INNOVATIVE INDUSTRIAL PROPERTIES INC
boothcheck covers INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed June 27, 2026.
• Innovative Industrial Properties is a REIT that owns specialized cannabis-cultivation real estate and leases it back to operators on long triple-net terms, a niche where it was the first mover and remains the largest landlord. • The defining risk is tenant credit: defaults at operators including PharmaCann, TILT, and 4Front have cut rental income, and Q1 2026 revenue fell 3.8% to $69.0 million largely on a $6.9 million tenant-default hit [Source: IIPR Q1 2026 results, 8-K]. • Watch cannabis re
Is IIPR overvalued? See what's priced in →
288 institutional managers reported holding IIPR in 13F filings for the quarter ended 2026-03-31. Together they hold about 69% of the company; the top 10 hold 50%. 32 opened new positions that quarter. Held by BlackRock, Vanguard Group, State Street, among others. On the short side, 3.7M shares were sold short as of the 2026-06-15 count, about 13% of shares outstanding (6.7 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
IIPR's share count grew 17.2% over the past five years even with $20.11M spent on repurchases. It pays a dividend, and has paid one every year in our records (9 and counting), raised 8 years straight; the current rate is $0.55 a share annually. Cash returned over the past three years: $583.49M in dividends and $20.11M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at IIPR over the trailing three years: 2025: 4 buys totaling $247k. 9 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
IIPR's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-05-10 | +4.1% | +5.8% |
| 2023-08-04 | +2.6% | -6.5% |
| 2023-11-03 | +11.0% | +17.6% |
| 2024-05-10 | -3.0% | +11.2% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
IIPR's latest 8-K filings: 2026-07-21 (items 8.01, 9.01); 2026-06-15 (items 1.01, 2.03, 3.02, 8.01, 9.01); 2026-06-11 (items 7.01, 8.01, 9.01); 2026-06-09 (items 5.02, 5.07, 9.01); 2026-05-22 (items 1.01, 2.03, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
Each week boothcheck ranks the stocks whose prices are betting on the most. Read the most stretched bets archive →
boothcheck is also on Android. Get the app on Google Play →
For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.