Innovative Industrial Properties (IIPR) is an internally managed REIT that acquires, owns, and manages industrial and commercial properties leased to state-licensed cannabis operators across the U.S. IIPR is the dominant publicly traded REIT focused exclusively on cannabis real estate. IIPR's core product is providing real estate capital to cannabis operators who have limited access to traditional financing due to federal cannabis prohibition. IIPR primarily acquires properties through sale-leaseback transactions — buying a property from a cannabis operator and simultaneously leasing it back under a long-term, triple-net lease. This lets operators unlock capital from their real estate while IIPR collects stable, long-term rent. IIPR also funds tenant improvement allowances for specialized cultivation infrastructure in exchange for higher rents. As of year-end 2025, IIPR owned 111 properties totaling 8.9M rentable sq. ft. across 19 states, leased primarily to large multi-state cannabis operators. The portfolio is predominantly industrial cultivation and processing facilities. IIPR is also building a secondary life science investment portfolio, having committed capital into IQHQ, a private life science REIT with assets in Boston, San Diego, and San Francisco, through a revolving credit facility and preferred equity at blended yields exceeding 14%. IIPR's near-term focus is on re-leasing properties affected by tenant defaults, which impacted roughly 20% of annualized base rent as of late 2025, while managing the refinancing of $291M in unsecured notes maturing in May 2026.