INNOVATIVE INDUSTRIAL PROPERTIES I (IIPR)

What INNOVATIVE INDUSTRIAL PROPERTIES I does

Innovative Industrial Properties is an internally-managed REIT that acquires, owns, and manages specialized industrial and commercial properties in the United States, primarily leased to state-licensed cannabis operators on triple-net lease bases. The company has expanded its strategy to include life science sector investments, including preferred stock and credit facility commitments. As of December 31, 2025, the company owned 111 properties comprising 8.9 million rentable square feet across 19 states, with an operating portfolio of 109 properties that were 96.7% leased.

Fundamentals

• Price$63.03 as of 2026-07-09 close
• Market cap$1.8B as of 2026-07-10
• 1-year return+13.1% as of 2026-07-09 close
• P/E15.22 as of 2026-07-10
• Net margin+45.6% as of 2026-07-10
• Gross margin+88.5% as of 2026-07-10
• ROE+6.4% as of 2026-07-10
• Debt / equity0.19 as of 2026-07-10
• Revenue growth (YoY)-13.6% as of 2026-07-10
• Revenue CAGR (3y)-1.3% SEC XBRL
• Beta1.41 as of 2026-07-10

Dividend: yield +12.1%; 5-year non-decreasing per-share dividend streak (SEC XBRL).

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Key risks (from latest filing)

["Regulatory and compliance risks in the cannabis industry, including federal prohibition and inconsistent state/local enforcement affecting tenant operations and lease payment capacity"]

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Competitors & peers

• Innovative Industrial Properties primarily competes in the cannabis real estate niche with limited directly comparable public peers

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