
  9. Jun 9, 20268-K Executive or director change; Shareholder vote35
  10. May 22, 20268-K Entered a material agreement; New debt or obligation36
  11. May 20, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure37
  12. May 19, 20268-K Entered a material agreement; New debt or obligation38
  13. Nov 30, 2016New chief executive Paul E. Smithers becomes CEO13

Calendar

Coming up

  1. Nov 2, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $1.71 a share, on Nov 3, 2025.39

When it reported results

  1. Aug 3, 2026Reported quarterly or annual results31
  2. May 4, 2026Reported quarterly or annual results40
  3. Feb 23, 2026Reported quarterly or annual results41
  4. Nov 4, 2025Reported quarterly or annual results42
  5. Aug 7, 2025Reported quarterly or annual results43
  6. May 7, 2025Reported quarterly or annual results44
  7. Feb 20, 2025Reported quarterly or annual results45
  8. Nov 7, 2024Reported quarterly or annual results46

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

238 filings to the SEC since October 2021: 6 annual reports, 17 quarterly reports, 76 major events, 85 insider forms, 18 large holders, 36 other. The latest 20:

  1. Oct 14, 20268-A12B EDGAR
  2. Oct 14, 20268-K EDGAR
  3. Oct 13, 20264 EDGAR
  4. Oct 9, 2026424B5 EDGAR
  5. Oct 9, 2026FWP EDGAR
  6. Oct 7, 2026424B5 EDGAR
  7. Oct 1, 20268-K EDGAR
  8. Sep 25, 20268-K EDGAR
  9. Sep 17, 20264 EDGAR
  10. Sep 4, 2026SCHEDULE 13G/A EDGAR
  11. Sep 1, 20264 EDGAR
  12. Sep 1, 20268-K EDGAR
  13. Sep 1, 2026424B5 EDGAR
  14. Aug 4, 202610-Q EDGAR
  15. Aug 3, 20268-K EDGAR
  16. Jul 21, 20268-K EDGAR
  17. Jun 23, 20264 EDGAR
  18. Jun 23, 20264 EDGAR
  19. Jun 23, 20264 EDGAR
  20. Jun 15, 20268-K EDGAR

The 238 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

20 open-market trades by officers, directors and large owners since October 2021: 7 buys and 13 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 15, 2026Shoemaker ScottDirectorSale611$56.36$34.4KForm 4
Aug 31, 2026Ives Bruce AlanDirectorBuy528$56.70$29.9KForm 4
Nov 24, 2025Gold Alan DEXECUTIVE CHAIRMANBuy2,600$49.09$127.6KForm 4
Nov 20, 2025Smith David JonCFO AND TREASURERBuy600$45.90$27.5KForm 4
Nov 20, 2025Gold Alan DEXECUTIVE CHAIRMANBuy1,000$45.70$45.7KForm 4
Nov 19, 2025Gold Alan DEXECUTIVE CHAIRMANBuy1,000$46.26$46.3KForm 4
Mar 3, 2025Stecher DavidDirectorSale7,599$70.55$536.1KForm 4
Nov 15, 2023Stecher DavidDirectorSale2,500$80.76$201.9KForm 4
Aug 12, 2022Gold Alan DEXECUTIVE CHAIRMANBuy1,000$97.79$97.8KForm 4
Aug 10, 2022Gold Alan DEXECUTIVE CHAIRMANBuy1,000$94.22$94.2KForm 4
Mar 15, 2022Kreitzer Gary ADirectorSale2,196$30.13$66.2KForm 4
Mar 14, 2022Kreitzer Gary ADirectorSale1,104$31.05$34.3KForm 4
Mar 11, 2022Kreitzer Gary ADirectorSale500$32.02$16.0KForm 4
Mar 10, 2022Kreitzer Gary ADirectorSale2,200$31.52$69.3KForm 4
Nov 17, 2021Gold Alan DEXECUTIVE CHAIRMANSale2,987$33.95$101.4KForm 4
Nov 16, 2021Gold Alan DEXECUTIVE CHAIRMANSale92$34.19$3.1KForm 4
Nov 15, 2021Gold Alan DEXECUTIVE CHAIRMANSale694$34.43$23.9KForm 4
Nov 12, 2021Gold Alan DEXECUTIVE CHAIRMANSale804$34.63$27.8KForm 4
Nov 11, 2021Gold Alan DEXECUTIVE CHAIRMANSale750$35.16$26.4KForm 4
Nov 10, 2021Gold Alan DEXECUTIVE CHAIRMANSale673$35.10$23.6KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Alan GoldExecutive Chairman$1.4M$6.6M53
2025Paul SmithersPresident and Chief Executive Officer$1.1M$4.7M53
2025David SmithChief Financial Officer and Treasurer$441.0K$1.9M53
2024Alan GoldExecutive Chairman$1.3M$7.0M53
2024Paul SmithersPresident and Chief Executive Officer$1.1M$5.0M53
2024David SmithChief Financial Officer and Treasurer$420.0K$2.0M53
2023Alan GoldExecutive Chairman$1.2M$7.1M53
2023Paul SmithersPresident and Chief Executive Officer$1.0M$5.1M53
2023David SmithChief Financial Officer and Treasurer$304.6K$2.0M53

