Innovative Industrial Properties Inc
innovativeindustrialproperties.comWhat Do They Do?
Leases specialized industrial and commercial properties, mainly to state-licensed cannabis operators, and invests in life science real estate and related businesses.
10-K for FY2025, filed Feb 24, 2026
How Do They Make Money?
Rent from property tenants is the main income and is counted when received. The company also earns dividends from preferred shares and interest on loans to life science businesses.
10-K for FY2025, filed Feb 24, 2026We receive income primarily from rental revenue generated by the properties that we acquire. The amount of rental revenue depends upon a…View ↗
Revenue Recognition. Our leases are triple-net leases, an arrangement under which the tenant maintains the property while paying us rent.…View ↗
The Company does not have significant influence over IQHQ (as defined in Note 7), and the investments in the equity securities of IQHQ do…View ↗
The investment in the IQHQ Credit Facility is recorded at amortized cost (as initially measured based on relative fair value) and is…View ↗
$266M
-
10-K for FY2025, filed Feb 24, 2026
$266M ↗
Who Are Their Customers?
Experienced, state-licensed cannabis operators lease its properties for regulated cannabis facilities. In life science, it provides loans and preferred-share investments to IQHQ.
10-K for FY2025, filed Feb 24, 2026We are an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties…View ↗
As previously disclosed, on August 6, 2025, the Company through its Operating Partnership entered into a Securities Purchase Agreement (the…View ↗
In connection with the initial closing under the Securities Purchase Agreement, on September 30, 2025, IIP Life Science became a lender…View ↗
10-K for FY2025, filed Feb 24, 2026
Do Revenues Turn Into Profits?
Yes. It kept 44 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 24, 2026
How Are They Changing?
-
Jul 21, 2026
Parallel defaulted on rent and plans to leave two properties
It stopped cannabis operations at both Florida properties and plans to surrender them to the company.
Sources
8-K, filed Jul 21, 2026
Innovative Industrial Properties, Inc. (the “Company”), through indirect, wholly owned subsidiaries serving as landlords, previously…View ↗
Growing. Revenue grew 30% in 4 years, from $204.6M in FY2021 to $266M in FY2025, about 7% a year.
Broader property and investment focus
The earlier report described the company as focused on industrial properties leased to cannabis operators. The latest report also includes commercial properties, life science investments, and plans to pursue life science property acquisitions and other real estate-related investments.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Feb 24, 2026We are an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial properties leased to…View ↗
We are an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties…View ↗
As discussed below under the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of…View ↗
Our principal business objective is to maximize stockholder returns through a combination of regular distributions to our stockholders and…View ↗
Loading...
