Innovative Industrial Properties

Innovative Industrial Properties (IIP) was the first REIT dedicated to real estate capital for the regulated cannabis industry, acquiring cultivation and processing facilities from state-licensed operators via sale-leaseback and buying properties for build-to-suit projects, then leasing them back on long-term, triple-net leases. As of mid-2026 the company reported roughly 108 properties totaling about 8.4 million rentable square feet across 19 states, with total invested capital around $1 billion, though tenant defaults and property dispositions/write-downs in recent years have shrunk the portfolio from its earlier peak.

Founded June 15, 2016 and headquartered in San Diego, California, IIPR completed its IPO in December 2016 as the first public company providing real estate capital to the regulated cannabis sector and trades on the NYSE under IIPR. It is internally managed and reported Q2 2026 net income of roughly $40.7M.