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.4,997,521$309.7M0.0%+215,932
Vanguard Portfolio Management LLC2,818,950$174.7M0.0%+89,961
State Street Corp1,628,896$104.0M0.0%+42,222
Vanguard Capital Management LLC1,292,586$80.1M0.0%+50,424
Charles Schwab Investment Management Inc648,596$40.2M0.0%+74,963
Arrowstreet Capital, Limited Partnership564,305$35.0M0.0%+24,705
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.524,194$32.5M0.0%+8,083
Invesco Ltd.497,461$30.8M0.0%+1,384
Northern Trust Corp395,997$24.5M0.0%+15,710
Dimensional Fund Advisors LP364,780$22.6M0.0%−2,031
Goldman Sachs Group Inc362,727$22.5M0.0%−179,192
Point72 Asset Management, L.P.351,544$21.8M0.0%−113,363
D. E. Shaw & Co., Inc.304,567$18.9M0.0%−58,147
Morgan Stanley262,195$16.3M0.0%+54,921
AlphaCore Capital LLC217,804$13.5M0.2%+3,322
Bank of New York Mellon Corp206,398$12.8M0.0%+15,084
Principal Financial Group Inc190,886$11.8M0.0%+7,051
Vanguard Fiduciary Trust Co190,106$11.8M0.0%+8,962
Legal & General Group Plc168,415$10.4M0.0%−10,061
Jpmorgan Chase & Co130,513$8.3M0.0%−2,001
Public Sector Pension Investment Board114,677$7.1M0.0%+14,436
First Trust Advisors LP109,634$6.8M0.0%+9,340
Geode Capital Management, LLC104,612$6.5M0.0%+6,491
Nuveen, LLC91,732$5.7M0.0%+25,854
Victory Capital Management Inc91,075$5.6M0.0%+5,948

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

5 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 12, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+103.4%Report
Apr 10, 2023Daniel S. GoldmanDemocratic, HousePartial sale$1,001 - $15,000+114.7%Report
Oct 12, 2022Christopher L. Jacobs, HouseBuy$1,001 - $15,000−159.3%Report
Jul 18, 2022Christopher L. Jacobs, HouseSale$1,001 - $15,000+144.1%Report
Jun 21, 2022Christopher L. Jacobs, HouseBuy$15,001 - $50,000−156.8%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How INNOVATIVE INDUSTRIAL PROPERTIES INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARINNOVATIVE INDUSTRIAL PROPERTIES INC1
  • CIK0001677576
  • Employer ID (EIN)81-29633814
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inMaryland4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6500 Real Estate1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address1389 Center Drive, Suite 200, Park City, UT 840981
  • Phone(858) 997-33321
  • Shares outstanding27,571,349 as of Aug 4, 202611
  • Public float$1.5B as of Jun 30, 20254
  • AuditorBDO USA, P.C., San Diego, California PCAOB ID 243; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceAug 5, 20161
  • Filings587 in all: 4 (205), 8-K (158), 10-Q (29), SC 13G/A (24), 424B5 (22), 3 (16), CORRESP (13), UPLOAD (13)1
    All 43 form types

    SC 13G (11), 10-K (10), DEF 14A (10), DEFA14A (10), S-11/A (7), EFFECT (6), 424B2 (3), 5 (3), 8-A12B (3), S-3 (3), S-3ASR (3), SCHEDULE 13G/A (3), 10-K/A (2), 10-Q/A (2), 144 (2), 8-K/A (2), ARS (2), CERTNYS (2), DRS (2), FWP (2), S-11 (2), S-8 (2), SC 13D/A (2), SCHEDULE 13G (2), 4/A (1), 424B1 (1), 424B3 (1), 424B4 (1), DRS/A (1), DRSLTR (1), PRE 14A (1), S-3MEF (1), S-4 (1), S-4/A (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 24, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) Apr 22, 2026
    Latest 8-K (8-K) Oct 14, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareIIPRNew York Stock Exchange
Series A Preferred Stock, par value $0.001 per shareIIPR-PANew York Stock Exchange

From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

Legal proceedings

For a description of our legal proceedings, see Note 12 “Commitments and Contingencies — Litigation” to our consolidated financial statements, which is hereby incorporated by reference.

The opening of Item 3, Legal Proceedings.4

Sources

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