Innovative Industrial Properties Inc. A IIPR

Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) operating within the United States. The company acquires, owns, and managed specialised industrial properties that it leases to operators in the medical-use cannabis industry. Founded in 2016, Innovative Industrial Properties has its headquarters in San Diego, California.

Innovative Industrial Properties acquires medical-use cannabis facilities located in states that permit medical-use cannabis operations. As medical-cannabis operators often have limited access to traditional financing, Innovative Industrial Properties offers real estate solutions such as sale-leaseback. The company acquires properties through third-party purchases and sale-leaseback transactions. It is partnered with licensed operators across a range of product types, including retail, distribution, processing, and cultivation. The company has properties located in 18 states as of November 2021.

Listed on the NYSE, Innovative Industrial Properties stock is available under the ticker IIPR. The company was the first publicly traded company on the NYSE to focus on providing real estate capital to the medical-use cannabis industry. In September 2021, the company acquired property in Missouri in a deal for $1.53m, which it leased to a subsidiary of Calyx Peak, Inc. The company also acquired property in Desert Hot Springs, California, which is leased to Gold Flora, LLC in October 2021. The purchase price for the Californian property was $51m.

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