Innovative Industrial Properties, Inc.
Innovative Industrial Properties, Inc. (NYSE: IIPR) is an internally managed real estate investment trust that acquires, owns and manages specialized industrial and commercial properties, primarily facilities leased to state-licensed operators in the regulated cannabis industry. It typically acquires cannabis… From the company’s description.
Over the twelve months to Sep 30, 2026, Innovative Industrial Properties, Inc. reported revenue of $263.89M, down 4.4% from a year earlier, and net income of $140.40M. Its operating margin was 51.4%, and operations generated $200.31M in cash. In fiscal 2025, it reported revenue of $265.95M, down 13.8% from fiscal 2024, and net income of $118.25M.
Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.
What Innovative Industrial Properties, Inc. does
In the company’s own words
Innovative Industrial Properties, Inc. (NYSE: IIPR) is an internally managed real estate investment trust that acquires, owns and manages specialized industrial and commercial properties, primarily facilities leased to state-licensed operators in the regulated cannabis industry. It typically acquires cannabis properties through sale-leaseback transactions or third-party purchases and leases them to tenants, generally on a triple-net basis, with tenants responsible for property operating costs. The company also invests in life science real estate and related assets, including preferred equity and a loan investment in IQHQ, and is pursuing life science properties as part of its broader investment strategy. It operates through an umbrella partnership structure, with its properties held by its operating partnership or subsidiaries. As of December 31, 2025, its portfolio comprised 111 properties totaling 8.9 million rentable square feet across 19 states; 109 properties in its operating portfolio were 96.7% leased. Rental revenues, including tenant reimbursements, were $265.5 million for the year ended December 31, 2025.
Company details
- Sector
- Real Estate
- Industry (SIC)
- Real Estate
- Headquarters
- PARK CITY, UT
- Fiscal year end
- December
- CIK
- 1677576
- SIC
- 6500
Financial performance, year by year
Fiscal 2017–2025 · USDThe full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.
Who owns Innovative Industrial Properties, Inc. — and what changed
Funds as of 2026Q2 · superinvestors as of 2026-06-30
Largest fund holders · Innovative Industrial Properties, Inc.’s weight in each
Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.
Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.
Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.
Recent filings
All filings →Each filing opens into its own statements and disclosures here.
Put this business in context.
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