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Business Summary: Innovative Industrial Properties, Inc. is an internally managed real estate investment trust (REIT). The Company is focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated cannabis facilities. It acquires its properties through sale-leaseback transactions and third-party purchases. The Company owns approximately 109 properties comprising an aggregate of 9.0 million rentable square feet (including 666,000 rentable square feet under development/redevelopment) in 19 states, including Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington. Its subsidiary is IIP Operating Partnership, LP (Operating Partnership).
Financial Summary: BRIEF: For the three months ended 31 March 2026, Innovative Industrial Properties Inc revenues decreased 4% to $69M. Net income applicable to common stockholders decreased 1% to $29.2M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income also reflects Real Estate segment income decrease of 3% to $32.9M. Dividend per share remained flat at $1.90.