Innovative Industrial Properties
Triple-net REIT financing U.S. state-licensed cannabis operators where federal banks cannot lend.
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Profile
Owns industrial real estate leased to state-licensed cannabis operators across the U.S. on long-term triple-net terms — filling the capital gap federal banking law creates. A 2025 commitment to IQHQ extends the same underwriting model into life-science real estate.
Owns and leases industrial real estate — greenhouses, processing facilities, dispensaries — to state-licensed cannabis operators across 19 U.S. states on long-term triple-net leases with annual escalators.
Cannabis cultivation requires purpose-built infrastructure, yet federal Schedule I status blocks U.S. banks from lending to operators. Chartered outside the cannabis trade, the company accesses public capital markets freely and fills a financing gap no federally regulated bank can legally occupy.
A 2025 strategic commitment to IQHQ, a life-science real estate platform chaired by the same founding executive, extends the triple-net underwriting approach into a second sector where bank financing similarly falls short.
Lease income depends on each tenant's ability to operate within individual state regulatory regimes; recurring defaults since 2022 have drawn the concentration risk in a federally unbanked tenant universe into relief.
Company facts
Categories
Key statistics
Year to date +13.9% · Average volume (30d) 315.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Mar 3, 2026 | Compass Point | Upgrade | Sell | Neutral | ||
| Nov 5, 2025 | Piper Sandler | Reiterate | Underweight | $45 | $44 | |
| Jul 2, 2025 | Wolfe Research | Downgrade | Outperform | Peer Perform | ||
| Mar 31, 2025 | Compass Point | Downgrade | Neutral | Sell | ||
| Dec 23, 2024 | BTIG | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | $1.02 | $1.36 | +33.3% | $67.1M | $63.3M | −5.6% | +3.02% |
| May 4, 2026Q1 FY26 | $1.07 | $1.88 | +75.7% | $65.7M | $69.0M | +5.1% | +14.03% |
| Feb 23, 2026Q4 FY25 | $1.05 | $1.88 | +79.0% | $65.8M | $66.7M | +1.3% | +10.70% |
| Nov 3, 2025Q3 FY25 | $1.71 | $1.71 | 0.0% | $66.2M | $64.7M | −2.2% | +0.55% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $71.7M | $62.9M | $64.7M | $66.7M | $69.0M | $63.3M | |
| Gross profit | $64.3M | $56.0M | $56.7M | $21.6M | $24.3M | $63.3M | |
| Operating income | $34.0M | $28.9M | $29.4M | $32.2M | $32.5M | $43.9M | |
| Net income | $31.1M | $26.0M | $29.3M | $31.8M | $32.8M | $43.9M | |
| Diluted EPS | $1.03 | $0.86 | $0.97 | $1.07 | $1.02 | $1.36 | |
| Gross margin | 89.7% | 89.1% | 87.7% | 32.4% | 35.1% | 100.0% | |
| Operating margin | 47.4% | 45.9% | 45.5% | 48.3% | 47.1% | 69.3% |
Fiscal years (4-quarter sums)FY21 $204.6M · FY22 $276.4M · FY23 $309.5M · FY24 $308.5M · FY25 $266.0M
Balance sheet, Jun 30, 2026Cash & short-term investments $204.7M · Total debt $609.0M · Total assets $2.58B · Shareholders' equity $1.85B
Dividends
Raised for 7 straight years — most recently to $1.90 from $1.82 in Jun 2024. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $1.90 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $1.90 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $1.90 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $1.90 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $1.90 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $1.90 | |
| Dec 31, 2024 | Dec 31 | Jan 15 | $1.90 | |
| Sep 30, 2024 | Sep 30 | Oct 15 | $1.90 |
Ownership
Shares outstanding 29.00M · Float 27.02M · 93.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 5.00M | 17.24% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 2.82M | 9.72% | 13F | Aug 13, 2026 |
| State Street Corp | 1.63M | 5.62% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 1.29M | 4.46% | 13F | Aug 13, 2026 |
| Charles Schwab Investment Management Inc | 648.6K | 2.24% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 24, 2025 | Alan D. Gold | director, officer: EXECUTIVE CHAIRMAN | +2,600 | $49.09 |
| Nov 20, 2025 | David Jon Smith | officer: CFO AND TREASURER | +600 | $45.90 |
| Nov 19, 2025 | Alan D. Gold | director, officer: EXECUTIVE CHAIRMAN | +1,000 | $46.26 |
| Nov 20, 2025 | Alan D. Gold | director, officer: EXECUTIVE CHAIRMAN | +1,000 | $45.70 |
Peers
- Advanced Flower Capital
Cannabis-focused senior secured lender; alternative way for operators to monetize real estate
- Alexandria Real Estate Equities
Dominant life-science REIT incumbent; relevant via the IQHQ pivot, not today's cannabis book
- W. P. Carey
Diversified NNN REIT competing for income investors; no cannabis exposure
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Innovative Industrial Properties | $56.50 | +0.29% | $1.63B | 12.7 | 14.2 | 6.2 | +0.7% |
| Advanced Flower Capital | $3.65 | +1.38% | $82.1M | 18.9 | 5.1 | 3.4 | +68.9% |
| Alexandria Real Estate Equities | $51.98 | +0.81% | $8.99B | — | — | 3.0 | −15.6% |
| W. P. Carey | $70.51 | 0.00% | $16.06B | 24.1 | 23.7 | 8.5 | +7.0% |
| Median | 21.5 | 14.4 | 3.4 | +7.0% |