Innovative Industrial Properties, Inc. IIPR

Company Overview

Innovative Industrial Properties, Inc. (Innovative Industrial Properties, Inc., “IIPR”) is a publicly traded real estate investment trust (REIT) that focuses on the acquisition, ownership, and management of specialized industrial properties leased to licensed cannabis operators. The company operates within the U.S. real estate and regulated cannabis infrastructure industries, providing capital solutions through long-term, triple-net lease arrangements. Its core revenue driver is rental income generated from properties used primarily for medical-use cannabis cultivation and processing.

Founded in 2016 and structured as an internally managed REIT, IIPR was the first publicly traded company on the New York Stock Exchange to focus exclusively on cannabis-related real estate. The company evolved by capitalizing on the limited access to traditional financing faced by cannabis operators due to federal regulations, positioning itself as a non-plant-touching landlord with a focus on compliance, predictable cash flows, and high-credit-quality tenants within state-regulated markets.