Innovative Industrial Properties

Innovative Industrial Properties is an internally managed real estate investment trust listed on the New York Stock Exchange as IIPR. Its site says it was founded in December 2016 as the first NYSE-listed company providing real estate capital to the regulated cannabis industry, and lists offices at West Bernardo Court in San Diego. Its investor site reports that as of June 30, 2026 it owned 108 properties totaling 8.4 million rentable square feet in 19 states, with $2.4 billion of invested capital and 37 tenants, each a parent company that guarantees its subsidiaries' leases. By June 30, 2026 it had fully funded a $270 million investment in IQHQ, a life science real estate company, and on September 28, 2026 it agreed to provide up to $245 million more as a mezzanine lender to an IQHQ subsidiary. Alan Gold is executive chairman.

Under its sale-leaseback program, IIP acquires freestanding industrial and retail properties from licensed operators and leases them back on long-term, absolute net terms, across cultivation, processing, distribution and retail. It targets well-capitalized companies that already hold a license in the state where the building sits, and pitches the deal as a way to move capital out of real estate and into operations. Its portfolio page breaks rent down as 87 percent from multi-state operators and 62 percent from public companies. The second-quarter 2026 release dated August 3, 2026 reports a 58,000-square-foot lease with Curaleaf in Buckeye Lake, Ohio, and the sale of a Perth, New York property for $88.5 million under a tenant purchase option.

Operators reach the investments team through the sale-leaseback page; IIP does not publish rent levels or lease terms. The same release shows how defaults play out on license-tied buildings: after PharmaCann and 4Front defaulted, IIP reached tentative arrangements with prospective new tenants for the 4Front buildings in Illinois, Washington and Massachusetts, each subject to contingencies such as licensing transfer approvals and expected to take effect when receivership proceedings conclude, which IIP anticipates by the end of 2026 or early 2027. The marketing homepage still shows template placeholder text and incomplete counters, so the figures here come from the investor site and the dated release.