olivLaw · US equity research
Innovative Industrial Properties, Inc. IIPR
Real Estate · SIC 6500 · Vertical: Real Estate (SIC 6500)
Innovative Industrial Properties is an internally managed REIT that owns specialized industrial properties mainly leased to state-licensed cannabis operators in the United States, and has extended its strategy into life science investments. It matters now because tenant payment stress and a significant IQHQ investment are shaping its financial outlook.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Innovative Industrial Properties, Inc. (IIPR) stock was 56.33 USD (+2.42% on the day), with market capitalisation 1.6 bn USD, P/E 12.5 on diluted EPS of 4.49 USD over the last 12 months, dividend yield 13.49%, beta 0.64, 52-week range 44.58–64.67 USD. Latest reported quarter (Q3 2026): revenue of 64.9 m USD (+0.4% YoY), net income of 31.9 m USD (+8.8% YoY), diluted EPS 0.99 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.0
- strong (55–70)
- Bollinger (20, 2)
- 50.33 – 55.66
- above the upper band · %B 1.13 · band width 10.1%
- SMA 50 / 200
- 54.31 / 55.13
- mixed trend
- MACD (12, 26, 9)
- 0.22 / -0.24
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.5% | −1.1% | +12.6 pp | — |
| 3 months | −3.7% | −0.5% | −3.2 pp | — |
| 6 months | −2.4% | +4.4% | −6.8 pp | — |
| Year to date | +18.9% | +12.3% | +6.6 pp | — |
| 1 year | +13.2% | +13.5% | −0.3 pp | −12.2% |
| 3 years | −30.1% | +76.4% | −106.5 pp | −2.5% |
| 5 years | −79.5% | +63.7% | −143.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 76.7 m | 71.7 m | 62.9 m | 64.7 m | 66.7 m | 69.0 m | 63.3 m | 64.9 m |
| Operating income | 42.0 m | 34.0 m | 28.9 m | 29.4 m | 31.8 m | 32.9 m | 41.4 m | 29.4 m |
| Depreciation & amortisation | 18.2 m | 18.4 m | 18.5 m | 18.6 m | 18.5 m | 18.6 m | 18.8 m | 19.6 m |
| Interest expense | 4.5 m | 4.5 m | 4.4 m | 4.5 m | 6.7 m | 6.4 m | 8.3 m | 11.8 m |
| Net income | 40.0 m | 31.1 m | 26.0 m | 29.3 m | 31.8 m | 32.8 m | 43.9 m | 31.9 m |
| Diluted EPS | 1.41 ≈ | 1.03 | 0.86 | 0.97 | 1.12 ≈ | 1.02 | 1.36 | 0.99 |
| Operating cash flow | 57.8 m | 54.2 m | 48.4 m ≈ | 45.6 m ≈ | 49.9 m | 56.0 m | 44.9 m ≈ | 49.5 m ≈ |
| Dividends paid | 54.3 m | 54.3 m | 54.5 m ≈ | 53.8 m ≈ | 53.8 m | 53.8 m | 54.4 m ≈ | 53.1 m ≈ |
| Share repurchases | 0 | 290.0 k | 19.8 m ≈ | 0 ≈ | 0 | 0 | 89.0 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 14 percentile of its own 35-quarter history (min 10.3, median 23.9, max 116.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14.8 m | 44.7 m | 116.9 m | 204.6 m | 276.4 m | 309.5 m | 308.5 m | 266.0 m |
| Revenue YoY | +130.3% | +202.1% | +161.7% | +75.0% | +35.1% | +12.0% | −0.3% | −13.8% |
| Net income | 7.0 m | 23.5 m | 65.7 m | 114.0 m | 154.4 m | 165.6 m | 161.7 m | 118.2 m |
| Net income YoY | unavailable | +236.1% | +180.0% | +73.4% | +35.4% | +7.3% | −2.4% | −26.9% |
| Diluted EPS | 0.75 | 2.03 | 3.27 | 4.55 | 5.52 | 5.77 | 5.52 | 3.93 |
| Diluted EPS YoY | unavailable | +170.7% | +61.1% | +39.1% | +21.3% | +4.5% | −4.3% | −28.8% |
| net % | 47.2% | 52.6% | 56.2% | 55.7% | 55.9% | 53.5% | 52.4% | 44.5% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 47.6 m USD
- Financial debt
- 393.1 m USD
- Net debt
- 345.5 m USD
- Equity
- 1.8 bn USD
- Total assets
- 2.4 bn USD
- Debt / equity
- 0.21x
- Current ratio
- unavailable
- ROE
- 6.2%
- ROA
