IIPR at a glance
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR, SEC CIK 1677576) filed its latest 10-K annual report on February 24, 2026, a 10-Q quarterly report on August 4, 2026, an 8-K current report on October 1, 2026 and Form 4 insider filings as recently as September 17, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) reported revenue of $266.0 million (down 13.8% from FY2024) and net income of $118.2 million. Diluted EPS was $3.93.
- As of June 30, 2026, 30 institutional investment managers tracked by SignalX reported holding INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) shares worth $867.7 million in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Shoemaker Scott on September 15, 2026 of 611 shares at $56.36 per share.
- In the last 90 days, IIPR insiders reported 1 open-market purchase ($30K) and 1 open-market sale ($34K) on Form 4, a net sale of $4K.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $266.0M
- −13.8% vs prior year
- Insiders · 90 days
- 1 buy · 1 sell
- Net −$4K
- 13F holders
- 30 funds
- $867.7M · +2 vs prior quarter
- Latest 8-K
- Oct 1, 2026
- Item 7.01 · Item 1.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Internally-managed REIT acquiring, owning, managing specialized industrial properties leased primarily to state-licensed cannabis operators
- New life science segment: $50M investment in IQHQ REIT preferred stock plus $100M loan under IQHQ Credit Facility, expanding into life sciences real estate financing
- Strategic shift: Growth strategy broadened from cannabis-focused real estate to include life science investments and diversified real estate-related assets
- Portfolio scale: Owned 111 properties totaling 8.9 million rentable sq ft across 19 states, 96.7% leased with 12.8 years weighted-average lease term
- Noteworthy fact: Launched $100M share repurchase program in 2025 and increased Revolving Credit Facility to $87.5M with $27.5M drawn as of year-end
Risk Factors
- Regulatory risk: Continued federal illegality of cannabis restricts operators' access to traditional bank financing and public capital markets
- Macroeconomic threat: Tenant defaults from PharmaCann, Gold Flora, TILT, and 4Front caused $46.9M rental revenue decline in 2025
- Operational vulnerability: Inflation, tariffs, and supply chain issues increase capital and operating costs, potentially delaying tenant expansions
- Competitive risk: Intense competition from investors and cannabis operators may limit property acquisition opportunities and pressure rental rates
- Financial risk: $291.2M Notes due May 2026 maturity raises substantial doubt about going concern; refinancing not yet secured
Management Discussion & Analysis
- Revenue not explicitly stated; rental revenue driven by 109 operating cannabis-related properties, 96.7% leased as of Dec 31, 2025
- Best performing segment implied: cannabis-related real estate with 109 operating properties, 96.7% leased; no detailed segment financials
- Invested $2.5B in properties, committed $6.5M for tenant/vendor improvements; cash flow details, buybacks, dividends, or capex not provided
- Forward outlook highlights regulatory, economic, and market risks in cannabis; tenant defaults risk due to license renewals, industry headwinds, uncertain lease renewals
AI summary of the IIPR 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Portfolio 108 properties, 95.8% leased, 8.4 million square feet across 19 states
- Capital deployment: $282.1 million Notes repaid, $148.7 million secured loans issued, $402.5 million exchangeable notes issued
- Headwinds: tenant defaults, constrained cannabis capital, pricing pressure, tariffs and regulatory uncertainty
Risk Factors
- No risk-factors section provided; changes from the latest 10-K cannot be assessed
- New 6.00% exchangeable senior notes due 2029 create added refinancing and exchange-conversion exposure
- $100.0 million repurchase authorization may reduce cash available for operations and debt obligations
- Preferred-stock ATM proceeds designated to fund repurchases increase reliance on capital-market access
- New secured and guaranteed borrowing arrangements expose properties and subsidiaries to lender enforcement risk
AI summary of the IIPR 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 7.01: Regulation FD Disclosure
- Section 7.01 provides only Regulation FD filing-status language
- No operating update, financial results, guidance, or other investor-relevant disclosure in the provided text
Item 1.01: Entry into a Material Definitive Agreement
- Mezzanine facility increased $267.0M to $400.0M, expanding IIP’s exposure to Alewife Park development
- IIP funded approximately $111.0M initially, refinancing the $85.0M bridge loan and covering fees and extension costs
Item EX-99.1: Item EX-99.1
- $245M mezzanine loan commitment to IQHQ affiliates for Alewife Park Phase I in Cambridge, Massachusetts
- Approximately 15.8% expected yield, with a 14% floor, implying significant potential earnings accretion
Item 5.03: Amendments to Articles of Incorporation or Bylaws
- Authorized shares increased from 100M to 175M effective September 25, 2026
- Common stock capacity doubled from 50M to 100M shares
Item 8.01: Other Events
- Huntington added as ATM sales agent, forward seller and/or purchaser under substantially existing terms
