Innovative Industrial Properties (IIPR)
Triple-net REIT financing U.S. state-licensed cannabis operators where federal banks cannot lend.
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Owns industrial real estate leased to state-licensed cannabis operators across the U.S. on long-term triple-net terms — filling the capital gap federal banking law creates. A 2025 commitment to IQHQ extends the same underwriting model into life-science real estate.
Owns and leases industrial real estate — greenhouses, processing facilities, dispensaries — to state-licensed cannabis operators across 19 U.S. states on long-term triple-net leases with annual escalators.
Cannabis cultivation requires purpose-built infrastructure, yet federal Schedule I status blocks U.S. banks from lending to operators. Chartered outside the cannabis trade, the company accesses public capital markets freely and fills a financing gap no federally regulated bank can legally occupy.
A 2025 strategic commitment to IQHQ, a life-science real estate platform chaired by the same founding executive, extends the triple-net underwriting approach into a second sector where bank financing similarly falls short.
Lease income depends on each tenant's ability to operate within individual state regulatory regimes; recurring defaults since 2022 have drawn the concentration risk in a federally unbanked tenant universe into relief.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Mar 3, 2026 | Compass Point | Upgrade | ||
| Nov 5, 2025 | Piper Sandler | Reiterate | Rating: —Target: $45 | Target: $44 |
| Jul 2, 2025 | Wolfe Research | Downgrade | ||
| Mar 31, 2025 | Compass Point | Downgrade | ||
| Dec 23, 2024 | BTIG | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $204.7M · Total debt $609.0M · Total assets $2.58B · Shareholders' equity $1.85B
- Revenue
- $63.3M
- Operating income
- $43.9M
- Net income
- $43.9M
HistoryDividendAnnual yieldUpcoming
| Institutions | 78.06% | 21.52M shares | |
|---|---|---|---|
| 340 holders · as of Jun 30, 2026 | |||
| Insiders | 2.45% | 674.7K shares | |
| 10 holders · as of Sep 17, 2026 | |||
| Other | 19.49% | 5.37M shares | |
| remainder | |||
27.57M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 18.13% | 5.00M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 10.22% | 2.82M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.91% | 1.63M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.69% | 1.29M | as of Jun 30, 2026 |
Charles Schwab Investment Management IncInstitution | 2.35% | 648,596 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 15, 2026 | Scott Shoemaker | director | −611 | $56.36 |
| Aug 31, 2026 | Bruce Alan Ives | director | +528 | $56.70 |
| Nov 24, 2025 | Alan D. Gold | director, officer: EXECUTIVE CHAIRMAN | +2,600 | $49.09 |
| Nov 20, 2025 | David Jon Smith | officer: CFO AND TREASURER | +600 | $45.90 |
| Nov 19, 2025 | Alan D. Gold | director, officer: EXECUTIVE CHAIRMAN | +1,000 | $46.26 |
- Advanced Flower Capital
Cannabis-focused senior secured lender; alternative way for operators to monetize real estate
- Alexandria Real Estate Equities
Dominant life-science REIT incumbent; relevant via the IQHQ pivot, not today's cannabis book
- W. P. Carey
Diversified NNN REIT competing for income investors; no cannabis exposure
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Innovative Industrial Properties | $55.60 | −2.02% | $1.65B | 12.8 | 14.2 | 6.2 | +0.7% |
| Advanced Flower Capital | $3.48 | −0.57% | $79.8M | 18.4 | 4.9 | 3.3 | +68.9% |
| Alexandria Real Estate Equities | $53.17 | −1.27% | $9.38B | — | — | 3.2 | −12.8% |
| W. P. Carey | $66.58 | −0.46% | $15.24B | 22.8 | 22.5 | 8.0 | +7.0% |
| Median | 20.6 | 13.7 | 3.3 | +7.0% |