- 5.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 116.9 m | 204.6 m | 276.4 m | 309.5 m | 308.5 m | 266.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 69.7 m | 135.4 m | 169.6 m | 174.6 m | 168.3 m | 124.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 28.0 m | 41.8 m | 61.3 m | 67.2 m | 70.8 m | 74.1 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 97.8 m ≈ | 177.1 m ≈ | 230.9 m ≈ | 241.8 m ≈ | 239.2 m ≈ | 198.2 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 7.4 m | 18.1 m | 18.3 m | 17.5 m | 17.7 m | 20.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 65.7 m | 114.0 m | 154.4 m | 165.6 m | 161.7 m | 118.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 3.27 | 4.55 | 5.52 | 5.77 | 5.52 | 3.93 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 19.6 m | 26.3 m | 27.7 m | 28.3 m | 28.5 m | 28.4 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 126.0 m | 81.1 m | 87.1 m | 140.2 m | 146.2 m | 47.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | — | 8.2 m | 7.4 m | 6.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 1.8 bn | 2.1 bn | 2.4 bn | 2.4 bn | 2.4 bn | 2.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | — | — | — | — | — | 393.1 m | SEC (XBRL)· 03 Nov 2026verified |
| Total liabilities | 243.1 m | 472.9 m | 452.9 m | 438.1 m | 442.0 m | 522.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 1.5 bn † | 1.6 bn † | 2.0 bn † | 2.0 bn † | 1.9 bn † | 1.8 bn † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 110.8 m | 188.7 m | 234.1 m | 255.5 m | 258.4 m | 198.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Investing cash flow | -1.0 bn | -384.1 m | -396.2 m | -6.8 m | -56.0 m | -174.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 925.0 m | 155.8 m | 164.2 m | -195.6 m | -197.9 m | -122.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 75.5 m | 131.0 m | 183.9 m | 202.7 m | 212.0 m | 216.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | — | — | — | 0 | 0 | 20.1 m | SEC (XBRL)· 24 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet73
- Valuation61
- Quality85
- Growth0
- Returns67
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.23 – 109.94 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)7.23 – 9.72 (Mid 8.29)
- Peers: P/B32.98 – 109.94 (Mid 61.16)19 companies used · median multiple 0.9x · quartiles 0.5x – 1.7xAEI, AHRT, AIRE, BEEP, CBRE, CHCI, CIGI, CMTG, CURB, CWK, FOR, FRPH, GTY, HPP, LPA, OPI, TRC, TRNO, UE
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 7.6% | 66 (vs peers) | 7% |
| EBITDA margin · Quality | 80.0% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -1.3% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 2.6x | 50 (vs peers) | 15% |
| Interest coverage · Balance sheet | 4.1x | 100 (on a fixed band) | 13% |
| P/B · Valuation | 0.8x | 56 (vs peers) | 20% |
| P/E (TTM) · Valuation | 12.5x | 73 (vs peers) | 9% |
| Dividend yield · Returns | 13.5% | 86 (vs peers) | 15% |
| Payout ratio (EPS) · Returns | 169.1% | 0 (on a fixed band) | 4% |
Score groups
- Balance sheet73/100 · 2/2 factors with a value
- Growth0/100 · 1/1 factors with a value
- Quality85/100 · 2/2 factors with a value
- Returns67/100 · 2/2 factors with a value
- Valuation61/100 · 2/2 factors with a value
Memo
Innovative Industrial Properties, Inc. (IIPR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 266.0 m USD in 2025; YoY growth -13.8%; net margin 53.2%; ROE 7.6%; net debt/EBITDA 2.6x.
