Innovative Industrial Properties is a real estate investment trust that acquires, owns and leases specialized industrial properties to medical-use cannabis operators in the United States. Its model is typically triple-net long-term leases, so tenants cover most property operating costs while IIPR collects rent from regulated cannabis growers and processors. The portfolio is built around cultivation and processing facilities rather than traditional office or retail real estate.
| Quarter | Revenue | YoY % | Earnings | YoY % |
|---|---|---|---|---|
| Q2 2025 | 62.9 | — | 24.4 | -40.2% |
| Q3 2025 | 64.7 | — | 27.6 | -29% |
| Q4 2025 | 66.7 | — | 30 | -22.2% |
| Q1 2026 | 69 | — | 29.2 | -0% |
| Q2 2026 | 63.3 | 0.7% | 39.5 | 62% |
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