INNOVATIVE INDUSTRIAL PROPERTIES INC
Close on Oct 19, 2026
- Market cap
- $1.55B
- P/E (TTM)
- 11.7
- Dividend yield
- –
About Innovative Industrial Properties
Real Estate, SIC 6500
Innovative Industrial Properties, Inc. is a self-managed real estate investment trust that acquires, owns, and manages specialized commercial and industrial real estate. The company primarily leases its facilities under long-term, triple-net lease agreements to state-licensed operators in the regulated cannabis sector. Its property portfolio includes industrial facilities, retail spaces, and combined industrial-retail properties used for cannabis cultivation, processing, and distribution. In addition to serving regulated cannabis operators, the company provides capital for tenant facility enhancements and maintains financial investments in the life science industry.
As of December 31, 2025, the company owns 111 properties representing approximately 8.9 million rentable square feet across 19 states in the United States. Its operating portfolio comprises 109 properties, with additional development projects located in California and Texas. The organization employs 23 full-time workers and maintains its corporate headquarters in Park City, Utah.
Summary of the business section of Innovative Industrial Properties's latest annual report, written by StockData.
Company profile
Company
- Legal name
- INNOVATIVE INDUSTRIAL PROPERTIES INC
- Founded
- 2016
- Headquarters
- Park City, UT
- Address
- 1389 Center Drive, Suite 200 84098
- Phone
- (858) 997-3332
- Employees
- 23, Dec 31, 2025
- Industry
- Real Estate
- Fiscal year ends
- December 31
- Auditor
- BDO USA, P.C., San Diego, California
Stock & identifiers
- Ticker
- IIPR
- Other tickers
- IIPR.PA
- Exchange
- NYSE
- IPO date
- Dec 2, 2016
- Shares outstanding
- 28M, Aug 4, 2026
- Public float
- $1.50B, Jun 30, 2025
- Filer category
- Large accelerated filer
- SEC CIK
- 1677576
- CUSIP
- 45781V101
- ISIN
- US45781V1017
- LEI
- 5493008BQ0545EZXRR30
- EIN
- 81-2963381
Executives and directors
Officers and directors who filed ownership reports (Forms 3, 4, 5) in the last two years
| Name | Position | Shares owned |
|---|---|---|
| Paul E. Smithers | PRESIDENT, CEO AND DIRECTOR | 208,564 |
| Alan D. Gold | EXECUTIVE CHAIRMAN, Director | 554,172 |
| David Jon Smith | CFO AND TREASURER | 32,801 |
| Andy Bui | VP, CHIEF ACCOUNTING OFFICER | 16,186 |
| Brian J. Wolfe | VP, GEN. COUNSEL AND SECRETARY | 31,747 |
| Scott Shoemaker | Director | 3,802 |
| Bruce Alan Ives | Director | 3,180 |
| David Gerard Boyle | Director | 2,951 |
| Gary A. Kreitzer | Director | 89,911 |
| David Stecher | Director | 3,218 |
CEO pay and shareholder return
Pay versus performance table from the proxy statement
| Fiscal year | CEO total pay | CEO pay actually paid | Other executives (avg) | Value of $100 invested | Peer group |
|---|---|---|---|---|---|
| FY2025 Mr. Smithers | $4.72M | $3.81M | $4.24M | $38 | $138 |
| FY2024 Mr. Smithers | $5.00M | $3.16M | $3.43M | $47 | $134 |
| FY2023 Mr. Smithers | $5.05M | $3.93M | $3.28M | $66 | $123 |
| FY2022 Mr. Smithers | $10.82M | -$1.02M | $7.99M | $60 | $108 |
| FY2021 Mr. Smithers | $6.97M | $5.24M | $5.42M | $147 | $143 |
| FY2020 Mr.Smithers | $1.86M | $4.34M | $1.90M | $251 | $92 |
“Actually paid” adjusts reported pay for changes in the value of equity awards. Shareholder return assumes $100 invested at the start of the measurement period, as disclosed by the company.
Employees
Headcount reported in annual reports
“As of December 31, 2025, we had 23 full-time employees.”
Corporate history
Events identified from SEC filings