The estimated value range is 20.11–59.83 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 34.72 USD, the price of 56.33 USD leaves a potential of -38.4% (value / price − 1) and a margin of safety of -62.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBITDA margin: 80.0%
- Interest coverage: 4.1x
- P/E (TTM): 12.5x
- Dividend yield: 13.5%
What contradicts it
- Revenue CAGR 3Y: -1.3%
- Payout ratio (EPS): 169.1%
- The valuation methods diverge
Versus the vertical median
Real Estate (SIC 6500) · same industry (4-digit SIC) · compared with 31 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CBRECbre Group, Inc. | 40.7 bn | 30.2 | 16.1% | 3.1% | +13.4% | −13% / +79% |
| VTMXVesta Real Estate Corporation, S.A.B. de C.V. | 32.7 bn | 131.8 | 9.1% | 85.4% | +12.2% | +19% / −2% |
| TRNOTerreno Realty Corporation | 7.5 bn | 20.3 | 8.3% | 68.1% | +24.5% | +8% / +19% |
| FSVFirstService Corporation | 7.1 bn | 49.0 | 14.9% | 3.5% | +5.4% | −1% / −1% |
| CIGIColliers International Group Inc. | 4.0 bn | 48.8 | 15.7% | 4.0% | +15.3% | −32% / −5% |
| CURBCurbline Properties Corp. | 3.7 bn | 125.4 | 1.3% | 11.2% | +51.3% | +26% / unavailable |
| CWKCushman & Wakefield Ltd. | 3.5 bn | 50.5 | 3.4% | 0.6% | +8.9% | −11% / +82% |
| UEUrban Edge Properties | 2.7 bn | 24.6 | 7.9% | 22.2% | +6.1% | +10% / +26% |
| GTYGetty Realty Corp. | 1.9 bn | 17.4 | 8.9% | 42.4% | +9.0% | +1% / −2% |
| IIPRInnovative Industrial Properties, Inc. | 1.6 bn | 12.5 | 7.6% | 53.2% | −13.8% | +13% / −30% |
| FORForestar Group Inc. | 1.3 bn | 7.5 | 9.6% | 9.9% | +10.1% | −2% / −18% |
| HPPHudson Pacific Properties, Inc. | 572.8 m | — | -19.8% | -69.1% | −1.3% | −24% / −74% |
| DUOFangdd Network Group Ltd. | 548.5 m | — | -17.9% | -23.9% | +9.2% | −68% / −96% |
| AHRTAh Realty Trust, Inc. | 500.6 m | — | -6.7% | -18.2% | +4.1% | +3% / −38% |
| TRCTejon Ranch Co. | 439.9 m | 71.3 | 1.3% | 10.6% | +18.4% | +0% / +3% |
| FRPHFrp Holdings, Inc. | 360.7 m | 2,041,655.0 | 0.0% | 0.2% | +2.6% | −19% / −32% |
| MLPMaui Land & Pineapple Co Inc | 289.5 m | — | -16.1% | -28.6% | +68.2% | −8% / −2% |
| OPIOffice Properties Income Trust | 285.6 m | — | -40.5% | -73.0% | −11.8% | unavailable / unavailable |
| CMTGClaros Mortgage Trust, Inc. | 261.0 m | — | -36.5% | -391.9% | −24.4% | −44% / −85% |
| CHCIComstock Holding Companies, Inc. | 165.7 m | 6.7 | 36.4% | 32.2% | +22.6% | +46% / +352% |
| BEEPMobile Infrastructure Corporation | 100.4 m | — | -16.1% | -67.2% | −5.2% | −22% / −54% |
| LPALogistic Properties of the Americas | 78.1 m | 7.5 | 4.3% | 20.9% | +14.3% | −27% / unavailable |
| OZBelpointe PREP, LLC | 47.6 m | — | — | -212.1% | +243.4% | −41% / −50% |
| AEIAlset Inc. | 21.1 m | — | -43.4% | -951.4% | −78.8% | −80% / −54% |
| CWDCalibercos Inc. | 4.7 m | — | — | -117.3% | −60.7% | −80% / −98% |
1- and 3-year price returns: for IIPR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 35.53 Total return -30% · Per year -30% | 63.00 Total return 21% · Per year 21% | 95.15 Total return 80% · Per year 80% |
| 3 years | 30.60 Total return -27% · Per year -10% | 61.41 Total return 35% · Per year 11% | 102.38 Total return 115% · Per year 29% |
| 5 years | 26.35 Total return -24% · Per year -5% | 59.86 Total return 50% · Per year 8% | 110.16 Total return 154% · Per year 20% |
- Exit P/E± 15.35
- Net margin± 10.75
- Annual revenue growth± 9.34
- Annual dilution± 0.90
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).
In brief
Innovative Industrial Properties is an internally managed REIT that owns specialized industrial properties mainly leased to state-licensed cannabis operators in the United States, and has extended its strategy into life science investments. It matters now because tenant payment stress and a significant IQHQ investment are shaping its financial outlook.
SWOT
Strengths
- A large portfolio with high occupancy and long-term leases, providing relatively predictable revenue.
- Substantial liquidity and a moderate level of debt relative to total assets.
- Demonstrated access to several sources of capital, including equity issuance and notes offerings.
Weaknesses
- Heavy dependence on a single regulated sector, exposing the company to operator problems.
- Rental revenues declined in 2025 and some tenants stopped meeting their payment obligations.
- The IQHQ investment carries credit and recovery risk in a new line of business.
Opportunities
- Expansion into life science could diversify revenue if these investments perform well.
- Re-leasing recovered properties to new operators could restore revenue.
- If the cannabis market stabilizes, demand for specialized facilities could return.
Threats
- Price pressure and high taxes could lead to further tenant payment defaults.
- Federal regulation of cannabis remains uncertain and may affect lease rights.
- High interest rates could raise financing costs and reduce the appeal of investments.
Risks
- Tenant payment defaultshigh
Cannabis tenants have defaulted, and re-leasing properties may take longer or occur on weaker terms.
- Exposure to the IQHQ investmenthigh
The investment of over 270 million dollars could produce losses if the issuer fails to meet its payment obligations.
