Innovative Industrial Properties, Inc. Overview
Pro stress-test →Innovative Industrial Properties is an internally managed real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Founded in 2016, IIPR is the first and only real estate investment trust (REIT) listed on the New York Stock Exchange (NYSE) focused on the regulated U.S. cannabis industry.
Strategic Profile
Pro stress-test →By purchasing real estate from operators and leasing it back to them, IIPR provides vital non-dilutive capital to an industry that often lacks access to traditional federal banking services. As of March 31, 2026, the company owned 110 properties comprising an aggregate of 8.9 million rentable square feet in 19 states and $2.5 billion of invested capital. IIPR is the largest owner of regulated cannabis cultivation real estate in the U.S. with a debt-to-total assets ratio of approximately 10-15%, which is very low for the REIT sector.
Competitive Landscape
Pro stress-test →IIPR's market capitalization and property count far exceed its nearest public competitor, NewLake Capital. As the dominant publicly traded cannabis REIT, IIPR competes primarily against private REITs and alternative financing sources for cannabis operators, but faces no significant publicly listed peer.
Industry Context
Innovative Industrial Properties, Inc. operates in Cannabis real estate investment trusts.
Key facts
Founded: 2016 · Headquarters: San Diego, US · Employees: N/A · Revenue: ~$267M · Market cap: N/A