Innovative Industrial Properties (NYSE:IIPR)
- Sector:Real Estate
- CEO:Paul Smithers
Innovative Industrial Properties (NYSE:IIPR) Stock Price
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Innovative Industrial Properties (NYSE:IIPR) Company Overview
Innovative Industrial Properties is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialised industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities.
Innovative Industrial Properties is taxed as a real estate investment trust, and targets medical-use cannabis facilities for acquisition, including sale-leaseback transactions, with tenants that are licensed growers. Leases with growers are typically structured as long-term triple-net leases, where the tenant is responsible for all aspects and costs of the property and its operation during the lease.
Innovative Industrial Properties was the first marijuana REIT listed on the NYSE — and one of the only cannabis-based companies that has been allowed such a prestigious listing. REITs, by law, have to pay at least 90% of their pre-tax income as dividends to their shareholders. That can lead to some really great returns for long-term investors.
In fact, today, the only real way to invest in the marijuana industry and receive a decent dividend pay-out is to invest in a REIT. Right now there is really only one serious option in the space.
- Address:Suite 220, 11440 West Bernardo Court, San Diego, CA 92127, USA
Innovative Industrial Properties (NYSE:IIPR) Financials
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From August 2013 to July 2015, Paul Smithers served as co-founder and chief legal officer of Iso Nano International, LLC, a designer and manufacturer of advanced materials for use in the aerospace, consumer goods, electronics, and safety industries.
Prior to his time at Iso Nano, Mr. Smithers was the managing partner of Smithers & Player, Attorneys at Law from September 1989 to July 2013, and was with the law firm of Ropers, Majeski in San Francisco
from 1982 through 1988. Much of his 33 years of legal experience has involved both commercial and residential real estate transactions and disputes.
Gold received his Bachelor of Science Degree in Business Administration and his Master of Business Administration from San Diego State University.
Hastings previously served as vice president of BioMed Realty Trust, Inc, and received her Master of Science in Accountancy from San Diego State University, as well as completing a Bachelor of Arts in Economics and minor in Management from the University of California, Irvine.