INNOVATIVE INDUSTRIAL PROPERTIES INC

Innovative Industrial Properties, Inc. is an internally-managed real estate investment trust (REIT) that acquires, owns, and manages specialized industrial and commercial properties in the United States. The company's primary focus is on properties leased to experienced, state-licensed operators for their regulated cannabis facilities. These cannabis properties are typically acquired through sale-leaseback transactions and third-party purchases and are generally leased on a triple-net lease basis. Under this structure, the tenant is responsible for all property-related costs and operations, including structural repairs, maintenance, real estate taxes, and insurance, during the lease term. Beyond the cannabis sector, the company also holds financial investments in the life science industry and plans to actively acquire properties within this sector. Leases outside the cannabis sector may feature different structures where tenants do not assume all property-related expenses. The company may also expand its investment activities to include joint ventures, debt or mezzanine financing, preferred or joint venture equity interests, and interests in other real estate funds or REITs. Incorporated in Maryland on June 15, 2016, Innovative Industrial Properties operates through an UPREIT structure, with its properties owned by its Operating Partnership, directly or through subsidiaries. The company is the sole general partner and owns 100% of the limited partnership interests in its Operating Partnership. As of December 31, 2025, the company had 23 full-time employees.