- Jefferies equity distribution agreement terminated August 31, 2026; no additional shares sold under that agreement
AI summaries of IIPR 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for IIPR
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- Fund moves. Which tracked funds opened, added or cut IIPR, by share count.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Shoemaker Scott | Sell | Sep 15, 2026 | 611 | $56.36 |
| Ives Bruce Alan | Buy | Aug 31, 2026 | 528 | $56.70 |
| Gold Alan D | A | Jun 19, 2026 | 33,960 | - |
| Smithers Paul E. | A | Jun 19, 2026 | 22,299 | - |
| Smith David Jon | A | Jun 19, 2026 | 9,219 | - |
| Ives Bruce Alan | A | Jun 9, 2026 | 2,652 | - |
| Shoemaker Scott | A | Jun 9, 2026 | 2,652 | - |
| Boyle David Gerard | A | Jun 9, 2026 | 2,652 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | $309.5M | $308.5M | $266.0M |
| Operating Income | $174.6M | $168.3M | $124.1M |
| Net Income | $165.6M | $161.7M | $118.2M |
| Op. Margin | 56.4% | 54.6% | 46.7% |
| Net Margin | 53.5% | 52.4% | 44.5% |
| Balance Sheet | |||
| Total Assets | $2.4B | $2.4B | $2.4B |
| Equity | $2.0B | $1.9B | $1.8B |
| ROE | 8.5% | 8.3% | 6.4% |
| Per Share | |||
| EPS | - | $5.52 | $3.93 |
| Cash Flow | |||
| Operating CF | $255.5M | $258.4M | $198.2M |
Source: XBRL data in INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate IIPR share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 30 | $867.7M |
| Q1 2026 | 28 | $688.6M |
| Q4 2025 | 25 | $681.2M |
| Q3 2025 | 26 | $763.9M |
| Q2 2025 | 29 | $788.8M |
| Q1 2025 | 26 | $507.3M |
| Q4 2024 | 22 | $548.4M |
| Q3 2024 | 21 | $464.9M |
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- Ameriprise Financial−2.4K (-4%)
- Dimensional Fund Advisors−2.0K (-1%)
- Millennium Management−40.0K
Source: 13F-HR filings on SEC EDGAR (aggregated from 207 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
IIPR filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 8-K | Oct 1, 2026 | - | Analysis | - |
| 8-K | Sep 25, 2026 | - | Analysis | - |
| 4 | Sep 17, 2026 | - | - | - |
| 8-K | Sep 1, 2026 | - | Analysis | - |
| 4 | Sep 1, 2026 | - | - | - |
| 10-Q | Aug 4, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 3, 2026 | - | Analysis | - |
| 8-K | Jul 21, 2026 | - | Analysis | - |
| 4 | Jun 23, 2026 | - | - | - |
| 4 | Jun 23, 2026 | - | - | - |
| 4 | Jun 23, 2026 | - | - | - |
| 8-K | Jun 15, 2026 | - | Analysis | - |
| 4 | Jun 11, 2026 | - | - | - |
| 8-K | Jun 11, 2026 | - | Analysis | - |
| 4 | Jun 10, 2026 | - | - | |
| 4 | Jun 10, 2026 | - | - | |
| 8-K | Jun 9, 2026 | - | Analysis | |
| 8-K | May 22, 2026 | - | Analysis | |
| 8-K | May 20, 2026 | - | Analysis | |
| 8-K | May 19, 2026 | - | Analysis | |
| 8-K | May 6, 2026 | - | Analysis | |
| 10-Q | May 5, 2026 | Mar 31, 2026 | Analysis | |
| 8-K | May 4, 2026 | - | - | - |
| SC 13G | Apr 30, 2026 | - | - | |
| 8-K | Apr 29, 2026 | - | - | - |
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IIPR SEC filings: frequently asked questions
Are IIPR insiders buying or selling?
In the last 90 days, INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) officers, directors and 10% owners reported 1 open-market purchase worth $29,938 by 1 insider and 1 open-market sale worth $34,436 by 1 insider on Form 4, a net sale of $4,498. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold IIPR stock?
As of June 30, 2026, the largest INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) holders among the 13F filers tracked by SignalX were BlackRock ($309.7 million), Vanguard Portfolio Management LLC ($174.7 million), State Street Corp ($104.0 million), Vanguard Capital Management LLC ($80.1 million), Invesco Ltd ($30.8 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was IIPR's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) reported revenue of $266.0 million (down 13.8% from FY2024) and net income of $118.2 million. Diluted EPS was $3.93. The figures come from the XBRL data in the 10-K.
What are the main risks in IIPR's latest 10-K?
In the 10-K filed February 24, 2026, INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) flagged: Regulatory risk: Continued federal illegality of cannabis restricts operators' access to traditional bank financing and public capital markets. Macroeconomic threat: Tenant defaults from PharmaCann, Gold Flora, TILT, and 4Front caused $46.9M rental revenue decline in 2025. (AI summary of the Risk Factors section.)
What did IIPR report in its latest 8-K?
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) filed an 8-K on October 1, 2026 reporting Item 7.01 (Regulation FD Disclosure) and Item 1.01 (Entry into a Material Definitive Agreement). Section 7.01 provides only Regulation FD filing-status language.
What are the latest IIPR SEC filings?
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) filed its latest 10-K annual report on February 24, 2026, a 10-Q quarterly report on August 4, 2026, an 8-K current report on October 1, 2026 and a Form 4 insider filing on September 17, 2026.
What is IIPR's SEC CIK number?
INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)'s SEC Central Index Key (CIK) is 1677576. EDGAR lists every IIPR filing under that number.
Ask anything about IIPR
The research agent reads IIPR's filings, financials, insider trades and 13F holders, then answers with sources.