- Federal regulatory uncertaintymedium
The federal status of cannabis may affect tenants' ability to keep licenses and make payments.
- Cost of financingmedium
Variable-rate debt or high-rate secured loans could reduce operating margins.
- Portfolio concentrationmedium
Concentration in a few tenants and certain states could amplify the impact of a single problem.
Investment thesis
What would need to be true (bull case)
- If the life science business develops as planned, diversification could support revenue and reduce dependence on cannabis.
- Solid liquidity and access to several capital sources give the company flexibility for future opportunities.
- Re-leasing recovered properties on long terms could restore cash flow.
What would break the thesis
- If more cannabis tenants default, revenue and distributions to shareholders could decline.
- The IQHQ investment is large and exposes the company to credit risk if the issuer's position weakens.
- High financing costs and uncertain regulation could limit the company's strategic options.
What to watch
- Payment performance of affected tenants and re-leasing of the PharmaCann and 4Front propertiesQ3 2026
- Funding progress of the remaining IQHQ tranches and interest payment performance2027
- Leasing and development results for the San Bernardino and San Marcos propertiesnext 10-K
- Evolution of federal cannabis scheduling and its effect on tenants2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).
The business
The company is an internally managed REIT focused on acquiring, owning and managing specialized industrial properties in the United States. Its properties are mainly leased to state-licensed cannabis operators on triple-net terms, and it owned 111 properties in 19 states as of December 31, 2025 1. As of June 30, 2026 the portfolio counted 108 properties, about 8.4 million square feet, with an aggregate investment of 2.4 billion dollars 2. The UPREIT structure holds properties through its Operating Partnership, and the company had 24 full-time employees 2.
The company has broadened its strategy beyond cannabis through its investment in IQHQ, funding Series G preferred equity and a revolving credit facility, bringing the total to 270 million dollars by June 30, 2026 3. The IQHQ credit facility carries a fixed rate of 13.5%, a step toward life science real estate that management intends to pursue as a key part of growth 1.
Rental revenues fell 14% in fiscal 2025 compared with 2024 as some tenants struggled to pay, and in 2026 the company completed a series of capital markets transactions to strengthen its balance sheet 13.
Segments
Cannabis-leased properties
This is the company's historical core, with properties leased long term to licensed operators. The operating portfolio was 96.7% leased at the end of 2025, with a weighted-average remaining lease term of 12.8 years 1. However, several tenants have defaulted, and the company has recovered some properties that it has re-leased on different terms 3.
Market context
The regulated US cannabis market has been under pressure in recent years, with declining unit prices, high taxes and competition from illicit sellers. Capital available to operators has shrunk, and mergers and acquisitions have become more visible than new financing 1. The life science market, where the company is expanding, depends on capital availability and interest rate levels 1.
The cannabis industry remains fragmented across states, and differing rules shape operator profitability and demand for new facilities. The company has assessed that these conditions could affect future transactions, and its expansion into life science reflects an effort to reduce reliance on a single sector 1.
Trends
- Pressure on cannabis operatorsheadwind
Falling prices and high taxes have squeezed operator margins, leading to missed rent and the need to re-lease properties. If these conditions persist, additional tenants could default on their leases 1.
- Renewed demand for facilitiestailwind
In 2026 the company signed a full-building lease in Ohio and offered new space to tenants who exited earlier leases, which points to continued demand for existing facilities 3.
- Access to debt marketsmixed
The company issued exchangeable notes and closed several secured term loans in 2026, giving it financial flexibility at variable costs 3.
- Interest rates and tariffsheadwind
Inflation and trade policy have raised development and operating costs, and high interest rates affect both tenants and the company's own financing costs 1.
Competitive position
The company competes with other REITs in specialized real estate, independent investors, hedge funds and lenders, as well as cannabis operators who may seek space directly 1. This competition could reduce the rents the company can obtain on properties it acquires 1.
In life science, the company competes with specialized investors and REITs, and its advantage lies in contractual rights of first offer on certain IQHQ asset sales 1.
- Other specialized industrial REITs
Companies acquiring similar properties for regulated operators, cited as part of the competitive environment.
- Independent investors and hedge funds
Actors that may compete for the same cannabis properties and offer alternative financing terms.
- Lenders and alternative financing providers
Capital providers that lend to cannabis operators, sometimes on more restrictive terms.
- Cannabis operators seeking their own space
Potential tenants that could compete directly with the company by acquiring properties.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report03 Nov 2026
- Current report02 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report27 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report14 Oct 2026Material agreement · Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
- Current report01 Oct 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report25 Sept 2026Amendments to articles or bylaws · Financial statements and exhibits
- Current report01 Sept 2026Other events · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report03 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report21 Jul 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Innovative Industrial Properties, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Innovative Industrial Properties, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Innovative Industrial Properties, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.